Syllabus: Designing Needs Assessment

Syllabus: Designing Needs Assessment The two terms of prime focus of this study are: Syllabus and Needs. This chapter includes a literature review on different aspects of syllabus designing and needs assessment .The characteristics and many faces of Curriculum Development/ Syllabus Design are presented in addition to needs assessment, reasons for conducting needs assessment, steps in needs assessment and the relationship between syllabus designing and needs assessment. 2.1 Curriculum A key term of this study is-Curriculum, hence this section aims to give clarity on the meaning, scope and process of curriculum. A common error that comes into notice while studying curriculum development process is the synonymous use of the words-curriculum and syllabus. This section also attempts to demarcate and differentiate these two words so that the course designers and developers may systematically initiate the process in context to SGBAU. 2.1.1 Definitions of Curriculum Although the idea of curriculum is not new and has been extensively used by education planners yet there remains considerable dispute as to meaning. The word is from the Latin root currere. It means a course or race. It term originated from the running/chariot tracks of Greece. It was, literally, a course. In Latin curriculum was a racing chariot; currere was to run. Throughout the history of second-language programmes, the concept of curriculum has been important. However, there is little general agreement on actual form, function, and scope of curriculum. Before discussing the theory of curriculum development, some definitions of curriculum as quoted by Finch, A.E. (2000)1 are presented below: Stenhouse (1975) describes Curriculum as an attempt to communicate the essential properties and features of an educational proposal in such a form that it is open to critical scrutiny and capable of effective translation into practice Eisner Vallance 1974, describe curriculum as: what can and should be taught to whom, when, and how Nunan 1988 adds to his curriculum elements designated by the term syllabus along with considerations of methodology and evaluation White et al. 1991,see curriculum as concerned with objectives and methods as well as content. Such a definition involves consideration of the philosophical, social and administrative factors of a programme. Richards, Platt ,and Webber 1985, definition of curriculum focuses on the components necessary for delivering instruction and evaluating the success or failure of the curriculum.: An educational programme which states: (a) the educational purpose of the program (the ends); (b) the content, teaching procedures and learning experiences which will be necessary to achieve this purpose(the means); (c) some means for assessing whether or not the educational ends have been achieved Tanner, 1980 define curriculum as : The planned and guided learning experiences and intended learning outcomes, formulated through the systematic reconstruction of knowledge and experiences, under the auspices of the school, for the learners continuous and willful growth in personal social competence. Celce-Murcia and Olshtain,2000, offer the following definition of curriculum: A language curriculum can be viewed as a document that provides guidelines for textbook writers, teacher trainers, language teachers, developers of computerized and hi-tech teaching aids, language testers, and many other populations that might function as stakeholders in the language teaching context. As such a curriculum should express the cultural, social and political perspectives of the society within which it is to be implemented. It combines past and present ideologies, experiences, philosophies, and innovations with aspirations and expectations for the future. It serves as the major framework within which educational decision making is carried out with respect to goal specification and teaching methodology, teacher training and text book selection. The term curriculum is generally seen to include the entire teaching/learning process, including materials, equipment, examinations, and the training of teachers and the syllabus, are therefore subsumed by this definition. From the above definitions and interpretations of curriculum , there emerge two broad perspectives According to the first of these, the term curriculum has a narrower scope and refers to the substance of a programme of studies of an educational system. In the second (and more recent) meaning, curriculum includes the entire teaching/learning process, including materials, equipment, examinations, and the training of teachers. 2.1.2 Curriculum Components Despite the different perspectives on the meaning and scope of curriculum, Stern (1983) identifies three major curriculum components, which are further amplified by Breen Candlin (1980) and Stenhouse (1975) as presented in table 2.1 below: TABLE 2.1: MAJOR CURRICULUM COMPONENTS OF SECOND LANGUAGE PROGRAMMES Stenhouse (1975) Breen Candlin (1980) Stern (1983) i) planning; ii) empirical study; iii) justification. i)language teaching (what is to be learned?); ii) methodology (how is the learning to be undertaken and achieved?); iii) evaluation (to what extent is i) appropriate and ii) effective?). i) purposes and content; ii)instruction; iii) evaluation. Source: STERN 1983 According to Richards, Platt ,and Webber (1985) the most important components of curriculum development are: (a) the study of the purposes for which a learner needs a language(needs analysis); (b) the setting of objectives, and the development of a syllabus, teaching methods, and materials; (c) the evaluation of the effects of these procedures on the learners language ability. Brown (1989) concentrates on the following curriculum components: needs analysis, instructional objectives, tests, materials, teaching, and evaluation. TABLE 2.2 Curriculum Process Model NEEDS ANALYSIS E V A L U A T I O N OBJECTIVES TESTING MATERIALS TEACHING (Source:Brown 1989) There are some components that are common in all the above perspectives and they are: Needs analysis Setting of objectives Teaching Evaluation However, it is important that the two prime stakeholders should be involved in the curriculum development process. As Hills 1976, puts it- no teaching/learning method however innovative or systematic can succeed without a proper consideration of the two main participants, the student and the teacher. every learner will bring a different set of knowledge and experiences to the learning process, and will construct in different ways, their own sense of the situation with which they are faced. (Williams Burden 1997:96) It is therefore necessary to involve teachers and students in the process of curriculum design and to allow for individual differences in learners (Breen Candlin 1980:94) and for changes in self-perceptions of these differences as the courses progress. In the light of these considerations, important questions about curriculum content to be addressed are: How do the learners perceive themselves as language learners? What effect do their personal constructs have upon the process of learning a new language? How do individuals go about making sense of their learning? How can teachers assist learners in making sense of their learning in ways that are personal to them? (Williams Burden1997:96) 2.1.3. The Stages of Curriculum Design Curriculum designing is a systematic process and every stage needs to be followed sequentially. Tabas outline (1962:12) of the steps which a course designer must work through to develop subject matter courses has become the foundation for many other writers suggestions. Her list of curriculum processes includes the following: Step 1. Diagnosis of needs Step 2. Formulation of objectives Step 3. Selection of content Step 4. Organization of content Step 5. Selection of learning experiences Step 6. Organization of learning experiences Step 7. Determination of what to evaluate, and the means to evaluate Cited in Yordanova Svetlana, 2000 According to Long Richards [quoted by Johnson, 1989: IX] language curriculum design is regarded as a decision making process and involves: Policy making. Needs assessment. Design and development. Teacher preparation and development. Programme management and evaluation. a) Policy making Based on the information collected about learners , educational objectives and strategies have to constructed. According to Breen (1980) -The communicative curriculum defines language learning as learning how to communicate as a member of a particular socio-cultural group. The social conventions governing language form and behavior within the group are, therefore, central to the process of language learning. For Nunan [1994] the aim of communicative language learning is achieving language proficiency based on the development of the four macro skills. The level of language proficiency therefore ,vary for different groups of learners and will depend on learners needs. Thus this a crucial stage of curriculum development as it spells out the scope of the curriculum as well as the strategy to be used for curriculum design and implementation. b) Needs assessment On the basis of the identified aim it is possible to make an analysis of the learners both linguistic needs (expressed in structures or functions) and communicative needs expressed in communication situations. Needs assessment is discussed in detail in a subsequent section of this chapter. c) Curriculum design With the aims of the curriculum identified and the needs of the learners analyzed, the specific learning goals can laid for the different levels of the course (year/term). These learning objectives can be categorized as follows: Product objective- specifying the learners target language proficiency and performance. Process or pedagogic objectives- specifying the the learning process and methodology that shall be adopted to the learning outcomes. While deciding the learning framework the following are usually ascertained: Objectives or what is intended. Means or what is to be done to achieve the objectives planned. The results or evaluation of what is achieved. L. M. Kamysheva It is important that there is a logical relationship between the ends and the means. If there is a gap or discrepancy between the objectives and the process adopted in the classroom language curriculum would fail to achieve the desired result. It is this problem that constantly challenges language planners and often results in failure of many well-conceived curriculum. Just as there are product and process objectives there are product-oriented (summative evaluation) and/or process-oriented (formative evaluation) approaches to evaluation [Weir Roberts, 1994]. Evaluation usually attempts to compare current performance with desired performance by means of testing. The evaluation can be quantitative (based on quantitative criteria) and/or qualitative (based on qualitative criteria). Sometimes a mix of both may also be adopted to obtain valid findings. d) Teacher preparation and development Teachers are a vital part of the jigsaw puzzle of curriculum development and the curriculum designing process would be incomplete without their active involvement during development and implementation stages. Moreover, they are the ones who experience the curriculum in the class and their inputs are invaluable in subsequent curriculum improvements and innovation. e) Curriculum evaluation Course evaluation acts as a measure of the effectiveness of the curriculum and also provides indicators for further improvements and innovations. Evaluation is defined by Brown as the systematic collection and analysis of the relevant information necessary to promote the improvement of a curriculum and access effectiveness and efficiency. [Johnson, 1989: 223] According to Johnson, curriculum development would consist of a process of continuous adjustments or fine tuning. Curriculum evaluation consists in the interaction of formative (process) and summative (product) evaluation. 2.2 Syllabus A syllabus outlines what will be taught and thus helps the teacher and the learner to work together towards the objectives of the curriculum. Breen offers a very general definition of syllabus: the meeting point of a perspective upon language itself, upon using language, and upon teaching and learning which is a contemporary and commonly accepted interpretation of the harmonious links between theory, research, and classroom practice. (1987a:83) Hutchinson and Waters (1987:80) cited in Rabbini Roberto, 2002, define syllabus as follows: At its simplest level a syllabus can be described as a statement of what is to be learnt. It reflects of language and linguistic performance. This definition focuses on outcomes rather than process. However, a syllabus can also be seen as a summary of the content to which learners will be exposed (Yalden.1987: 87). Yalden sees it as a representation of what will be taught and that it cannot accurately predict what will be learnt. Prabhu gives a more specific definition:specification of what is to be learnt (1987:89). For Allen HYPERLINK http://www.finchpark.com/afe/appends/(1984), the syllabus is that subpart of curriculum which is concerned with a specification of what units will be taught (Allen 1984:61), whereas for Yalden (1987), it is primarily a teachers statement about objectives and content, with formal and functional components in a dual progression of linear and spiral learning (cf. Stern 1984:14). Brumfit (1984d) specifies content (linguistic, sociolinguistic, pragmatic, cultural, substantive), and also sequences the learning that takes place, while NunanHYPERLINK http://www.finchpark.com/afe/n.htm#Nunan (1988c) takes a wider, non-specific view of a framework within which activities can be carried out: a teaching device to facilitate learning (1988c:6), and Prabhu (1987) proposes a form of support for the teaching activity that is planned in the classroom and a form of guidance in the constructio n of appropriate teaching materials (1987:86). In contrast, Kumaravadivelu sees the syllabus as a preplanned, preordained, presequenced inventory of linguistic specifications imposed in most cases on teachers and learners and claims that this is a widely recognized perspective (1993b:72). The above definitions rather than bringing clarity, add to the complexity of understanding the term syllabus: every syllabus is a particular representation of knowledge and capabilities. And this representation will be shaped by the designers views concerning the nature of language, how the language may be most appropriately taught or presented to learners, and how the language may be productively worked upon during learning. (Breen, 1987a:83) 2.2.1 Curriculum/Syllabus The two termscurriculum and syllabus, are often used synonymously with each having areas and functions not distinctly defined. The discussion and confusion between the two terms continues since these can at times be very close in meaning, depending on the context in which they are used (Nunan 1988c:3). However for course designers and developers a distinction between the scope, objectives and functions of the two terms- curriculum and syllabus is necessary. Stern (1984) defines syllabus as connected with content, structure, and organization, while curriculum development is viewed as connected with implementation, dissemination and evaluation. For Yalden (1984) syllabus is connected with learners needs and aims. Syllabus along with selection and grading of content specifies and grades learning tasks and activities. While syllabus design refers to the what of a language programme, methodology is concerned with the how (p. 7). Nunan, 1994. Candlin (1984) as cited in Nunan, 1994,states the fact that while curriculum is connected with language learning, learning purpose and experience, evaluation, and the role relationships of teachers and learners, syllabus is a more concrete term, referring to the actual events in the classroom, i.e. the application of a syllabus to a given situation. Breen (1980) sees syllabus as a part of the overall curriculum: Curriculum can be distinguished from syllabus in that a syllabus is typically a specification of the content of teaching and learning and the organization and sequencing of the content. Content and its organization is subsumed within a curriculum as a part of methodology. A syllabus is therefore only part of the overall curriculum within which it operates. Stenhouse (1975:4), and Allen (1984) proposes: [a] clear distinction, similar to that which has been prevalent in Europe, the curriculum being concerned with planning, implementation, evaluation, management, and administration of education programmes, and the syllabus focusing more narrowly on the selection and grading of content. (1984:61, cited in Nunan 1988HYPERLINK http://www.finchpark.com/afe/n.htmc:8). The position presented in Dubin and Olshtain (1986:3): A curriculum is a document of an official nature, published by a leading or central educational authority in order to serve as a framework or a set of guidelines for the teaching of a subject area-in our case a language- in a broad and varied context. Thus , a state at the national level, aboard of education at the district level, a community at the municipal level or a university or college at the local academic level may choose to issue a document stating the scope and goals of its program for teaching a second or foreign language. Accordingly, such a curriculum will present broad overall perspectives that can apply to large number of different programs within the specified context. At the state level, the document will be concerned with goals that apply to all types of schools and segments of the population. At the district level it will apply to all schools within the district and at a given university to all the language courses-even though they may be taught in different depart ments. A Syllabus, in contrast to the curriculum, is a more particularized document that addresses a specific audience of learners and teachers, a particular course of study or a particular series of textbooks. Ideally, in this sense, a curriculum should be implemented through a variety of syllabuses and each of these syllabuses should be compatible with the overall curriculum. At the state level this would mean that the curriculum provides general guidelines for all educational planners and policy makers and all material and courseware developers. All textbooks, supplementary materials, tests and courseware would be designed so as to fit the goals specified in the general curriculum. The above definitions and perspectives on syllabus and curriculum thus make it clear that curriculum has a broader scope and starts with deciding course objectives and ends with evaluation to judge whether the course objectives have been met. The term syllabus is seen as a part of curriculum which specifically refers to content selection and classroom delivery. 2.2.2 Classifications of Syllabus and Approaches to Syllabus Design There are at present several proposals and models for what a syllabus might be . Yalden (1983) describes the major current communicative syllabus types which were summarized by J.C. Richards and T.S. Rodgers (1986) with reference sources to each model: Type

Public Relations and Strategic Marketing at BMW Essay -- Business Mark

Public Relations Opportunity Public Relations or PR for short can help launch a new products sells and promotions or destroy it before a company can move it from the shelf. New companies and consumers tend to mistake Public Relations as advertising when in fact they are polar opposites. When a company advertises they pay to promote the products on TV, radio, or some type of media support. Public Relations, however the company may reap the benefits of the PR but not have to pay for it. Public Relations is defined in the following ways: â€Å"A form of communication directed at gaining public understanding and acceptance† (Learnthat, 1998-2004). â€Å"A promotion intended to create goodwill for a person or institution† (Wordnet, 2010). With all this said a company that has a good Public Relations team or person has a good chance of its product reaching the targeted market. When conducting Public Relations the company needs to understand the consumer need and show how the product will meet their needs compared to its competitors, by doing this the PR must give selling points that show why the Jabber 7 is the car that will meet his or her needs. Base on the statistical data obtain through our market research, BMW has picked the most opportunistic time to launch the Jabber 7. With the United States gas, crunch people are looking for better way to help protect the environment and save money in the process. BMW going green will not only produce a better running car not depended on harmful pollutants but will also create new jobs for thousand American to build these cars. With BMW’s quality rating over the years consumer can expect a smoother riding vehicle that comes in the BMW 600 coupe style or the luxurious style of the BMW 545 providing up t... ...BMW dealers’ car lots. The second phase of the strategic marketing plan is promotion. The marketing team will use the four principle elements to promote the Jabber 7. Public relationship, word of mouth, advertising, and point of sale are the four elements the marketing team will use to promote the Jabber 7. The marketing team will celibately race car driver to promote the car at race tracks during race days. The celebrity will attract old and younger drivers to the Jabber 7. The company will also offer free test dives at the race track and BMW locations. Marketing team will have television commercial to promote the car during sports event like football games, and basketball games. The marketing team will offer interviews to some test drivers to receive information Jabber 7 driving performance. The interviews will be use for word of mouth promotion for the company. Public Relations and Strategic Marketing at BMW Essay -- Business Mark Public Relations Opportunity Public Relations or PR for short can help launch a new products sells and promotions or destroy it before a company can move it from the shelf. New companies and consumers tend to mistake Public Relations as advertising when in fact they are polar opposites. When a company advertises they pay to promote the products on TV, radio, or some type of media support. Public Relations, however the company may reap the benefits of the PR but not have to pay for it. Public Relations is defined in the following ways: â€Å"A form of communication directed at gaining public understanding and acceptance† (Learnthat, 1998-2004). â€Å"A promotion intended to create goodwill for a person or institution† (Wordnet, 2010). With all this said a company that has a good Public Relations team or person has a good chance of its product reaching the targeted market. When conducting Public Relations the company needs to understand the consumer need and show how the product will meet their needs compared to its competitors, by doing this the PR must give selling points that show why the Jabber 7 is the car that will meet his or her needs. Base on the statistical data obtain through our market research, BMW has picked the most opportunistic time to launch the Jabber 7. With the United States gas, crunch people are looking for better way to help protect the environment and save money in the process. BMW going green will not only produce a better running car not depended on harmful pollutants but will also create new jobs for thousand American to build these cars. With BMW’s quality rating over the years consumer can expect a smoother riding vehicle that comes in the BMW 600 coupe style or the luxurious style of the BMW 545 providing up t... ...BMW dealers’ car lots. The second phase of the strategic marketing plan is promotion. The marketing team will use the four principle elements to promote the Jabber 7. Public relationship, word of mouth, advertising, and point of sale are the four elements the marketing team will use to promote the Jabber 7. The marketing team will celibately race car driver to promote the car at race tracks during race days. The celebrity will attract old and younger drivers to the Jabber 7. The company will also offer free test dives at the race track and BMW locations. Marketing team will have television commercial to promote the car during sports event like football games, and basketball games. The marketing team will offer interviews to some test drivers to receive information Jabber 7 driving performance. The interviews will be use for word of mouth promotion for the company.

Fair Value Case

Case 11-2(b) Fair Value Disclosures Case 11-2(b) is an extension of Case 11-2(a). For this case, assume that the Case 11-2(a) facts remain, with the exception of the additional assumptions listed below for each security. As stated in Case 11-2(a), Family Finance Co. (FFC) accounts for its investments at fair value, with changes in fair value reflected either in earnings (for trading securities) or other comprehensive income (OCI) (for available-for-sale (AFS) securities). Because FFC uses the interest rate swap in a cash-flow hedge, FFC measures the derivative at fair value, presenting the portion of the fair value change that effectively offsets cash flow variability on its corporate debt in OCI and the remainder in earnings. Additional facts related to specific securities and derivatives owned by FFC are described below. Also refer to the data table at the end of this section for the fair value amounts for each instrument needed to complete the case. S tudents should assume that al l amounts discussed below and those included in the data tables are U.S. dollars in thousands. Instrument 1 — Collateralized Debt Obligation †¢ FFC classifies its collateralized debt obligation (CDO) within Level 3 of the ASC 820, Fair Value Measurement, fair value hierarchy as of December 31, 2012. †¢ FFC identified October 1, 2012, as the date on which the CDO’s fair value measurement changed in classification from Level 2 to Level 3. †¢ FFC determined the broker quotes were not significant to the fair value measurement in its entirety because those quotes resulted in a management adjustment to the income-approach discount rate of just 1 percent.On the basis of sensitivity analysis performed by adjusting the discount rate, management determined percentage changes of 2 percent result in a significantly higher or lower fair value. Further, management performed a qualitative assessment of the significance of these inputs to its fair value measurement and concluded that it did not place much weight on these measurements because they were based on proprietary models using unobservable inputs.That is, management could not, without unreasonable effort, conclude with sufficient assurance whether the quotes were prepared in accordance with ASC 820 and reflected current market conditions and market participant assumptions. †¢ FFC accounts for the CDO as a trading security. 1 Note that as discussed in Case 11-2(a), Instrument 4 is an equity security that does not have a readily determinable fair value and thus is not within the scope of ASC 320, Investments — Debt and Equity Securities.However, FFC has elected the fair value option for the security in accordance with ASC 82510, Financial Instruments: Overall, and thus accounts for the investment at fair value with changes in fair value recorded through earnings. C opyright 2009 Deloitte Development LLC All Rights Reserved. Case 11-2(b): Fair Value Disc losures Page 2 Instrument 2 — Mortgage-Backed Security †¢ FFC classifies its mortgage-backed security (MBS) within Level 2 of the fair value hierarchy as of December 31, 2012. †¢ FFC accounts for the MBS as a trading security. Instrument 3 — Auction-Rate Security †¢FFC classifies its auction-rate securities (ARSs) within Level 3 of the fair value hierarchy as of December 31, 2012. †¢ FFC identified November 1, 2012, as the date on which the fair value measurement of the ARSs changed in classification from Level 2 to Level 3. †¢ FFC accounts for the ARSs as AFS securities. Instrument 4 — Equity Security of a Nonpublic Company †¢ FFC classifies its investment in Company X within Level 3 of the fair value hierarchy during 2012. †¢ FFC sold the equity security in October 2012 for $120. Instrument 5 — Interest Rate Swap †¢ The interest rate (IR) swap is part of a portfolio of IR swaps.FFC individually assessed the IR swaps and classified them wit hin Level 2 of the fair value hierarchy as of December 31, 2012. †¢ FFC does not measure its corporate debt at fair value with changes in fair value reported in earnings. †¢ FFC executes IR swaps with various counterparties and accounts for its IR swap assets and liabilities on a gross basis on its balance sheet. Instrument 6 — Fuel Swap — Gasoline †¢ FFC classifies its fuel swap within Level 3 of the fair value hierarchy as of December 31, 2012. †¢ The fuel swap was the only derivative in FFC’s commodity derivatives portfolio. †¢The fuel swap’s fair value at initial recognition (January 2, 2012) was $0. Furthermore, each of the four annual swaplets 2 had an inception value of $0. 2 A s waplet is akin to a swap with a single settlement. For example, an IR swap with a duration of two years that re-prices and settles every quarter can also be viewed as a sequential series of eight swaplets at inception (each swaplet is net settled a s of the settlement date specified in the swap contract). The fair value measurement of an IR swap considers the expected cash flows of all unsettled swaplets as of the measurement date.C opyright 2009 Deloitte Development LLC All Rights Reserved. Case 11-2(b): Fair Value Disc losures †¢ Page 3 The first annual swaplet settled on December 31, 2012, resulting in a net cash payment to FFC of $100. Required: †¢ Using the case facts and the fair value amounts provided in the fair value data table below, prepare the annual quantitative disclosure tables required by ASC 820 as of December 31, 2012, for each of the six instruments: o For fair value measurements as of the reporting date (i. e. , December 31, 2012) separately for each class of assets and liabilities.Use blank table formats 1a and 1b below to complete the required quantitative disclosures. (Note that participants are also required to identify the classes of assets and liabilities to include in Tables 1a and 1b. ) o For assets and liabilities measured at fair value by means of significant unobservable inputs on a recurring basis, a reconciliation of the beginning and ending balances (i. e. , annual table) separately for each class of assets and liabilities, including where the gains or losses included in earnings are reported in the income statement.Use blank table format 2 below to complete the required quantitative disclosures. (Note that participants are also required to identify the classes of assets and liabilities to include in Table 2. ) o For certain assets and liabilities measured at fair value, (1) the amount of the total gains or losses for the period included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held as of the reporting date (i. e. , December 31, 2012) and (2) a description of where those unrealized gains or losses are reported in the income statement.Use blank table format 2 below to complete th e required quantitative disclosures. o For assets and liabilities measured at fair value by means of significant unobservable inputs, quantitative information about the significant unobservable inputs used in the fair value measurement. Use blank table format 3 below to complete the required quantitative disclosures. (Note that participants are also required to identify the classes of assets and liabilities to include in Table 3. ) †¢ Identify any qualitative disclosures required under ASC 820 for each of the six instruments as of December 31, 2012.C opyright 2009 Deloitte Development LLC All Rights Reserved. Data Tables Fair Value Data Table (U. S. dollar amounts in thousands) I nstrument 1. CDO 2. MBS 3. ARS 4. Equity security of nonpublic company (PEI) 5. IR s wap (asset) 5a. IR swap portfolio — gross asset values 5b. IR swap portfolio — gross liability values 5c. IR swap portfolio — net assets by counterparty 5d. IR swap portfolio — net liability by counterparty 6. Fuel swap Beginning Balance — 1/1/2012 N/A N/A 75 90 N/A 200 (125) 105 (30) N/A Purchase Value / Date 50 / 6/1/12 85 / 9/1/12 N/A N/A 0 / 1/2/2012 Various Various VariousVarious 0 / 1/2/2012 Fair Value at Transfer Date 40 N/A 55 N/A N/A N/A N/A N/A N/A N/A Ending Balance — 12/31/2012 25 75 50 0 40 140 (100) 60 (20) 375 I ncome Statement Line I tem Trading revenues Trading revenues Other revenues Other revenues Trading revenues Trading revenues Trading revenues Trading revenues Trading revenues Trading revenues PEI = private equity investments. I nstrument 5 — IR Swap Portfolio (Support for Break-up by Counterparty to Compute Gross Values) Beginning Balance Asset Liability Net Ending balance Asset Liability Net Total A-1 200 –125 75 20 –30 –10 140 –100 40 0 –15 25 Counterparties A-2 B-1 40 20 –25 –40 15 –20 50 –15 35 30 –50 –20 B-2 120 –30 90 20 –20 0 C opyright 2009 Deloitte Development LLC All Rights Reserved. Case 11-2(b): Fair Value Disc losures Page 2 Fuel Swap Data Table Pay Fixed, Receive Float (Fuel Swap) Four-year swap settles annually, executed 1/1/12, matures 12/31/15; Inception transaction price = zero (at-market swap), each of the four annual s waplets had an inception fair value = zero Cash Flow From Settlements Occurring at End of Fair Value by Period by Swaplet Swaplet Fair Value Quarter Year 1 Year 2 Year 3 Year 4 TotalFair value — Year 1 (1/2/12 — beginning of period) 0 0 0 0 0 N/A — Fair value — Year 1 (12/31/12 — end of period) s ettled 120 125 130 375 Y1 100 Unobservable Inputs Data Table Collateralized Debt Obligation Credit spread Discount for lack of marketability 2% 5% Aucton-Rate Security Estimate of future coupon rates Constant prepayment rate Credit spread Discount for lack of marketability 4. 30% 4. 00% 2. 00% 15% Aucton-Rate Security U. S. unleaded gasoline forward pr ice curve (per gallon) CVA $2. 00 – $4. 00 4. 00% C opyright 2009 Deloitte Development LLC All Rights Reserved. Format for Table 1a:Table 1a Description / Classes [For Assets] Fair Value Measurements as of Reporting Date Determined by Quoted Prices in Active S ignificant Other S ignificant M arkets for Identical Assets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) [CLASSES TO BE DETERMINED BY PARTICIPANTS] T otal assets -– – – – – Format for Table 1b: Table 1b Description / Classes [For Liabilities] Fair Value Measurements as of Reporting Date Determined by Quoted Prices in Active S ignificant Other S ignificant M arkets for Identical Assets Observable Inputs Unobservable Inputs (Level 1) Level 2) (Level 3) [CLASSES TO BE DETERMINED BY PARTICIPANTS] T otal liabilities Format for Table 2: Level 3 Recurring Fair Value Measurement Disclosure Trading CDO AFS ARS PEI Retail Derivatives Commodities Beginning balance Total gai ns or losses (realized/unrealized): Included in earnings (or changes in net assets) Included in other comprehensive income Purchases Issues Sales Settlements Transfers into Level 3 Transfers out of Level 3 Ending balance The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the hange in unrealized gains or losses relating to assets still held as of the reporting date Realized Total C opyright 2009 Deloitte Development LLC All Rights Reserved. Case 11-2(b): Fair Value Disc losures Page 2 Format for Table 3: Level 3 Fair Value Measurements – Quantitative Information About Significant Unobservable Inputs I nvestment Fair Value at 12/31/12 Valuation Technique Unobservable Input Value Instrument 1 Fair Value Technique Input 1 Input 2 Amount, range, etc. Amount, range, etc. Instrument 2 Fair Value Technique Input 1 Amount, range, etc. C opyright 2009 Deloitte Development LLC All Rights Reserved.

Net Present Value, Mergers and Acquisitions - 1406 Words

Abstract One financial goal of financial managers is to maximize the shareholders’ wealth. Therefore, merger and acquisition decisions should be consistent with shareholder wealth maximization, and financial characteristics of the targets to consider in the decision-making process. The net present value method is one of the useful methods that help financial managers to maximize shareholders’ wealth. The capital budgeting decision mergers Acquisitions Net Present Value Financial managers are working for the shareholders and their primary goal is profit maximization in order to maximize the wealth of the company and the shareholders. The Capital budgeting decision focuses on the†¦show more content†¦Online acquisitions didn t get any bigger than this† (Sennett, 2012). The impact on Google shareholders would be a negative impact on their stock. For example, â€Å"there is also a perception in the market that Google would not acquire Groupon as it will have a negative impact on Google s stock. This might be true for the shorter-term but not for the longer-term period as Groupon grows and delivers better performance† (Seeking Alpha, 2012). In addition, if Google was to acquire Groupon then Google will face tax losses. The impact on Groupon shareholders would add value to the company because Google would back it and the company could come up with more innovative ways to keep and attract new customers. The business concept for Gro upon could lead to duplications by other businesses. Groupon stock would increase and the company could have made millions of dollars off a merger with Google, since Google is already a profitable company. The financial conditions of both corporations prior to the merger were outstanding. For example, Groupon had an annual revenue of more than $500 million and the company was estimated at $1.4 billion. On the other hand, Google was already a successful company with shares of over $600. â€Å"Google Investors, however, seemed focused on Groupon’s valuation, which was estimated at 1.4 billion during its last fund-raising round in April. Shares in Google fell 4.5 percent, to $555.71; the stock was battered by newsShow MoreRelatedNet Present Value, Mergers and Acquisitions2848 Words   |  12 PagesNet present Value, Mergers and acquisitions FIN501 - Strategic Corporate Finance Net present Value, Mergers and acquisitions To start I would like to explain the difference and meaning of the present value of the future cash flows from an investment and the amount of investment. Present value of the expected cash flows is computed by discounting them at the required rate of return. 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This avenue to market Monmouth and Robertson products across resources could le ad to above average growth and profits. 2. Estimate a WACC for the acquisition. Invested Capital | 　 | $37,696,000 | 　 | 　 | 　 | Debt | | $12,000,000 | | | 　 | Equity | | $25,696,000 | | | 　 | 　 | | | | | 　 | Current market price | | $44 | | | 　 | Shares outstanding | | 584,000 | | | 　 |