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评估该方案的效果英语作文Assessing the Effectiveness of the Scheme。
In recent years, many schemes have been implemented in various fields to solve problems and improve the quality of life. However, the effectiveness of these schemes is often questioned. In this essay, I will evaluate the effectiveness of a scheme that aims to reduce traffic congestion in urban areas.The scheme involves the introduction of a congestion charge, which requires drivers to pay a fee for entering the city center during peak hours. The revenue generated from the charge is used to fund public transportation, such as buses and trains, and to improve cycling and walking infrastructure. The scheme also includes the implementation of a carpooling system, where drivers can share their journeys with others to reduce the number of cars on the road.One of the main benefits of the scheme is the reduction in traffic congestion. Studies have shown that the congestion charge has led to a significant decrease in the number of cars on the road during peak hours, resulting in less traffic and shorter journey times. This has also led to a decrease in air pollution, which has a positive impact on the environment and public health.Another benefit of the scheme is the improvement in public transportation. The revenue generated from the congestion charge has been used to fund the expansion and improvement of public transportation, making it more accessible and convenient for commuters. This has encouraged more people to use public transportation,further reducing the number of cars on the road.The implementation of the carpooling system has also been successful. Many drivers have opted to share their journeys with others, reducing the number of cars on the road and saving money on fuel costs. This has also led to a sense of community and social interaction, as people get to know their fellow carpoolers.However, there are also some drawbacks to the scheme. The congestion charge may be seen as a burden on low-income households, as they may not be able to afford the fee. This may lead to social inequality and resentment towards the scheme. Additionally, the carpooling system may not be suitable for everyone, as some people may have different schedules or destinations.In conclusion, the scheme to reduce traffic congestion in urban areas has been effective in achieving its goals. The congestion charge has led to a significant decrease in traffic and air pollution, while the improvement in public transportation and the implementation of the carpooling system have encouraged more people to use sustainable modes of transport. However, the scheme should be carefully evaluated to ensure that it does not have unintended consequences, such as social inequality or inconveniencefor some commuters.。
benchmark评估方法在计算机科学和信息技术领域，benchmark评估方法是一种常用的性能评估方法。
它通过一系列测试和测量，来评估硬件设备、软件应用或系统的性能表现。
本文将介绍benchmark评估方法的基本概念、常见的应用场景以及一些常用的评估指标。
一、benchmark评估方法的基本概念benchmark评估方法是通过执行一组特定的测试用例，来测量和比较不同系统的性能表现。
这些测试用例通常由一系列标准化的程序或任务组成，可以涵盖计算、存储、网络传输、图形处理等方面。
通过运行这些测试用例，并记录相应的性能指标，可以客观地评估和比较不同系统的性能优劣。
二、benchmark评估方法的应用场景benchmark评估方法在各个领域都有着广泛的应用。
在硬件领域，它可以用于评估不同处理器、显卡、存储设备等的性能差异，帮助用户选择合适的硬件设备。
在软件开发领域，benchmark评估方法可以用于测试和比较不同版本或不同厂商的软件应用的性能表现，以提供参考和优化建议。
在系统设计和优化领域，benchmark评估方法可以帮助开发者了解系统的瓶颈和优化空间，提高系统的性能和效率。
三、常见的benchmark评估指标在benchmark评估方法中，常用的性能评估指标包括以下几个方面：1. 响应时间（Response Time）：指系统处理一个请求所需要的时间。
它通常用来衡量系统的交互性能和响应速度，响应时间越短越好。
2. 吞吐量（Throughput）：指系统在单位时间内能够处理的请求数量。
吞吐量高表示系统的处理能力强，能够更快地处理更多的请求。
3. 并发性能（Concurrency）：指系统能够同时处理的请求数量。
并发性能高表示系统的并发处理能力强，能够更好地应对高并发访问的需求。
4. 资源利用率（Resource Utilization）：指系统在处理请求过程中所使用的资源利用情况。
资源利用率高表示系统能够更有效地利用硬件资源，提高系统的性能和效率。
评价方法英文作文Evaluation methods are essential in assessing the effectiveness and success of a certain project or program. They provide a systematic way of gathering and analyzing information to determine whether the objectives have been achieved.One common evaluation method is the use of surveys or questionnaires. This method allows for the collection of data from a large number of people and provides insights into their opinions, attitudes, and behaviors. Surveys can be conducted in various forms, such as online, paper-based, or face-to-face interviews.Another evaluation method is the use of interviews or focus groups. This approach involves engaging with individuals or groups to gather in-depth information about their experiences, perceptions, and suggestions. It provides a more personal and qualitative perspective on the impact of a particular project or program.Observation is also a valuable evaluation method, especially in assessing the implementation and outcomes of a project. By directly observing the activities and behaviors of individuals or groups, evaluators can gain a better understanding of the actual practices and effects on the ground.In addition, document analysis is a useful evaluation method for reviewing existing records, reports, and other written materials related to a project or program. This method allows for a comprehensive examination of the documented evidence to assess the progress and outcomes achieved.Furthermore, cost-benefit analysis is a quantitative evaluation method that focuses on the economic aspects of a project or program. It involves comparing the costs incurred with the benefits gained to determine the overall value and feasibility of the initiative.Overall, the selection of evaluation methods should bebased on the specific objectives, context, and resources available. By utilizing a combination of different methods, evaluators can obtain a more comprehensive and well-rounded understanding of the impact and effectiveness of theproject or program.。
---Title: Evaluation Summary of [Project/Assignment/Event Name]Introduction:The purpose of this evaluation summary is to provide a comprehensive overview of the [Project/Assignment/Event Name]. It aims to assess the effectiveness, strengths, weaknesses, and overall impact of the initiative. This document will serve as a reference for future improvements and decision-making processes.Background:[Provide a brief background of the project/assignment/event, including its objectives, scope, and timeline.]Methodology:The evaluation was conducted using a multi-method approach, which included:1. Quantitative Analysis: [Describe the data collection methods used, such as surveys, questionnaires, or statistical analysis of performance metrics.]2. Qualitative Analysis: [Discuss the methods used for gathering qualitative data, such as interviews, focus groups, or observations.]3. Expert Review: [Mention any expert assessments or external evaluations that were incorporated.]Findings:1. Objectives and Outcomes:- [Summarize the key objectives of the project/assignment/event and evaluate whether they were met.]- [Discuss the outcomes achieved and their alignment with the initial goals.]2. Process and Implementation:- [Assess the efficiency and effectiveness of the process used to implement the project/assignment/event.]- [Identify any challenges faced during implementation and their impact on the outcome.]3. Performance Metrics:- [Present the results of the quantitative analysis, focusing on key performance indicators (KPIs).]- [Analyze trends, patterns, and significant findings from the data.]4. Stakeholder Feedback:- [Summarize the feedback received from stakeholders, including participants, clients, or other relevant parties.]- [Evaluate the satisfaction levels and identify any areas of concern or improvement.]Strengths:- [Highlight the strengths of the project/assignment/event, including successful outcomes, innovative approaches, and positive feedback.]Weaknesses:- [Acknowledge the weaknesses and challenges encountered, along with any limitations of the evaluation process.]Recommendations:Based on the findings, the following recommendations are made:1. Enhancements:- [Suggest specific improvements to enhance the effectiveness and efficiency of the project/assignment/event.]2. Training and Development:- [Propose training programs or skill development initiatives for the team involved in the project/assignment/event.]3. Future Planning:- [Offer guidance on how to better plan and execute similarinitiatives in the future.]Conclusion:The [Project/Assignment/Event Name] has demonstrated [positive outcomes] and has [negative aspects]. The evaluation process has provided valuable insights into the strengths and weaknesses of the initiative, which can be used to inform future decisions and improve overall performance. By addressing the identified areas for improvement and leveraging the strengths, there is a potential for [desired outcomes].Acknowledgments:We would like to express our gratitude to all stakeholders who contributed to the evaluation process. Their feedback and support were instrumental in providing a comprehensive understanding of theproject/assignment/event's performance.---This template can be customized to fit the specific details of any project, assignment, or event evaluation. The introduction and conclusion sections can be tailored to reflect the unique context and purpose of the evaluation.。
A Tutorial on the McKinsey Model forV aluation of CompaniesL.Peter Jennergren∗Fourth revision,August26,2002SSE/EFI Working Paper Series in Business Administration No.1998:1AbstractAll steps of the McKinsey model are outlined.Essential steps are:calculation of free cashflow,forecasting of future accounting data(profit and loss accounts andbalance sheets),and discounting of free cashflow.There is particular emphasis onforecasting those balance sheet items which relate to Property,Plant,and Equip-ment.There is an exemplifying valuation included(of a company called McKay),as an illustration.Key words:Valuation,free cashflow,discounting,accounting dataJEL classification:G31,M41,C60∗Stockholm School of Economics,Box6501,S-11383Stockholm,Sweden.The author is indebted to Joakim Levin,Per Olsson,and Kenth Skogsvik for discussions and comments.1IntroductionThis tutorial explains all the steps of the McKinsey valuation model,also referred to as the discounted cashflow model and described in Tom Copeland,Tim Koller,and Jack Murrin:Valuation:Measuring and Managing the Value of Companies(Wiley,New York; 1st ed.1990,2nd ed.1994,3rd ed.2000).The purpose is to enable the reader to set up a complete valuation model of his/her own,at least for a company with a simple structure (e.g.,a company that does not consist of several business units and is not involved in extensive foreign operations).The discussion proceeds by means of an extended valuation example.The company that is subject to the valuation exercise is the McKay company.The McKay example in this tutorial is somewhat similar to the Preston example(con-cerning a trucking company)in Copeland et al.1990,Copeland et al.1994.However, certain simplifications have been made,for easier understanding of the model.In par-ticular,the capital structure of McKay is composed only of equity and debt(i.e.,no convertible bonds,etc.).The purpose of the McKay example is merely to present all essential aspects of the McKinsey model as simply as possible.Some of the historical income statement and balance sheet data have been taken from the Preston example. However,the forecasted income statements and balance sheets are totally different from Preston’s.All monetary units are unspecified in this tutorial(in the Preston example in Copeland et al.1990,Copeland et al.1994,they are millions of US dollars).This tutorial is intended as a guided tour through one particular implementation of the McKinsey model and should therefore be viewed only as exemplifying:This is one way to set up a valuation model.Some modelling choices that have been made will be pointed out later on.However,it should be noted right away that the specification given below of net Property,Plant,and Equipment(PPE)as driven by revenues is actually taken from Copeland et al.2000.The previous editions of this book contain two alternative model specifications relating to investment in PPE(cf.Section15below;cf.also Levin and Olsson1995).In one respect,this tutorial is an extension of Copeland et al.2000:It contains a more detailed discussion of capital expenditures,i.e.,the mechanism whereby cash is absorbed by investments in PPE.This mechanism centers on two particular forecast assumptions, [this year’s net PPE/revenues]and[depreciation/last year’s net PPE].1It is explained below how those assumptions can be specified at least somewhat consistently.On a related note,the treatment of deferred income taxes is somewhat different,and also more detailed,compared to Copeland et al.2000.In particular,deferred income taxes are related to a forecast ratio[timing differences/this year’s net PPE],and it is suggested how to set that ratio.1Square brackets are used to indicate specific ratios that appear in tables in the spreadsheetfile.There is also another extension in this tutorial:An alternative valuation model is included,too,the abnormal earnings model.That is,McKay is valued through that model as well.The McKay valuation is set up as a spreadsheetfile in Excel named MCK1.XLS. Thatfile is an integral part of this tutorial.The model consists of the following parts(as can be seen by loading thefile):Table1.Historical income statements,Table2.Historical balance sheets,Table3.Historical free cashflow,Table4.Historical ratios for forecast assumptions,Table5.Forecasted income statements,Table6.Forecasted balance sheets,Table7.Forecasted free cashflow,Table8.Forecast assumptions,Value calculations.Tables in the spreadsheetfile and in thefile printout that is included in this tutorial are hence indicated by numerals,like Table1.Tables in the tutorial text are indicated by capital letters,like Table A.The outline of this tutorial is as follows:Section2gives an overview of essential model features.Section3summarizes the calculation of free cashflow.Section4is an introduc-tion to forecastingfinancial statements and also discusses forecast assumptions relating to operations and working capital.Sections5,6,and7deal with the specification of the forecast ratios[this year’s net PPE/revenues],[depreciation/last year’s net PPE],and [retirements/last year’s net PPE].Section8considers forecast assumptions about taxes. Further forecast assumptions,relating to discount rates andfinancing,are discussed in Section9.Section10outlines the construction of forecastedfinancial statements and free cashflow,given that all forecast assumptions have beenfixed.Section11outlines a slightly different version of the McKay example,with another system for accounting for deferred income taxes.2The discounting procedure is explained in Section12.Section13 gives results from a sensitivity analysis,i.e.,computed values of McKay’s equity when cer-tain forecast assumptions are revised.Section14discusses the abnormal earnings model and indicates how McKay’s equity can be valued by that model.Section15discusses two further discounted cashflow model versions,one of which may in a certain sense be considered“exact”.The purpose is to get a feeling for the goodness of valuations derived2This version of the McKay example is contained in the Excelfile MCK1B.XLS.A printout from that file is also included in this tutorial.The two versions of the McKay example are equivalent as regards cashflow and resulting value.In other words,it is only the procedure for computing free cashflow that differs(slightly)between them.by means of the McKinsey model,in particular the sensitivity to changes in certain model parameters.Section16contains concluding remarks.There are two appendices.Appen-dix1discusses how a data base from Statistics Sweden can be used as an aid in specifying parameters related to the forecast ratios[this year’s net PPE/revenues],[depreciation/last year’s net PPE]and[retirements/last year’s net PPE].Appendix2is a note on leasing. The point is that payments associated with leases can be viewed as pertaining either to thefirm’s operations,or to itsfinancing.If one is consistent,both views lead to the same valuation result.A similar remark also applies to payments associated with pensions.2Model OverviewEssential features of the McKinsey model are the following:1.The model uses published accounting data as input.Historical income statements and balance sheets are used to derive certain criticalfinancial ratios.Those historical ratios are used as a starting point in making predictions for the same ratios in future years.2.The object of the McKinsey model is to value the equity of a going concern.Even so, the asset side of the balance sheet is initially valued.The value of the interest-bearing debt is then subtracted to get the value of the equity.Interest-bearing debt does not include deferred income taxes and trade credit(accounts payable and other current liabilities). Credit in the form of accounts payable is paid for not in interest but in higher operating expenses(i.e.,higher purchase prices of raw materials)and is therefore part of operations rather thanfinancing.Deferred income taxes are viewed as part of equity;cf.Sections9 and10.It may seem like an indirect approach to value the assets and deduct interest-bearing debt to arrive at the equity(i.e.,it may seem more straight-forward to value the equity directly,by discounting future expected dividends).However,this indirect approach is the recommended one,since it leads to greater clarity and fewer errors in the valuation process(cf.Copeland et al.2000,pp.150-152).3.The value of the asset side is the value of operations plus excess marketable secu-rities.The latter can usually be valued using book values or published market values. Excess marketable securities include cash that is not necessary for operations.For valu-ation purposes,the cash account may hence have to be divided into two parts,operating cash(which is used for facilitating transactions relating to actual operations),and ex-cess cash.(In the case of McKay,excess marketable securities have been netted against interest-bearing debt at the date of valuation.Hence there are actually no excess mar-ketable securities in the McKay valuation.This is one of the modelling choices that were alluded to in the introduction.)4.The operations of thefirm,i.e.,the total asset side minus excess marketable secu-rities,are valued by the WACC method.In other words,free cashflow from operations is discounted to a present value using the W ACC.There is then a simultaneity problem (actually quite trivial)concerning the WACC.More precisely,the debt and equity values enter into the WACC weights.However,equity value is what the model aims to determine.5.The asset side valuation is done in two parts:Free cashflow from operations is forecasted for a number of individual years in the explicit forecast period.After that, there is a continuing value derived from free cashflow in thefirst year of the post-horizon period(and hence individual yearly forecasts must be made for each year in the explicit forecast period and for one further year,thefirst one immediately following the explicit forecast period).The explicit forecast period should consist of at least7-10years(cf. Copeland et al.2000,p.234).The explicit forecast period can be thought of as a transient phase during a turn-around or after a take-over.The post-horizon period,on the other hand,is characterized by steady-state development.This means that the explicit forecast period should as a minimal requirement be sufficiently long to capture transitory effects,e.g.,during a turn-around operation.6.For any future year,free cashflow from operations is calculated from forecasted income statements and balance sheets.This means that free cashflow is derived from a consistent scenario,defined by forecastedfinancial statements.This is probably the main strength of the McKinsey model,since it is difficult to make reasonable forecasts of free cashflow in a direct fashion.Financial statements are forecasted in nominal terms(which implies that nominal free cashflow is discounted using a nominal discount rate).7.Continuing(post-horizon)value is computed through an infinite discounting for-mula.In this tutorial,the Gordon formula is used(cf.Brealey and Myers2002,pp.38 and64-65).In other words,free cashflow in the post-horizon period increases by some constant percentage from year to year,hence satisfying a necessary condition for infinite discounting.(The Gordon formula is another one of the modelling choices made in this tutorial.)As can be inferred from this list of features,and as will be explained below,the McKinsey model combines three rather different tasks:Thefirst one is the production of forecastedfinancial statements.This is not trivial.In particular,it involves issues relating to capital expenditures that are fairly complex.(The abnormal earnings model uses forecastedfinancial statements,just like the McKinsey model,so thefirst task is actually the same for that model as well).The second task is deriving free cashflow from operations fromfinancial statements. At least in principle,this is rather trivial.In fairness,it is not always easy to calculate free cashflow from complicated historical income statements and balance sheets.However,all financial statements in this tutorial are very simple(and there is,in any case,no reason to forecast accounting complexities if the purpose is one of valuation).The third task isdiscounting forecasted free cashflow to a present value.While not exactly trivial,this task is nevertheless one that has been discussed extensively in the corporatefinance literature, so there is guidance available.This tutorial will explain the mechanics of discounting in the McKinsey model.However,issues relating to how the relevant discount rates are determined will largely be brushed aside.Instead,the reader is referred to standard text books(for instance,Brealey and Myers2002,chapters9,17,and19).3Historical Financial Statements and the Calcula-tion of Free Cash FlowThe valuation of McKay is as of Jan.1year1.Historical input data are the income statements and balance sheets for the years−6to0,Tables1and2.Table1also includes statements of retained earnings.It may be noted in Table1that operating expenses do not include depreciation.At the bottom of Table2,there are a couple offinancial ratio calculations based on historical data for the given years.Short-term debt in the balance sheets(Table2)is that portion of last year’s long-term debt which matures within a year.It is clear from Tables1and2that McKay’sfinancial statements are very simple, and consequently the forecasted statements will also have a simple structure.As already mentioned earlier,McKay has no excess marketable securities in the last historical balance sheet,i.e.,at the date of valuation.From the data in Tables1and2,historical free cashflow for the years−5to0 is computed in Table3.Each annual free cashflow computation involves two balance sheets,that of the present year and the previous one,so no free cashflow can be obtained for year−6.Essentially the same operations are used to forecast free cashflow for year1and later years(in Table7).The free cashflow calculations assume that the clean surplus relationship holds.This implies that the change in book equity(including retained earnings)equals net income minus net dividends(the latter could be negative, if there is an issue of common equity).The clean surplus relationship does not hold, if PPE is written down(or up)directly against common equity(for instance).Such accounting operations may complicate the calculation of free cashflow from historical financial statements(and if so,that calculation may not be trivial).However,there is no reason to forecast deviations from the clean surplus relationship in a valuation situation.EBIT in Table3means Earnings Before Interest and Taxes.NOPLAT means Net Op-erating Profits Less Adjusted Taxes.Taxes on EBIT consist of calculated taxes according to the income statement(from Table1)plus[this year’s tax rate]×(interest expense) minus[this year’s tax rate]×(interest income).Interest income and interest expense are taken from Table1.The tax rate is given in Table4.Calculated taxes according to the income statement reflect depreciation of PPE over the economic life.Change in deferredincome taxes is this year’s deferred income taxes minus last year’s deferred income taxes. In the McKay valuation example,it is assumed that deferred income taxes come about for one reason only,timing differences in depreciation of PPE.That is,fiscal depreciation takes place over a period shorter than the economic life.Working capital is defined net.Hence,working capital consists of the following balance sheet items:Operating cash plus trade receivables plus other receivables plus inventories plus prepaid expenses minus accounts payable minus other current liabilities.Accounts payable and other current liabilities are apparently considered to be part of the operations of thefirm,not part of thefinancing(they are not interest-bearing debt items).Change in working capital in Table3is hence this year’s working capital minus last year’s working capital.Capital expenditures are this year’s net PPE minus last year’s net PPE plus this year’s depreciation.Depreciation is taken from Table1,net PPE from Table2.Free cashflow in Table3is hence cash generated by the operations of thefirm,after paying taxes on operations only,and after expenditures for additional working capital and after capital expenditures.(“Additional working capital”could of course be negative.If so,free cashflow is generated rather than absorbed by working capital.)Hence,free cash flow represents cash that is available for distribution to the holders of debt and equity in thefirm,and for investment in additional excess marketable securities.Stated somewhat differently,free cashflow is equal tofinancial cashflow,which is the utilization of free cashflow forfinancial purposes.Table3also includes a break-down offinancial cashflow. By definition,free cashflow must be exactly equal tofinancial cashflow.As suggested in the introduction(Section1),certain payments may be classified as pertaining either to free cashflow(from operations),or tofinancial cashflow.In other words,those payments may be thought of as belonging either to the operations or the financing of thefirm.This holds,in particular,for payments associated with capital leases.If one is consistent,the resulting valuation should of course not depend on that classification.This issue is further discussed in Appendix2.We now return briefly to thefinancial ratios at the end of Table2.Invested capi-tal is equal to working capital plus net PPE.Debt at the end of Table2in the ratio [debt/invested capital]is interest-bearing(short-term and long-term).Thefinancial ratio [NOPLAT/invested capital]is also referred to as ROIC(Return on Invested Capital).It is a better analytical tool for understanding the company’s performance than other return measures such as return on equity or return on assets,according to Copeland et al.(2000, pp.165-166).Invested capital in the ratio[NOPLAT/invested capital]is the average of last year’s and this year’s.It is seen that McKay has on average provided a fairly modest rate of return in recent years.It can also be seen from Table3that the free cashflow has been negative,and that the company has handled this situation by increasing its debt. It is also evident from the bottom of Table2that the ratio of interest-bearing debt toinvested capital has increased substantially from year−6to year0.Table4contains a set of historicalfinancial ratios.Those ratios are important,since forecasts of the same ratios will be used to produce forecasted income statements and balance sheets.Most of the items in Table4are self-explanatory,but a few observations are called PPE(which is taken from Table2)enters into four ratios.In two of those cases,[depreciation/net PPE]and[retirements/net PPE],the net PPE in question is last year’s.In the other two cases,[net PPE/revenues]and[timing differences/net PPE],the net PPE in question is this year’s.Retirements are defined as depreciation minus change in accumulated depreciation between this year and last year(accumulated depreciation is taken from Table2).This must hold,since last year’s accumulated de-preciation plus this year’s depreciation minus this year’s retirements equals this year’s accumulated depreciation.The timing differences for a given year are measured between accumulatedfiscal depre-ciation of PPE and accumulated depreciation according to PPE economic life.For a given piece of PPE that is about to be retired,accumulatedfiscal depreciation and accumulated depreciation according to economic life are both equal to the original acquisition value. Consequently,non-zero timing differences are related to non-retired PPE only.The ratio [timing differences/net PPE]in Table4has been calculated byfirst dividing the deferred income taxes for a given year by the same year’s corporate tax rate(also given in Table 4).This gives that year’s timing differences.After that,there is a second division by that year’s net PPE.4Forecast Assumptions Relating to Operations and Working CapitalHaving recorded the historical performance of McKay in Tables1-4,we now turn to the task of forecasting free cashflow for years1and later.Individual free cashflow forecasts are produced for each year1to12.The free cashflow amounts for years1to 11are discounted individually to a present value.The free cashflow for year12and all later years is discounted through the Gordon formula,with the free cashflow in year12 as a starting value.Years1to11are therefore the explicit forecast period,and year12 and all later years the post-horizon period.Tables5-8have the same format as Tables1-4.In fact,Table5may be seen as a continuation of Table1,Table6as a continuation of Table2,and so on.We start the forecasting job by setting up Table8,the forecast ing assumptions (financial ratios and others)in that table,and using a couple of further direct forecasts of individual items,we can set up the forecasted income statements,Table5,and the forecasted balance sheets,Table6.From Tables5and6,we can then in Table7derivethe forecasted free cashflow(just like we derived the historical free cashflow in Table3, using information in Tables1and2).Consider now the individual items in Table8.It should be noted in Table8that all items are the same for year12,thefirst year of the post-horizon period,as for year11, the last year of the explicit forecast period.Since thefirst year in the post-horizon period is representative of all subsequent post-horizon years,all items are the same for every post-horizon year as for the last year of the explicit forecast period.This is actually an important condition(cf.Levin and Olsson1995,p.38):If that condition holds,then free cashflow increases by the same percentage(the nominal revenue growth rate for year 12in Table8,cell T137)between all successive years in the post-horizon period.This means that a necessary condition for discounting by means of the Gordon formula in the post-horizon period is satisfied.The revenue growth in each future year is seen to be a combination of inflation and real growth.Actually,in years10and11there is no real growth,and the same assumption holds for all later years as well(in the application of the Gordon formula).The underlying assumption in Table8is apparently that real operations will initially expand but will eventually(in year10)settle down to a steady state with no further real growth.Inflation, on the other hand,is assumed to be3%in all coming years(including after year11).The ratio of operating expenses to revenues is assumed to improve immediately,e.g.,as a consequence of a determined turn-around effort.Apparently,it is set to90%year1 and all later years.To avoid misunderstandings,this forecast assumption(and the other ones displayed in Table8)are not necessarily intended to be the most realistic ones that can be imagined.The purpose is merely to demonstrate the mechanics of the McKinsey model for one particular scenario.A table in Levin and Olsson1995(p.124;based on accounting data from Statistics Sweden)contains information about typical values of the ratio between operating expenses and revenues in various Swedish industries(cf.also Appendix1for a further discussion of the Statistics Sweden data base).A number of items in the forecasted income statements and balance sheets are di-rectly driven by revenues.That is,those items are forecasted as percentages of revenues. In particular,this holds for the working capital items.It is thus assumed that as rev-enues increase,the required amounts of working capital of different categories increase correspondingly.It is not important whether revenues increase due to inflation or real growth,or a combination of both.Working capital turns over very quickly,and therefore it is a reasonable assumption that the working capital items are simply proportional to revenues.The ratios between the different categories of working capital and revenues for future years in Table8have been set equal to the average values of the corresponding historical percentages in Table4.Again,this is only for illustrative purposes.Another table in Levin and Olsson1995(p.125),again based on data from Statistics Sweden,reports average values of the ratio between(aggregate)working capital and revenues in different Swedish industries.5Forecast Assumptions Relating to Property,Plant, and EquipmentThe forecast assumptions relating to PPE will be considered next(this section and the following two).The equations that determine capital expenditures may be stated as follows(subscripts denote years):(capital expenditures)t=(net PPE)t−(net PPE)t−1+depreciation t,(net PPE)t=revenues t×[this year’s net PPE/revenues],depreciation t=(net PPE)t−1×[depreciation/last year’s net PPE].To this set of equations,we may add three more that are actually not necessary for the model:retirements t=(net PPE)t−1×[retirements/last year’s net PPE],(accumulated depreciation)t=(accumulated depreciation)t−1+depreciation t−retirements t, (gross PPE)t=(net PPE)t+(accumulated depreciation)t.In particular,this second set of three equations is needed only if one wants to produce forecasted balance sheets showing how net PPE is related to gross PPE minus accumulated depreciation.It should be noted that such detail is not necessary,since thefirst set of three equations suffices for determining net PPE,depreciation,and consequently also capital expenditures.3It is clear from thefirst three equations that forecasts have to be made for two partic-ular ratios,[this year’s net PPE/revenues]and[depreciation/last year’s net PPE].Setting those ratios in a consistent fashion involves somewhat technical considerations.In this section and the following one,one way of proceeding,consistent with the idea of the company developing in a steady-state fashion in the post-horizon period,will be outlined.To begin with,the idea of the company developing in a steady-state fashion has to be made more precise.As indicated in Section4,the forecast assumptions should be specified in such a manner that nominal free cashflow increases by a constant percentage every year in the post-horizon period.This is a necessary condition for infinite discounting 3If the historicalfinancial statements do not show gross PPE and accumulated depreciation,only net PPE,then it seems pointless to try to include these items in the forecastedfinancial statements.If so, the second set of three equations is deleted.In the McKay case,the historical statements do indicate gross PPE and accumulated depreciation.For that(aesthetic)reason,those items will also be included in the forecasted statements.by the Gordon formula.But if so,capital expenditures must also increase by the same constant percentage in every post-horizon year.For this condition on capital expenditures to hold,there must be an even age distribution of nominal acquisition values of successive PPE cohorts.More precisely,it must hold that the acquisition value of each PPE cohort develops in line with the assumed constant growth percentage that is applicable to the post-horizon period.As also mentioned in Section4,that constant percentage is the same as the assumed nominal revenue growth in the post-horizon period,3%in the McKay example.The general idea is now to set steady-state values of the two ratios[this year’s net PPE/revenues]and[depreciation/last year’s net PPE]for the last year of the explicit forecast period(year11in the McKay example).Those steady-state values will then also hold for every year in the post-horizon period(since all forecast assumptions have to be the same in thefirst year of the post-horizon period as in the last year of the explicit forecast period,as already explained in Section4).During the preceding years of the explicit forecast period,steady-state values of[this year’s net PPE/revenues]and[depreciation/last year’s net PPE]are not assumed.Values for these two ratios in the preceding explicit forecast period years arefixed in the following heuristic fashion in the McKay example:For thefirst year of the explicit forecast period, they are set as averages of the corresponding values for the historical years.4Values for intermediate(between thefirst and last)years in the explicit forecast period are then determined by linear interpolation.6The Ratios[this year’s net PPE/revenues]and[de-preciation/last year’s net PPE]It is helpful at this point to proceed more formally and introduce the following notation:g real growth rate in the last year of the explicit forecast period and in thepost-horizon period,i inflation rate in the last year of the explicit forecast period and in thepost-horizon period,c nominal(composite)growth rate=(1+g)(1+i)−1,4The value for the last year of the explicit forecast period of[retirements/last year’s net PPE]is also set as a steady-state value.For thefirst year of the explicit forecast period,that ratio is set equal to the corresponding value for the last historical year.An average of corresponding values for all historical years is not used in this case,since[retirements/last year’s net PPE]appears to have been unstable during years−5to0.The negative value of that ratio in year-2could have come about through purchases of used(second-hand)PPE.It is again noted that the ratio[retirements/last year’s net PPE]is actually not necessary for the valuation model.。
it治理评估方法
IT治理评估方法是用于评估和衡量组织的IT治理能力和效果的一套方法论。
下面是几种常见的IT治理评估方法：
1. COBIT评估方法：COBIT（控制目标与信息技术相关技术）是一套国际公认的IT治理框架，其评估方法可以帮助组织评估和改进IT 治理能力。
COBIT评估方法包括确定评估范围、收集和分析数据、制定评估报告等步骤。
2. ITIL评估方法：ITIL（信息技术基础架构库）是一套IT服务管理的最佳实践框架，其评估方法可以帮助组织评估和改进IT服务管理的能力。
ITIL评估方法包括确定评估目标、收集和分析数据、制定改进计划等步骤。
3. ISO/IEC 38500评估方法：ISO/IEC 38500是国际标准组织发布的一项关于公司治理信息技术的标准，其评估方法可以帮助组织评估和改进公司治理信息技术的能力。
ISO/IEC 38500评估方法包括确定评估标准、进行评估调查、制定改进计划等步骤。
4. Balanced Scorecard评估方法：平衡计分卡是一种用于综合评估组织绩效的方法，其评估方法可以帮助组织评估和改进IT治理的绩效。
平衡计分卡评估方法包括确定评估指标、收集和分析数据、制定改进措施等步骤。
以上是常见的几种IT治理评估方法，选择适合组织需求的方法进行
评估可以帮助组织发现问题、制定改进计划，并提升IT治理能力。
价值评估英语Value Assessment in EnglishValue assessment in English refers to the process of determining the worth and importance of something, someone or an idea. It is an essential aspect of our daily lives because we often have to make decisions based on what we think is valuable. In this article, we will discuss the steps involved in value assessment in English.Step 1: Identify the Object of AssessmentThe first step in value assessment is to identify the object of assessment. It could be a product, service, person, or an idea. For example, if you are assessing a product, you need to identify the features, benefits, and functionality of the product.Step 2: Identify the Criteria for AssessmentThe next step is to identify the criteria for assessment. This involves determining the factors or elements required to evaluate the object of assessment. For instance, if you are assessing a product, the factors may include the quality, durability, and price.Step 3: Gather InformationThe next step is to gather information on the object of assessment. This could be obtained through research, observation, interviews, or surveys. It is important to use reliable sources of information to ensure the accuracy of the assessment.Step 4: Analyze InformationAfter gathering the necessary information, the next stepis to analyze it. This involves examining and interpreting the data collected, to determine the strengths and weaknesses of the object under assessment. This helps to know what features or benefits of the product or service align with the needs of the intended audience, and what information can be used to make sound decisions.Step 5: Compare and ContrastComparing and contrasting are crucial in value assessment to give an objective view of the objects under review. This step enables us to analyze several objects of the same category and determine their values. For example, when assessing the potential of different job opportunities, we may analyze different benefits or salaries offered, and work schedules of each option, that will allow us to make informed decisions.Step 6: Evaluate and DecideThe final step in value assessment is to evaluate and decide. This is the stage where we evaluate the object under review and make a decision as to whether it is valuable or not. This step requires critical thinking and an objective approach to ensure that our decision-making process is sound.In conclusion, value assessment is an essential aspect of our daily lives. It allows us to make informed decisions whether in purchasing a product, hiring staff or giving feedback about a person or idea. By following these steps, we can make objective decisions about the value of different objects of assessment.。
企业价值评估英语Enterprise valuation is the process of determining the worth or value of a company. It involves various methods and approaches that take into consideration the company's assets, financial performance, market conditions, and potential for growth.There are several commonly used methods for enterprise valuation, including the market approach, income approach, and asset-based approach. The market approach looks at comparable companies in the same industry and uses their valuation multiples to determine the value of the company being evaluated. The income approach uses the company's projected future cash flows and applies a discount rate to calculate its present value. The asset-based approach focuses on the company's balance sheet and calculates its net asset value.In addition to these methods, enterprise valuation may also consider other factors such as brand value, intellectual property, customer base, competitive advantages, and management quality. These intangible factors are often difficult to quantify but can significantly impact the overall value of a company.Enterprise valuation is important for several reasons. It helps investors and potential buyers determine how much they are willing to pay for a company. It also provides a benchmark for measuring a company's performance and helps guide strategic decision-making.Ultimately, enterprise valuation is a complex process that requires thorough analysis, financial modeling, and market research. It isessential for providing an objective and accurate assessment of a company's worth.。
安全评估英文Security AssessmentSecurity assessment is an important process that measures the effectiveness of security measures in protecting an organization's assets and reduces the risk of potential threats. In this report, we will evaluate the security measures implemented in XYZ Company. Physical Security:Physical security forms the first line of defense against unauthorized access to company premises. XYZ Company has implemented key elements of physical security, including security guards, access control systems, and CCTV surveillance systems. However, during our assessment, we found that some areas were not adequately monitored by CCTV cameras, resulting in blind spots that could be exploited by intruders. Therefore, we recommend installing additional cameras in those areas to improve surveillance coverage.Personnel Security:Proper screening and training of personnel is crucial for ensuring the security of an organization. XYZ Company has implemented a comprehensive background check process for hiring employees and provided regular security awareness training. However, our assessment reveals that the access control system is not always strictly enforced, allowing unauthorized personnel to enter restricted areas. We suggest conducting regular audits to ensure adherence to access control policies and reinforcing security training programs to educate employees on the importance of maintaining secure access.Information Security:Information security is vital for protecting sensitive data and preventing unauthorized access. XYZ Company has implemented firewalls, antivirus software, and encryption to safeguard data and systems. However, our assessment identified weaknesses in the password policies, including the use of weak passwords and infrequent password updates. We recommend implementing a password management system that enforces strong password requirements and regular password changes. Additionally, regular vulnerability scanning and patch management should be conducted to prevent exploitation of potential security vulnerabilities. Disaster Recovery and Business Continuity:Having a robust disaster recovery and business continuity plan is essential for minimizing the impact of unforeseen events. XYZ Company has a documented plan in place but lacks regular testing and updating. It is critical to conduct regular drills and exercises to ensure the effectiveness of the plan and identify any areas that require improvement. Regularly updating the plan to reflect changes in the organization's infrastructure and processes is also necessary to stay prepared for any unexpected events. Conclusion:Overall, XYZ Company has implemented several security measures to protect its assets and mitigate risks. However, there are areas that need improvement, such as enhancing physical surveillance, enforcing access control policies, strengthening password management, and conducting regular testing of the disaster recovery plan. By addressing these recommendations,XYZ Company can enhance its security posture and reduce the likelihood of security incidents.。
