FINS5517_APPLIED PORTFOLIO MANAGEMENT & MODELLING_2005 Semester 2_Exercises_w1-3

Application Portfolio ManagementAssess and manage all applications, business processes, and objectives with the powerful analysis and visualization tools in APM.BrochureBrochureApplication Portfolio ManagementVisualize Y our Application Portfolio LandscapeThe first step to transforming your organization for the digital age is understanding the status quo. In many organizations, application portfolios have grown beyond the IT organization’s ability to e ffectively manage in a budget-constrained environment. Such bloated portfolios increase IT costs and hamper business agility. APM helps enterprises to reduce redundancies and improve efficiency with robust graphical views of cost, risk, and value measures.Applications Are Always OnFrom back end operations to web based services, applications power your enterprise, but over time, legacy applications have multiplied, and the associated data has ballooned in size. In the quest to maintain a com­petitive advantage and keep IT costs low, your organization may not have retired its legacy applications when it introduced new ones; resulting in an application portfolio that has become bloated and overly complex. Application transformation is defined as a program to streamline and modernize an organization’s application portfolio by reducing the num­ber of applications required to run the business, and ensuring existing applications are delivered in the most cost effective way. In order to help organizations achieve this, OpenT ext™ offers a leadership portfolio of services, software, technology, and experience that delivers the core elements of an application transformation.The Need for Application Portfolio ManagementMany IT organizations fail to maintain an accurate record of all the ap­plications that are being used by the business, which includes what busi­ness processes they support, what are the underlying platforms, and who depends upon them. The Application Portfolio Management (APM) software module from OpenT ext begins by documenting business pro­cess and application dependencies—through both automated bottom up discovery and manual top down surveys, documentation reviews and interviews—and then records the portfolio into a single repository, enabling comprehensive visibility and control of the application portfolio. APM provides the capability to load industry standard business process frameworks, or client specific models, to capture the enterprise’s orga­nization, business objectives, location, server, and of course, applica­tion information. A rich set of analysis tools automates the search for optimization opportunities through relationship and dependency graph­ing and multi dimensional visualization.Answers provided by OpenT ext™ Application Portfolio Management (APM) include:■How are your applications performing over time?■Do the application returns justify the investment and risk of ownership?■Does the application portfolio need to be adapted to new marketconditions?■Are some application assets degrading, while others improve?■Where should we put new money to maximize returns? Application Portfolio Management enables IT to assess and prioritize the portfolio for rationalization and modernization opportunities based on both business goals and IT technology decisions; and then provides ongoing support through business events such as mergers and acquisi­tions, divestiture, and IT sourcing strategy changes. APM is not just about optimizing application roadmaps; it is also about synchronizing “IT priori­ties” with “business priorities”. As a result, APM should be viewed as an extension of the strategic planning of the IT organization, especially given that these applications automate core business operations.T o illustrate how critical strategic alignment is, the Flexera 2020 CIO Priorities Report says:“As organizations advance toward digital transformation, IT strategic alignment with the business becomes increasingly important. IT lead-ers who understand the organization’s strategic goals and align IT with those goals elevate IT from a role of technology implementer to one ofequal partner in the business. In this enhanced role, IT is involved early on in strategic business decisions, especially those regarding technol-ogy direction.”—Flexera 2020 CIO Priorities Report*Figure 1. Elements of application transformationGovernance—a Key to Successful T ransformationsThe application transformation journey is usually undertaken because IT is overcommitted, over budget, and overwhelmed. Once this has been addressed, it is imperative, although not easy, to prevent it from hap­pening again. With multiple operational and strategic activities under evaluation or underway at any given moment, successful delivery and maintenance of your application portfolio is anything but guaranteed.An answer lies in using OpenT ext™ Project and Portfolio Management (PPM) Center software, in conjunction with APM, to manage and en­force governance throughout the application transformation process and beyond. PPM is a comprehensive project and portfolio manage­ment offering that gives you the information you need to make the right business decisions, lower the total cost of running your business, and reduce risk associated to the build out or ongoing maintenance of your application portfolio. You can also manage your portfolio with greater financial transparency to meet your requirements to deliver business value efficiently and effectively. This visibility will give executives the in­formation they need to stay the course or make changes as necessary to the investments that are being made. The PPM foundation is also the same foundation upon which the APM software is built.Figure 2. Role of governance and APM togetherOur Unique Value to Application TransformationOpenT ext has taken many years of IP and learning from delivering ratio­nalization engagements for customers and incorporated much of that knowledge into the software product through standardized models, __________*F lexera, 2020. Flexera 2020 CIO Priorities Report. Accessed Nov 15, 2020. https:///SLO-REPORT-CIO-Priorities-2020flexible information capture capabilities, and the ability to analyze the information across multiple dimensions (technical, business, and so on). This experience has taught us that enterprises sometimes need to make the best decision even when the information is not perfect or comprehensive. Hence, the APM software allows for side by side comparisons of multiple alternatives against a variety of criteria and to quickly modify these criteria, thus evaluating the application portfolio across several dimensions prior to arriving at decisions. Furthermore, since enterprise portfolios often become dated due to the difficulty of information capture, the software incorporates key capabilities, such as periodic surveys based on pre built templates to make sure that ongoing decisions and analysis are based on the most current information.T o Learn MoreIf you’re looking for a way to improve your Application Portfolio Man­agement and Project and Portfolio Management, visit: microfocus. com/ppm/opentext“As organizations advance toward digital transformation, IT strategic alignment with the business becomes increasingly important. ITleaders who understand the organization’s strategic goals and align IT with those goals elevate IT froma role of technology implementer to one of equal partner in the business. In this enhanced role, IT is involved early on in strategic business decisions, especially those regarding technology direction.”FLEXERA 2020 CIO PRIORITIES REPORT*__________*F lexera, 2020. Flexera 2020 CIO Priorities Report. Accessed Nov 15, 2020.https:///SLO-REPORT-CIO-Priorities-2020Figure 3. Synchronizing IT priorities with business priorities。

CHAPTER 19: FINANCIAL STATEMENT ANALYSIS1. ROE = Net profits/Equity = Net profits/Sales × Sales/Assets × Assets/Equity= Net profit margin × Asset turnover × Leverage ratio= 5.5% × 2.0 × 2.2 = 24.2%2.ROA = ROS × ATOThe only way that Crusty Pie can have an ROS higher than the industry average and an ROA equal to the industry average is for its ATO to be lower than the industry average.3. ABC’s Asset turnover must be above the industry average.4. ROE = (1 – Tax rate) × [ROA + (ROA – Interest rate)Debt/Equity]ROE A > ROE BFirms A and B have the same ROA. Assuming the same tax rate and assuming that ROA > interest rate, then Firm A must have either a lower interest rate or a higher debt ratio. 5. SmileWhite has higher quality of earnings for the following reasons:•SmileWhite amortizes its goodwill over a shorter period than does QuickBrush.SmileWhite therefore presents more conservative earnings because it has greatergoodwill amortization expense.•SmileWhite depreciates its property, plant and equipment using an accelerated depreciation method. This results in recognition of depreciation expense sooner andalso implies that its income is more conservatively stated.•SmileWhite’s bad debt allowance is greater as a percent of receivables.SmileWhite is recognizing greater bad-debt expense than QuickBrush. If actualcollection experience will be comparable, then SmileWhite has the moreconservative recognition policy.19-119-26. a. EquityAssetsAssets Sales Sales profits Net Equity profits Net ROE ××=== Net profit margin × Total asset turnover × Assets/equity%92.90992.0140,5510Sales profits Net ===66.1100,3140,5Assets Sales == 41.1200,2100,3Equity Assets ==b.%2.2341.166.1%92.9200,2100,3100,3140,5140,5510ROE =××=××=c.g = ROE × plowback = 23.2% × %1.1696.160.096.1%2.23=−×=7.a.Palomba Pizza StoresStatement of Cash FlowsFor the year ended December 31, 1999Cash Flows from Operating Activities Cash Collections from Customers $250,000 Cash Payments to Suppliers (85,000) Cash Payments for Salaries (45,000) Cash Payments for Interest(10,000)Net Cash Provided by Operating Activities$110,000Cash Flows from Investing Activities Sale of Equipment 38,000 Purchase of Equipment (30,000) Purchase of Land(14,000)Net Cash Used in Investing Activities(6,000)Cash Flows from Financing Activities Retirement of Common Stock (25,000) Payment of Dividends(35,000)Net Cash Used in Financing Activities (60,000) Net Increase in Cash 44,000Cash at Beginning of Year50,000Cash at End of Year $94,00019-3b. The cash flow from operations (CFO) focuses on measuring the cash flow generatedby operations and not on measuring profitability. If used as a measure of performance,CFO is less subject to distortion than the net income figure. Analysts use the CFO asa check on the quality of earnings. The CFO then becomes a check on the reportednet earnings figure, but is not a substitute for net earnings. Companies with high netincome but low CFO may be using income recognition techniques that are suspect.The ability of a firm to generate cash from operations on a consistent basis is oneindication of the financial health of the firm. For most firms, CFO is the “life blood” ofthe firm. Analysts search for trends in CFO to indicate future cash conditions and thepotential for cash flow problems.Cash flow from investing activities (CFI) is an indication of how the firm is investing itsexcess cash. The analyst must consider the ability of the firm to continue to grow and toexpand activities, and CFI is a good indication of the attitude of management in this area.Analysis of this component of total cash flow indicates the type of capital expendituresbeing made by management to either expand or maintain productive activities. CFI isalso an indicator of the firm’s financial flexibility and its ability to generate sufficient cashto respond to unanticipated needs and opportunities. A decreasing CFI may be a sign ofa slowdown in the firm’s growth.Cash flow from financing activities (CFF) indicates the feasibility of financing, the sourcesof financing, and the types of sources management supports. Continued debt financingmay signal a future cash flow problem. The dependency of a firm on external sources offinancing (either borrowing or equity financing) may present problems in the future, suchas debt servicing and maintaining dividend policy. Analysts also use CFF as anindication of the quality of earnings. It offers insights into the financial habits ofmanagement and potential future policies.8. a. CF from operating activities = $260 – $85 – $12 – $35 = $128b.CF from investing activities = –$8 + $30 – $40 = –$18c. CF from financing activities = –$32 – $37 = –$6919-49. a. QuickBrush has had higher sales and earnings growth (per share) than SmileWhite.Margins are also higher. But this does not mean that QuickBrush is necessarily a betterinvestment. SmileWhite has a higher ROE, which has been stable, while QuickBrush’sROE has been declining. We can see the source of the difference in ROE using DuPontanalysis:Component Definition QuickBrush SmileWhiteTax burden (1 – t) Net profits/pretax profits 67.4% 66.0%Interest burden Pretax profits/EBIT 1.000 0.955Profit margin EBIT/Sales 8.5% 6.5%Asset turnover Sales/Assets 1.42 3.55Leverage Assets/Equity 1.47 1.48ROE Net profits/Equity 12.0% 21.4%While tax burden, interest burden, and leverage are similar, profit margin and assetturnover differ. Although SmileWhite has a lower profit margin, it has a far higher assetturnover.Sustainable growth = ROE × plowback ratioROE PlowbackratioSustainablegrowth rateLudlow’sestimate ofgrowth rateQuickBrush 12.0% 1.00 12.0% 30%SmileWhite 21.4% 0.34 7.3% 10%Ludlow has overestimated the sustainable growth rate for both companies. QuickBrush has little ability to increase its sustainable growth – plowback already equals 100%.SmileWhite could increase its sustainable growth by increasing its plowback ratio.b. QuickBrush’s recent EPS growth has been achieved by increasing book value per share,not by achieving greater profits per dollar of equity. A firm can increase EPS even ifROE is declining as is true of QuickBrush. QuickBrush’s book value per share has more than doubled in the last two years.Book value per share can increase either by retaining earnings or by issuing new stock ata market price greater than book value. QuickBrush has been retaining all earnings, butthe increase in the number of outstanding shares indicates that it has also issued asubstantial amount of stock.19-519-610. a. ROE = operating margin × interest burden × asset turnover × leverage × tax burdenROE for Eastover (EO) and for Southampton (SHC) in 2002 are found as follows: profit margin =SalesEBITSHC: EO: 145/1,793 = 795/7,406 = 8.1% 10.7% interest burden =EBITprofits PretaxSHC:EO: 137/145 = 600/795 = 0.95 0.75 asset turnover =AssetsSales SHC:EO: 1,793/2,104 = 7,406/8,265 =0.85 0.90leverage =EquityAssets SHC: EO: 2,140/1,167 = 8,265/3,864 = 1.80 2.14 tax burden =profits Pretax profitsNet SHC: EO:91/137 = 394/600 =0.66 0.66 ROESHC:EO:7.8% 10.2%b.The differences in the components of ROE for Eastover and Southampton are as follows: Profit marginEO has a higher marginInterest burden EO has a higher interest burden because its pretax profits are alower percentage of EBIT Asset turnover EO is more efficient at turning over its assets Leverage EO has higher financial leverageTax Burden No major difference here between the two companiesROEEO has a higher ROE than SHC, but this is only in part due to higher margins and a better asset turnover -- greater financial leverage also plays a part.c. The sustainable growth rate can be calculated as: ROE times plowback ratio. The sustainable growth rates for Eastover and Southampton are as follows:ROEPlowback ratio*Sustainablegrowth rate Eastover 10.2% 0.36 3.7% Southampton7.8% 0.58 4.5%The sustainable growth rates derived in this manner are not likely to berepresentative of future growth because 2002 was probably not a “normal” year. For Eastover, earnings had not yet recovered to 1999-2000 levels; earnings retention of only 0.36 seems low for a company in a capital intensive industry.19-7Southampton’s earnings fell by over 50 percent in 2002 and its earnings retention will probably be higher than 0.58 in the future. There is a danger, therefore, in basing a projection on one year’s results, especially for companies in a cyclical industry such as forest products. *Plowback = (1 – payout ratio)EO:Plowback = (1 – 0.64) = 0.36SHC: Plowback = (1 – 0.42) = 0.5811. a. The formula for the constant growth discounted dividend model is:gk )g 1(D P 00−+=For Eastover:20.43$08.011.008.120.1$P 0=−×=This compares with the current stock price of $28. On this basis, it appears that Eastover is undervalued.b. The formula for the two-stage discounted dividend model is:333322110)k 1(P )k 1(D )k 1(D )k 1(D P +++++++=For Eastover: g 1 = 0.12 and g 2 = 0.08 D 0 = 1.20D 1 = D 0 (1.12)1 = $1.34 D 2 = D 0 (1.12)2 = $1.51 D 3 = D 0 (1.12)3 = $1.69 D 4 = D 0 (1.12)3(1.08) = $1.8267.60$08.011.082.1$g k D P 243=−=−=03.48$)11.1(67.60$)11.1(69.1$)11.1(51.1$)11.1(34.1$P 33210=+++=This approach makes Eastover appear even more undervalued than was the case using the constant growth approach.19-8c. Advantages of the constant growth model include: (1) logical, theoretical basis; (2) simple to compute; (3) inputs can be estimated.Disadvantages include: (1) very sensitive to estimates of growth; (2) g and k difficult to estimate accurately; (3) only valid for g < k; (4) constan t growth is an unrealistic assumption; (5) assumes growth will never slow down; (6) dividend payout must remain constant; (7) not applicable for firms not paying dividends.Improvements offered by the two-stage model include:(1) The two-stage model is more realistic. It accounts for low, high, or zero growth in the first stage, followed by constant long-term growth in the second stage.(2) The model can be used to determine stock value when the growth rate in the first stage exceeds the required rate of return.12. a.In order to determine whether a stock is undervalued or overvalued, analysts often compute price-earnings ratios (P/Es) and price-book ratios (P/Bs); then, these ratios are compared to benchmarks for the market, such as the S&P 500 index. The formulas for these calculations are: Relative P/E = P/E of specific companyP/E of S&P 500Relative P/B = P/B of specific companyP/B of S&P 500To evaluate EO and SHC using a relative P/E model, Mulroney can calculate the five-year average P/E for each stock, and divide that number by the 5-year average P/E for the S&P 500 (shown in the last column of Table 19E). This gives the historical average relative P/E. Mulroney can then compare the average historical relative P/E to the current relative P/E (i.e., the current P/E on each stock, using the estimate of this year’s earnings per share in Table 19F, divided by the current P/E of the market).For the price/book model, Mulroney should make similar calculations, i.e., divide the five-year average price-book ratio for a stock by the five year average price/book for the S&P 500, and compare the result to the current relative price/book (using current book value). The results are as follows:P/E modelEO SHC S&P500 5-year average P/E 16.56 11.94 15.20 Relative 5-year P/E 1.09 0.79 Current P/E17.50 16.00 20.20 Current relative P/E 0.87 0.79Price/Book modelEO SHC S&P500 5-year average price/book1.52 1.102.10Relative 5-year price/book 0.72 0.52Current price/book 1.62 1.49 2.60Current relative price/book 0.62 0.57From this analysis, it is evident that EO is trading at a discount to its historical 5-yearrelative P/E ratio, whereas Southampton is trading right at its historical 5-year relativeP/E. With respect to price/book, Eastover is trading at a discount to its historicalrelative price/book ratio, whereas SHC is trading modestly above its 5-year relativeprice/book ratio. As noted in the preamble to the problem (see problem 10),Eastover’s book value is understated due to the very low historical cost basis for itstimberlands. The fact that Eastover is trading below its 5-year average relative price tobook ratio, even though its book value is understated, makes Eastover seem especiallyattractive on a price/book basis.b. Disadvantages of the relative P/E model include: (1) the relative P/E measures onlyrelative, rather than absolute, value; (2) the accounting earnings estimate for the nextyear may not equal sustainable earnings; (3) accounting practices may not bestandardized; (4) changing accounting standards may make historical comparisonsdifficult.Disadvantages of relative P/B model include: (1) book value may be understated oroverstated, particularly for a company like Eastover, which has valuable assets on itsbooks carried at low historical cost; (2) book value may not be representative ofearning power or future growth potential; (3) changing accounting standards makehistorical comparisons difficult.13.The following table summarizes the valuation and ROE for Eastover and Southampton:Eastover SouthamptonStock Price $28.00 $48.00Constant-growth model$43.20 $29.002-stage growth model $48.03 $35.50Current P/E 17.50 16.00Current relative P/E 0.87 0.795-year average P/E 16.56 11.94Relative 5 year P/E 1.09 0.79Current P/B 1.62 1.49Current relative P/B 0.62 0.575-year average P/B 1.52 1.10Relative 5 year P/B 0.72 0.52Current ROE10.2% 7.8%Sustainable growth rate 3.7% 4.5%Eastover seems to be undervalued according to each of the discounted dividend models.Eastover also appears to be cheap on both a relative P/E and a relative P/B basis.Southampton, on the other hand, looks according to each of the discounted dividendmodels and is slightly overvalued using the relative price/book model. On a relative P/E19-9basis, SHC appears to be fairly valued. Southampton does have a slightly highersustainable growth rate, but not appreciably so, and its ROE is less than Eastover’s.The current P/E for Eastover is based on relatively depressed current earnings, yet thestock is still attractive on this basis. In addition, the price/book ratio for Eastover isoverstated due to the low historical cost basis used for the timberland assets. This makes Eastover seem all the more attractive on a price/book basis. Based on this analysis,Mulroney should select Eastover over Southampton.14. a. Net income can increase even while cash flow from operations decreases. This canoccur if there is a buildup in net working capital -- for example, increases inaccounts receivable or inventories, or reductions in accounts payable. Lowerdepreciation expense will also increase net income but can reduce cash flow throughthe impact on taxes owed.b. Cash flow from operations might be a good indicator of a firm's quality of earningsbecause it shows whether the firm is actually generating the cash necessary to paybills and dividends without resorting to new financing. Cash flow is less susceptibleto arbitrary accounting rules than net income is.15. $1,200Cash flow from operations = sales – cash expenses – increase in A/RIgnore depreciation because it is a non-cash item and its impact on taxes is alreadyaccounted for.16. a Both current assets and current liabilities will decrease by equal amounts. But this isa larger percentage decrease for current liabilities because the initial current ratio isabove 1.0. So the current ratio increases. Total assets are lower, so turnoverincreases.17. a Cost of goods sold is understated so income is higher, and assets (inventory) arevalued at most recent cost so they are valued higher.18. a Since goods still in inventory are valued at recent versus historical cost.19. b Dividend has no effect on interest payments, earnings, or debt, but will reduceequity, at least minimally.19-1020.2005 2009(1) Operating margin = Operating income – DepreciationSales%5.6542338=−%8.6979976=−(2) Asset turnover =SalesTotal Assets21.2245542=36.3291979=(3) Interest Burden =[Op Inc – Dep] – Int ExpenseOperating Income – Depreciation914.03383338=−−−1.0(4) Financial Leverage =Total AssetsShareholders Equity54.1159245=32.1220291=(5) Income tax rate =Income taxesPre-tax income%63.403213=%22.556737=Using the Du Pont formula:ROE = [1.0 – (5)] × (3) × (1) × (2) × (4)ROE(2005) = 0.5937 × 0.914 × 0.065 × 2.21 × 1.54 = 0.120 = 12.0%ROE(2009) = 0.4478 × 1.0 × 0.068 × 3.36 × 1.32 = 0.135 = 13.5%(Because of rounding error, these results differ slightly from those obtained by directly calculating ROE as net income/equity.)b. Asset turnover measures the ability of a company to minimize the level of assets(current or fixed) to support its level of sales. The asset turnover increasedsubstantially over the period, thus contributing to an increase in the ROE.Financial leverage measures the amount of financing other than equity, including short and long-term debt. Financial leverage declined over the period, thusadversely affecting the ROE. Since asset turnover rose substantially more than financial leverage declined, the net effect was an increase in ROE.19-11。

PROJECT SELECTION AND PORTFOLIO MANAGEMENTChapter 3CHAPTER 3LEARNING OBJECTIVESAfter completing this chapter, students will be able to:1.Explain six criteria for a useful projectselection/screening model.2.Understand how to employ checklists and simple scoringmodels to select projects.e more sophisticated scoring models, such as theAnalytical Hierarchy Process.4.Learn how to use financial concepts, such as the efficientfrontier and risk/return models.CHAPTER 3LEARNING OBJECTIVESAfter completing this chapter, students will be able to:5.Employ financial analyses and options analysis toevaluate the potential for new project investments.6.Recognize the challenges that arise in maintaining anoptimal project portfolio for an organization.7.Understand the three keys to successful project portfoliomanagement.PMBOK CORE CONCEPTSProject Management Body of Knowledge (PMBoK) covered in this chapter includes:Portfolio Management (PMBoK1.4.2)SCREENING & SELECTION ISSUES1.Risk–unpredictability to the firma.Technicalb.Financialc.Safetyd.Qualitye.Legal exposuremercial–market potentiala.Expected return on investmentb.Payback periodc.Potential market shared.Long‐term market dominancee.Initial cash outlayf.Ability to generate future business/new marketsSCREENING & SELECTION ISSUES3.Internal operating –changes in firm operationsa.Need to develop/train employeesb.Change in workforce size or compositionc.Change in physical environmentd.Change in manufacturing or service operations4.Additionala.Patent protectionb.Impact on company’s imagec.Strategic fitAll models only partially reflect reality and have bothobjective and subjective factors imbedded.APPROACHES TO PROJECT SCREENING∙Checklist model∙Simplified scoring models∙Analytic hierarchy process∙Profile modelsCHECKLIST MODELA checklist is a list of criteria applied to possible projects.✓Requires agreement on criteria✓Assumes all criteria are equally importantChecklists are valuable for recording opinions and stimulating discussion.SIMPLIFIED SCORING MODELS Each project receives a score that is the weighted sum of its grade on a list of criteria. Scoring models require:∙agreement on criteria ∙agreement on weights for criteria ∙a score assigned for each criteriaRelative scores can be misleading!()Score Weight Score =⨯∑ANAL YTIC HIERARCHY PROCESSThe AHP is a four step process:1.Construct a hierarchy of criteria and subcriteria.2.Allocate weights to criteria.3.Assign numerical values to evaluation dimensions.4.Determine scores by summing the products ofnumeric evaluations and weights.Unlike the simple scoring model, these scores can be compared!SAMPLE AHP WITH RANKINGS FOR SALIENT SELECTION CRITERIA (FIGURE 3.1)PROFILE MODELS(FIGURE 3.4)Criteria selection as axes Rating each project on criteriaR i s kReturnMaximum Desired RiskMinimum Desired ReturnX 1X 4X 2X 3X 6X 5Efficient FrontierX 7FINANCIAL MODELS∙Payback period∙Net present value∙Discounted payback period ∙Internal rate of return∙Options models3 ‐50,000= 2.857 350,0005 –875,000= 4.028900,000(table 3.6)The project does meet our 15% requirement and should be considered further.PROJECT PORTFOLIO MANAGEMENTThe systematic process of selecting, supporting, and managing the firm’s collection of projects. Portfolio management objectives and initiatives require:∙decision making∙prioritization∙review∙realignment∙reprioritization of a firm’s projectsKEYS TO SUCCESSFULPROJECT PORTFOLIO MANAGEMENT Flexible structure and freedom of communication Low‐cost environmental scanningTime‐paced transitionPROBLEMS IN IMPLEMENTING PORTFOLIO MANAGEMENTConservative technical communitiesOut‐of‐sync projects and portfoliosUnpromising projectsScarce resourcesSUMMARY1.Explain six criteria for a useful project selection/screening model.2.Understand how to employ checklists andsimple scoring models to select projects.e more sophisticated scoring models, such asthe Analytical Hierarchy Process.4.Learn how to use financial concepts, such as theefficient frontier and risk/return models.SUMMARY5.Employ financial analyses and options analysisto evaluate the potential for new projectinvestments.6.Recognize the challenges that arise inmaintaining an optimal project portfolio for an organization.7.Understand the three keys to successful projectportfolio management.。

澳洲国立大学金融数学硕士专业课程1.金融硕士Master of Finance（2年制，共修96学分）属于授课型项目，是澳洲最受欢迎的金融硕士项目之一。

本科金融或其相近专业领域毕业的学生，最多可抵24个学分（一个学期）。

研究生相关专业可抵48学分，也就是说第一年的基础课程可以跳过，直接进行二年级的学习。

该专业为没有金融背景的学生提供机会，帮助学生获得金融专业知识的提升，打下扎实的金融理论基础。

此课程受CFA认证。

（1）研一课程：48学分必修课：42学分BUSN7008 Financial Statements and Reporting 财物报表与报告FINM7006 Foundations of Finance 金融学基础FINM7007 Applied Corporate Finance 应用企业金融FINM7008 Applied Investments 应用投资FINM7041 Applied Derivatives 应用金融衍生品FINM7044 Applied Valuation 应用评估STAT7055 Introductory Statistics for Business and Finance 商业与金融概述选修课：6学分（二选一）ECON8069 Business Economics 企业经济学STAT6046 Financial Mathematics 财务数学（2）研二课程：48分FINM8004 Advanced Corporate Finance 高级企业金融FINM8006 Advanced Investments 高级投资FINM8007 Topics in International Finance 国际金融学FINM8009 Derivatives: Markets, Valuation and Risk Management 金融衍生品：市场、评估和风险管理FINM8014 Applied Financial Intermediation and Debt Markets 金融中介和债务市场应用FINM8016 Portfolio Construction 资产组合架构FINM8017 Trading and Markets 贸易与市场FINM8100 Applied Project in Finance 金融应用项目如果学生第1年考试的GPA没有到达60%，就没有办法读研二的课程，以及只能拿到财务与精算（Finance and Actuarial Statistics）的diploma（毕业证书），不能获得相关的硕士学位。

the journal of portfolio management 投稿经验引言概述：投稿是学术界的重要环节，对于想要发表自己的研究成果的学者们来说，了解期刊的投稿经验是至关重要的。

本文将以《The Journal of Portfolio Management》（以下简称JPBM）为例，详细介绍投稿到该期刊的经验和要点。

正文内容：1. JPBM的背景和特点1.1 JPBM的创办背景与目标1.2 JPBM的学术影响力和知名度1.3 JPBM的投稿要求和审稿流程2. 投稿前的准备工作2.1 研究主题的选择与定位2.2 文章结构和内容的设计2.3 文献综述的撰写和引用规范2.4 数据和方法的选择与说明2.5 英文写作技巧和语法规范3. 投稿过程中的注意事项3.1 投稿材料的准备和提交3.2 投稿信的撰写和格式要求3.3 与编辑和审稿人的沟通与交流3.4 对审稿意见的回应和修改3.5 投稿时间和期刊选择的考量4. 投稿后的处理和反馈4.1 文章被接受的可能结果和时间4.2 对于被拒稿的处理和反思4.3 与编辑和审稿人的感谢和致谢4.4 文章被发表后的宣传和引用5. 其他投稿经验和建议5.1 多投稿的策略和注意事项5.2 与合作者的合作和分工5.3 学术道德和伦理的遵守总结：综上所述，投稿到JPBM需要了解其背景和特点，并做好投稿前的准备工作。

在投稿过程中，要注意准备投稿材料、与编辑和审稿人的交流、对审稿意见的回应和修改等。

投稿后，需要妥善处理被接受或被拒稿的结果，并与编辑和审稿人保持良好的关系。

最后，还应注意其他投稿经验和建议，如多投稿的策略、合作与分工、学术道德的遵守等。

希望本文能对投稿到JPBM的学者们提供一些有用的指导和参考。