Ryanair Strategic Analysis And Recommendations For The Future

Ryanair Strategic Analysis And Recommendations For The Future Ryanair is the first budget airline in Europe. Based on the case study of Ryanair by Eleanor OHiggins, a role of a management consultant is assumed to conduct a strategic analysis on the company. The report consists of the initial Environment Analysis conducted on Ryanair prior to the detailed strategic analysis that will be conducted in the future in order to provide the company with strategic recommendations for the future. The Environmental Analysis conducted consists of both an extensive analysis on the external environment and the internal environment. The external environment analysis is conducted in order to identify the nature of the environment Ryanair operates in and its impact on the strategic situation of the company. Through PESTEL, External factor and Industry analysis conducted, rejection of Aerlingus offer and rules and regulations imposed by governments etc. are recognized as the critical external environmental factor affecting Ryanairs strategy. An analysis of the internal environment through Value Chain model and SWOT analysis reveals the key issues hindering the strategic success of the firm; poor customer service and human resource problems. While this initial environmental analysis is used to assist the strategic analysis that is to be conducted on Ryanair, the importance of taking necessary actions regarding the critical issues is highlighted, CONTENT EXECUTIVE SUMMARY 1 CONTENT 2 1INTRODUCTION 3 2 OVERVIEW OF RYANAIR 4 3 CRITICAL ISSUES 5 4 EXTERNAL ENVIRONMENT ANALYSIS 6 4.1 MACRO ENVIRONMENT ANALYSIS (Appendix 1) 6 4.2 INDUSTRY ANALYSIS (Appendix 2) 8 4.3 EXTERNAL FACTOR ANALYSIS (Appendix 3) 8 5 INTERNAL ENVIRONMENT ANALYSIS 9 5.1 VALUE CHAIN ANALYSIS 9 5.2 SWOT ANALYSIS 11 Strengths 12 Weaknesses 12 Opportunities 12 Threats 13 6 CONCLUSION 14 7 RECOMENDATIONS 15 8 REFRENCE 15 INTRODUCTION Ryanair is the first budget Airline in Europe inspired by the U.S Budget Airline, Southwest Airlines. The report is based on the case study by Eleanor OHiggins, University College Dublin, and Republic of Ireland in 2007. The case by Eleanor OHiggins is based on the Strategy of Ryanair against the backdrop of the European airline industry and the burgeoning budget sector. The case discusses the opportunities and challenges faced by the industry and the firm. Leadership of Ryanairs CEO, Michael OLeary is highlighted. I will be assuming the role of management consultant identifying strategic management issues of the company. According to the contract between my consultancy firm and Ryanair my role is to conduct a strategic analysis of the environment, the industry, company in order to recommend new strategic initiatives and areas of improvement for the senior management team of Ryanair. Therefore an environmental analysis consisting of a macro environment analysis, industry analysis and internal analysis is carried out initially, in order to conduct detailed strategic analysis and provide recommendations in the future. 2 OVERVIEW OF RYANAIR Ryanair was founded in 1985 by the Ryan family to provide scheduled passenger airline services between Ireland and the UK, as an alternative to the then state monopoly carrier, Aer Lingus. Initially, Ryanair was a full-service conventional airline, with two classes of seating, leasing three different types of aircraft. Ryanairs objective was to maintain its position as Europes leading low-fares airline, operating frequent point-to-point flights on short-haul flights, mainly out of regional and secondary airports. The heart of its strategy was based on providing a no-frills service with low fares designed to stimulate demand, particularly from budget-conscious leisure and business travelers, who might otherwise have used alternative forms of transportation, or who might not have travelled at all. Company Vision- To firmly establish itself as Europes low fare, schedule passenger airline through continued improvements and expanded offerings of its low fare service.(Ryanair, n.d) Company Mission- To become Europes most profitable low cost airline by rolling-out proven low fare, no-frills service in all markets in which we operate to the benefit of passengers, people and stake-holders. (Ryanair, n.d) 3 CRITICAL ISSUES The critical strategic issues faced by Ryanair can be identified as follows based on analysis; Poor Customer Service where the customers are unsatisfied and face episodes of dissatisfactions due to the poor services provided by the unfriendly staff of Ryanair has been identified as the critical issue that can be identified by reading the case. The high insurance charges and the lack of services regarding safety terms, lack of comfortable seating and other facilities has lead to this negative word of mouth spreading with regard to customer dissatisfaction which is clearly identified. The other main issues that can be recognized can be unwillingness and failure to recognize unions where Ryanair is also fired for providing poor working conditions for its workforce. In July 2006 the Irish high court found out that Ryanair had bullied pilots and forced them to agree to a new contract, pilots had to pay à ¢Ã¢â‚¬Å¡Ã‚ ¬ 15000 for retraining on a new aircraft if they left the airline. In 2006 pilots of Ryanair lodged a pay claim stating that there is significant difference in take home pay between Ryanair and Aer Lingus pilots it also claimed that training pilots were working for nothing. Understanding that employees and the customers are the factors that decide the success of the company Ryanair should solve these critical issues. 4 EXTERNAL ENVIRONMENT ANALYSIS External Environment analysis in conducted to analyze the nature of the environment the firm operates in. It identifies the forces in the environment affecting the firm and its degree of impact. It also identifies the opportunities, threats and challenges faced by the company. The external environment analysis for Ryanair consists of a macro-environment analysis, industry analysis and external factor analysis. The macro environment scans and indentifies the general environment factors that can have an impact on the organization whereas the industry analysis focuses on the competitive situation of the company. 4.1 MACRO ENVIRONMENT ANALYSIS (Appendix 1) The macro-environment is composed of major external and uncontrollable factors that influence an organizations decision making, and affect its performance and strategies. These factors include the Political, Economical, Social, Technological, Environmental and Legal forces (PESTEL). These forces do not change frequently, but when it does, it has a major impact on the organization. The PESTEL analysis looks at the general environment in which the organization is operating in and helps to realize the risk associated with the market growth or decline. PESTEL is the abbreviated form of the following factors respectively Political factors that can be identified that will have a great impact on Ryanair are; Aer Lingus rejection to amalgamate with Ryan Air, security measures and restrictions, stable political situation and the new EU regulation compensation law. Economical factors include the depreciation of US Dollar, availability of efficient substitute transport methods and also reduction in distribution costs from customers adapting to online check-ins where identified as the factors that has high influence regarding the economical influence. Social factors are important to be identified as firms to be aware of these factors because they can directly affect the way the organizations manage the operations, more importantly human resources and marketing. Technological is also playing a vital role as many new advances in technologies can affect the way businesses are carried on. Technological developments represent a real opportunity for the skillful people who can understand and apply them appropriately and the key factors identified that would have a high influence are environmental- friendly aircrafts and availability of online transactions. Environmental factors for Ryanair include noise level controls, global warming, green house gas effects and corporate social responsibility policies and environmental protection laws. 4.2 INDUSTRY ANALYSIS (Appendix 2) The second stage of the external environmental analysis is to assess the industry environment and the aim of this analysis is to identify those factors that could contribute to or affect the industry profitability. To aid in the industry analysis, Porters Five Forces Model will be used. Porter developed a technique analyzing five forces that affect industry profitability known as Five Forces Model. These forces shape the industry and increase the intensity of competitiveness, and therefore, the profitability and attractiveness of the industry. This model helps to indentify the dynamic factors of the industry and the market to compete effectively. 4.3 EXTERNAL FACTOR ANALYSIS (Appendix 3) The EFAS table is one way to organize the external factors into the generally accepted categories of opportunities and threats as well as to analyze how well a particular companys management responds to the specific factors in light of the perceived importance of these factors to the company. The factors which were identified as important were put in to this table to determine if they were opportunities or threats for Ryanair. According to EFAS, the key threat imposed on the company is the current political and legal factors and the increasing oil prices. The customer attitudes towards Ryanair is positive and the friendly environment of aircrafts which are seen to be key opportunities that can help lessen the effects of threats faced by the organization. 5 INTERNAL ENVIRONMENT ANALYSIS The internal analysis aids in discovering the strengths, resources, capabilities and activities that the organization possesses in order to perform better than their competitors and those that add value to customers. To indentify the key strengths, weaknesses resources and capabilities of Ryanair, the Resource-Based View and the Value Chain Analysis will be used. 5.1 VALUE CHAIN ANALYSIS The vale chain is a set of activities that the organization undertakes or organizes to deliver the product to the customer. A value chain has two broad categories: primary activities and support activities. Primary activities represent the sequence of activities inbound logistics, operations, outbound logistics, marketing/sales and service through which raw materials are converted into benefits enjoyed by customers. Support activities are those tasks that contribute or assist the firms primary activities and include -procurement, technology development, human resource management and infrastructure. A value chain analysis performed for Ryanair is shown in appendix 04. Each activity executed is value-adding to the organization and its customers. 5.2 SWOT ANALYSIS Strengths Company reputation first cheapest budget airline in the European industry Innovative cost reductions Use of new environmental- friendly aircrafts Substantial market growth Largest web site in traveler industry 5thmost recognized brand. Labor force of diverse cultures to better serve customers No fuel charges imposed on customers Work-life-balance practiced to prevent overflying for pilots and unnecessary accidents. Establishment of a safety committee. Weaknesses Refusal to recognize unions Decreased customer satisfaction Poor customer services no refund for cancellations, no accommodation provided for flight delays, etc. Over dependency on Michael OLeary Opportunities By merging Ryanair with Aer Lingus it gives them better advantages such as being more efficiency in the industry, will be able pay to lower tax and operation cost as well as will be able fly to more destinations. By choosing Sub-Main Airports to reduce Airport Charges Rather than choosing main air port and paying more money to them. It facilitated the introduction of new consumer oriented innovative Service. Threats While new service was introduced it was rejected 72% by poll readers of the Financial Time. As well as passengers have resisted paying à ¢Ã¢â‚¬Å¡Ã‚ ¬8 to rent a games and entertainments console, probably because it was not worthwhile for short flights. Keeping the staff training and aircraft in a fleet commonality makes the Ryanair in a probable condition Due to noisy environment customers will avoid choosing Ryanair mean time it would be only a second choice for them. Gurdidian Newspaper say that insurance fee Ryanair charge from each passenger is very much high. Such shocking news avoids customers to book their own ticket. 6 CONCLUSION The external environment analysis is conducted for Ryanair in order to assist the future strategic analysis assuming the role of a management consultant. Both the external and the internal environments of the company is critically analyzed using tools such as PESTEL, Five forces model, Value Chain and SWOT analysis. The critical issues facing Ryanair can be identified as poor customer service and human resource management issues. With regard to Ryanairs external environment, the following forces can be identified as having a critical impact on the firm; rejection of Aerlingus offer and rules and regulations imposed by governments etc. According to the Value Chain Analysis, Ryanairs core competency and critical success factor is identifies as its low cost. SWOT Analysis further confirms that and also points out the weaknesses such as poor customer service and inefficient human resource practices which may eventually prove to be costly for Ryanair and hinder the effectiveness of its competitive advantage. 7 RECOMENDATIONS The environmental analysis is used as an initial analysis for the detailed strategic analysis which will provide recommendations to Ryanair. However based on the environmental analysis some initial recommendations can be made. The critical issues facing Ryanair is identified as poor customer service and human resource management issues. It is important that Ryanair attends to these critical issues immediately. Therefore Ryanair could Recognize labour unions; be more people oriented to improve employee relationships and encourage career development in order to efficiently manage their Human Resource in the future and there by achieve high employee commitment leading to a successful workforce. Improve the customer service they offer while minimizing cost. This could be achieved through improving the quality of training given to frontline employees and managing through a TQM (total quality management) 8 REFRENCE Beamish, H. R. (2008). Strategic Management. (3rd edition). New South Wales, Australia: Pearson Education Australia. BusinessDictionary.com (2009). Retrieved August 20, 2009 from http://www.businessdictionary.com/definition/macro-environment.html Hill, C. (2007). Strategic Management: An integrated Approach, (2nd edition.). Australia: John Willey Sons Australia, Ltd. Hubbard G. et al. (2008). Strategic Management. Pearson Education Australia. OHiggins, E. (2004). Ryanair Report. Wheelen T. L. Hunger J. D., (2000). Strategic Management and business policy. 7th edition.

Business Loan Procedure

Investigation On Business Loan Procedure: In activity 2, we have been asked to do investigating business loan procedure in three high street bank. We have been through some high street banks like HSBC, Barclays, Lloyds TSB, Santander, and Halifax. Among the five popular high street bank we have got three banks which are helping investor about business loan. They are- 1. HSBC 2. Lloyds TSB 3. Barclays Process Of Business Loan Application:In order to give a business loan every bank follows some specific criteria, which are given below. 1. Deciding on business finance 2. Contacting with bank 3. Building a finance application 4. Application’s assessment 5. Business manager makes initial decision 6. Business manager works with credit team 7. The credit manager role 8. Business manager explains the decision. Key Features and benefits of Three High Street Banks: Barclays: 1. Barclays bank offers ? 1,000 to ? 25,000. 2. Loan repayment term is 1- 10 years. . Interest rate is fixed. 4. 6 months repayment holiday available. 5. No early repayment fees. HSBC: 1. Business loan limit is ? 1,000 to ? 25,000. 2. Loan repayment term is 1to 10 years. 3. Fixed interest rate. 4. Funds can be credited on the same day when agreed. 5. Rebate facilities for the early repayment. 6. ?100 loan arrangement fee. Lloyds TSB: 1. ?1,000 to ? 1,00,000 business loan limit is available. 2. Loan repayment term is 12months to 10 years. 3. Fixed interest rate. 4. 1. 5% loan arrangement fee. . Fund availability is not guaranteed on the same when agreed. In conclusion, the basic process to get a business loan is almost similar for every bank. However in order to prefer a suitable business loan should be considered on maximum limit of the loan, interest rate of the loan and how flexible to repay the loan. After go through all of these criteria we think Barclays is the most suitable bank for our business to get the loan as they have repayment holiday facility, and good public support.

Collocation Examples For English Learners

A collocation is made up of two or more words that are commonly used together in English. Think of collocations as words that usually go together. There are different kinds of collocations in English. Strong collocations are word pairings that are expected to come together, such as combinations with make and do: You make a cup of tea, but you do your homework. Collocations are very common in business settings when certain nouns are routinely combined with certain verbs or adjectives. For example, draw up a contract, set a price, conduct negotiations, etc. Collocation Examples Here are a number of common collocations in English: to make the bed I need to make the bed every day. to do homework My son does his homework after dinner. to take a risk Some people don't take enough risks in life. to give someone advice The teacher gave us some advice on taking tests. Verb Collocations Some of the most common collocations involve verb noun collocations used in everyday situations. Here are some examples of the types of verb collocations you will need as you continue learning English. to feel free Please feel free to take a seat and enjoy the show. to come prepared Make sure to come prepared for the test tomorrow. to save time You'll save time if you turn off your smart phone and concentrate on the lesson. to find a replacement We need to find a replacement for Jim as soon as possible. to make progress We're making progress on the project at work. to do the washing up I'll do the washing up and you can put Johnny to bed. Business Collocations Collocations are often used in business and work settings. There are a number of forms including adjectives, nouns and other verbs that combine with keywords to form business expressions.  Here are some business collocations for specific situations. to open an account Would you like to open an account at our bank? to forgive a debt Do you think the bank would forgive a debt? to land a deal We landed a deal worth $3 million. to key in a PIN Just key in your PIN at the ATM and you can make a deposit. to deposit a check I'd like to deposit this check for $100. hard-earned money Once you get a job, you'll know what hard-earned money really is. to close a deal I closed a deal on a new account last week. to write up a contract Let's write up your contract. counterfeit money Be on the lookout for counterfeit money in circulation. Common Expressions Collocations are often used as short expressions to describe how someone feels about a situation. In this case, collocations can be used in the adjective form, or also as emphatic expressions using an intensifier and a verb. Here are a few examples using some common  collocations: positively encourage someone to do something We'd like to positively encourage you to buy this stock. deeply regret the loss of someone / something I deeply regret the loss of your loved one. to be in an utter fury over something Tom's in an utter fury over the misunderstanding with his wife. to go to great lengths to do something He went to a great length to explain the situation. Learn more of these common expressions. Common Adjective CollocationsEmphatic Expressions - Strong Collocations Get a Collocation Dictionary   You can learn collocations from a number of resources. Academics and teachers like to use collocation databases to help study common collocation uses. However, for students one of the best tools is a collocation dictionary. A collocation dictionary is different from normal dictionaries in that it provides you with collocations commonly used with key words rather than a definition. Here is an example of a few of the collocations used  with the verb progress: Progress Adverbs: nicely, satisfactory, smoothly, well  - You are progressing smoothly in this course.| further -  As you further progress, you will learn more.  Verb Progress: fail to -  Hes failing to progress at work.Prepositions: beyond -  She failed to progress beyond high school.  | from, through -  Students should progress from this class with an improved knowledge of the subject.  I highly recommend using the Oxford Collocations Dictionary for Students of English published by Oxford University Press to begin using collocations as a means of improving your vocabulary skills in English.

Nixon A Presidential Unraveling - 1547 Words

Corruption in politics has never been more notably observable by the American people than that of the Watergate Crisis. Though Nixon’s involvement of the actual break-in has never been proven, his cover-up of the event and his misuse of Presidential power were clearly established. Over the course of several years, America would bear witness to scandalous events, the first resignation of a President, conviction and imprisonment of twenty-five officials within the Nixon administration, and undoubtedly the most severe constitutional crisis in recent history. In November of 1968, Richard Nixon claims the presidency for the Republicans in one of the closest elections in U.S. history. His election to office was bolstered by the middle-class†¦show more content†¦In total, $420,000 was found to have been given to the convicted Plumbers in exchange for their silence of any White House involvement. In that same month, evidence surfaced that John Mitchell, then attorney general, was in control of a Republican fund to be used toward intelligence gathering against the Democrats. The ties to Watergate are quickly established by FBI agents and information linking the White House to the break in was solidified. Though the Watergate scandal is becoming a prominent news story everyone is clinging to, it did not sway the public from reelecting Nixon in November of 1972 with votes in excess of sixty percent making it a total victory. President Nixon’s celebration would be short-lived as members of his staff are being indicted and convicted of conspiracy, burglary and wiretapping in the Watergate incident. The first being convicted in January 1973 was aide G. Gordon Liddy and James W. McCord Jr. with five others pleading guilty. Add to that the resignation of top White House staffers, H.R. Haldeman and John Ehrlichman, in addition to Attorney General Richard Kleindienst, the dominoes were beginning to fall. For three months, the American public will develop a fixation on the televised hearings of The Senate Watergate committee, and prosecuted by Archibald Cox, in May 1973. In June, John Dean reveals the untruth of President Nixon’s earlier statement that he learned of the cover up in March 1973 when in fact he hadShow MoreRelatedThe Stains of Watergate1568 Words   |  6 Pagesburglarize the DNC. The men, one who was an ex-CIA agent, were convicted of conspiracy, burglary, and illegal wiretapping. However, what started as a third-rate burglary unravelled into a broad network of political corruption and espionage within the Nixon administration that became known as Watergate. 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National Sports Day in Qatar - Extent to Which the Event Is Attended, Research Proposal

Essays on National Sports Day in Qatar - Extent to Which the Event Is Attended, the Interests, Likes, and Dislikes of Participants Research Proposal The paper â€Å"National Sports Day in Qatar - Extent to Which the Event Is Attended, the Interests, Likes, and Dislikes of Participants† is an  intriguing version research proposal on marketing. The report is about the National sports day in Qatar since Qatar is the sports capital of the world. The report looks into the various ways that the government can undertake to ensure that every Qatari participates and is proud of the National sports day. The report also looks at the various environmental factors affecting the sports day. The Qatar government seeks to be the sports capital and would like more Qatari people involved in sports and fitness. The report also targets to increase the number of people engaged in sports with regard to the ever-increasing population in Qatar. The report also looks at other competitive activities that people engage in other than sports, and their advantages and limitations.The management decision problem is how to increase the level of partici pation in the National sports day programs among young adults between the ages of 19 and 25. The marketing research problem is how to create and increase awareness of the national sports day through aggressive advertising and conducting online surveys in schools and malls among teenagers and gather information concerning youth interests aimed at reaching out to the target audience and increasing the attendance of the sports day.Information to be gathered using primary research:The population of the participants aged between 19 and 25 in the national sports day.The extent to which the national sports day is attended and prioritized by the population.The interests of participation by the population in the event.The likes and dislikes of the sports day by the participants and population in the country.The level or extent of awareness by the population about the event.The level of participation or engagement in the event.The views and opinions of the population regarding the sports day. The frequency of participation by the population of the national sports day.  The method of primary research that I recommend using is Questionnaires. This is because they give the respondent complete freedom of response and permit a greater depth of response (Fowler, 2009). They are also easier to administer and simple to formulate. Also, the respondent’s responses may give an insight into his or her feelings, background, hidden motives, interest and decisions (Zikmund, 2003).The research processAfter identifying the problem, questionnaires are formulated in short; easy and simple words and the objectives to be accomplished are included in the questionnaires.The items and pages in a questionnaire are numbered and brief and clear instruction is included.Information to be obtained from the questionnaire is analyzed and items stated as positively as possible.The layout of the questionnaire is organized in such a way that it is easy to complete.The questionnaire is unbiased an d arranged in a logical order.A sample selection of the population is done and given the questionnaires to fill out in a stipulated time duration.The questionnaires are collected later and an analysis is made to report the findings gathered from the population sample and implement the findings.In most cases, a follow-up letter is sent after a questionnaire has been given out to request the subjects to respond to the questionnaire on a specific deadline date (Saunders, 2003).

Sonnet 104 Free Essays

Essay: Sonnet 104 Sonnet 104 is one of 154 sonnets written by the English poet William Shakespeare. It’s a member of the Fair Youth sequence, in which the poet expresses his love towards a fair friend. Each stanza expresses Shakespeare’s relationship with his beloved. We will write a custom essay sample on Sonnet 104 or any similar topic only for you Order Now The sonnet deals with the destructive forces of time as humans grow older and makes a commentary on the process of aging. In the first quatrain, the poet focuses on his beloved, exploring the theme of beauty and aging. The very beginning of the quatrain begins with â€Å"To me†, and in the second line, ends with â€Å"eye I eyed. These two phrases signified that what he was writing was from his own perspective. The poet did not consider the opinion of the reader and later in the quatrain, continues this theme when he states, â€Å"Such seems† in the third line. This quatrain was a commentary on the beauty of his beloved friend. The poet acknowledges that this is his perspective; yet he does not acknowledge the perspective of anyone else. These lines also discuss that his beloved friend is as beautiful as when they first met and that his opinion of beauty is not judged upon the reader. In the second quatrain, the poet focuses on time passing the significance of evolution. This theme progresses with the continual mentioning of seasons. The poet wants to emphasize the three years that have passed. The natural cycle between seasons emphasizes the time passing. â€Å"Summers pride† gives way to â€Å"winters cold†, â€Å"beauteous springs† give way to â€Å"yellow autumn†, and April perfumes make way to the â€Å"hot Junes burnd†. This is not only a commentary on how much time has passed, but also a commentary on how beauty can fade. As stated in the phrases listed above, the changes in seasons always lead to a different landscape. With this evolution, it is only natural that beauty fades. However, the poet makes is blatantly clear in the eighth line that his beloved never changes. This last line of the quatrain shows that his beloved is a fresh beauty. The use of the words â€Å"green† and â€Å"fresh† signify his beloved’s youthfulness and prove that he has defied nature. This breaking of the cycle proves to be a powerful use of language and diction. In the third quatrain, the poet recognizes that his beliefs are unnatural, and creates a shift in the sonnet. The ninth line instigates the shift once the poet writes, â€Å"Ah, yet†. This sign tone and shift in perception help him come to a realization. This recognition proves that the poet is fooling himself about his friend’s beauty. The â€Å"dial-hand† mentioned in the ninth line signifies that even though his beloved friend is actually aging, he only sees him to be beautiful. This metaphor is a perfect representation of his perception of beauty. As the quatrain continues he explains that his eye deceives him of reality. Like a clock hand moves slowly, he slowly recognizes reality. In conclusion, sonnet 104 is a commentary on the poet’s perception versus reality. The poet ends the sonnet by announcing that no one, after he and his beloved die, could ever understand what beauty really is. The height of beauty was when his fair friend lived. Beauty was and will always be understood as a part of his writing. Though his friend may not be living, his beauty still lies within the poet’s literature. How to cite Sonnet 104, Essay examples

Importance of Decision Making Of a Company-Free-Sample for Students

Questions: 1.How much of the information which he had gathered was really relevant to the Decision? 2.What was the best approach to assessing the Economic worth of the proposal? 3.Cash was particularly limited this year and acceptance of this project could mean that other projects would have to be deferred. How should this be taken into consideration? 4.How should the Strategic factors be assessed? Answers: Introduction George Panios is appointed as the finance manager of the Delphi Cones and Tubes Plc and has been entrusted with 24 hours to ascertain the profit projections of the accountant and needs to recommend a plan within 24 hours. Various discussions from the meeting needs to be taken into consideration for the purpose of decision making. Since, it is a machine it needs to be studied from the perspective of the life span and useful year. It is clearly mentioned that the machine can raise only 20,000 at the end of the period. Further, the opening stock in the initial year will be acquired at the same time with the machine. The details says that the depreciation of the machine will be done over six years on the straight line basis. 1.The new machine namely Computer Numerically Controlled (CNC) milling machine has a capital cost of 2, 40,000. The company needs to consider a lot of important issues before making such a huge investment. The investment in this new machine and the project to be undertaken has a lot of factors that need to be considered such as the alternate use of machinery, its expected useful life, availability of parts of such machinery etc. The information gathered by Mr. George is scattered although most of the information is relevant. The relevant information can be summed up in following points: The initial capital cost for purchasing the new machinery will be 2,40,000. The machinery is not useable for any other project. At the end of the project, it is estimated to realize only 20,000. The machine is to be depreciated as per straight line basis method in six years. Fixed overheads are known. The additional expenses on advertising and publicity are known if the new machinery is put to use in the new project (Porter Norton, 2014). Further, the launch of the new project will reduce the sale of another project by 60,000 annually. Apart from the information above, other information is also available which includes the rate of return, a recommendation from the chief manager, the margins expected for net profit and gross profit, etc. The information available with Mr. George is material but at the same time, the projections given by the accountant seem unrealistic. The reason is that the flow of sales in the 4th year has been shown as falling drastically. Moreover, the expenses also are showing a dissimilar trend in the year after 1st year. Mr. George is advised to compile all the information himself in order to analyze the profitability and the production capacity of the new machine and new project. This will help in proving concrete information and aims to provide to provide better information that will aid in the process of decision making (Porter Norton, 2014). 2.The company used discounted payback method to assess the economic worth of the proposal. Although, it is a good method to know that when the company will be able to recover the amount that has been invested by the company in the new proposal. The discounted payback period method does not include non-financial factors like employees honesty and punctuality. Such factors play an important role and hence, needs to be ascertained properly. But, there are few inherent limitations of payback methods due to which it cannot be solely taken as the only approach to economic worth assessment. These limitations should also be kept in mind by the management while assessing the product viability. The management should use these methods in combination with traditional methods of measuring project profitability (Davies Crawford, 2012). Using the method in combination will provide a better result and deriving at a conclusion will be easier. The limitations are that it does not take into consideration time value of money while taking into accounts the inflows and outflows of the upcoming years. Further, this method does not consider the cash inflows that are estimated after the payback period and hence this method does not accurately calculate the overall profitability of the proposal (Brigham Daves, 2012). Hence, the payback method should be used in combination with other methods of appraisal such as IRR, NPV, Profitability Index, etc. as also suggested by Mr. George. This method is more worthy and a modern day technique which gives us a new prospect at looking at the product. The product is to be analyzed at all prospects like profitability, break-even, the age of the product, scrap value and payback period (Peirson et. al, 2015). The other discounted cash flow methods should also be used in combination with payback method due to its following merits The discounted cash flow methods consider the time value of money while calculating the profitability of a proposal. This is a very important thing to consider because the inflows and outflows of cash during the tenure of the project cannot bear the same value of money as it bears today (Williams, 2012). Hence, the cash flows should be brought to the present value first so that they can be compared with the capital investments being done at the initial stage of the project. This can be done using the discounted cash flow techniques only (Petty et. al, 2012). These methods help in making comparisons easy among the different projects which are dissimilar with regard to time period, cash inflows, initial investment, etc. These methods help in quick and easy decision making. These methods are important in analyzing the project and find out the project feasibility. This method is latest and up to date techniques. These methods do not assume traditional methodology (Needles Powers, 2013). Hence modern day managers prefer these over old methods. 3.The product has a 4-year life so we have to analyze whether the cash outflow on the machine is able to generate some profit over its lifespan. The accountant has not considered the scrap the product shall arise after the end of 4 years. The product life has been taken at 4 years and the depreciation calculation shall be revised and calculated as below: New depreciation: 240-20 / 4 = 55 It will increase the depreciation by 15 which has been incorporated in the chart shown below. Also, fixed overheads have already been expensed and it shall in the case be incurred even if the product is not purchased, hence it shall be ignored i.e. 20% of total labor costs every year which has been included in other production expenses. This cost should not be included again in the product expenses as these are incurred for the new product (Northington, 2011). The accountant has also not considered the scrap value of 20,000 and annual benefits of 16000 . Both the scrap value and the annual benefits have been included in the profit loss statement. We have below incorporated all the financial changes in the arrived profits of four years. These recommendations have been added or deducted as per its treatment. Profit Loss Statement (revised) Particulars 2018 2019 2020 2021 Profit (96) (48) 72 (16) Less: Depreciation 15 15 15 15 Add: Fixed Overheads 20% 16 24 24 16 Add: Scrap Sale 20 Add: Cash Benefits 16 16 16 16 Less: Rate of Return 10% 24 24 24 24 Total (83) (47) 73 (23) The product figures have revealed that there are continuous losses even after the changes have been made the organization. The loss means that the management should not take up the project. The project is not able to produce profits even after reviewing and revising the figures. Hence it is clearly evident that project is loss making project (Brigham Ehrhardt, 2011). The opportunity cost of losing sales of another product shall further increase the loss of the product, so the product should not be purchased. The company is also facing a cash crunch in their company financials so it is more important for the company to preserve its cash reserve. The company shall have to pay interest on the loan which is to be taken to purchase the product. The company can save on these interest payments, which shall not be paid if the loan is not taken. The suggestion to the company is that the product should not be purchased as it is a loss making venture. The cash availability can be increased by utilizing the available resources in the organization. The cash has been carefully spent and should be preserved. The tax payments also require cash so its availability should be kept well in advance. The management has to cut down its cash expenses and increase cash revenues in the company (Correia et. al, 2005). Cash has multi-dimensional users in the organization for entire payments and capital expenditure. Before setting up the strategy of the organization, the goals, external environment, available resources, and organizational structure and history should be understood and accordingly be strategies should be developed. These are the most important factors to be kept in mind by the strategy makers. These factors are primarily important for the success of the organization in long term (Brealey et. al, 2011). The strategic factors should be based on the whether the opportunity cost of product or project was undertaken is able to be covered by the product or project revenues. The strategy of the top management should be both short term and long term oriented so that both profits and break even may be achieved (Brealey et. al, 2015). Initially, the product/project should be able to cover its cost i.e. break even (cost= revenue) and gradually the product/project should gain profits. The strategy factors should be carefully able to judge the life of the product/project which afterward shall be scrapped. The organization should see whether taking up the new venture effects its existing capacity is utilized or whether existing capacity is to be released. Hence the strategy of the organization is to be maximizing its profits at lowest costs. The cost benefits analysis is also one of the strategy factors to be kept in mind (Parrino et. al, 2012). The organization shall be able to gain the minimum risk-free rate which is available in form of treasury or government bond rates. In case the project is able to earn risk-free rate, the project can be undertaken (Shah, 2013). The project is to be analyzed on the basis of NPV criteria which say that the yearly revenues can be discounted at a predetermined rate and it should be matched with probable initial outflow and in case the result is positive the project is viable and can be pursued further Conclusion From the above report, it is evident that the project needs to be evaluated on the basis of the NPV criteria because there are various advantages associated with the project. The major benefit that can be attained is that the yearly revenue can be discounted. Ratio analysis should also be done while considering strategic factors. Ratios such as current ratio, net profit ratio, gross profit ratio, interest coverage ratio, debt service ratio etc should be calculated and taken into consideration while assessing the profitability of the new venture in its entire tenure. Therefore, the decision making should not be done considering a single factor and must be done with the aid of various factors. In the above case, NPV is selected to attain the result and in this scenario, if the result is positive then the project is viable and can be pursued further. References Brealey, R. A, Myers, S. A Marcus, A. J., 2015. Fundamentals of Corporate Finance, 8th ed. Australia: McGraw-Hill Irwin. Brealey, R, Myers, S Allen, F 2011, Principles of corporate finance, New York: McGraw-Hill/Irwin. Brigham, E. Daves, P 2012, Intermediate Financial Management , USA: Cengage Brigham, E.F. 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