Expert Answers

Description Below are six questions; in two separate essays, answer two of them. Each of the answers shall be of equal value. The answers ought to be submitted by our last class. The suggested length for each essay is 1,500 words, but the choice of length is ultimately your own. Successful answers will reveal thoughtful reflection on the course materials, both primary and secondary. 1. A theme of our course has been that early medieval history can be examined in term of a sifting of old traditions and the creation of new ones. Point to some of the ways in which you believe this statement to be valid or not valid. 2. The monastic experience is crucial for an understanding of many religious, social, economic developments in early medieval Europe. Point to some of the ways in which you believe this statement to be valid or not valid. 3. The Papacy, particularly as its action was displayed by Gregory the Great, was the most creative and formative institution of the early medieval West. Point to some of the ways in which you believe this statement to be valid or not valid. 4. The early Middle Ages is best understood as the convergence of Roman and Germanic traditions under the tutelage of the Roman Church. Point to some of the ways in which you believe this statement to be valid or not valid. 5, The early medieval period started by the deposition of the Roman emperor, Romulus Augustulus by the barbarian king, Odovacer, and ended by the start of the Gregorian reforms. Point to some of the ways in which you believe this statement to be valid or not valid. 6. The medieval imperial coronations by the popes throughout the early middle ages was a truce and the result of the cooperation between the secular political powers in the Latin west with the papacy. Point to some of the ways in which you believe this statement to be valid or not valid. UNFORMATTED ATTACHMENT PREVIEW QURAN 1 1. The Opening 1. In the name of God, the Gracious, the Merciful. 2. Praise be to God, Lord of the Worlds. 3. The Most Gracious, the Most Merciful. 4. Master of the Day of Judgment. 5. It is You we worship, and upon You we call for help. 6. Guide us to the straight path. 7. The path of those You have blessed, not of those against whom there is anger, nor of those who are misguided. 5. The Table In the name of God, the Gracious, the Merciful. 1. O you who believe! Fulfill your commitments. Livestock animals are permitted for you, except those specified to you; but not wild game while you are in pilgrim sanctity. God decrees whatever He wills. 2. O you who believe! Do not violate God’s sacraments, nor the Sacred Month, nor the offerings, nor the garlanded, nor those heading for the Sacred House seeking blessings from their Lord and approval. When you have left the pilgrim sanctity, you may hunt. And let not the hatred of people who barred you from the Sacred Mosque incite you to aggression. And cooperate with one another in virtuous conduct and conscience, and do not cooperate with one another in sin and hostility. And fear God. God is severe in punishment. 3. Prohibited for you are carrion, blood, the flesh of swine, and animals dedicated to other than God; also the flesh of animals strangled, killed violently, killed by a fall, gored to death, mangled by wild animals—except what you rescue, and animals sacrificed on altars; and the practice of drawing lots. For it is immoral. Today, those who disbelieve have despaired of your religion, so do not fear them, but fear Me. Today I have perfected your religion for you, and have completed My favor upon you, and have approved Islam as a religion for you. But whoever is compelled by hunger, with no intent of wrongdoing—God is Forgiving and Merciful. 4. They ask you what is permitted for them. Say, “Permitted for you are all good things, including what trained dogs and falcons catch for you.” You train them according to what God has taught you. So eat from what they catch for you, and pronounce God’s name over it. And fear God. God is Swift in reckoning. 2 5. Today all good things are made lawful for you. And the food of those given the Scripture is lawful for you, and your food is lawful for them. So are chaste believing women, and chaste women from the people who were given the Scripture before you, provided you give them their dowries, and take them in marriage, not in adultery, nor as mistresses. But whoever rejects faith, his work will be in vain, and in the Hereafter he will be among the losers. 6. O you who believe! When you rise to pray, wash your faces and your hands and arms to the elbows, and wipe your heads, and your feet to the ankles. If you had intercourse, then purify yourselves. If you are ill, or travelling, or one of you returns from the toilet, or you had contact with women, and could not find water, then use some clean sand and wipe your faces and hands with it. God does not intend to burden you, but He intends to purify you, and to complete His blessing upon you, that you may be thankful. 7. And Remember God’s blessings upon you, and His covenant which He covenanted with you; when you said, “We hear and we obey.” And remain conscious of God, for God knows what the hearts contain. 8. O you who believe! Be upright to God, witnessing with justice; and let not the hatred of a certain people prevent you from acting justly. Adhere to justice, for that is nearer to piety; and fear God. God is informed of what you do. 9. God has promised those who believe and work righteousness: they will have forgiveness and a great reward. 10. As for those who disbelieve and reject Our revelations—these are the inmates of Hell. 11. O you who believe! Remember God's blessings upon you; when certain people intended to extend their hands against you, and He restrained their hands from you. So reverence God, and in God let the believers put their trust. 12. God received a pledge from the Children of Israel, and We raised among them twelve chiefs. God said, “I am with you; if you perform the prayer, and pay the alms, and believe in My messengers and support them, and lend God a loan of righteousness; I will remit your sins, and admit you into Gardens beneath which rivers flow. But whoever among you disbelieves afterwards has strayed from the right way.” 13. Because of their breaking their pledge, We cursed them, and made their hearts hard. They twist the words out of their context, and they disregarded some of what they were reminded of. You will always witness deceit from them, except for a few of them. But pardon them, and overlook. God loves the doers of good. 14. And from those who say, “We are Christians,” We received their pledge, but they neglected some of what they were reminded of. So We provoked enmity and hatred among them until the Day of Resurrection; God will then inform them of what they used to craft. 15. O People of the Book! Our Messenger has come to you, clarifying for you much of what you kept hidden of the Book, and overlooking much. A light from God has come to you, and a clear Book. 3 16. God guides with it whoever follows His approval to the ways of peace, and He brings them out of darkness into light, by His permission, and He guides them in a straight path. 17. They disbelieve those who say, “God is the Christ, the son of Mary.” Say, “Who can prevent God, if He willed, from annihilating the Christ son of Mary, and his mother, and everyone on earth?” To God belongs the sovereignty of the heavens and the earth and what is between them. He creates whatever He wills, and God has power over everything. 18. The Jews and the Christians say, “We are the children of God, and His beloved.” Say, “Why then does He punish you for your sins?” In fact, you are humans from among those He created. He forgives whom He wills, and He punishes whom He wills. To God belongs the dominion of the heavens and the earth and what lies between them, and to Him is the return. 19. O People of the Book! Our Messenger has come to you, making things clear to you—after a cessation of messengers—so that you cannot say, “No preacher has come to us, and no warner.” In fact, a preacher has come to you, and a warner; and God is Capable of everything. 20. When Moses said to his people, “O my people, remember God’s blessings upon you, when He placed prophets among you, and made you kings, and gave you what He never gave any other people.” 21. “O my people, enter the Holy Land which God has assigned for you, and do not turn back, lest you return as losers.” 22. They said, “O Moses, there are tyrannical people in it; we will not enter it until they leave it. If they leave it, we will be entering.” 23. Two men of those who feared, but whom God had blessed, said, “Go at them by the gate; and when you have entered it, you will prevail. And put your trust in God, if you are believers.” 24. They said, “O Moses, we will not enter it, ever, as long as they are in it. So go ahead, you and your Lord, and fight. We are staying right here.” 25. He said, “My Lord! I have control only over myself and my brother, so separate between us and between the wicked people.” 26. He said, “It is forbidden for them for forty years. They will wander aimlessly in the land. So do not grieve over the defiant people.” 27. And relate to them the true story of Adam's two sons: when they offered an offering, and it was accepted from one of them, but it was not accepted from the other. He Said, “I will kill you.” He Said, “God accepts only from the righteous.” 28. “If you extend your hand to kill me, I will not extend my hand to kill you; for I fear God, Lord of the Worlds.” 29. “I would rather you bear my sin and your sin, and you become among the inmates of the Fire. Such is the reward for the evildoers.” 4 30. Then His soul prompted him to kill his brother, so he killed him, and became one of the losers. 31. Then God sent a raven digging the ground, to show him how to cover his brother's corpse. He said, “Woe to me! I was unable to be like this raven, and bury my brother's corpse.” So he became full of regrets. 32. Because of that We ordained for the Children of Israel: that whoever kills a person—unless it is for murder or corruption on earth—it is as if he killed the whole of mankind; and whoever saves it, it is as if he saved the whole of mankind. Our messengers came to them with clarifications, but even after that, many of them continue to commit excesses in the land. 33. The punishment for those who fight God and His Messenger, and strive to spread corruption on earth, is that they be killed, or crucified, or have their hands and feet cut off on opposite sides, or be banished from the land. That is to disgrace them in this life; and in the Hereafter they will have a terrible punishment. 34. Except for those who repent before you apprehend them. So know that God is Forgiving and Merciful. 35. O you who believe! Be conscious of God, and seek the means of approach to Him, and strive in His cause, so that you may succeed. 36. As for those who disbelieve, even if they owned everything on earth, and the like of it with it, and they offered it to ransom themselves from the torment of the Day of Resurrection, it will not be accepted from them. For them is a painful punishment. 37. They will want to leave the Fire, but they will not leave it. For them is a lasting punishment. 38. As for the thief, whether male or female, cut their hands as a penalty for what they have reaped—a deterrent from God. God is Mighty and Wise. 39. But whoever repents after his crime, and reforms, God will accept his repentance. God is Forgiving and Merciful. 40. Do you not know that to God belongs the kingdom of the heavens and the earth? He punishes whom He wills, and He forgives whom He wills. And God is Capable of everything. 41. O Messenger! Do not let those who are quick to disbelief grieve you—from among those who say with their mouths, “We believe,” but their hearts do not believe; and from among the Jews—listeners to lies, listeners to other people who did not come to you. They distort words from their places, and they say, “If you are given this, accept it; but if you are not given it, beware.” Whomever God has willed to divert, you have nothing for him from God. Those are they whose hearts God does not intend to purify. For them is disgrace in this world, and for them is a great punishment in the Hereafter. 42. Listeners to falsehoods, eaters of illicit earnings. If they come to you, judge between them, or turn away from them. If you turn away from them, they will not harm you in the least. But if you judge, judge between them equitably. God loves the equitable. 5 43. But why do they come to you for judgment, when they have the Torah, in which is God’s Law? Yet they turn away after that. These are not believers. 44. We have revealed the Torah, wherein is guidance and light. The submissive prophets ruled the Jews according to it, so did the rabbis and the scholars, as they were required to protect God’s Book, and were witnesses to it. So do not fear people, but fear Me. And do not sell My revelations for a cheap price. Those who do not rule according to what God revealed are the unbelievers. 45. And We wrote for them in it: a life for a life, an eye for an eye, a nose for a nose, an ear for an ear, a tooth for a tooth, and an equal wound for a wound; but whoever forgoes it in charity, it will serve as atonement for him. Those who do not rule according to what God revealed are the evildoers. 46. In their footsteps, We sent Jesus son of Mary, fulfilling the Torah that preceded him; and We gave him the Gospel, wherein is guidance and light, and confirming the Torah that preceded him, and guidance and counsel for the righteous. 47. So let the people of the Gospel rule according to what God revealed in it. Those who do not rule according to what God revealed are the sinners. 48. And We revealed to you the Book, with truth, confirming the Scripture that preceded it, and superseding it. So judge between them according to what God revealed, and do not follow their desires if they differ from the truth that has come to you. For each of you We have assigned a law and a method. Had God willed, He could have made you a single nation, but He tests you through what He has given you. So compete in righteousness. To God is your return, all of you; then He will inform you of what you had disputed. 49. And judge between them according to what God revealed, and do not follow their desires. And beware of them, lest they lure you away from some of what God has revealed to you. But if they turn away, know that God intends to strike them with some of their sins. In fact, a great many people are corrupt. 50. Is it the laws of the time of ignorance that they desire? Who is better than God in judgment for people who are certain? 51. O you who believe! Do not take the Jews and the Christians as allies; some of them are allies of one another. Whoever of you allies himself with them is one of them. God does not guide the wrongdoing people. 52. You will see those in whose hearts is sickness racing towards them. They say, “We fear the wheel of fate may turn against us.” But perhaps God will bring about victory, or some event of His making; thereupon they will regret what they concealed within themselves. 53. Those who believe will say, “Are these the ones who swore by God with their strongest oaths that they are with you?” Their works have failed, so they became losers. 6 54. O you who believe! Whoever of you goes back on his religion—God will bring a people whom He loves and who love Him, kind towards the believers, stern with the disbelievers. They strive in the way of God, and do not fear the blame of the critic. That is the grace of God; He bestows it upon whomever He wills. God is Embracing and Knowing. 55. Your allies are God, and His Messenger, and those who believe—those who pray regularly, and give charity, while bowing down. 56. Whoever allies himself with God, and His Messenger, and those who believe—surely the Party of God is the victorious. 57. O you who believe! Do not befriend those who take your religion in mockery and as a sport, be they from among those who were given the Scripture before you, or the disbelievers. And obey God, if you are believers. 58. When you call to the prayer, they take it as a joke and a trifle. That is because they are people who do not reason. 59. Say, “O People of the Scripture! Do you resent us only because we believe in God, and in what was revealed to us, and in what was revealed previously; and most of you are sinners?” 60. Say, “Shall I inform you of worse than that for retribution from God? He whom God has cursed, and with whom He became angry; and He turned some of them into apes, and swine, and idol worshipers. These are in a worse position, and further away from the right way.” 61. When they come to you, they say, “We believe,” though they have entered with disbelief, and they have departed with it. But God is well aware of what they hide. 62. You see many of them competing with one another in sin and hostility, and their consuming of what is illicit. What they have been doing is truly evil. 63. Why do the rabbis and the priests not prevent them from speaking sinfully and from consuming forbidden wealth? Evil is what they have been doing. 64. The Jews say, “God’s hand is tied.” It is their hands that are tied, and they are cursed for what they say. In fact, His hands are outstretched; He gives as He wills. Certainly, what was revealed to you from your Lord will increase many of them in defiance and blasphemy. And We placed between them enmity and hatred, until the Day of Resurrection. Whenever they kindle the fire of war, God extinguishes it. And they strive to spread corruption on earth. God does not love the corrupters. 65. Had the People of the Scripture believed and been righteous, We would have remitted their sins, and admitted them into the Gardens of Bliss. 66. Had they observed the Torah, and the Gospel, and what was revealed to them from their Lord, they would have consumed amply from above them, and from beneath their feet. Among them is a moderate community, but evil is what many of them are doing. 7 67. O Messenger, convey what was revealed to you from your Lord. But if you do not, then you would not have delivered His message. And God will protect you from the people. God does not guide the disbelieving people. 68. Say, “O People of the Scripture! You have no basis until you uphold the Torah, and the Gospel, and what is revealed to you from your Lord.” But what is revealed to you from your Lord will increase many of them in rebellion and disbelief, so do not be sorry for the disbelieving people. 69. Those who believe, and the Jews, and the Sabians, and the Christians—whoever believes in God and the Last Day, and does what is right—they have nothing to fear, nor shall they grieve. 70. We made a covenant with the Children of Israel, and We sent to them messengers. Whenever a messenger came to them with what their souls did not desire, some of them they accused of lying, and others they put to death. 71. They assumed there would be no punishment, so they turned blind and deaf. Then God redeemed them, but then again many of them turned blind and deaf. But God is Seeing of what they do. 72. They disbelieve those who say, “God is the Messiah the son of Mary.” But the Messiah himself said, “O Children of Israel, worship God, my Lord and your Lord. Whoever associates others with God, God has forbidden him Paradise, and his dwelling is the Fire. The wrongdoers have no saviors.” 73. They disbelieve those who say, “God is the third of three.” But there is no deity except the One God. If they do not refrain from what they say, a painful torment will befall those among them who disbelieve. 74. Will they not repent to God and ask His forgiveness? God is Forgiving and Merciful. 75. The Messiah son of Mary was only a messenger, before whom other Messengers had passed away, and his mother was a woman of truth. They both used to eat food. Note how We make clear the revelations to them; then note how deluded they are. 76. Say, “Do you worship, besides God, what has no power to harm or benefit you?” But God: He is the Hearer, the Knower. 77. Say, “O People of the Scripture! Do not exaggerate in your religion beyond the truth; and do not follow the opinions of people who went astray before, and misled many, and themselves strayed off the balanced way.” 78. Cursed were those who disbelieved from among the Children of Israel by the tongue of David and Jesus son of Mary. That is because they rebelled and used to transgress. 79. They used not to prevent one another from the wrongs they used to commit. Evil is what they used to do. 8 80. You will see many of them befriending those who disbelieve. Terrible is what their souls prompts them to do. The wrath of God fell upon them, and in the torment they will remain. 81. Had they believed in God and the Prophet, and in what was revealed to him, they would not have befriended them. But many of them are immoral. 82. You will find that the people most hostile towards the believers are the Jews and the polytheists. And you will find that the nearest in affection towards the believers are those who say, “We are Christians.” That is because among them are priests and monks, and they are not arrogant. 83. And when they hear what was revealed to the Messenger, you see their eyes overflowing with tears, as they recognize the truth in it. They say, “Our Lord, we have believed, so count us among the witnesses.” 84. “And why should we not believe in God, and in the truth that has come to us, and hope that our Lord will include us among the righteous people?” 85. God will reward them for what they say—Gardens beneath which rivers flow, where they will stay forever. Such is the reward of the righteous. 86. But as for those who disbelieve and deny Our signs—these are the inmates of the Fire. 87. O you who believe! Do not prohibit the good things God has permitted for you, and do not commit aggression. God does not love the aggressors. 88. And eat of the lawful and good things God has provided for you; and be conscious of God, in Whom you are believers. 89. God does not hold you accountable for your unintended oaths, but He holds you accountable for your binding oaths. The atonement for it is by feeding ten needy people from the average of what you feed your families, or by clothing them, or by freeing a slave. Anyone who lacks the means shall fast for three days. That is the atonement for breaking your oaths when you have sworn them. So keep your oaths. Thus God makes clear His Revelations to you, that you may be grateful. 90. O you who believe! Intoxicants, gambling, idolatry, and divination are abominations of Satan’s doing. Avoid them, so that you may prosper. 91. Satan wants to provoke strife and hatred among you through intoxicants and gambling, and to prevent you from the remembrance of God, and from prayer. Will you not desist? 92. Obey God and obey the Messenger, and be cautious. If you turn away—know that the duty of Our Messenger is clear communication. 93. Those who believe and do righteous deeds will not be blamed for what they may have eaten, provided they obey, and believe, and do good deeds, then maintain piety and faith, then remain righteous and charitable. God loves the charitable. 9 94. O you who believe! God will test you with something of the game your hands and spears obtain, that God may know who fears Him at heart. Whoever commits aggression after that will have a painful punishment. 95. O you who believe! do not kill game while you are in pilgrim sanctity. Whoever of you kills any intentionally, its penalty shall be a domestic animal comparable to what he killed, as determined by two honest persons among you—an offering delivered to the Kaabah. Or he may atone by feeding the needy, or its equivalent in fasting, so that he may taste the consequences of his conduct. God forgives what is past. But whoever repeats, God will take revenge on him. God is Almighty, Avenger. 96. Permitted for you is the catch of sea, and its food—as sustenance for you and for travelers. But forbidden for you is the game of land while you are in pilgrim sanctity. And fear God, to Whom you will be gathered. 97. God has appointed the Kaabah, the Sacred House, a sanctuary for the people, and the Sacred Month, and the offerings, and the garlanded. That you may know that God knows everything in the heavens and the earth, and that God is Cognizant of all things. 98. Know that God is severe in retribution, and that God is Forgiving and Merciful. 99. The Messenger’s sole duty is to convey. God knows what you reveal and what you conceal. 100. Say: “The bad and the good are not equal, even though the abundance of the bad may impress you. So be conscious of God, O you who possess intelligence, that you may succeed.” 101. O you who believe! Do not ask about things that would trouble you if disclosed to you. But if you were to ask about them while the Quran is being revealed, they will become obvious to you. God forgives that. God is Forgiving and Clement. 102. A people before you asked about them, but then came to reject them. 103. God did not institute the superstitions of Bahirah, Saibah, Wasilah, or of Hami; but those who disbelieve fabricate lies about God—most of them do not understand. 104. And when it is said to them, “Come to what God has revealed, and to the Messenger,” they say, “Sufficient for us is what we found our forefathers upon.” Even if their forefathers knew nothing, and were not guided? 105. O you who believe! You are responsible for your own souls. He who has strayed cannot harm you if you are guided. To God is your return, all of you, and He will inform you of what you used to do. 106. O you who believe! When death approaches one of you, let two reliable persons from among you act as witnesses to the making of a bequest, or two persons from another people if you are travelling in the land and the event of death approaches you. Engage them after the prayer. If you have doubts, let them swear by God: “We will not sell our testimony for any price, even if he was a near relative, and we will not conceal God’s testimony, for then we would be sinners.” 10 107. If it is discovered that they are guilty of perjury: let two others take their place, two from among those responsible for the claim, and have them swear by God, “Our testimony is more truthful than their testimony, and we will not be biased, for then we would be wrongdoers.” 108. That makes it more likely that they will give true testimony, fearing that their oaths might be contradicted by subsequent oaths. So fear God, and listen. God does not guide the disobedient people. 109. On the Day when God will gather the messengers, then say, “What response were you given?” They will say, “We have no knowledge; it is You Who are the Knower of the unseen.” 110. When God will say, “O Jesus son of Mary, recall My favor upon you and upon your mother, how I supported you with the Holy Spirit. You spoke to the people from the crib, and in maturity. How I taught you the Scripture and wisdom, and the Torah and the Gospel. And recall that you molded from clay the shape of a bird, by My leave, and then you breathed into it, and it became a bird, by My leave. And you healed the blind and the leprous, by My leave; and you revived the dead, by My leave. And recall that I restrained the Children of Israel from you when you brought them the clear miracles. But those who disbelieved among them said, `This is nothing but obvious sorcery.'“ 111. “And when I inspired the disciples: `Believe in Me and in My Messenger.' They said, `We have believed, so bear witness that We have submitted.'“ 112. “And when the disciples said, 'O Jesus son of Mary, is your Lord able to bring down for us a feast from heaven?' He said, 'Fear God, if you are believers.'“ 113. They said, “We wish to eat from it, so that our hearts may be reassured, and know that you have told us the truth, and be among those who witness it.” 114. Jesus son of Mary said, “O God, our Lord, send down for us a table from heaven, to be a festival for us, for the first of us, and the last of us, and a sign from You; and provide for us; You are the Best of providers.” 115. God said, “I will send it down to you. But whoever among you disbelieves thereafter, I will punish him with a punishment the like of which I never punish any other being.” 116. And God will say, “O Jesus son of Mary, did you say to the people, `Take me and my mother as gods rather than God?'“ He will say, “Glory be to You! It is not for me to say what I have no right to. Had I said it, You would have known it. You know what is in my soul, and I do not know what is in Your soul. You are the Knower of the hidden. 117. I only told them what You commanded me: that you shall worship God, my Lord and your Lord. And I was a witness over them while I was among them; but when You took me to Yourself, You became the Watcher over them—You are Witness over everything. 118. If You punish them, they are Your servants; but if You forgive them, You are the Mighty and Wise.” 11 119. God will say, “This is a Day when the truthful will benefit from their truthfulness.” They will have Gardens beneath which rivers flow, wherein they will remain forever. God is pleased with them, and they are pleased with Him. That is the great attainment. 120. To God belongs the sovereignty of the heavens and the earth and what lies in them, and He has power over everything. 19. Mary In the name of God, the Gracious, the Merciful. 1. Kaf, Ha, Ya, Ayn, Saad. 2. A mention of the mercy of your Lord towards His servant Zechariah. 3. When he called on his Lord, a call in seclusion. 4. He said, “My Lord, my bones have become feeble, and my hair is aflame with gray, and never, Lord, have I been disappointed in my prayer to you. 5. “And I fear for my dependents after me, and my wife is barren. So grant me, from Yourself, an heir. 6. To inherit me, and inherit from the House of Jacob, and make him, my Lord, pleasing.” 7. “O Zechariah, We give you good news of a son, whose name is John, a name We have never given before.” 8. He said, “My Lord, how can I have a son, when my wife is barren, and I have become decrepit with old age?” 9. He said, “It will be so, your Lord says, ‘it is easy for me, and I created you before, when you were nothing.’” 10. He said, “My Lord, give me a sign.” He said, “Your sign is that you will not speak to the people for three nights straight.” 11. And he came out to his people, from the sanctuary, and signaled to them to praise morning and evening. 12. “O John, hold on to the Scripture firmly,” and We gave him wisdom in his youth. 13. And tenderness from Us, and innocence. He was devout. 14. And kind to his parents; and he was not a disobedient tyrant. 15. And peace be upon him the day he was born, and the day he dies, and the Day he is raised alive. 12 16. And mention in the Scripture Mary, when she withdrew from her people to an eastern location. 17. She screened herself away from them, and We sent to her Our spirit, and He appeared to her as an immaculate human. 18. She said, “I take refuge from you in the Most Merciful, should you be righteous.” 19. He said, “I am only the messenger of your Lord, to give you the gift of a pure son.” 20. She said, “How can I have a son, when no man has touched me, and I was never unchaste?” 21. He said, “Thus said your Lord, `It is easy for Me, and We will make him a sign for humanity, and a mercy from Us. It is a matter already decided.'“ 22. So she carried him, and secluded herself with him in a remote place. 23. The labor-pains came upon her, by the trunk of a palm-tree. She said, “I wish I had died before this, and been completely forgotten.” 24. Whereupon he called her from beneath her: “Do not worry; your Lord has placed a stream beneath you. 25. And shake the trunk of the palm-tree towards you, and it will drop ripe dates by you.” 26. “So eat, and drink, and be consoled. And if you see any human, say, ‘I have vowed a fast to the Most Gracious, so I will not speak to any human today.'“ 27. Then she came to her people, carrying him. They said, “O Mary, you have done something terrible. 28. O sister of Aaron, your father was not an evil man, and your mother was not a whore.” 29. So she pointed to him. They said, “How can we speak to an infant in the crib?” 30. He said, “I am the servant of God. He has given me the Scripture, and made me a prophet. 31. And has made me blessed wherever I may be; and has enjoined on me prayer and charity, so long as I live.

Description ai should be zero similarity should be zero plagrisim and Ai report is needed UNFORMATTED ATTACHMENT PREVIEW BUSS 312 Class participation ( 5 Marks for class participation) The student will be evaluated on the basis of his/her attendance (upto 2nd Mid- Term only) and the active participation in class activities (case studies ) 3 case studies + Attendance Buss 312 Assignment Assignment #1 ( 10 Marks) Define M-Commerce and describe its key enablers in context of Oman (apps, payment systems, 5G, etc.). Explain in your own word how M-Commerce enhances customer experience and loyalty. • Provide an example from any local companies with example (Minimum 2500 Words) Note :- The student should not copy or use AI for this work , he can use authentic resource and cite then in APA style. (This is an individual Assignment)\\ • • • Use table charts and graphs, diagram wherever required Plagiarized and AI Generated, outsourced work may result in 0 Marks The assignment must be submitted in WORD and Power Point Assessment Rubrics Assessment Matrix (Rubric) Criteria Excellent (A) Demonstrates clear, in-depth Understanding understanding of of Concepts S-Commerce and M-Commerce Good (B) Satisfactory (C) Good Basic understanding understanding; with minor lacks depth or errors or missing clarity. links. Needs Improvement Weight (D/F) Limited or inaccurate 20% understanding. Criteria Excellent (A) Good (B) Satisfactory (C) Needs Improvement Weight (D/F) concepts with accurate terminology. Insightful analysis with strong, Clear examples Examples Examples Case Study relevant examples with some mentioned but missing or 25% Analysis and critical analysis. weak analysis. irrelevant. evaluation. Comprehensive and well-structured Clear Partial or Comparative comparison No meaningful comparison with descriptive 15% Analysis between Scomparison. some gaps. comparison. Commerce and MCommerce. Demonstrates originality and Limited Lacks Application & practical insights Some originality application or originality and 15% Creativity in applying and relevance. creative application. concepts to thinking. business scenarios. Well-organized, Mostly logical flow, Acceptable but Poorly Organization organized with professional lacks flow or organized or 10% & Presentation minor formatting, and clarity. unclear. inconsistencies. visuals (if used). Proper APA 7 Few sources or References & style with reliable Minor citation No or incorrect inconsistent 5% Citation and diverse errors. referencing. format. sources. Clear, concise, Understandable Difficult to Language & Minor language error-free but with read or poorly 10% Clarity issues. academic writing. frequent errors. written. Total = 100 marks (Grade will be scaled accordingly) Assignment 2 (5 Marks) Create a social commerce presence for a local (Dhofari) product/service using any two platform. like Instagram, Facebook, Pinterest, or WhatsApp Business etc. Requirements: • • • • • Create a product page or campaign post(s). Include product photos, description, pricing, and purchase/contact link. Use hashtags, influencer tags, and interactive tools (polls, reels, or stories). Collect data on engagement (likes, comments, shares, followers) for at least 5–7 days. Analyze how the platform’s features support buying decisions. Deliverables: • Screenshot evidence or short screen recording. Criteria Excellent (A) Good (B) Satisfactory (C) Fair Integration of S-commerce Strong linkage between theory and practice; clear comparative insights. Partial linkage with some analysis. Limited conceptual understanding. Missing or incorrect linkage. 1 Creativity & Innovation Highly original, relevant, and visually appealing work. Good creativity Minimal with some creativity. originality. Copy-paste or generic. 2 Organized Understandable Unclear or and clear but lacks incomplete with minor polish. presentation. issues. 2 Clear, confident, Presentation & engaging, and Communication professional delivery. Marks 

Description I need a a final assay written today about one of the topics that are in a file I attached below and need it in 5 hours if possible please let me know asap if its possible and follow the rubric attached make sure its zero percent plagiarism please and thank you. and also the text book that is used in class and use as a reference is ( Steckley, John. Elements of Sociology: A Critical Canadian Introduction. 6th ed. Don Mills, Ontario: Oxford University Press, 2023 .) UNFORMATTED ATTACHMENT PREVIEW General Paper Writing Tips The format of your paper is a crucial first step (or last step) when writing a paper. If you are missing or mixing these elements of formatting it becomes distracting from the content of your paper. Formatting 1. 2. 3. 4. 5. Page number Font Size All black Paragraphing a. 6. Spaces & indentation Double spaced Page # is italicized and the wrong font No indentation Before: Different font sizes Extra space Different colour font After: Page number is the right font and not in italics No extra spaces All the same font, colour and size! Topic Sentences & Concluding Sentences Topic Sentences: ? Introduce ideas that will be discussed in the paragraph ? Keep it relatively broad ? You don't want to present specifics before introducing the topic/concept/argument ? Ex: Steckley (2024) presents the idea of peer pressure, a social force that is exerted on individuals to “conform in behaviour, appearance, or externally demonstrated values” (97). In the university setting, peer pressure may push individuals to engage in behaviors like binge drinking. Concluding Sentences ? Do not introduce a new point in your final sentence, rather make sense of your argument from your paragraph ? You don't need to say “in conclusion for each paragraph”, but tie things up so you can move onto your next paragraph. ? Ex: One’s community can provide unity and togetherness, which seniors may begin to feel removed from as they age (Phillipson 2007). Thus, the choices (or lack of) for seniors’ housing and their community can create significant implications for both autonomy and a sense of belonging. ? Avoid having a quotation as the entirely of a topic sentence and/or final sentences Paragraphing Once something doesn’t fall under your topic sentence (for the most part), you need to make a new paragraph! Also, if your paragraph is getting much too long then you can also start a new paragraph as long as you have a smooth transition. Transition words Transition words help the flow of your ideas paragraphs and sentences. Without them, your writing can read as choppy. It is also important to not overuse these transition words! Some examples include: Furthermore, moreover, in addition, aforementioned, consequently Ex: Considerable data has emerges outlining the distinct challenges students faced during the COVID-19 pandemic (Steckley 2024). Consequently, university administration must consider methods to better support students health and academics. Ordering your Argument: Introduction First start by building your foundation ? What are the most basic pieces that someone needs to understand. You need to make these clear before applying any theory or additional concepts that build off them. Then, add detail! You shouldn't have to “go back” to understand what you've discussed earlier ? THEN, you can make links to your specific example ? But you need to have the two foundational pieces first before you draw connections. Body For your introduction, start broad and then get specific to your topic. Conclusion For your conclusion, start specific and move into broader ideas. Tone: Keep an ‘academic tone’ • This doesn't mean using a thesaurus on every word - don’t be Joey! https://youtu.be/LcM4zWiikKQ Tone & Tense • Avoid writing the same way you would tell a story or a speech • E.g., over exaggerating, using filler words, too conversational Tense: • • Avoid flipping between first and third person Be mindful of when you're using present, past and future tense Rationale is three part: 1. 2. 3. Citations (Chicago) 17th edition Give credit to folks work Gives the reader an opportunity to validate claims Avoid plagiarism! Typically, a citation using Chicago looks like this: (Lastname year). ? (Crouse 2022). If there was a page number, it would change to: (Lastname year, page#). ? (Crouse 2022, 5). Key elements to proper citation: ? ? ? ? Citations (Chicago) 17th edition Last name Year Page number (if direct quote or paraphrase) Period outside the bracket Spice up the citation styles! Changing up your citation style can help with the flow of your paper. For example, rather than having your citation at the end of the sentence every time, it may flow better if you were to write.. Crouse (2022) states that “Sociology is the best!” (1). A link to the Chicago Manual of Style can be found here: ? https://www.chicagomanualofstyle.org/tools_citationguide/citation-guide2.html This same link is located in the course syllabus. Use this tool for formatting your citations and bibliography. Bibliography Page (Chicago) ? For your bibliography page, you want to have your title “Bibliography” centered and bolded - ? ? no underline! As well, you want to have a hanging indent for each of your sources. Be sure to have them in alphabetical order ? If you have two sources from the same author, put the earlier source first! *Information about what should be included (e.g., author, name of article, date, etc.) in each entry of your bibliography is found in the Chicago Manual of Style Example: Rationale is three part: 1. 2. 3. Citations (APA) Give credit to folks work Gives the reader an opportunity to validate claims Avoid plagiarism! Typically, a citation using apa looks like this: (Lastname, year). ? (Crouse, 2022). If there was a page number, it would change to (Crouse, 2022, p. 5). Key elements to proper citation: Citations (APA) ? ? ? ? ? Last name Comma Year Page number (if direct quote or paraphrase) Period outside the bracket Spice up the citation styles! Changing up your citation style can help with the flow of your paper. For example, rather than having your citation at the end of the sentence, it may flow better if you were to write.. Crouse (2022) states that “Sociology is the best!” (p. 1). Citations (APA) *odd cases When citing something someone has cited in their text… (Campbell, 2021, as cited in Crouse, 2022). In your references page you would only include the text you read, in this case the Crouse (2022) text. No page number? If you are pulling from a news website or something similar, you will need to use the paragraph number. Ex: (Crouse, 2022, para 6). Pulling from multiple pages (Crouse, 2022, pp. 5, 41) Two authors? Ex: (Crouse & Campbell, 20220). Three or more authors? (Crouse et al., 2022). Reference Page (APA) ? For your reference page, you want to have your title “References” centered and bolded - no underline! ? As well, you want to have a hanging indent for each of your sources. ? Be sure to have them in alphabetical order ? If you have two sources from the same author, put the earlier source first! Tricks of the Trade These are a few things I have learned during my undergrad degree as a first generation student. Some of these tips you may already know, but they may be entirely new to some folks! 1. When citing sources in your paper, it’s a good idea to vary how you introduce the citations. This doesn’t mean changing the actual citation format (like Chicago 17th Edition or APA), but rather switching between directly quoting, paraphrasing (putting the information in your own words), or summarizing the main points of the source. 2. Grammarly a. Free version! 3. Google Docs is a lifesaver; for example, it automatically saves your work, so you never have to worry about losing progress. a. It automatically saves your work every few seconds 4. Not sure about a sentence? a. Have your doc read it out loud to you b. Read to yourself, a friend, a pet 5. Google Scholar citations a. Example on next slide 6. Citation help/source organizer a. Zotero (also free) 7. To find double spaces between words, use command f and put in a double space. It will highlight any cases where you have double spaces 8. When downloading documents, pdfs keep the formatting whereas docs may Google Scholar Citations Step 1: Step 2: Looking to cite this book? Click here! Then, this screen will come up! Copy and past your selected citation style. *Be mindful that these citations are not always correct. Be sure to double check italics, year, and other info before submission Helpful Resources 1. 2. 3. Owl Purdue a. Has everything you could need for citations, formatting, headings, etc. (free) https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_formatting_and_style_guide/general_format.ht ml Zotero a. Free citation and source manager - can create your entire reference page in a few clicks! https://www.zotero.org/ Grammarly a. Free spell and grammar checker https://www.grammarly.com/ Paper Writing Checklist I have created a paper writing checklist for you to use to check over your paper before submission. This checklist includes the topics covered in this powerpoint. It will be uploaded to Brightspace. Final Essay Rubric 100% (Final Essay: 30% of the Total Course Grade) The final research paper is due on December 5th. The final essay for this course should be between 1500 and 2000 words, double-spaced, excluding citations and bibliography. Introduction (20 Points) The introduction should have an engaging, descriptive title that clearly conveys the paper's central argument or main research focus. This argument or thesis should be well-defined, specific, and thoughtfully presented, with a clear explanation of the motivation or reasoning behind it. The introduction should clearly outline the main ideas, showing how the argument will be developed throughout the paper. Concepts/theories (24 Points) The essay should include a section that demonstrates familiarity with key concepts and theories relevant to the topic, leading to a clear statement of your working hypothesis, supported by a justification based on these concepts. Evidence and Analysis (40 Points) Identify with clear presentation of the main points and analysis (indicating key concepts and crucial arguments, evaluating contending arguments, making your own argument, and providing supporting evidence and reasons for your argument). Note that you must examine contending positions and address those arguments that would challenge your own position. Paper is divided into main arguments with sub-topics and proceeds logically from one focused discussion to the next. Ideas and arguments work together as a unified whole. Conclusion (10 Points) The conclusion highlights the main results of your research and implications of your findings. Mechanics- Style and Referencing ( 6 points) Language is clearly organized. Correct word usage, punctuation, sentence structure, and grammar; correct citation of the source; minimal to no spelling errors. First-person voice is allowed where appropriate, especially when discussing personal insights, or motivations related to research. The writing style is concise and compliance with academic expectations. Correct citation of sources in Chicago Style (17th Edition), consistently applied throughout the paper. The bibliography consists of references including primary sources, secondary sources, and media sources. You may use Internet-based sources in addition to academic and course sources.. PLEASE NOTE: I DO NOT ACCEPT WIKIPEDIA AS A REFERENCE. If you like something on Wikipedia, go to the original source. Format (Sticking to the instructions of the assignment) Please adhere to the instructions, otherwise failing to do so can cause grade reduction or given an incomplete. Final Essay Total = 100 Points. Suggested Topics and Essay Questions for the Final Essay (SOCI 1005A) You may choose a topic and essay question from a list of suggested themes below or propose your own, with prior approval from me or one of the Teaching Assistants. 1. Choose a social issue that matters to you and imagine you are a researcher studying this issue. Which sociological theory (or theories) would you use to investigate it, and would you focus on a micro, meso, or macro level of analysis? Explain your choices and describe how you might share your research findings to reach others who care about this issue. 2. Sociologist George Ritzer identified four elements of "McDonaldization" that describe how fast-food principles shape various areas of society. Choose a different area of society (other than fast-food or education) and explain how these elements of McDonaldization apply to it. Provide examples to illustrate your analysis. 3. Discuss the argument that Indigenous families in Canada were “under attack” during the twentieth century. In your essay, examine the policies and actions that affected Indigenous communities during this period, and analyze their impact on family structures, cultural practices, and social well-being. 4. Is "race," along with the racism it fuels, simply a self-perpetuating cycle? What changes would be necessary for the social construct of race to become a thing of the past, something we only read about in history books? In your essay, explore the factors that sustain racial divisions and discuss possible pathways to overcoming them. 5. As a result of decades of scientific research, increased levels of education and ongoing learning, and the experience of living in a multi-cultural society, individual racist attitudes are rapidly declining and racism as a societal phenomenon is disappearing. Do you agree or disagree? In your essay, present your position and provide evidence to support it. 6. Research a historical example of systemic racism in Canada, such as the Komagata Maru incident, Japanese Canadian internment, the Chinese head tax, or Indigenous residential schools. Describe the instance, and then discuss its possible or evident effects on contemporary Canadian society. 7. Indigenous Canadians experience poorer health and shorter life expectancy compared to non-Indigenous Canadians. In your essay, explain the social factors that affect health and how they relate to the everyday experiences of Indigenous peoples. Use research to explore how issues like access to healthcare, social inequality, and historical factors contribute to these health disparities. 8. Is access to post-secondary education truly based on merit, or does it primarily serve as a way to reproduce existing social and cultural inequalities? In your essay, explore how factors such as socio-economic status, race, and cultural background might influence who gains admission to higher education and how this challenges the idea of meritocracy. 9. Is youth culture shaped more by self-expression or by consumption? In a society driven by consumerism, is it possible to maintain an "authentic" identity? Can individuals construct their identity through non-consumption practices, and if so, how? If not, why is that the case? 10. How do entertainment and news media shape children’s socialization of "good and evil"? In your essay, discuss how these portrayals influence children’s views on violence and whether they suggest that violence against the "bad guy" is justified. 11. How does data surveillance influence our relationships and interactions with others? Is there a chance that operations like Cambridge Analytica could happen again in the future? How might data surveillance affect democracy? 12. Considering the growing housing crisis in Canada, argue whether affordable housing should be considered a fundamental human right. In your essay, explore the social and economic consequences of unaffordable housing, and discuss how it exacerbates inequality. Support your argument with evidence on how access to affordable housing can protect individuals' human rights and well-being, contributing to a more equitable society. Paper Writing Checklist This paper writing checklist is a tool developed to help students improve their writing and formatting. This is an unofficial tool and is not required to be used. Rather, think of this checklist as an informal way of checking over your paper before submission. As well this checklist is based on APA guidelines. Do I have all the correct elements of formatting? All the same size font (12) Same colour text (black) Same font (ex: Times New Roman) Page number (be sure to change the font + size of page numbers) No extra spaces Between paragraphs or words I have used transition words All direct quotations and paraphrasing includes a page number My tone is ‘academic’ and avoids conversational elements I do not switch between tenses I introduce concepts before I build on them My paper is organized thematically and in an order that makes sense I do not rely on quotations for my argument. Instead, I am carefully building my arguments with quotations as supporting evidence I have answered all elements of the assignment I do not make grandiose overarching statements I have not made any unsupported claims I used plain and concise language to convey my ideas I cited all external information All sources I cited are in my references page I have included a references page that follows the guidelines in the PowerPoint I proofread my assignment I used Grammarly (yay!) I used topic sentences and concluding sentences Goodluck on your final assignments! As always, do not hesitate to reach out if you have any questions for your final paper. 

Description Assignment Instructions- Scenario: You are the manager of a U. S.-based company that is planning for a global expansion in the next 12 months. You have been asked to develop a global recruitment and retention plan to assist operations by explaining the challenges of recruitment and retention for a global workforce in Switzerland, Singapore, and Germany. Instructions: In a Word document, create your global recruitment and retention plan and address the following: Conduct research on the critical variables to consider when developing recruitment and retention strategies for each country. Summarize a recruitment strategy for each country. Determine a least one retention strategy for each country. Identify 1-2 differences for recruitment and retention between the three countries. Following University guidelines, provide attribution for credible sources used in the development of the global recruitment and retention plan. As always, please keep your audience in mind and use correct grammar and spelling. Resources FAQ: How do I find country reports and data? Need assistance with research? Ask a Librarian! APA Guide Grammarly provides immediate feedback to help you proofread your work. Use the Writing Lab for detailed feedback to help you fine-tune your work before you submit it for grading. Suggested Library Databases: AtoZ World Cultures (find country and cultural information) Business Source Complete via EBSCO (find articles) ProQuest One Business (find articles) Ebooks and Academic Ebooks via EBSCO (find articles) Please check the Course Calendar for specific due dates. The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below: Jstudent_exampleproblem_101504

Description The purpose of the Live Case Brief assignment is to demonstrate your ability to apply your Moral Compass and course tools to develop and justify an action plan to manage an ethical challenge. This assignment activates all five of the BLHV learning objectives. Your instructor will establish the protocols for your case in Week 4 or 5. You may be assigned a case or you may be able to choose a case. Your professor will provide specific criteria for choosing a recent case. You will conduct your own ethical analysis of a scenario and develop an action plan using the tools, methods, and frameworks from the course as well as your own independent inquiry and thought. You may consult any and all learning materials from the seminar and elsewhere; you may also consult and discuss the case with others. The written brief, however, must be entirely your own work. If you do consult other sources, you must credit and cite them properly in APA format. The case brief should be between 2,500 and 4,000 words, excluding the References and Title page. Step-by-Step Instructions Download and follow the Live Case Brief Template to prepare your Live Case Brief. Please do not turn in the template, but construct a fluid essay.Be sure to consult the Live Case Brief rubrics posted below. The prompts in each section will get you started but will not satisfy the full grading metrics. Write a fluid essay based on your draft on the Template, following the general order of the sections . You may use section headings as they are or write your own informative headings; however, be sure to address all points. References should go at the end, in APA style format. UNFORMATTED ATTACHMENT PREVIEW LIVE CASE TEMPLATE LIVE CASE BRIEF TEMPLATE Use the Live Case Brief Template to prepare your Live Case Brief. Be sure to consult the Live Case Brief rubrics posted in Canvas. The prompts in each section will get you started but will not satisfy the full grading metrics. Write a fluid essay based on your draft on the Template, following the general order of the sections. You may use section headings as they are or write your own informative headings; however, be sure to address all the points. References should go at the end, in APA style format. Essay should be between 2,500 and 4,000 words, excluding References and Title page. Upload your essay under the Live Case Brief assignment in Canvas. DUE DATE: Class 7, end of day. I. TITLE, SOURCE, AND ABSTRACT How will you identify this case? What key nouns and actions words will grab attention? What is the source of information about this case? Publication title, author, and date; personal observation or communication. “Big picture” interpretation of the case in a few sentences. Why is it important? Write here II. MORAL CHALLENGE “Big picture” interpretation of the case in a few sentences. How would you characterize the moral challenge of this case? Why is this case morally important? Write here III. KEY FACTS Your factual discovery of key events, actors, and evidence: What relevant events, people, and evidence are key to understanding the situation or problem? What contextual/ technical knowledge needs to be considered? How reliable are your sources for the facts of the case? Write here IV. ETHICAL ANALYSIS Your interpretation of the values conflict or moral challenge. • What is the main moral issue in this case? What is at stake? What is the moral urgency? (Uncertainty, risk, danger) • Who is the key moral actor in this case? Whose actions and decisions determine the moral resolution of this case? • What is your intuitive moral judgment of the issue? What foundational moral values are involved? (CARE, LIBERTY, FAIRNESS, LOYALTY, etc) • How do values and moral judgments conflict? Is it a right/right or right/wrong conflict? What type of right/right? • Is the moral issue with an action, the means of action, or the intent of an action? • What normative moral claims and standpoints of VIRTUE (character, common good), DUTY (principle, moral claims), and CONSEQUENCES (outcomes, harm, cost, benefit) should you consider in evaluating the moral challenge? • How would you apply the values and code of your wisdom tradition to understand and explain the moral issue? • How does the moral challenge align/conflict with the core values of your Wisdom Tradition and Moral Compass? Write here V. STAKEHOLDER ANALYSIS Your interpretation of stakeholder interests considering precedents, context, and evidence: • Who are the stakeholders (individuals, groups, or entities) whose values, moral claims, and duties constitute the moral challenge of the case? What values, Wisdom Traditions, and moral arguments support their claims? How valid and sound are those claims? • What competing or contested values, claims, or duties complicate this case? Which stakeholders have more urgent and compelling claims? Why? • What similar cases or situations are useful as analogues for evaluating this case? Write here VI. OPTION ANALYSIS Your interpretation of options. What are the feasible options for the key moral actor to consider in resolving the moral problem? On what grounds are they morally justified? Write here VII. DECISION Your action recommendation. Which option is the most ethical, and on what grounds? How does the action express/reflect your core values? Write here IX. SUMMARY ARGUMENT Your argument in brief: Explain the best decision option or action plan persuasively in 25-50 words. Write here X. FORMAT AND REFERENCES Your final document check: Is your Case Brief constructed in a fluent, coherent narrative following the order of the document template? Is your grammar, syntax, and spelling perfect? Are all your sources cited and listed as references in proper APA format? . 

Description The Case: Accounting for leases has undergone a significant change with FASB ASC 842, which now requires lessees to report an asset and liability for most operating leases on the balance sheet. This is a major shift from prior GAAP (SFAS No. 13), which only required an asset and liability for capital leases. Under the old standard, a company could have significant lease obligations that were "off-balance-sheet," making it difficult for stakeholders to see the full financial picture. The new standard aims to address this lack of transparency. The Dialogue Question: In the book of Luke, Jesus says, "For there is nothing hidden that will not be disclosed, and nothing concealed that will not be brought out into the open" (Luke 8:17). This principle of transparency and full disclosure is a spiritual truth that resonates deeply with the purpose of modern financial reporting. Considering the shift from SFAS No. 13 to FASB ASC 842, what is the conceptual framework rationale for bringing operating leases onto the balance sheet? In your answer, explain how the new standard aligns with the spiritual principle of transparency and disclosure by revealing the true nature of a company’s financial obligations. Please support your answer with at least two professional or academic references. Dialogue Post Week 8 The Case A corporation’s balance sheet typically subdivides owners' equity into several sections. These subdivisions, such as paid-in capital, retained earnings, and accumulated other comprehensive income, are not arbitrary; they provide crucial information to stakeholders about the sources of a company’s capital. The reasons for this detailed subdivision are rooted in legal, accounting, and other considerations. The Dialogue Question: As stewards of a company's financial information, accountants have a responsibility to provide clear and accurate reports to those who have entrusted their resources to the firm. This reflects a biblical principle of faithful stewardship, as seen in 1 Corinthians 4:2, which states, "Now it is required that those who have been given a trust must prove faithful." Explain the reasons for subdividing the amount of stockholders’ equity on the balance sheet, focusing on how this practice demonstrates faithful stewardship to stakeholders. In what ways does this practice help stakeholders understand a company's financial accountability? Please support your answer with at least two references. Note: For each discussion period, you are required to create four posts - 2 Original posts, 2 replies. (200 words or fewer each). Each post must include a minimum of two academic references

Description 7-2 Discussion: Comparing Decision-Making ModelsDiscussion Topic Available on Dec 6, 2025 11:59 PM. Submission restricted before availability starts. Possible Points: 50 Decision-making models are essential for making consistent and informed decisions. In this discussion, you will apply decision-making models to solve the organizational problem below. As an organizational consultant for SNHU Pet Supply Company, you need to recommend who should lead a new initiative to expand the company’s online presence. After interviews and discussions, two candidates have been shortlisted: Myra: Myra is a 15-year veteran with deep knowledge of the company’s products and culture. She has little experience in e-commerce but is a fast learner. Michael: Michael is a recent hire with an MBA and experience launching online businesses. He has no experience in pet supplies but is skilled in e-commerce technologies. In your initial post, address the following points: Compare two decision-making models from your course and explain how each could guide the hiring decision. Recommend the best decision-making model for this situation and justify your choice. 1 attachments Slide 1 of 1 attachment_1 attachment_1

Description The instruction is below and the doc is also below UNFORMATTED ATTACHMENT PREVIEW Case: Raising a Cleanbeebaby The students are required to answer the following questions based on the case analysis: 1. Who are CleanBeeBaby’s target customers, and what is the value proposition that CleanBeeBaby offers? What problem is Beall solving? 2. Why does it matter that smaller retailers are experiencing much higher sales on days when Beall visits? 3. Why, if CleanBeeBaby’s service is so excellent, aren’t others doing it? 4. Does franchising appear to be a good growth strategy for this business? Why or why not? 5. Of the many options available to Beall at the end of the case, which should she pursue in the short term? Why? How? 6. Is CleanBeeBaby the right name for the business? Note: 1. Begin by writing an overview of the case 2. Answer each question succinctly (number each question for clarification) 3. Check for proper grammar/errors 4. Minimum of 2 pages, not more than 3 Sitting in CleanBeeBaby’s brand new loft space in Venice, California, Jennifer Beall took a few minutes to pause and reflect on her company’s first few years of life. In 2010, her idea for a mobile stroller and car seat cleaning service won the top prize in her school’s MBA business plan competition, surprising many people. She also was surprised—shocked—to have won. “I was concerned,” she said, “that investors wouldn’t be excited about it, because most investors are not my customers.” More generally, the idea was one whose growth potential many had questioned. Drive a van fully stocked with cleaning supplies and equipment to places where moms can drop off dirty seats and strollers for one- or two-hour eco-friendly cleaning? Make it a different place each day? It was a concept that many deemed too simple and too insignificant to merit attention. When people discussed entrepreneurship, they sought growth and scalability. CleanBeeBaby seemed more mom-and-pop (or mom-and-poop) than gazelle. Now, more than three years after the company’s official launch and more than five years after she had begun work on the idea, Beall was looking at a company whose potential seemed huge. She had a van operating all day, every day, in Los Angeles—plus additional vans operating in Orange County and San Diego, California. She also had a courier service (pickup, cleaning, and delivery back) operating in New York City. She was overseeing a staff of 22 individuals, including five full-time employees. Stores like Nordstrom’s and Babies “R” Us had asked if she might work with them to provide in-store cleaning services for their customers. Hundreds of inquiries, both domestic and international, had come in from individuals seeking to franchise the operation. She couldn’t even keep pace with local demand, as the owners of boutiques in her existing cities wanted more van visits than a regular schedule could accommodate. And that was just the beginning. Beall was also receiving an increasing number of questions from retailers and parents seeking advice on safe cleaning supplies and related products. With so many questions coming at Beall from so many different directions, she was left to ponder an ageold parental question: How might she help her baby—CleanBeeBaby—grow up? An Idea is Born When Jennifer Beall steps in front of a group and shares the CleanBeeBaby story, she almost immediately explains that she does not yet have children of her own. She says it unapologetically and with a grin— knowing that her audience often presumes parenthood for those at the helm of baby businesses. In fact, it is the first indication that Beall has never been all that interested in building a small company. Raised in Austin, Texas, Beall attended Duke University and then the Kellogg School of Management at Northwestern University. Although she initially thought she would become an engineer, she ultimately chose to pursue a degree in mathematics. Thereafter, she accepted a position in management consulting. Eventually, she began working at Roll International, a privately held company with global holdings that include Fiji Water and its in-house consulting group, where she was employed. It was Roll that partially bankrolled her MBA degree and, thus, Roll to which she had to return upon graduating. Nonetheless, her graduate school focus involved entrepreneurship. I spent my entire first year of business school searching for a business idea, and I decided that my thesis would focus on helping improve work-life balance for busy mothers. I compiled 50 ideas into a spreadsheet. One idea was a clip that would attach a portable DVD player to your stroller or a restaurant table. (Of course, this was pre-iPad.) Another was a co-working space for new mothers, with daycare facilities located nearby. That way, you could work but still have access to breastfeeding every few hours. I spent my second year narrowing down the list. This idea about cleaning car seats quickly rose to the top because every mom we spoke to wanted it, and we couldn’t find anyone else who was doing it. That Beall was not a mom was, in her view, irrelevant to the underlying inspiration or the business itself. What mattered was that she might someday want the sort of work-life balance that she did not see those around her finding. At her first management consulting job, for example, Beall noticed that her female colleagues often tried to start a family and make partner simultaneously; she also observed that, ultimately, none had chosen to stay on the partner track. I thought to myself, “I want to have a career and a family. Maybe this isn’t the right career for me.” I started paying attention to the blogs and magazines. I decided I needed to figure out the macro trend. Millennials care about work-life balance in their 20s. They want to work at Google so they can play ping pong. I decided, “I think this issue is going to balloon for them.” Beall’s belief in this insight guided her MBA choices. She recruited more than 40 classmates across five or six different classes, allowing their project work to explore various aspects of her idea—either directly or indirectly. I took a market research class where we surveyed over 1,500 parents nationwide. I took an entrepreneurial finance class, a business law class, and a service operations class. I took service in marketing. And I took a class called “New Venture Formation.” All of the classes were useful—even when they didn’t allow us to work on our own business ideas. In my service operations class, for example, I had my team do a Stanley Steemer project. We visited their vans and trucks, learning how a mobile business operates and how they function as part of a franchise system—everything built upon itself. As a student, I could get anyone’s time. A buyer at Target might give me a half-hour interview when I was in school; out of school, I’d have trouble reaching that same person. Concerns about potential competitors ran a distant second to fact-finding for Beall, who shared her concept with anyone she hoped might offer insight. She observed, with a laugh, “I’ve never been worried about people copying my idea because, as they tell us in business school, ideas are worth nothing. Additionally, no serious businessperson was attacking this as a big opportunity. Nobody else was passionate about cleaning baby poop the way I was!” Beall believed that her business plan competition victory was driven less by the idea itself than by the depth and breadth of the research she had completed. The win secured her sufficient credibility to raise, in 2010, a first round of funding—a friends and family round that provided $80,000 in convertible debt. Despite those funds, she was committed to returning to the employer who had supported her degree. Cleaning Up by Getting One’s Hands Dirty Upon receiving her MBA, Beall returned to Roll, where she continued her full-time job as a consultant for 18 months. At the same time, “flying under the radar,” she began to pursue the launch of her own company proactively. Many work days ended at 3 a.m., a schedule that took a toll on her energy and her relationships (“my boyfriend dumped me”). Those costs aside, her entrepreneurial efforts began paying off quickly and quite literally. She used the seed funds to purchase a van, initial supplies, and the necessary equipment to start a Los Angeles operation. Within four months of hitting the road, her business was cash flow positive. In school, we tried to figure out where moms would want to use this service—at the park, at the grocery store, at the baby stores, at the car wash. Where? It turned out that not all of these places were good. We tried parks, for example, and kept getting kicked out—no permits, no generators for things like a vacuum. So, I got in my car and drove to 10 baby stores, asking, ‘Can I do free cleanings here?’ Everyone said yes. That’s how we got started. It cost me the cost of providing the cleaners, but nothing else. And they promoted the heck out of it—social media, whatever. The goal was to go viral, meaning people would forward it to their friends. We had long waitlists from those events. Over time, retailers began telling us that their daily revenues increased on days when we were present. Beall started realizing that the value of her service was so great to retailers, who told her their sales tripled or quadrupled on days when she visited, that she did not need to pay them for “placement.” With this insight in hand, she began to barter for free space at baby expos and trade shows. The event organizer would get more sales, while CleanBeeBaby would get free marketing to a large group of prospective and targeted customers. She would also trade free cleaning services for attention from mommy bloggers. She observed, “The few times I’ve spent money on marketing, I’ve felt that I’ve not gotten my money’s worth.” In addition to bartering for space, she eliminated what would otherwise be the second-largest cost for her company (after labor) by convincing cleaning product manufacturers to sponsor CleanBeeBaby. At different points in time, both BabyGanics and The Honest Company provided free cleaning supplies to Beall, which helped them market their own products. By July 2012, when Beall felt ready to leave the safety net of her “regular” day job, she also began noticing some of the challenges of growth. Among her discoveries: in the same way that her classmates had little passion for baby poop, those cleaning it (and other baby-related “stuff”) weren’t all that passionate either. They also didn’t love having to drive to a different location every day. Good and committed cleaning technicians were challenging to find—and, in the early days, almost impossible to retain. Beall spent four months driving her own van, cleaning a seemingly endless supply of seats and strollers, and meeting her customers. At the same time, she attempted to expand the business beyond its initial launch location. When Beall started the New York branch, she initially did it without local staff—instead moving there for a summer to build the business herself. Launching in New York was a twofold challenge, in that, in addition to expanding, I had to figure out the operational aspects. How does it work in bad weather? When is there no space in retail stores? When are there no parking spaces available for a van? It is the second biggest market, but you need your own space in Midtown. We now have a courier who makes pickups from retailers between 10:00 and 11:00 each morning, dropping off for customer pick-up by 6:00 p.m. In the fall of 2013, after returning to Los Angeles from New York, Beall turned her attention to developing systems for more effective hiring and retention. She brought on a senior director of operations, a regional manager for Southern California, and two full-time field supervisors. She brought in part-time consultants to serve as CFO and to provide marketing support. She also began to be more proactive about hiring for fit—working closely with her senior managers to identify and carefully train a large team of technicians who were likely to remain with the company for the long term. Freed by her senior staff to turn away from the minutiae and focus on higher-level strategy, she began exploring her options. As a first step, she started conducting extensive research on whether and how CleanBeeBaby might be turned into a franchise operation. Beall had long believed that there might be a massive upside in franchising; residential cleaning franchisor Merry Maids had 1,432 operating units globally (2014 data), for example, while Molly Maids had 632 (2010 data). When she factored in the numerous unsolicited inquiries she received from prospective franchisees worldwide, her confidence increased. She initiated the legal paperwork and process to become a franchisor. On the heels of taking this step, she closed an angel funding round for $500,000 (with an expressed investor interest in a subsequent investment for the same amount). She also began to pursue work with Nordstrom after a buyer contacted her to explore the possibility of a partnership on an in-store promotion. They proposed, specifically, a test in which they would offer a fixed number of complimentary cleanings with the purchase of strollers. In October, the pilot program ran successfully in three branches of Southern California. Four additional events took place in May 2014. On the heels of this second success, Nordstrom asked Beall to scale her efforts to encompass 17 stores in Southern California. They also expressed a desire, over the longer term, to expand the program nationally. In parallel with this, Beall began communicating with Babies “R” Us about other in-store concepts. Decisions, Decisions As the summer of 2014 drew to a close, Beall found herself confronted with several significant growth options. Which to choose and how to prioritize those options were foremost in her mind, always to retain her own work-life balance. Her vision clearly included the formal establishment of a franchise offering. However, creating that offer involved numerous executional decisions. How much should they charge? What sort of person constituted a high-potential franchisee? Should she start by pursuing the hundreds of unsolicited franchisee inquiries already received, or by targeting marketing to candidates? Which geographic regions, if any, should she choose to assign to franchisees? Which might she keep corporateowned? How should those locations be selected? She hoped to sell two or three franchises by the end of 2014—and to have between 10 and 15 by the end of 2015. Not content to stop there, she wondered how she might develop other revenue streams to make the business more robust and sustainable. She had begun, in Los Angeles, experimenting with stroller repair as well as cleaning; she had also started to clean other items. Maybe it was time to launch her own cleaning product line—one that was eco-friendly and organic like the others, but whose profits would fuel her own business. If not that, or maybe at the same time, her growing profile as a baby expert (she had received significant press coverage in outlets such as Entrepreneur magazine and MSNBC) suggested that she might be able to start charging for items previously secured through barter—including long-term product sponsorships and retail relationships. She began to wonder, for example, if she could stop providing her services to boutiques for free and instead request a commission on sales achieved on CleanBeeBaby days. For retailers like Nordstrom and Babies “R” Us, she wondered if she should start exploring the possibility of dedicated in-store service centers. She also asked if her email list, now comprising many thousands of people, could be used to advertise others’ products. Beall commented, What I’d really like, at some point, is to be the Geek Squad of the baby industry. In the same way that the Geek Squad spends time solving all sorts of technology problems, which include both mobile and in-store components, we could be the go-to source for parents—offering car seats, strollers, cleaning products, and other essentials as well. That’s where I’d like to head. Tending to a Growing (CleanBee)Baby As much as Beall could envision a promising CleanBeeBaby future and felt ready to get there immediately, she also recognized that a misstep in the present could derail her plans. And CleanBeeBaby’s present—as a very active, very young company—required a great deal of founder attention. Requests for appointments and cleaning advice, as well as reports from the field, seemed to arrive on her cell phone every few minutes. She was also kept occupied by her legal team, which was hard at work on the franchising opportunity, as well as managing her team and ongoing business operations. A few minutes of pause and reflection were all that Beall would allow herself in the midst of yet another crowded day. Her phone buzzed, bringing her back to reality. It was a cleaning technician in New York texting her that a vacuum had broken. As she reached to text back, a mom walked in the door to drop off a baby seat. That week, Beall had started offering drop-off cleanings at the new Los Angeles headquarters. Through the door of her office, Beall waved to the customer, shouting, “Just leave your seat on the table. We’ll get to it right away!” Epilogue When we left Jennifer Beall Saxton in 2014, she had hopes of selling 2 to 3 franchises that year and 15 by the end of 2015. At that time, she had also rebranded the company as Tot Squad, a more marketingfriendly name. As it turned out, Saxton didn’t begin offering franchise licenses until 2015. As of 2018, she had three company-owned stores and one franchise in Washington, D.C. She has also established partnerships with buy BABY, Whole Foods, and Babies “R” Us to provide services in their locations. Her dream of becoming the Geek Squad of the baby industry seems to be stalled. Tot Squad is not listed among the Top 500 franchises as reported by Entrepreneur Magazine. In fact, the 500th franchise is Air Serv LLC, which has 168 U.S. franchises and 19 outside the U.S. Clearly, Tot Squad has a way to go

Description Hi can you knock this out today :) 1 attachments Slide 1 of 1 attachment_1 attachment_1 UNFORMATTED ATTACHMENT PREVIEW Leadership in Diverse and Multicultural Organizations Summative Assessment: Outline & Rubric Summative Assessment Outline Global Cultures Case Analysis Competency Name: Leadership in Diverse and Multicultural Organizations Competency Statement: Demonstrate an understanding of leadership in the context of diverse and multicultural organizations. Summative Assessment Submission Title: Global Cultures Case Analysis Competency Objectives: 1. Examine the importance and impact of diversity in organizations with multicultural locations including employees, suppliers and/or customers. 2. Compare and contrast the similarities and differences among global cultures. 3. Understand the importance of cultural intelligence (CQ) to leadership effectiveness. 4. Develop an understanding of leadership best practices in diverse and multicultural organizations. Program Learning Outcomes: PLO 3 - Global: Apply cultural differences, diversity issues, and business functions and processes, in domestic and global settings. Institutional Learning Outcomes: ILO 4 - Global Cultures: Explain the relationship between a global issue and the history, values, politics, economy, communication styles, or beliefs and practices of one or more cultures affected by that issue. Purpose of this Assessment Your organization is considering opening a facility in another country. For this assignment, you will choose a country, analyze the culture of that country, and assess how the country’s beliefs, values and norms will impact operating a facility. You will demonstrate your ability to use the tools and resources identified in this competency as well as additional scholarly resources. Items Required for Submission The item required for submission is a five – six page, double-spaced paper (excluding title page and references). APA style is required. Step ONE: Preparation ? As part of a team examining the feasibility of opening an international facility for your organization, you have been asked to research and analyze the culture of a specific country to prepare a report that describes shared beliefs, values and norms, and assesses their implications Final Assessment: Outline and Rubric 1 Leadership in Diverse and Multicultural Organizations Summative Assessment: Outline & Rubric for locating a facility in that country. Because your organization is considering several different regions of the world, select one of the following countries to research: Brazil China El Salvador ? ? Ghana India Malaysia Mexico Philippines Poland South Korea Spain Turkey Using three or more scholarly sources, in addition to the Hofstede website, research the culture of the selected country to identify significant cultural beliefs, values and norms. Apply Hofstede’s four, out of six, cultural dimensions to your selected country. You can research this information using The Hofstede Insights Country Comparison Tool. Step TWO: Complete Written Report The written report must include the following information: ? Explain why understanding cultural differences in the global economy is an important issue for businesses today. ? Identify a minimum of four significant cultural beliefs, values and norms for a selected country. ? Compare and contrast the selected country with the United States based on Hofstede’s four, out of six, cultural dimensions of individualism versus collectivism, power distance, uncertainty avoidance, and masculinity versus femininity. ? Assess the advantages and challenges of opening a facility in the selected country. ? Integrate and synthesize data from multiple sources and be sure to cite the sources. ? Demonstrate an understanding of cultural intelligence (CQ). Recommend two strategies to enhance the cultural intelligence of U.S. leaders who manage the facilities in this country. Include, in the evidence, managers’ attitudes that are open to perspectives, values, beliefs and norms different from those identified in Hofstede’s framework. ? Use three or more scholarly references (preferably peer-reviewed journals from UMass Global’s virtual library), competency readings and The Hofstede Insights website. ? Include citations, use correct spelling, grammar and punctuation, and adhere to APA standards. Step Three: Complete Checklist for Submission Before you submit your work, check to see if you have met the criteria noted below. Did you: Explain why understanding cultural differences in the global economy is an important issue for businesses today. Final Assessment: Outline and Rubric 2 Leadership in Diverse and Multicultural Organizations Summative Assessment: Outline & Rubric Demonstrate accurate understanding of the similarities and differences between/among members of more than one culture in relation to history, values, politics, economy, communications styles, or beliefs and practices? Consistently demonstrate the ability to integrate divergent facts and data from multiple sources? Comprehensively discuss significant cultural beliefs, values and norms in the selected country? Use Hofstede’s cultural dimensions to compare and contrast the selected country and the United States? Accurately assess the advantages and challenges of opening a facility in the selected country? Demonstrate the importance of cultural intelligence, especially in regard to the roles of U.S. leaders managing facilities in the selected country? Use three or more scholarly sources, competency readings and The Hofstede Center to support your case analysis? Check that your paper is logical, well-written, and the required length? Check spelling, grammar and punctuation, APA formatting standards, and citations and reference page? Step FIVE: Submit Your Work ? Your completed files should be submitted through the Final Assessment page of your competency. Scoring Rubric for Final Assessment Criterion ILO - Global Issue ILO Knowledge EMERGING (1) Demonstrates no greater than surface understanding of a global issue. Demonstrates surface understanding of the similarities and differences between/among members of more than one culture in relation to Final Assessment: Outline and Rubric DEVELOPING (2) Demonstrates partial understanding of a global issue. PROFICIENT (3) Demonstrates adequate understanding of a global issue. EXEMPLARY (4) Demonstrates accurate understanding of a global issue. Demonstrates partial understanding of the similarities and differences between/among members of more than one culture in Demonstrates adequate understanding of the similarities and differences between/amo ng members of more than one culture in Demonstrates accurate understanding of the similarities and differences between/among members of more than one culture in relation to history, values, politics, 3 Leadership in Diverse and Multicultural Organizations Summative Assessment: Outline & Rubric Criterion ILO - Synthesis ILO - Cultural Intelligence PLO - Cultural Beliefs, Values and Norms PLO – Cultural Dimensions EMERGING (1) history, values, politics, economy, communications styles, or beliefs and practices. Demonstrates a lack of ability to integrate divergent facts and data from multiple sources. Does not demonstrate an understanding of the importance of cultural intelligence in leadership roles. Does not include any strategies to enhance cultural intelligence of U.S. leaders in the selected country. Limited, if any, identification of significant cultural beliefs, values and norms in the selected country. May not use or apply Hofstede’s cultural dimensions correctly to compare and contrast the selected country and the United States. Final Assessment: Outline and Rubric DEVELOPING (2) relation to history, values, politics, economy, communications styles, or beliefs and practices. Demonstrates a partial ability to integrate divergent facts and data from multiple sources. PROFICIENT (3) relation to history, values, politics, economy, communications styles, or beliefs and practices. Demonstrates an adequate ability to integrate divergent facts and data from multiple sources. EXEMPLARY (4) economy, communications styles, or beliefs and practices. Consistently demonstrates the ability to integrate divergent facts and data from multiple sources Demonstrates a Demonstrates an Comprehensively partial adequate demonstrates an understanding of understanding of understanding of the importance of the importance of the importance of cultural intelligence cultural intelligence cultural intelligence in leadership roles. in leadership roles. in leadership roles. Includes only 1 Includes 2 Includes 2 or more strategy to enhance strategies to strategies to cultural intelligence enhance cultural enhance cultural of U.S. leaders in intelligence of U.S. intelligence of U.S. the selected leaders in the leaders in the country. selected country. selected country. Identifies some Fairly Comprehensively cultural beliefs, comprehensively discusses significant values and norms in discusses significant cultural beliefs, the selected values and norms in cultural beliefs, country which may values and the selected or may not be country. norms in the significant. selected country. Using Hofstede’s Using Hofstede’s Using Hofstede’s cultural cultural cultural dimensions, dimensions, dimensions, compares and compares and compares and contrasts the contrasts the contrasts the selected selected selected country and the country and the country and the United United States. United States. Four More than four States, although 4 Leadership in Diverse and Multicultural Organizations Summative Assessment: Outline & Rubric Criterion EMERGING (1) DEVELOPING (2) the analysis may be superficial or incorrect. Three or less dimensions are compared and contrasted. PROFICIENT (3) dimensions are compared and contrasted. EXEMPLARY (4) dimensions are compared and contrasted. PLO – Facility Advantages and Challenges Limited, if any assessment of the advantages and challenges of opening a facility in the selected country. Somewhat assesses the advantages and challenges of opening a facility in the selected country. Fairly accurately assesses the advantages and challenges of opening a facility in the selected country. Accurately assesses the advantages and challenges of opening a facility in the selected country. Writing Mechanics The paper lacks clarity and may be confusing; too long or short. Numerous errors in spelling, grammar and/or punctuation. Uses two or fewer sources to support case analysis. Limited if any adherence to APA standards. The paper is logical, well-written, and the required length. There may be one or two minor errors in spelling, grammar and/or punctuation. Uses two or three scholarly sources, competency readings and the Hofstede Center to support case analysis. APA formatting standards are followed with a few minor errors. The paper is logical, well written, and the required length. Spelling, grammar and punctuation are accurate. References and APA Standards The paper is somewhat logical and well-written; too long or short. Some errors in spelling, grammar and/or punctuation. Uses two or three sources, competency readings, and the Hofstede Center to support case analysis. APA standards are somewhat followed but with numerous errors. Final Assessment: Outline and Rubric Uses three or more scholarly sources, competency readings and The Hofstede Center to support case analysis. APA formatting standards are followed; citations and reference page are correct. 5 

Description UNFORMATTED ATTACHMENT PREVIEW Strategic Financial Analysis & Modeling Section: Valuation Workbook 11: Equity Valuation Sheet: ENTER SFAM ID 25S. Enter your SFAM ID (For CUNY enter your Employee Code) Warning: If you change your SFAM ID after you have begun working on the Workbook you will alter the randomization. As a result your answers will be wrong. © All rights reserved, 2019, Marianne Wolk & Richard Horwitz u will alter the randomization. Strategic Financial Analysis & Modeling © All rights reserved, 2019, Marianne Wolk & Richard Horwitz Section: Valuation Workbook 11: Equity Valuation Sheet: INTRO Valuation SHEET ROADMAP The material through Row 290 is a tutorial that will not contribute to your grade. The Homework starting in Row 292 is Required. Valuation is Not a Single Process or Technique, but Rather a Broad and Evolving Part of Economic Theory Core Competencies Used in Modeling and Forecasting are Essential to Performing Valuations This Workbook focuses on valuating a company as a whole (commonly refered to as the 'firm') and/or its Equity. This is distinguished from the exercises in Workbook 7 (where we valued a capital project for example), although the logic is quite similar. Valuation requires a strong understanding of Accounting, Corporate Finance and Portfolio Theory. EXHIBIT: VALUATION BUILDS UPON THE WORK PERFORMED IN FINANCIAL STATEMENT ANALYSIS, MODELING AND FORECASTING Risk Valuation Modeling Financial Statement Analysis Strategy Forecasting Data Analysis Data Integrity Source: Marianne Wolk & Richard Horwitz In Accounting classes, students learn that value is based on the lower of historical cost or market (current price) of an asset. In Corporate Finance classes, students learn that firm value rises by changing investment, financing and dividend levels. In Investments or Portfolio Theory, value is determined by how the company deploys and seeks returns from invested capital. Invested Capital is defined in Row 267 below. This requires understanding how value has been created prior to the valuation date (from existing assets) and an understanding of how value will be created in the future (from expected growth in, and future investments of, capital). The Goal of Financial Analysis is to Make a Decision Financial analysis is conducted for a variety of reasons but always performed to support a decision. In Balance Sheet (Workbook 5), we examined a variety of performance ratios used to determine whether to invest in, or expand, a business. Businesses rely on performance measures such as Economic Value Added (EVA) which explores whether the Return on Invested Capital (ROIC) is greater than the business's Weighted Average Cost of Capital (WACC). In Developing a Model (Workbook 7), we included several capital budgeting examples to support an operating decision. The critical measure for decision-making is cash flow and we utilized an Internal Rate of Return (IRR) and a Net Present Value (NPV) to make decisions. In Strategic Forecasting Strategic Forecasting (Workbook 9), we looked at financial decisions companies make to invest and support individual businesses. The critical measures for decision-making were growth, profitability and competitiveness. In Fixed Income Valuation (Workbook 13), we look at financial decisions to effect risk management. The critical measure for decision-making is the assessment of risk. Other financial decisions, not explored in this course, include Corporate Finance, determining the appropriate capital structure of an organization, and managing tax obligations. In this Workbook, we will describe valuations performed to drive a financial investment decision, particularly equities, although there is a wide array of purposes for financial valuations detailed below. The critical measure for financial investment decision-making is 'valuation'. Valuation requires determining 'fair value' for the investment target (a measure of the asset's worth), and whether the market value (it's price) is considered cheap or expensive relative to the determination of fair value. Valuation may be performed to determine whether to purchase equities, debt or physical assets such as a home, a manufacturing plant or a piece of equipment. Valuation may also be performed to determine whether to construct a facility, start a business or acquire a business (discussed in detail in Mergers & Acquisitions (Workbook 12)). Valuation is performed for a variety of purposes and each may necessitate a different approach. EXHIBIT: VALUATION IS ACTUALLY A DIVERSE FIELD Purpose of Valuation Explanation Investment Investment valuations may be of individual companies or portfolios of companies by individual investors, financial analysts and/or professional money managers. Business Sales / Restructuring Evaluations for business sales or restructuring often involve the use of independent valuation firms such as Duff & Phelps. Mergers and Acquisitions This may rely on internal valuations by the buyer and seller, investment banking valuations and/or independent valuations. Derivative or Equity Awards Share-based compensation (e.g., restricted stock) and/or derivatives are often valued by independent experts. Others may use option pricing models to value assets that share those characteristics. Credit Worthiness Lenders may value businesses before setting terms and finalizing loan agreements. Litigation This can vary from expert testimony regarding derivatives or other complex assets in dispute. Goodwill and Intangibles Intangible Assets (e.g., intellectual property) and Goodwill are often valued as part of a transaction (afterward, if impaired). Source: Marianne Wolk & Richard Horwitz Economic Theory of Investment Valuation Theory Posits Stock Markets are Efficient, Rationally Reflecting All Available Information The Random Walk Theory states past performance cannot be used to predict future performance because in the future prices will also follow a random and unpredictable path. Assuming randomness in price changes is not the same as assuming price levels are irrational. Under the Random Walk Theory, the expected return is zero and there is no possibility of outperformance. The Efficient Market Hypothesis is an alternative model of markets described by Nobel Prize winner, Eugene Fama in the 1970s. The Efficient Market Hypothesis asserts that asset prices reflect all available information. Self-interested traders seek out new information and, as they buy and sell on the information, the market becomes more efficient. If there is a signal (new information) that future market prices will be higher (lower), competitive traders would buy on that signal and in doing so bid prices up or down to reflect the information in the signal. Essentially, the competition among financial analysts, investors, money managers, etc. leads to market efficiency. According to theory, in a perfectly Efficient Market the market price is the fair value of the asset. The key requirements of "informational efficiency" are: competition, low costs of information and liquidity (the ability to buy or sell). According to the theory, analyses never produce consistent excess returns on a risk-adjusted basis. In other words, outperforming the market would require taking on incremental risk, i.e., the excess return is expected as compensation for incremental risk. Fama, Eugene F. (1970). "Efficient Capital Markets: A Review of Theory and Empirical Work." Journal of Finance . Under perfect competition (an 'ideal'), the Efficient Market Hypothesis is consistent with the Random Walk Theory. In his seminal work, Fama indicated 'efficiency, like all perfect-competition supply-and-demand economics, is an ideal, which real-world markets can only approach.' With perfect competition markets reflect all available information and can only respond to new signals. New information by definition is unpredictable so of course price changes following the information are random and unpredictable. As new information is disseminated and rapidly becomes known, the Efficient Market Hypothesis dictates it is quickly absorbed by the market and reflected in prices. Thus, under this 'ideal' circumstance, the Efficient Market Hypothesis is consistent with the Random Walk Theory. Even in a perfectly Efficient Market there is a role for valuation and investment management. These relate, in good part, to the fact that all investors do not interpret information the same way; they have biases. - managing firm-specific risks with a diversified portfolio - managing tax considerations that will vary from individual to individual - managing the individual's risk profile - biases in how different investors evaluate efficiency, i.e., what is efficient to most investors may be a sizable investment opportunity to others (1) High frequency trading (2) High magnitude trading, as an individual might not consider a tenth of a basis point investible but a portfolio manager with a $5 billion fund might Investors Employ Valuation Techniques because Market Inefficiencies Exist Based on the Efficient Market Hypothesis, stock prices should trade at fair value and would never be over- or under-valued. Yet, market anomalies or price inefficiencies do exist. Thus, valuation is conducted for the market as a whole, individual stocks and/or bonds and other assets. Yet, investors have been able to beat the market or the average annual returns of other investors for a period of time —but it is by no means easy. Bill Miller, the portfolio of Legg Mason's Value Trust, outperformed the S&P 500 every year for 15 years until his streak ended in 2005. He was touted as one of the greatest living investment managers of the era. The next three years underperformance erased those gains relative to the market and the $70 billion fund lost two-thirds of its value, but rebounded dramatically in the following two years. Bill Miller launched his Miller Opportunity Trust (LGOAX) in 2009 and once again ranked in the top 1% of money managers for the last 1, 3 and 10 years. Warren Buffet and Berkshire Hathaway (BRK) had a 20+ year return of 20.5% but has not overperformed the S&P 500 for the last 10 years. Renaissance Technologies, a hedge fund using quantitative trading models run by James Simons (an award-winning mathematician), has reported the best record in investing history. It's Medallion fund averaged a 71.8% return (before fees) from 1994-mid-2014; further performance data has been unavailable since it eliminated outside investors. Zuckerman, Gregory. (2019). "The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution ." Portfolio Bernard Madoff claimed consistent 10%+ returns for more than 10 years, but was proven to be a fraud in 2008. Investors and Economists Dispute the Efficient Market Hypothesis for Several Reasons There are many explanations for the anomalies in market pricing relative to the Efficient Market Hypothesis. (1)The Efficient Market Hypothesis is a model of ideal informational efficiency. The market is not perfect; it is not 100% efficient 100% of the time. As new information emerges there may be windows of time before trading opportunities compete information away. The Efficient Market Hypothesis does not define the timeframe required for prices to conform to fair value. (2) Other economists attribute anomalies to behavioral factors such as: overconfidence, overreaction and bias, i.e., human inefficiencies in processing available information. These theories are explored in advanced Economic classes at your university. (3) Using the same available information, investors may arrive at a different view of fair value; it is a subjective figure. Investment style could mean one investor chooses to buy, for example, paying a premium for growth, while another chooses to sell. (4) Anomalies in market behavior may stem from the failure of the market models to represent a perfectly efficient market. There have been many empirical analyses that have found anomalies that reject the Efficient Market Hypothesis. Examples of anomalies that appear to contradict the Efficient Market Hypothesis include: - P/E effect, where lower P/E stocks have shown higher risk-adjusted returns than higher P/E stocks - Small firm effect, where smaller capitalization stocks outperformed the market even when risk-adjusted (Economists have explained some of the out-performance of smaller and neglected stocks due to liquidity.) - Book to Market effect, where companies with high book to market ratios (low Price/Book) outperform - Momentum effect, where stocks sustain a period of over- or under-performance Many of these anomalies have emerged for a period of time and then dissipated or vanished. While these anomalies present challenges to the Efficient Market Hypothesis, they may also be attributed to failures of the models utilized to assess asset valuation. In particular, these models may be questioned as to their accuracy in assessing risk. The elements used by market models may not appropriately match the ideals set by the Efficient Market Hypothesis. The 'market' used to define the risk premium is a theoretical value and not a purchasable asset. (Most analyses substitute the S&P 500.) Similarly, the risk-free rate (detailed below) may not function in the way the model suggests as it could vary during the actual holding period. Beta (?) estimates may also be imprecise. Valuation is an Evolving Science Capital Asset Pricing Model (CAPM) Since the 1960s asset pricing has relied on the Capital Asset Pricing Model (CAPM), described by William Sharpe (1990 winner of the Noble Prize in Economics) and John Lintner. It is still widely used to estimate the cost of capital for firms and evaluate portfolio performance and taught in investment courses. CAPM describes the relationship between the return of a stock and the return of the market relative to the 'risk-free rate'. The 'risk-free rate' is a concept used to describe the return you can expect with certainty. In most analyses, the 'risk-free rate' or R f is measured by the return on Treasury bills. The expected return of the market is symbolized by RM. The average return of the S&P 500 from 1956 (when the 500 company index was formed) to 2019 was about 8% (adjusted for inflation). The Market Risk Premium (also known as Equity Risk Premium) describes the excess return the stock market earns relative to the risk-free rate. In plain language, the Market Risk Premium is the additional return to equity investors to compensate for the greater risk relative to the guaranteed return of the risk-free rate (a government-backed Treasury bill). Market Risk Premium = RM - R f. The Market Risk Premium has averaged between 5.3% - 5.7% for the past 10 years (Statista). However, as the EXHIBIT below demonstrates, the Market Risk Premium has been very volatile, swinging wildly from period to period. 'In 2018, the equity premium between 2008 and 2018 was 10.15%. This is up dramatically from the low of -8.22% in 1999/2009 and ended a dramatic decline from 8.87% in 1990/2000. The equity premium has passed through 10-year cycles during the twenty-first century because the stock market has passed through 10-year cycles. EXHIBIT: TEN YEAR AVERAGE EQUITY RISK PREMIUM Source: Global Financial Data, Taylor Bryan. (February 5, 2020) 300 Years of the Equity-Risk Premium. Global Financial Data, February 5, 2020 https://www.globalfinancialdata.com/300-years-of-the-equity-risk-premium/ CAPM uses Beta (?), to describe the returns of an individual stock (Ri ) or a portfolio. Individual equities are expected to generate returns commensurate with their risk relative to the market. According to CAPM, a riskier equity will generate a greater return than the Market Risk Premium, and a less risky equity is expected to generate a lower return than the Market Risk Premium. Beta (?) describes the systemic risk of a stock, it's volatility relative to the market's returns. Beta (?) represents the equity's correlation to the market. A Beta of one (? = 1.0) indicates the equity is equally as volatile as the market overall. When Beta is more than one (? > 1.0) the equity is more sensitive to market moves. If the market's value moves by a certain amount, a stock with a beta greater than one has historically moved more than the market overall. Conversely, a stock with a beta less than one (? < 1.0) has historically moved less than the market. CAPM describes the expected return of an equity or asset given it's relative risk: Ri = Rf + ? (RM - Rf) This model rests on the assumptions of the Efficient Market Hypothesis (EMH) discussed previously, specifically: - markets are competitive and efficient - markets are comprised of risk-averse investors - security risk premiums (expected excess returns) will be proportional to Beta - investors are rational (absent the behavioral factors detailed earlier) For a mispriced stock, alpha (?) represents the excess return over fair value. Alpha (?) is the excess return due to the firm-specific or idiosyncratic risk not described by the market. If alpha is equal to zero (?=0), there is no reward for bearing the firm's specific, idiosyncratic risk. A negative alpha (? < 0) indicates that, even if you made money, you would have done better investing an index fund to match the market's return. The expected return of a mispriced stock (R i): Ri = ? + Rf + ? (RM - Rf) Newer, Multi-Factor Models Provide Better Explanations for Valuation Anomalies Models incorporating several systemic factors may provide a better explanation of returns. Newer valuation models look to capture the variance in asset valuations due to capitalization and liquidity (anomalies noted previously relative to the Efficient Market Hypothesis). The assumption is that these variables capture the systemic risk not explained by Beta. In the 1990s, seminal research by Nobel Prize winner Eugene Fama concluded book values (Equity) were the primary drivers of valuation. Using monthly data from 1963 through 1990 the research determined that the higher the book to price ratio the higher the return. The analysis also found the impact of book value to be more powerful than the size effect (market capitalization). The average return of low P/E stocks has been higher than expected based on betas. As you recall, we discussed that book value (equity) was also frequently used to predict returns as detailed in our discussion of the the DuPont Analysis in Balance Sheet (Workbook 5). The three-factor model incorporating factors for firm size and book/price is: Ri = ? + Rf + ? (RM - Rf) + bs * SMB + bv * HML Here, SMB represents Small - Big Market Capitalization and HML represents High - Low book-to-market ratios. In the Fama-French Three-Factor Model, Beta no longer explains risk related to firm size or book/market value which are now explicitly measured. EXHIBIT: 1963-1990 RELATIONSHIP BETWEEN STOCK RETURNS AND BOOK TO PRICE RATIOS Average Monthly Return 2.0% 1.5% 1.0% 0.5% 0.0% Low High Book to Price Ratio Fama, Eugene F., French, Kenneth R. (June 1992). "The Cross-Section of Expected Stock Returns". The Journal of Finance https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.1992.tb04398.x Carhart added a fourth factor for momentum in in 1997. Carhart, M. M. (1997). "On Persistence in Mutual Fund Performance". The Journal of Finance Fama and French added profitability and investment into the model in 2015 introducing a Five-Factor model for asset valuation. This improved the explanation of returns over the three-factor model. Fama, Eugene F., French, Kenneth R. (2015). "A Five-Factor Asset Pricing Model". Journal of Financial Economics Disruptive Digitization Provides New Challenges to Valuation Models Disruptive Digitization has significantly altered company financials since the 1990s. Over the last 30 years, the economy has become less dependent upon physical assets and more dependent upon services and digital products. As detailed in the Disruptive Digitization segments of our Workbooks, the advent of communications in the mid '90s (Internet, Cellphones) was transformative. Now, coupled with ubiquitous, always responsive interconnected real-time networks, digitization is affecting the entire economy. Digital and service-oriented firms are far less capital intensive and more cash generative than their counterparts. When combined with cheap and easy money, this has led to hoards of Excess Cash on corporate Balance Sheets. This cash Tsunami has led to a spike in acquisition activity and a significant build up in Intangible Assets. Therefore, Tangible Invested Capital (T-IC) has declined sharply since the 1980s. As a reminder from Balance Sheet (Workbook 5)'s SFAM Balance Sheet, there are many ways to calculate 'Invested Capital' as used in valuation exercises. We treat Noncurrent Liabilities as an obligation related to the business's operations, rather than a financial obligation, and do not include it as a source of capital. We also introduce the term Tangible Invested Capital to evaluate the retun on invested capital before Intangibles (which dilute operating returns). EXHIBIT: DEFINITIONS OF INVESTED CAPITAL Invested Capital (IC) = = Tangible Invested Capital = Non-cash Net Trade Working Capital + Net Noncurrent Assets (Noncurrent Assets - Noncurrent Liabilities) Debt + Equity - Excess Cash Invested Capital - Intangible Assets Source: Marianne Wolk & Richard Horwitz Thus the relationship between Equity and Assets has changed with the dramatic shift in the composition of Assets. Essentially there has been a decoupling of Equity as a barometer as so much of digital firm's assets are comprised of Excess Cash and Intangible Assets (assets with lower returns than those invested in operations). Therefore, valuations based on values to Equity such as Price to Book may prove less valuable. Later in this Workbook, we will explore alternative valuations techniques to the Return on Equity and compare the results of these techniques. Required Homework Questions Equity as very good barometer of value despite the rise in Intangible Assets. CAPM describes the relationship between the excess return of a stock and the excess return of the market relative to the 'risk-free rate'. Because it is impossible to forecast market inefficiencies, there is little reason for investors to employ quantitative valuation techniques. The Efficient Market Hypothesis asserts that assets are valued at fair value reflecting all available information. An expensive investment is priced near it's fair value. Financial analysis is conducted for a variety of reasons but always performed to support a decision. TRUE FALSE Strategic Financial Analysis & Modeling © All rights reserved, 2019, Marianne Wolk & Richard Horwitz Section: Valuation Workbook 11: Equity Valuation Sheet: VALUATION Techniques SHEET ROADMAP The material through Row 306 is a tutorial that will not contribute to your grade. The Homework starting in Row 308 is Required. The Purpose of Investment Valuation is Seeking Outperformance Active Investors Rely on Valuation Techniques to Identify Mispriced Securities Passive investors assume they cannot gain differential returns from the market as a whole. Believers in the Efficient Market Hypothesis believe that any opportunity discovered by valuation techniques will be competed away Passive investors assume any opportunities from mispriced securities may be offset by transaction costs and taxes associated with m Rather than trying to outperform the market, passive investors invest in a well-diversified portfolio aimed at matching the market's r The 'market' return is generally represented by the S&P 500. Passive investors generally buy and hold index funds or exchange traded funds (ETF) that mirror the performance of the market as a Active investors believe they can pursue strategies that will enable them to outperform the market as a whole or a particular benchmark. Active investors are seeking positive alpha (?). We defined alpha (?) earlier as the excess return related to idiosyncratic or firm-specific risk not described by the market in 'INTRO Val It is the excess return of a price that is not trading at fair value. Active investors use valuation techniques to identify mispriced securities that are under- or over-valued relative to fair value. Active Financial Investors Often Seek to Outperform a Benchmark Individual investors may choose to invest for a total or 'absolute return'. For corporations or professional investment managers, it is more important to outperform. Whether investing in a home or a piece of capital equipment, the buyer doesn't wish to overpay. The concept of outperformance when discussing financial investments is similar. Outperformance goes beyond buying and selling a financial instrument to lock in a profit. Financial outperformance is defined as beating the average return for the market as a whole or a particular 'benchmark'. Investors may benchmark their performance relative to the market as a whole (usually a comparison to the S&P 500) or to an index rel The S&P 500 is the most common benchmark, but it is not the only one utilized. EXHIBIT: TYPICAL INVESTMENT BENCHMARKS Investment Vehicle Benchmark Shares of Apple (AAPL) S&P 500 Index (.SPX or ^GSPC) NASDAQ Composite (.IXIC or ^IXIC) NYSE Technology Index (.MSH or ^MSH) S&P Technology Sector Select Index (.IXT or ^IXT) Technology Hardware, Storage and Peripherals Index (.GSPCOPE) Fidelity Contrafund (FCNTX) S&P 500 Index (.SPX or ^GSPC) US Large Cap Growth Equity Fund Vanguard Growth Index Fund (VIGRX) Comparable funds (e.g., AGTHX) Morgan Stanley Growth Fixed Income Bloomberg Barclays U.S. Aggregate Bond Index Opportunities Fund (DINAX) Multisector Bond Index Source: Marianne Wolk & Richard Horwitz Valuation Measures Expected Future Returns and Cash Flows A 'going concern' is an accounting term for a firm that has the resources to continue to operate. When a company is a 'going concern', it can carry out its commitments to customers, suppliers, shareholders and creditors. A 'going concern' is not viewed to be in danger of going out of business or liquidation. Valuation techniques examine a 'going concern' based on the combination of: (a) existing investments, and (b) expected future investments, their profitability (e.g., returns) and resulting cash flows. The value of an asset is based on the expected future cash flows it will generate. A significant percentage of the value of a going concern is derived from expected future growth. In contrast when a business is not judged to be a 'going concern', it is likely to be valued as a collection of it's existing assets, (placing no value on growth and expected future investments that would generate significant future cash flows). Asset-based valuations are always lower than valuations performed for businesses that have growth potential (going concerns). Intrinsic Valuation is Derived from the Cash Flows of a Company, Not its Price If a company is perceived to be a 'going concern', there are two major forms of valuation, 'intrinsic' and 'relative'. Also called 'Absolute Valuation', intrinsic valuation is based on the economics of the company itself and not it's current price or market valu 'Intrinsic Valuation' defines the value of an asset from its cash flows, expected growth and risk. Below we see the value expressed as the present value of expected cash flows (CF) for periods 1-7 and onward to infinity, discounted to its present value by a rate that reflects the riskiness of the cash flows (r ). EXHIBIT: VALUATION DRIVEN BY THE AGGREGATE SUM OF ALL FUTURE EXPECTED CASH FLOWS Value = CF1 + (1+r) CF2 + CF3 + CF4 + CF5 + CF6 + CF7 + 2 3 4 5 6 (1+r)7 (1+r) (1+r) (1+r) (1+r) (1+r) ? Value = CFn S (1+r) n n=1 Source: Marianne Wolk & Richard Horwitz The cash flows used to perform an intrinsic valuation depend on the asset in question. Note, bond valuations are not infinite and their cash flows (interest payments or coupons) will only be paid through the maturity date. For zero coupon bonds, the discount rate used is the measure of risk for the expected cash flows upon maturity rather than the annua EXHIBIT: CASH FLOWS UTILIZED IN INTRINSIC VALUATIONS Asset Cash Flow Equity (stocks) Dividends Free Cash Flow (after tax) Debt (bonds) Coupons (interest) Valuation Method Dividend Discount Model (DDM) Discounted Cash Flow (DCF) Model Bond Valuation Source: Marianne Wolk & Richard Horwitz Free Cash Flows have emerged as the best measure to use as cash flows for intrinsic valuation. Historically, most intrinsic valuations of equity were Dividend Discount Models (DDM). Most companies distributed excess cash through dividends. Therefore, the measure of cash flow used was dividends and analysts frequently used a 'Dividend Discount Model' (DDM) to value The historic tie between cash flow generation and dividends has decoupled. As we demonstrated in the Disruptive Digitization discussion of Cash Flow Statement (Workbook 6), dividends have become less po as a method of returning capital to shareholders over time. Though dividend payments have remained high, dividend payout ratios as a percentage of earnings have declined steadily since th In place of dividends, cash flow generation has been deployed elsewhere. There has been a sharp rise in share repurchases for the past 10+ years, which have eclipsed dividend payments through 2019. There has been a steady multi-decade increase in acquisition activity, building balances of Intangible Assets. In addition, our analysis has found a significant build up of Excess Cash, hoards of uninvested cash on corporate Balance Sheets. Although analysts might differ, we believe the best measure of cash flow is Free Cash Flow. As a reminder, Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditures (but before Dividends, Share Repu Free Cash flow represents the cash flow net of what is reinvested in the operating business. Discounted Cash Flow (DCF) models look at an expanded definition of cash flow after taxes and investments, Free Cash Flows to the Fir Relative Valuations are Based on Current Prices or Market Values In 'Relative Valuation', the value of equity, debt or an asset is compared with historical values, comparable companies or a benchmark or in Relative Valuations' often apply the valuations of comparable companies or transactions to a financial figure. A target price is generated by applying the multiple of the peer group to the financial statistic of the company. Both the multiple and the company element rely on the same financial figure, making the analysis similar to the common size adjustments the vertical analysis we explored in Financial Statement Analysis (Workbook 3). While the analyses may be based on historical figures, most valuations are applied to forecasts of future financial metric for a future period In our experience, most Wall Street financial analysts apply multiples to forecasts 18-24 months into the future, i.e., in June 2020 they Relative Valuations are only performed across a peer group and are not utilized to make allocations across sectors. Target Price = Comparables Multiple to Financial Metric x Target Company's Financial Metric The asset is deemed over- or under-valued based on its current market value (price) versus the target price. Multiples To perform relative valuation, assets are valued based on a standardized measure of price, a 'multiple', applied to a common finan The 'multiple' may be the market multiple, which is the value of the entire stock market (typically the S&P500). The 'multiple' may be an average of the valuations of a selected group of comparables (as detailed below). The multiples reflect expectations for future growth applied to a 'normalized' estimate of current financial performance. Because multiples are based on comparables, a peer universe of companies in the same sector or industry or others with similar gr the valuation represented by the multiple should be applicable. Typically the multiple are created from the current market value or price of the asset or the 'enterprise value' or EV of the compan Comparables Relative valuation relies on an identical or similar asset. Multiples are extremely sensitive to the selection of the peer universe. We discussed comparables analysis of a peer universe in Forecasting (Workbook 8). Establishing a representative peer universe was much easier in a world where there were many similar companies in an industry. For traditional companies, our OldCos, comparables were easy to identify; there are ~3 domestic steel companies, ~3 domestic In the age of Disruptive Digitization, it is more difficul