The Cycle Times of Working Capital: Financial Value Chain Analysis Method

Interest towards working capital management increased among practitioners and researchers because the financial crisis of 2008 caused the deterioration of the general financial situation. The importance of managing working capital effectively increased dramatically during the financial crisis. On one hand, companies highlighted the importance of working capital management as part of short-term financial management to overcome funding difficulties. On the other hand, in academia, it has been highlighted the need to analyze working capital management from a wider perspective namely from the value chain perspective. Previously, academic articles mostly discussed working capital management from a company-centered perspective. The objective of this thesis was to put working capital management in a wider and more academic perspective and present case studies of the value chains of industries as instrumental in theoretical contributions and practical contributions as complementary to theoretical contributions and conclusions. The principal assumption of this thesis is that selffinancing of value chains can be established through effective working capital management. Thus, the thesis introduces the financial value chain analysis method which is employed in the empirical studies. The effectiveness of working capital management of the value chains is studied through the cycle time of working capital. The financial value chain analysis method employed in this study is designed for considering value chain level phenomena. This method provides a holistic picture of the value chain through financial figures. It extends the value chain analysis to the industry level. Working capital management is studied by the cash conversion cycle that measures the length (days) of time a company has funds tied up in working capital, starting from the payment of purchases to the supplier and ending when remittance of sales is received from the customers. The working capital management practices employed in the automotive, pulp and paper and information and communication technology industries have been studied in this research project. Additionally, the Finnish pharmaceutical industry is studied to obtain a deeper understanding of the working capital management of the value chain. The results indicate that the cycle time of working capital is constant in the value chain context over time. The cash conversion cycle of automotive, pulp and paper, and ICT industries are on average 70, 60 and 40 days, respectively. The difference is mainly a consequence of the different cycle time of inventories. The financial crisis of 2008 affected the working capital management of the industries similarly. Both the cycle time of accounts receivable and accounts payable increased between 2008 and 2009. The results suggest that the companies of the automotive, pulp and paper and ICT value chains were not able to self-finance. Results do not indicate the improvement of value chains position in regard to working capital management either. The findings suggest that companies operating in the Finnish pharmaceutical industry are interested in developing their own working capital management, but collaboration with the value chain partners is not considered interesting. Competition no longer occurs between individual companies, but between value chains. Therefore the financial value chain analysis method introduced in this thesis has the potential to support value chains in improving their competitiveness.

A Phase Model for Building a Customer Value Based Sales Tool – Case Mining and Metals Industry

The objective of this research is to observe the state of customer value management in Outotec Oyj, determine the key development areas and develop a phase model with which to guide the development of a customer value based sales tool. The study was conducted with a constructive research approach with the focus of identifying a problem and developing a solution for the problem. As a basis for the study, the current literature involving customer value assessment and solution and customer value selling was studied. The data was collected by conducting 16 interviews in two rounds within the company and it was analyzed by coding openly. First, seven important development areas were identified, out of which the most critical were “Customer value mindset inside the company” and “Coordination of customer value management activities”. Utilizing these seven areas three functionality requirements, “Preparation”, “Outotec’s value creation and communication” and “Documentation” and three development requirements for a customer value sales tool were identified. The study concluded with the formulation of a phase model for building a customer value based sales tool. The model included five steps that were defined as 1) Enable customer value utilization, 2) Connect with the customer, 3) Create customer value, 4) Define tool to facilitate value selling and 5) Develop sales tool. Further practical activities were also recommended as a guide for executing the phase model.

Evaluating Performance of Content Marketing: YouTube Marketing in Finnish Food and Drink Industry

The purpose of this research was to define content marketing and to discover how content marketing performance can be measured especially on YouTube. Further, the aim was to find out what companies are doing to measure content marketing and what kind of challenges they face in the process. In addition, preferences concerning the measurement were examined. The empirical part was conducted through multiple-case study and cross-case analysis methods. The qualitative data was collected from four large companies in Finnish food and drink industry through semi-structured phone interviews. As a result of this research, a new definition for content marketing was derived. It is suggested that return on objective, or in this case, brand awareness and engagement are used as the main metrics of content marketing performance on YouTube. The major challenge is the nature of the industry, as companies cannot connect the outcome directly to sales.

Chemical and sensory characteristics of pulp and peel 'cajá-manga' (Spondias cytherea Sonn.) jelly

Cajá-manga (Spondias cytherea) is a fruit with intense aroma and a sweet sour taste, thus being very appreciated. Its peel, in spite of being more fibrous, is tender and many times consumed with the pulp. The peel is a part of foods normally discarded, but many times, it is rich in taste and fibers, representing an option at the elaboration of new foods. Since there are no reports in the literature on the use of cajá-manga peel for jelly making, this work had the purpose of developing and evaluating this product. Based on the results, it was noted that the peels presented higher contents of protein, lipids, ashes, food fiber, total carbohydrates and pectin, and lower content of moisture, when compared to the pulp. The peel and the pulp (control) jellies presented the following physical-chemical characteristics: moisture, 29.5 and 34.2%; proteins, 0.19 and 0.27%; lipids, 0.11 and 0.16%; total sugars, 56.5 and 65.5%; and total soluble solids, 69 and 66 ºBrix, respectively. The sensory analysis indicated that the product elaborated from the peel presented satisfactory acceptance for all the assessed attributes: appearance, color, odor, texture, taste and global evaluation. It is concluded that the total substitution of the pulp by the peel in the formulation, results in a product with good nutritional value with no sensory damages.

Fatty acids profile of pulp and nuts of Brazilian fruits

Fruits and nuts from the North and Northeast regions of Brazil were collected to determine the fatty acid profile of their oils. The species studied were Brazil (Bertholletia excelsa H.B.K.), Mucajá (Couma rigida M.), Inajá (Maximiliana maripa D.), Jenipapo (Genipa Americana L.), and Buriti (Mauritia flexuosa L.) nuts. Fatty acid methyl esters were analyzed by gas chromatography with flame ionization detection (GC-FID). Brazil nut major fatty acid was 18:3n-3 (α-linolenic acid), and Buriti nut had approximately 23 times more 18:3n-3 than the pulp. Mucajá nut presented high content of 12:0 (lauric acid) and 16:0 (palmitic acid), and Mucajá pulp showed significant levels of 18:2n-6 (linoleic acid). Considering the PUFA (polyunsaturated fatty acid) sum values, almost all fruits and nuts analyzed presented very high levels of these compounds. Regarding n-6/n-3 ratio, only Brazil Nut, Buriti Nut, Inajá pulp, and Jenipapo pulp corresponded to the desired profile. These Brazilian fruits and nuts could be of potential interest due to their high nutritive value and lipid content.

Investigation of cytotoxic and mutagenic effects of Malpighia glabra L. (barbados cherry) fruit pulp and vitamin C on plant and animal test systems

Fruits are important sources of nutrients in human diet, and Barbados Cherry (Malpighia glabra L.) is of particular interest due to its high content of antioxidants. Diets rich in fruits and vegetables protect individuals against diseases and cancer, but excessive intake of vitamins may act as pro-oxidant and generate changes in DNA. To evaluate the effect of different in natura (BAN) and frozen (BAF) Barbados Cherry pulp concentrations and synthetic vitamin C in liquid form (VC) on the chromosome level and the cell cycle division, root meristeme cells of Allium cepa L. and bone marrow cells of Wistar rats Rattus norvegicus, were used as test system. In Allium cepa L., BAN, at the highest concentration (0.4 mg.mL-1) and BAF, at the lowest concentration (0.2 mg.mL-1), inhibited cell division, and there was recovery of cell division after the recovery period in water only for BAN. In the Wistar rats, all treatments with Barbados Cherry, either acute or subchronic, were not cytotoxic or mutagenic; only the highest concentration of VC increased significantly the rate of chromosomal abnormalities. The data obtained are important to reinforce the use of Barbados Cherry fruit in the diet.

Nutritional composition of Annona crassiflora pulp and acceptability of bakery products prepared with its flour

Annona crassiflora offers an edible fruit native to the Savanna. This study aimed to develop a flour meal from Annona crassiflora pulp; analyze the chemical composition of the fresh pulp and its flour; develop and verify the acceptance of formulations with different concentrations of the flour of Annona crassiflora pulp. Fruit used were selected and processed. The pulp was dried in an oven at 60-65 ºC/48h. We analyzed the chemical composition, and two formulations of breads were prepared with 10 and 20% Annona crassiflora pulp. The results showed that the drying of Annona crassiflora pulp enriched its nutritional value. The Annona crassiflora pulp showed important chemical components, as insoluble fibers (pulp and flour), minerals (potassium, calcium, manganese and others) and antioxidant compounds. The formulations were well-accepted in a sensory point of view and proved to be a good alternative to the exploitation of the fruit.

Application of enzymatic preparations to produce araçá pulp and juice

In the present study, the effect of pectinases on the production of pulp and juice of araçá and the presence of bioactive compounds were evaluated. An enzyme extract (EE) produced by Aspergillus niger LB-02-SF in solid state fermentation and the commercial enzyme Ultrazym®AFP-L were used in this study. After enzyme treatment with the EE preparation, the extraction yield increased by 23.1% and viscosity decreased by 42.8%, during pulp maceration. During juice processing, there was an increase of 70.6% in clarification and a decrease of 72.87% in turbidity. Higher values of these parameters, 47.7, 69.0, 80.7, and 79.7%, respectively, were obtained using the Ultrazym®AFP-L, which also led to a significant increase in the polyphenol content, both in the pulp (24%) and in the juice (28%), with a less pronounced effect when the EE was applied (10 and 21%, respectively). The anthocyanins content in the araçá pulp increased after treatment with the commercial preparation (23%), and there was no significant increase with the use of EE. The use of Ultrazym®AFP-L increased the β-carotene content by 29.4% in the fruit pulp, while the treatment with EE did not result in significant changes compared with those of the juice and pulp controls.

Examining and describing professional development and continuing education in the personal training and fitness industry : sites and issues of disconnect

The following phenomenologically oriented study examines and describes the relevance and effectiveness of professional development and continuing education programs for real-world situations of personal trainers. The participants were personal trainers, facility managers, and persons involved in the accreditation process. Data collection took place in 3 phases. The first phase consisted of the participants completing the PUMP Questionnaire, followed by focus groups with personal trainers and interviews with managers. The study's 3 data sets required reduction via a content analysis by question, content analysis by existential categories, and further thematic analysis using the lived relation existential dimension. The discussion contains the salient sites and issues of disconnect between clients, personal trainers, and facility managers and how they might affect the personal training experience. The intergenerational disconnect emphasized between Boomers as clients and Millennials as personal trainers requires further exploration and dialogue and underscores the need for different approaches to content and delivery of professional development and continuing education experiences for personal trainers and managers of fitness facilities.

St. Catharines and District Labour Council fonds, 1957-1986

The St. Catharines and District Labour Council was founded in May 1957 by unionized workers from St. Catharines, Thorold, Merritton, Port Dalhousie and Grimsby. They sought to improve the social and economic welfare of workers; promote the organization of workers into unions for their mutual benefit, regardless of race, creed, colour, or national origin; encourage the sale of union-made goods and services; promote worker education; provide workers with a voice in politics; and safeguard the democratic nature of the labour movement. The Council, affiliated with both the Canadian Labour Congress and the Ontario Federation of Labour, was instrumental in assisting local workers with their labour disputes, including Canadian Pulp and Paper workers at Abitibi Provincial Paper in Thorold [1975-76], and Gallaher Paper [1999], workers at the St. Catharines Eaton’s store [1985], as well as smaller disputes such as that between the part-time secretarial staff and the Welland County Roman Catholic Separate School Board [1972] and workers of the Skyway Lumber Company [1972]. The Council also assisted the community at large by offering a Community Counseling Service [1971-1976] to help citizens with issues concerning various government agencies, social services and Acts, such as the Vacation Pay Act, Landlord and Tenant Act, Employment Standards Act, unemployment insurance claims and workman’s compensation claims. Other projects that the Council organized included an annual Education Institute [1958-1965] and the annual publication of Labour Review, a summary of the Council’s past year. The Labour Council continued to operate until 2010, when several local Labour Councils merged to form the Niagara Regional Labour Council.

Utilization of biodiesel-derived glycerol or xylose for increased growth and lipid production by indigenous microalgae

The use of industrial wastes rich in mineral nutrients and carbon sources to increase the final microalgal biomass and lipid yield at a low cost is an important strategy to make algal biofuel technology viable. Using strains from the microalgal collection of the Université de Montréal, this report shows for the first time that microalgal strains can be grown on xylose, the major carbon source found in wastewater streams from pulp and paper industries, with an increase in growth rate of 2.8 fold in comparison to photoautotrophic growth, reaching up to µ=1.1/day. On glycerol, growth rates reached as high as µ=1.52/day. Lipid productivity increased up to 370% on glycerol and 180% on xylose for the strain LB1H10, showing the suitability of this strain for further development for biofuels production through mixotrophic cultivation.

Marine bacterial prodigiosin as dye for rubber latex, polymethyl methacrylate sheets and paper

Prodigiosin is known for its immunomodulatory, antibacterial, antimycotic, antimalarial, algicidal and anticancer activities. Here, we reported the evaluation of prodigiosin pigment as a dyeing agent in rubber latex, paper and polymethyl methacrylate (PMMA) so that it can be considered as an alternative to synthetic pigments. Maximum color shade was obtained in rubber sheet prepared with 0.5 parts per hundred gram of rubber (phr) pigment and PMMA sheet incorporated with 0.08 μg pigment. Results indicate scope for utilization of prodigiosin as dye for PMMA and rubber and also prodigiosin dyed paper as a pH indicator. Further, being a natural and water insoluble pigment, it is ecofriendly

An Assessment of the Degree of Implementation of the Lean Aerospace Initiative Principles and Practices within the US Aerospace and Defense Industry

This report is a formal documentation of the results of an assessment of the degree to which Lean Principles and Practices have been implemented in the US Aerospace and Defense Industry. An Industry Association team prepared it for the DCMA-DCAAIndustry Association “Crosstalk” Coalition in response to a “Crosstalk” meeting action request to the industry associations. The motivation of this request was provided by the many potential benefits to system product quality, affordability and industry responsiveness, which a high degree of industry Lean implementation can produce.

Highly recommended. Teacher's book : English for the hotel and catering industry.

Curso diseñado específicamente para los alumnos que trabajarán en hoteles y restaurantes, donde se necesita el inglés para comunicarse. Proporciona un lenguaje profesional para tratar con clientes y colegas ,en una variedad de situaciones relacionadas con el trabajo. El libro del profesor contiene notas útiles para la enseñanza de cada unidad, revisiones, sugerencias y respuestas a los ejercicios. El curso completo consta de libro del estudiante, cuaderno de trabajo, libro del profesor y material de escucha.