Foreign exchange exposure management in a fuel procurement company operating in the commodity markets

Fluctuating commodity prices, foreign exchange rates and interest rates are causing changes in cash flows, market value and the companies’ profit. Most of the commodities are quoted in US dollar. Companies with non-dollar accounting face a double risk in the form of the commodity price risk and foreign exchange risk. The objective of this Master’s thesis is to find out how companies under commodity should manage foreign exchange exposure. The theoretical literature is based on foreign exchange risk, commodity risk and foreign exchange exposure management. The empirical research is done by using constructive modelling of a case company in the oil industry. The exposure is model with foreign exchange net cash flow and net working capital. First, the factors affecting foreign exchange exposure in case company are analyzed, then a model of foreign exchange exposure is created. Finally, the models are compared and the most suitable method is defined. According to the literature, foreign exchange exposure is the foreign exchange net cash flow. However, the results of the study show that foreign exchange risk can be managed also with net working capital. When the purchases, sales and storage are under foreign exchange risk, the best way to manage foreign exchange exposure is with combined net cash flow and net working capital method. The foreign exchange risk policy of the company defines the appropriate way to manage foreign exchange risk.

The role of management accounting systems and venture capital investors for start-up firms

The role of star-up firms in economy and the importance of venture capital investors for the growth of start-up firms have been highlighted in recent years. The growth challenges of start-up firms consist of fast changing environment, the availability of venture capital funding and the development of firm management in the growth phase. A growing number of studies have focused on management accounting systems and venture capital in start-up and growth firm context. In this thesis the role of management accounting systems and venture capital investors is considered in the growth phase of firm development. The theoretical objective of this thesis is to construct a theoretical framework in order to describe the importance of management accounting systems and venture capital investors in start-up firms. The practice orientated objective of this thesis is to study the application of management accounting systems and management accounting based information in start-up firms in high-technology industry as well as the impact of venture capital for management accounting system design. In addition, the growth challenges of start-up firms are studied in order to understand the context in which management accounting systems are used. The research approach of theoretical part is conceptual as the theoretical framework is constructed by combining literature on firm growth, management accounting and venture finance in order to analyse the phenomenon. The action-orientated research approach is appropriate for analysing and describing of the studied phenomenon through empirical evidence. The empirical evidence was collected through interviews with three experts in start-up firm accelerator centers, four representatives of start-up firms and one venture capital investor. The results indicate that the growth challenges of stat-up firms are not related to the development of management accounting systems. Managers of start-up firms expressed a positive attitude towards management accounting systems that improve efficiency of operations. In start-up firms flexible and adjustable management accounting practices, such as budgets, cash flow calculations and future-orientated analysis tools, are applied that support planning and coordination of operations. The results indicate that venture capital investors affect the provision and the quality of management accounting information during the investment process. In addition, venture capital investors enhance the use of management accounting information for internal coordination in start-up firms. By applying the theoretical framework in the analysis, it can be stated that by acting as support function management accounting systems facilitate start-up firms development.

Sustainable sourcing in global supply network: assessment of geographic challenges and management methods Case: Stora Enso

The purpose of this work was to describe and compare sourcing practices and challenges in different geographies, to discuss possible options to advance sustainability of global sourcing, and to provide examples to answer why sourcing driven by sustainability principles is so challenging to implement. The focus was on comparison between Europe & Asia & South-America from the perspective of sustainability adoption. By analyzing sourcing practices of the case company it was possible to describe main differences and challenges of each continent, available sourcing options, supplier relationships and ways to foster positive chance. In this qualitative case study gathered theoretical material was compared to extensive sourcing practices of case company in a vast supplier network. Sourcing specialist were interviewed and information provided by them analyzed in order to see how different research results and theories are reflecting reality and to find answers to proposed research questions.

Information management in aircraft maintenance

Well managed information promotes competitive advantage and economic value for the company. The challenge is to use information effectively in complex networks. Decision making in network is complicated due to many independent sources of information. The aim of the present study was to identify and map the internal information flows and used information resourced by functions and roles, to make proposals to the case organization to improve the information management and to improve the situational awareness and process flows. In the present study, an inductive approach was applied, with the aim to find out gaps and bottlenecks of information flow of an aircraft maintenance organization and its network. The empirical part was conducted with observing the processes and with questionnaires. Theoretical part of this study consists on reviewing relevant literature on maintenance management in aviation and information management in aviation. Together with empirical evidence and the literature used in the study the gaps were found and suggestions for improvements were done. The outcome of this study contributes the organization in its bigger goal to improve the productivity. The information management of the network is one actor in the field and will pave the way to smoother operation and situational awareness. The lack of rules and requirements for information management and spreading is a challenge in information management. The excessive data overburden may cause problem in the actors’ situation-awareness due to non-availability of the right information.

Financial working capital - management and measurement

Unexpected changes in cash flow have started to occur more frequently after the financial crisis. The capital structures of companies have also changed, and financial flexibility as well as flexible asset management have therefore become more important. This thesis aims at presenting financial working capital management, a part of flexible asset management, as a possibility to gain financial flexibility and survive the changes. This thesis operates in the interface of corporate finance, strategic management and management accounting, and it has two main objectives: to examine financial working capital management and to develop measures of financial working capital. The research in this thesis has been conducted using archival research and design science. Qualitative comparative analysis and model building are used to formulate tools and strategies for financial working capital management. The tools are tested with simulations, case studies and statistical analysis. The empirical data is collected from companies listed in the Helsinki Stock Exchange. The results of this thesis indicate that there are several possible financial working capital management strategies. FOCAL matrix is created in the thesis to assist in the selection of a strategy. The results also imply that profitability can be improved by reducing financial working capital, which creates a need to change the financial working capital management strategy. Financial flow cycle, and its modification, is developed in this thesis to measure financial working capital. Financial working capital as a concept is presented in this thesis with an orientation towards the management view. New dimensions have also been produced to financial management and working capital management, while providing a holistic approach to financial flexibility. Financial working capital management strategies are presented to managers and practical tools are provided for decision-making.

Undergraduate Student Anxiety-Management in Academia: Appraising the Value of Services and Strategies

This study explored strategies that Brock University undergraduate students value the most for managing anxiety in academia. Although previous literature indicates services and techniques such as academic advising, physical activity, and educator engagement help students, few if any have ranked students’ perceived value of anxiety-management strategies. The researcher recruited 54 undergraduate student participants (primarily from the Department of Community Health Sciences) through online invitation. Participants completed an online survey to rate their previous experience with anxiety-management strategies discussed in the literature. Survey findings identified the 4 most valuable resources students used to manage anxiety in academia: (a) educators who post academic material posted online (e.g., on Sakai) early in the term, (b) physical activity, (c) socialization, and (d) breaking large assignments into smaller portions. Conversely, student participants found disability services, counseling, and medication to be the least valuable resources. Results suggest higher-education facilities should ensure that the most valuable services are readily available to students seeking them. The study contributes to the field by identifying a broad set of strategies that students find highly valuable in their management of academic related anxiety.

Management Council for Responsible Labour Relations records, 1970-1979, n.d.

The Management Council for Responsible Labour Relations was a group of industry representatives who sought to improve the public image of management in labour disputes. They hoped to accomplish this by improving communication with the media, as well as by educating the general public about labour issues from management’s perspective. The Council had representatives from Inco, Gulf, Algoma, Westinghouse, Kimberly Clark, Ford, Stelco, Massey Ferguson, Alcan, Shell, Northern Electric, Bank of Montreal, Canada Packers and Dupont.

Bridging Knowledge Gaps in the Management of Acute Coronary Syndromes

Contexte L’occlusion d’une artère du cœur cause un syndrome coronarien aigu (SCA) soit avec une élévation du segment ST (IAMEST) ou sans élévation du segment ST (1). Le traitement des patients avec un IAMEST requiert soit une intervention coronarienne d’urgence (ICP primaire) ou une thérapie fibrinolytique (FL). La thérapie FL peut être administrée soit dans un contexte pré-hospitalier (PHL) ou à l’hôpital. Une prise en charge précoce des patients avec SCA peut être améliorée par un simple indice de risque. Objectifs Les objectifs de cette thèse étaient de : 1) comparer l’ICP primaire et la thérapie FL (2); décrire plusieurs systèmes internationaux de PHL; (3) développer et valider un indice de risque simplifié pour une stratification précoce des patients avec SCA. Méthodes Nous complétons des méta-analyses, de type hiérarchique Bayésiennes portant sur l’effet de la randomisation, d’études randomisées et observationnelles; complétons également un sondage sur des systèmes internationaux de PHL; développons et validons un nouvel indice de risque pour ACS (le C-ACS). Résultats Dans les études observationnelles, l’ICP primaire, comparée à la thérapie FL, est associée à une plus grande réduction de la mortalité à court-terme; mais ce sans bénéfices concluants à long terme. La FL pré-hospitalière peut être administrée par des professionnels de la santé possédant diverses expertises. Le C-ACS a des bonnes propriétés discriminatoires et pourrait être utilisé dans la stratification des patients avec SCA. Conclusion Nous avons comblé plusieurs lacunes importantes au niveau de la connaissance actuelle. Cette thèse de doctorat contribuera à améliorer l’accès à des soins de qualité élevée pour les patients ayant un SCA.

Droit du transport intermodal international de marchandises : une perspective « supply chain management ».

La thèse propose d’introduire une perspective globale dans le traitement juridique du transport intermodal international qui prendrait racine dans la stratégie logistique des entreprises. La conception juridique se heurte, en effet, aux évolutions opérationnelles et organisationnelles des transports et aboutit à une incertitude juridique. Les transporteurs ont dû s’adapter aux exigences d’optimisation des flux des chargeurs dont les modes de production et de distribution reposent sur le supply chain management (SCM). Ce concept est le fruit de la mondialisation et des technologies de l’information. La concurrence induite par la mondialisation et le pilotage optimal des flux ont impulsé de nouvelles stratégies de la part des entreprises qui tentent d’avoir un avantage concurrentiel sur le marché. Ces stratégies reposent sur l’intégration interfonctionnelle et interoganisationnelle. Dans cette chaîne logistique globale (ou SCM) l’intermodal est crucial. Il lie et coordonne les réseaux de production et de distribution spatialement désagrégés des entreprises et, répond aux exigences de maîtrise de l’espace et du temps, à moindre coût. Ainsi, le transporteur doit d’une part, intégrer les opérations de transport en optimisant les déplacements et, d’autre part, s’intégrer à la chaîne logistique du client en proposant des services de valeur ajoutée pour renforcer la compétitivité de la chaîne de valeur. Il en découle une unité technique et économique de la chaîne intermodale qui est pourtant, juridiquement fragmentée. Les Conventions internationales en vigueur ont été élaborées pour chaque mode de transport en faisant fi de l’interaction entre les modes et entre les opérateurs. L’intermodal est considéré comme une juxtaposition des modes et des régimes juridiques. Ce dépeçage juridique contraste avec la gestion de la chaîne intermodale dont les composantes individuelles s’effacent au profit de l’objectif global à atteindre. L’on expose d’abord l’ampleur de l’incertitude juridique due aux difficultés de circonscrire le champ d’opérations couvert par les Conventions en vigueur. Une attention est portée aux divergences d’interprétations qui débouchent sur la « désunification » du droit du transport. On s’intéresse ensuite aux interactions entre le transport et la chaîne logistique des chargeurs. Pour cela, on retrace l’évolution des modes de production et de distribution de ces derniers. C’est effectivement de la stratégie logistique que découle la conception de la chaîne intermodale. Partant de ce système, on identifie les caractéristiques fondamentales de l’intermodal. La thèse aboutit à dissiper les confusions liées à la qualification de l’intermodal et qui sont à la base des divergences d’interprétations et de l’incertitude juridique. De plus, elle met en exergue l’unité économique du contrat de transport intermodal qui devrait guider la fixation d’un régime de responsabilité dédié à ce système intégré de transport. Enfin, elle initie une approche ignorée des débats juridiques.

Inventory management in public sector electrical industry in Kerala

The thesis entitled Inventory Management In Public Sector Electrical Industry In Kerala. Investigations were carried out on inventory management in public sector electrical industry in Kerala and suggest methods to improve their efficiency. Various aspects of inventory management, its scope and need in industry are detailed. The objectives of the present study concentrates to get an overall view of the system of inventory management, assess the positions and levels of inventory. It analyzes the inventory management policies and practices, the organizational set-up for materials by the electrical undertakings. The study examines the liquidity of the electrical undertakings as well as techniques of inventory management in the electrical industry in Kerala. Hypotheses state that the existing organizational systems and practices are inadequate to ensure efficient management of inventories in electrical industry. Introduction of scientific inventory techniques has a favourable effect on the workings of inventory departments. The financial performance of the public sector electrical undertakings is not at all satisfactory on account of the high raw material costs, heavy borrowings and huge interest burdens. The scope of this study is limited to the assessment of savings, in inventories of electrical products due to inventory management. The methodology of the study is to project the cost reduction of the inventory department on the basis of data collected and to validate this projection with the aid of analysis and survey. The limitations of the study is that the data obtained relate to the period 1989-90 and earlier and the current position is not available and uniform norms cannot be applied to evaluate different inventory management organisation.

Materials management in state transport undertakings in india with special reference to kerala state road transport corporation

Scientific studies on the materials management systems and practices actually followed in various organizations in India are rather limited. This is particularly true with respect to service industries. In this context ,the present study on the “materials management in state transport undertakings in India, with special reference to kerala state road corporation” assumes particular significance . This study, examines critically, the prevailing set up, procedures and practices of materials management in the Kerala state road transport corporation and compares them with the prevailing practices in other similar state transport undertakings. It indicates several areas for improvement with respect to the organization, materials planning, purchasing, store keeping and other aspects. It also seeks to develop a comprehensive inventory control system for KSRTC.

Biostatistical evaluation and Management of sciaenid fishery with particular reference to Otolithes ruber (Schneider, 1801) andJohnieops sina (Cuvier, 1830) of Konkan coast

Fish, a natural resource, has received great attention from all over the world. since it provides a cheap protein, employment and income to the millions of people for centuries. So fishermen, industrialist and multinationals are trying to exploit the marine resources to their maximum benefit by using modern craft, advance fishing equipments and efficient gear. Fishery resources in the open system particularly in oceans, were considered to be unlimited. However, recent developments in the innovation of efficient craft and gear using well tested material fitted with modern equipments that have greatly enhanced the mobility of craft, agility of gear and the ability of equipments to locate fishery resources have proved otherwise. Hence as the exploitation increases with more effort entering the fishery, the catch per unit of fishing effort starts to decline due to the limitness of the resources. The heavy fishing pressure in the recent past led to commercial extinction of a number of stocks such as. the North Sea herring, California sardine, Japanese Sardine and Peruvian anchovy (FAO. 1968: Gulland, 1974). In India, seer fish from Palk-Bay declined due to uncontrolled fishing (Devaraj 1983).

Channel Adaptive MAC Protocol with Traffic-Aware Distributed Power Management in Wireless Sensor Networks-Some Performance Issues

In Wireless Sensor Networks (WSN), neglecting the effects of varying channel quality can lead to an unnecessary wastage of precious battery resources and in turn can result in the rapid depletion of sensor energy and the partitioning of the network. Fairness is a critical issue when accessing a shared wireless channel and fair scheduling must be employed to provide the proper flow of information in a WSN. In this paper, we develop a channel adaptive MAC protocol with a traffic-aware dynamic power management algorithm for efficient packet scheduling and queuing in a sensor network, with time varying characteristics of the wireless channel also taken into consideration. The proposed protocol calculates a combined weight value based on the channel state and link quality. Then transmission is allowed only for those nodes with weights greater than a minimum quality threshold and nodes attempting to access the wireless medium with a low weight will be allowed to transmit only when their weight becomes high. This results in many poor quality nodes being deprived of transmission for a considerable amount of time. To avoid the buffer overflow and to achieve fairness for the poor quality nodes, we design a Load prediction algorithm. We also design a traffic aware dynamic power management scheme to minimize the energy consumption by continuously turning off the radio interface of all the unnecessary nodes that are not included in the routing path. By Simulation results, we show that our proposed protocol achieves a higher throughput and fairness besides reducing the delay

Experimental study using coir geotextiles in watershed management

This paper presents the results of a field experiment conducted in Kerala, South India, to test the effectiveness of coir geotextiles for embankment protection. In the context of sustainable watershed management, coir is a cheap and locally available material 5 that can be used to strengthen traditional earthen bunds or protect the banks of village ponds from erosion. Particularly in developing countries, where coir is abundantly available and textiles can be produced by small-scale industry, this is an attractive alternative for conventional methods

Interactive comment on “Experimental study using coir geotextiles in watershed management

This paper presents the results of a field experiment conducted in Kerala, South India, to test the effectiveness of coir geotextiles for embankment protection. The results reveal that treatment with geotextile in combination with grass is an effective eco-hydrological measure to protect steep slopes from erosion. In the context of sustainable watershed management, coir is a cheap and locally available material that can be used to strengthen traditional earthen bunds or protect the banks of village ponds from erosion. Particularly in developing countries, where coir is abundantly available and textiles can be produced by small-scale industry, this is an attractive alternative for conventional methods. The paper analyses the performance of different treatments with regard to soil moisture content, protection against erosion and biomass production