Working Capital Management Model in value chains

The objective of this Master’s thesis is to create a calculation model for working capital management in value chains. The study has been executed using literature review and constructive research methods. Constructive research methods were mainly modeling. The theory in this thesis is founded in research articles and management literature. The model is developed for students and researchers. They can use the model for working capital management and comparing firms to each other. The model can also be used to cash management. The model tells who benefits and who suffers most in the value chain. Companies and value chains cash flows can be seen. By using the model can be seen are the set targets really achieved. The amount of operational working capital can be observed. The model enables user to simulate the amount of working capital. The created model is based on cash conversion cycle, return on investment and cash flow forecasting. The model is tested with carefully considered figures which seem to be though realistic. The modeled value chain is literally a chain. Implementing this model requires from the user that he/she have some kind of understanding about working capital management and some figures from balance sheet and income statement. By using this model users can improve their knowledge about working capital management in value chains.

Época de aplicación y toxicidad varietal del herbicida amicarbazone en la caña de azúcar, en Veracruz, México

Durante el ciclo primavera-verano 2005, se establecieron tres experimentos en Úrsulo Galván, Ver., México, con el objetivo de determinar la mejor época de aplicación del herbicida amicarbazone en la caña de azúcar en condiciones de riego e identificar la susceptibilidad de las tres principales variedades cultivadas en el estado a este herbicida. En un experimento, se evaluó el control de malezas con amicarbazone a 0,7, 1,05 y 1,4 kg ha‑1 aplicado en cuatro épocas: preemergencia antes del riego de germinación, preemergencia después del riego de germinación, postemergencia temprana y postemergencia tardía. En los otros experimentos, se evaluó la toxicidad de amicarbazone a 0, 0,7, 1,4 y 2,1 kg ha-1, aplicado en preemergencia y postemergencia en las variedades de caña de azúcar Mex 69-290, CP 72‑2086 y Mex 79-431. El quelite rastrero (Amaranthus lividus) fue mejor controlado con aplicaciones postemergentes de amicarbazone, a partir de 0,7 kg ha-1. Por su parte, el control del zacate Guinea (Megathyrsus maximus) fue bajo en todas las épocas de aplicación. En aplicaciones preemergentes, el amicarbazone hasta 2,1 kg ha-1 fue altamente selectivo a todas las variedades evaluadas, mientras que, cuando fue aplicado en postemergencia, ocasionó ligera toxicidad a las tres variedades de caña de azúcar, la cual fue mayor conforme se incrementó la dosis. Sin embargo, los daños desaparecieron entre los 30 y 45 días después de la aplicación y no ocasionaron reducción permanente en la altura de las plantas.

Revisitando el papel del templo en la ciudad: los grandes templos neogóticos del occidente de México

El trabajo que presentamos quiere analizar el papel de los grandes templos neogóticos construidos entre el siglo XIX y XX en la trama actual de algunas ciudades mexicanas, tomando como ejemplos de estudio el Templo Expiatorio del Sagrado Corazón de Jesús, en León, en el Estado de Guanajuato y el del templo de San José Obrero en Arandas en el Estado de Jalisco. Un papel destacado en su actual interrelación con la trama urbana y por el valor simbólico que los mismos tienen dada su monumentalidad y función para el culto religioso. Ambas son iglesias que quedaron inacabadas por causas políticas y económicas y que tras un largo proceso han sido concluidas incorporando las normas del Concilio Vaticano II, convirtiéndose en hitos urbanos con capacidad generar espacios de nueva centralidad para la ciudadanía.

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.

Evaluation of Location Intelligence exploitation in capital-intensive business

As technology has developed it has increased the number of data produced and collected from business environment. Over 80% of that data includes some sort of reference to geographical location. Individuals have used that information by utilizing Google Maps or different GPS devices, however such information has remained unexploited in business. This thesis will study the use and utilization of geographically referenced data in capital-intensive business by first providing theoretical insight into how data and data-driven management enables and enhances the business and how especially geographically referenced data adds value to the company and then examining empirical case evidence how geographical information can truly be exploited in capital-intensive business and what are the value adding elements of geographical information to the business. The study contains semi-structured interviews that are used to scan attitudes and beliefs of an organization towards the geographic information and to discover fields of applications for the use of geographic information system within the case company. Additionally geographical data is tested in order to illustrate how the data could be used in practice. Finally the outcome of the thesis provides understanding from which elements the added value of geographical information in business is consisted of and how such data can be utilized in the case company and in capital-intensive business.

Net working capital estimation model in project business

The objective of this Master’s thesis is to develop a model which estimates net working capital (NWC) monthly in a year period. The study is conducted by a constructive research which uses a case study. The estimation model is designed in the need of one case company which operates in project business. Net working capital components should be linked together by an automatic model and estimated individually, including advanced components of NWC for example POC receivables. Net working capital estimation model of this study contains three parts: output template, input template and calculation model. The output template gets estimate values automatically from the input template and the calculation model. Into the input template estimate values of more stable NWC components are inputted manually. The calculate model gets estimate values for major affecting components automatically from the systems of a company by using a historical data and made plans. As a precondition for the functionality of the estimation calculation is that sales are estimated in one year period because the sales are linked to all NWC components.

Intellectual Capital Measurement in IT industry

The goal of this research – which is to critically analyze current theories and methods of intangible assets evaluation and potentially develop and test new methodology based on the practical example(s) in the IT industry. Having this goal in mind the main research questions in this paper will be: What are advantages and disadvantages of the current practices of measurement intellectual capital or valuation of intangible assets? How to properly measure intellectual capital in IT? Resulting method exhibits a new unique approach to the IC measurement and potentially even larger field of application. Despite the fact that in this particular research, I focused my attention on IT (Software and Internet services cluster – to be exact), the logic behind the method is applicable within any industry since the method is designed to be fully compliant with measurement theory and thus can be properly scaled for any application. Building a new method is a difficult and iterative process: in the current iteration the method stands out as rather a theoretical concept rather than a business tool, however even current concept totally fulfills its purpose as a benchmarking tool for measuring intellectual capital in IT industry.

Daños tóxicos en tejidos vegetales, producidos por aguas contaminadas con arsénico en Zimapán, Hidalgo, México

Según estudios realizados en el periodo de 1992-1998 en las aguas de los pozos, norias y manantiales, del municipio de Zimapán, Estado de Hidalgo, México, se corroboró que existía un incremento en el contenido de arsénico rebasando los límites máximos permisibles por la Norma Oficial Mexicana. La determinación de arsénico en las muestras de aguas se realizó por absorción atómica (AAS), mediante generador de hidruros (GH). En este estudio se utilizó el Vicia faba como un bioensayo para evaluar el daño genotóxico con la prueba de inducción de micronúcleos por exposición al agua de Zimapán, contaminada con As en células de raíces. Se utilizó como ensayo de control un agua de pozo de similares características del municipio de Pachuca, pero con contenidos de As por debajo de los límites de detección. Los resultados mostraron que el agua de esta región presenta altas concentraciones de arsénico y que puede provocar efectos genotóxicos que se manifiestan por la inducción de micronúcleos en las células meristemáticas de raíces de tejidos vegetales sensible.

Determinants of capital expenditures: Evidence from oil and mining sectors in Russia

This master’s thesis investigates the significant macroeconomic and firm level determinants of CAPEX in Russian oil and mining sectors. It also studies the Russian oil and mining sectors, its development, characteristics and current situation. The panel data methodology was implemented to identify the determinants of CAPEX in Russian oil and mining sectors and to test derived hypotheses. The core sample consists of annual financial data of 45 publicly listed Russian oil and mining sector companies. The timeframe of the thesis research is a six year period from 2007 to 2013. The findings of the master’s thesis have shown that Gross Sales, Return On Assets, Free Cash Flow and Long Term Debt are firm level performance variables along with Russian GDP, Export, Urals and the Reserve Fund are macroeconomic variables that determine the magnitude of new capital expenditures reported by publicly listed Russian oil and mining sector companies. These results are not controversial to the previous research paper, indeed they confirm them. Furthermore, the findings from the emerging countries, such as Malaysia, India and Portugal, are analogous to Russia. The empirical research is edifying and novel. Findings from this master’s thesis are highly valuable for the scientific community, especially, for researchers who investigate the determinant of CAPEX in developing countries. Moreover, the results can be utilized as a cogent argument, when companies and investors are doing strategic decisions, considering the Russian oil and mining sectors.

Caracterización fisicoquímica de almidones de tubérculos cultivados en Yucatán, México

Se realizó la evaluación de las propiedades fisicoquímicas y funcionales de almidones de tubérculos: makal (Xanthosoma yucatanensis), camote (Ipomea batata), yuca (Manihot esculenta Crantz) y sagú (Marantha arundinacea). El tamaño promedio de los gránulos de almidón varió de 10,6 a 16,5 µm. La amilosa fue de 23,6, 19,6, 17,0 y 22,7%, para el makal, camote, yuca y sagú. Las temperaturas de gelatinización fueron de 78,4, 61,3, 65,2 y 74,9 °C, respectivamente. El almidón de yuca fue el que presentó mayor poder de hinchamiento y solubilidad. La viscosidad máxima fue para el almidón de yuca. El almidón de camote presentó la mayor claridad de gel (51,8%) y el de makal, la menor (10,9%). El almidón de yuca fue el más elástico (36,2%). Los almidones de makal y de sagú pueden ser utilizados en productos que requieren altas temperaturas de procesamiento. Los almidones de camote y de yuca pueden ser incluidos en sistemas alimenticios como espesantes, estabilizantes y gelificantes en alimentos refrigerados y congelados.

Capital investments planning and life cycle simulations for the new valves manufacturing facility in Russia

The focus of the research is on the derivation of the valid and reliable performance results regarding establishment and launching of the new full-scale industrial facility, considering the overall current conditions for the project realization in and out of Russia. The study demonstrates the process of the new facility concept development, with following perfor-mance calculation, comparative analyzes conduction, life-cycle simulations, performance indicators derivation and project`s sustainability evaluation. To unite and process the entire input parameters complexity, regards the interlacing between the project`s internal technical and commercial sides on the one hand, and consider all the specifics of the Russian conditions for doing business on the other hand, was developed the unique model for the project`s performance calculation, simulations and results representation. The complete research incorporates all corresponding data to substantiate the assigned facility`s design, sizing and output capacity for high quality and cost efficient ferrous pipe-line accessories manufacturing, as well as, demonstrates that this project could be suc-cessfully realized in current conditions in Russia and highlights the room for significant performance and sustainability improvements based on the indexes of the derived KPIs.