ECON30001 Problem Set 2 Semester 1 2024 Question 1. Consider the following competitive labour market. There are many identical firms that can hire workers. Each firm produces the same output using a constant returns to scale technology and the price of output is set to one. The market determines a wage level w for labour. Let θ denote the number of units of output (equal to revenue) that a worker can produce. There is asymmetric information. Worker productivity levels are privately known, and are uniformly distributed between 24,000 and 40,000. Let r(θ) denote the reservation wage of an employee with productivity θ . (a) Explain fully what is meant by a competitive equilibrium in this market. (b) Suppose that r(θ) = 0:9θ . (i) Derive and graphically illustrate the firm’s conditional expected revenue as a function of the market wage, conditioning on available labour choosing to accept employment. (ii) Find the competitive equilibrium and calculate the percentage of the population that will be unemployed. (c) Suppose that r(θ) = 0:75θ . (i) Derive and graphically illustrate the firm’s conditional expected revenue as a function of the market wage, conditioning on available labour choosing to accept employment. (ii) Find the competitive equilibrium and calculate the percentage of the population that will be unemployed. Question 2. Consider the following competitive market for insurance. There are two states of the world: good G and bad B. Consumers have wealth 20, but if the bad state occurs their wealth is 10. Consumers are risk averse, expected utility maximisers, with common utility function u(x) = ln(x). There are two types of consumers: high risk types H and low risk types L . The probabilities that H and L types find themselves in the bad state are pH = 0.5 and pL = 0.4. There is probability β = 0.6 that a consumer picked at random is type L. Firms are risk-neutral expected profit maximisers. The firm offers consumers a state- contingent contracts c = (cG, cB) in exchange for their endowment e = (eG, eB). (a) Explain what is meant by a competitive equilibrium of this market. (b) Explain and derive the equilibrium insurance contracts under the assumption that there is perfect information. (c) Explain and derive the equilibrium insurance contracts under the assumption that there is void information. (d) Explain and derive the equilibrium insurance contracts under the assumption that there is asymmetric information, and assuming that equilibrium exists.
SoulCycle Startup Valuation: IPO Due on 12/3 before 11:30 AM Instructions: Your group should upload one electronic copy of your Excel solution on Canvas. You must upload your solution before the start of the lecture on the day in which they are due. Assignments submitted late will not be accepted. Ensure your solution contains your cluster and each group member’s name. Note: Since this is a long case, you only need to submit answers for the FCF estimation part. If you want more practice, we have included instructions to solve the entire case. Forecasting in this Case In this case you are encouraged to forecast some key components of SoulCycle’s future free cash flows. There is no “right” or “wrong” answer for these forecasts. Instead, use the information in the case, and anything you know about the firm and the industry to justify the assumptions you make. Make sure that your forecasting assumptions are made very clear in your assignment. Your submission will be graded based on the logic underlying your forecasts and the way that you apply the valuation methodology that you have learned in class. Where I give you specific instructions on how to forecast a component of free cash flow you should use those instructions. This will limit the complexity of the case and make it easier to compare solutions in class. To make it easier to check your answers after class make sure you can easily adjust the forecasting assumptions in a version of your spreadsheet to see if you get the same numbers as in the lecture. This will help you check that your valuation methodology is correct. You should use the information you have about the business and what you know about the firm to try and form. your own estimates for what the future growth and profitability of SoulCycle might look like. Overview Related Companies LP along with Elizabeth Cutler and Julie Rice are considering the possibility of IPOing their firm. You have been asked to estimate how much the equity of SoulCycle is worth. Your valuation should take place as of December 31 2014. As a result, your valuation should be based on the projected free cash flows starting in 2015. To do this use the following information. Note that the excel data file only contains the primary exhibits from the case reading (these are Exhibits 2A, 2B, 2C, 5, and 7B). You may need a few numbers from other Exhibits in the case reading. Assignment Questions 1. Project SoulCycle’s free cash flows. You should forecast that SoulCycle will follow a two stage growth process. For the next six years it will continue to grow rapidly by adding new studios. After that growth will slow and it will primarily concentrate on operating the studios opened during its expansion period. To forecast the free cash flows this will generate use the following instructions: Projecting Revenue in Each Year. Revenue growth from Studio Fees at SoulCycle is primarily driven by growth in the number of studios. Accordingly you should forecast revenues from studio fees using the following formula. Revenue from Studio Fees = (Number of Studios)×(Number of Rides Per Studio)×(Studio Fee Per Ride) This requires forecasting each of the three components of studio fee revenue. Use the following information to do this: • Number of studios: You should project the expected number of studios in 2015 and each year after. Based on all of the information in the case make an assumption about the growth rate in the number of studios over the next six years (i.e. starting from its historical value at the end of 2014 and projecting up to and including 2020). Assume a single constant rate and provide 3-5 sentences justifying your assumption based on your analysis of the information that is presented in the case. Make sure that the assumption you make is shown clearly in your assignment. One way to anchor your forecast is to think about how many studios you expect SoulCycle will have at the end of its growth phase (i.e.by the end of 2020). The data provided in Exhibits 2D, 5, 6, 9A and 9B are all good places to look for information to help form and justify your forecast. Assume that SoulCycle will reach near market saturation by the end of 2020. As a result the number of studios will grow at a constant rate of 0.5% from 2020 to 2021 and each year after that. Note that the number of studios is changing over the course of the year. For all calculations use the total number of studios at the end of the year to represent the total number of studios in that year (do not bother inferring the average number of studios over the course of year). • Number of Rides Per Studio: Assume that the number of rides per studio will remain constant at the ratio obtained in 2014 (see Exhibit 2c) for each year into the future. • Studio Fees Per Ride: To project this, start with the average studio fee per ride in 2014 (Exhibit 2c). In words, this is the average price that a customer pays for one class. Next, make an assumption about how this will grow over the next six years (i.e. through to 2020). Assume a constant growth rate (it can be negative if you think that the average price of rides will fall) and provide 3-5 sentences justifying your assumption based on your analysis of the information that is presented in the case. Think about how the expansion of SoulCycle studios is likely to impact the average price it can charge per ride across all its studios. Make sure that the assumption you make is shown clearly in your assignment. Assume that studio fees per ride will grow at a constant rate of 1.75% from 2020 to 2021 and each year after that (i.e. to keep up with inflation). • Revenue from Studio Fees: Multiply the three components of total revenue from studio fees together to obtain your estimate of revenue from studio fees for the entire firm in each year. • Merchandise Sales: Based on the historical link between merchandise sales and studio fees, forecast that these will be 19% of studio fees for each year going forward. Add this to the total studio fees you forecasted to compute your estimate of “Total Revenue” . Projecting “Compensation and Related”, “General and Administrative” and “Rent and Occupancy for 2015-2020. Assume that during SoulCycle’s expansion phase, growth in these expenses will be driven primarily by the growth in the number of studios. For each of these expenses, compute its ratio to the number of studios in 2014. Assume this ratio will be constant from 2015 to 2020, and use the ratio along with your forecasts for Number of Studios to project the level of each expense. Projecting all other expenses items for 2015-2020. All other expenses items (e.g., “retail cost of sales (COGS)” and “depreciation”) are driven by Total Revenue (= Studio Fees + Merchandise Sales). For each item of expense, assume that they will grow at the same rate as Total Revenue starting from 2014 to 2015 and continuing all the way through to and including 2020. Project earnings before interest and tax (EBIT) for 2021 and each year after that by assuming that SoulCycle’s operating profit margin (EBIT/Total Revenue) stabilizes to a constant level. You should use the information in the case in conjunction with your earlier projections to choose a constant long-run forecast of OPM at SoulCycle from 2021 on. For example, take into account the average OPM that Bally exhibited from 1996-2006 (Exhibit 5) to help guide your forecast. Use this along with your forecasts of Total Revenue to forecast EBIT in 2021 and each year after that. Make sure that the forecast you make is shown clearly in your assignment and provide 3-5 sentences justifying your choice based on the information that is presented in the case. Taxes. SoulCycle will face a corporate tax rate of 35%. Note that the historical taxes paid by SoulCycle (see Exhibit 2a) have been unrepresentatively low due to income tax loss carryforwards that will not continue into the future. Projecting Balance Sheet Items in Each Year There are several items on the balance sheet (including Property Plant and Equipment (net)) that you will need to forecast in order to project free cash flow. For each item you should compute the ratio that was observed relative to Total Revenue in 2014. Use this ratio along with your forecast of Total Revenue to project the level of each item. Part of your job is to decide which balance sheet items you need and how to incorporate them into your free cash flow projections. The following information defines some of the items on the balance sheet in more detail: • Deferred Revenue: The balance sheet in Exhibit 2b includes a liability of deferred revenue. This refers to classes that have been bought and paid for in advance but have not been taken yet. As the classes are taken over time, these are then recognized as sales on the income statement. • Inventories: These primarily refer to inventories of SoulCycle branded merchandise. • Deferred Rent: The balance sheet in Exhibit 2b includes a liability of deferred rent. SoulCycle has signed many graduated lease schedules that offer discounts early in the life of the lease contract. However, GAAP accounting requires businesses to record lease payments using a straight line accounting method that averages the lease payments over the life of the lease. The deferred rent liability captures the additional rent that is due to be paid in the future relative to what is recorded in the income statement 2. Estimate SoulCycle’s optimal capital structure. To estimate the optimal capital structure for SoulCycle use the following information: • You will need a starting guess for the enterprise value of SoulCycle despite the fact that it is not currently publicly traded. To do this, choose comparable firm(s) from those provided in Exhibit 7 and use an (Enterprise Value)/EBIT multiple to estimate the EV at SoulCycle. Justify which comparable firm(s) you use to form. your estimate. • There is very little data to judge how variable SoulCycle’s operating profit margin could be in the future. As part of your free cash flow projections, you forecasted what operating profit margins would be at SoulCycle on average in the long term. Estimate that in a bad year operating profit margins will fall to half this ratio. • You will need to estimate the yield (rD) that SoulCycle will pay on its debt at the optimal capital structure. To do this, use the following information on debt ratings and yields. Specifically, estimate SoulCycle’s bond rating by computing the actual coverage ratio SoulCycle would have had in 2014 if it had been at its optimal capital structure. Compare this to the information on “Interest Coverage Ratio” to estimate how SoulCycle will be rated in the future. * Average Interest coverage (EBIT'InterestExpense)for firms at this credit rating. source Moody'S Financial Metrics key Ratios BYRating andIndustry forGlobal Non-Financial Corporations: December 2013 ** Average yield on10year corporate bonds at each rating on Dec31 2014. source: JP Morgan and us.spindices.com Justify each of the judgments you make in arriving at your estimate for the optimal capital structure. 3. Estimate the weighted average cost of capital. You should estimate the WACC for SoulCycle at the optimal capital structure. To estimate the asset beta for SoulCycle choose comparable firm(s) from those listed in Exhibit 7. Justify your choice. Assume that cash is the only nonoperating assets at these comparable firms. 4. Estimate SoulCycle’s residual value. You should estimate three different residual values for SoulCycle: • Growing Perpetuity Assume that the free cash flows grow at a constant rate consistent with your forecasts. To do this you will need to find the year when, according to your forecasts the free cash flows begin to behave like a growing perpetuity (i.e. grow from that year forward at a constant rate). • Enterprise Value Multiples Estimate the residual value using both a EV/(Total Revenue) multiple and an EV/EBIT multiple based on comparable firm(s) (in Exhibit 7). In both cases, form. an estimate of the residual value at the same point in time as the other two residual value estimates. Hint: when applying this method the data in Exhibit 7 will produce a trailing multiple. You should apply the multiple you get from the comparable firm(s) to SoulCycle’s forecasted Total Revenue (Studio Fees + Merchandise Sales) and EBIT in a consistent way. 5. Valuation and Recommendation. Using each of the three residual values, estimate the value of SoulCycle’s equity at December 31 2014. Which of the estimates do you think is the most reasonable? Justify your choice.
IFB217TC Second Part of Semester 1, AY2024-25 Lean Thinking Core Assessment 001: Lean Tool Applications Weight: 50% of Final (Module) Grade Assignment Type: Individual Report Assessment 001 (hereafter referred to as A001) is largely based on the “Cup Phone Manufacturing” simulation, referred to as Assessment 002 (A002), which you shall perform in class during the seminar in week 13. In other words, you are to approach A001 after you have completed A002. For detailed information about the “Cup Phone Manufacturing” simulation, please refer to the Assessment Brief entirely dedicated to A002. Importantly, A001 is in the form. of an individual report carrying 50% of the final mark for IFB217TC. Table 1. Core Assessment(s) Sequence Method Assessment Type (EXAM or CW)2 Learning Outcomes Assessed Week % of Final Mark Resit (Y/N/S)3 A001 Lean Tool Applications CW A, B Dec 24, 2024 50 S Cup Phone Manufacturing – Continuous Improvement Report Background/ Setting. Having already completed the in-class simulation titled “Cup Phone Manufacturing”, you, as part of Bell Phones’ quality control team, are to analyse the efficiency of your company’s manufacturing system by applying the Lean Thinking philosophy. Your Task. You will first need to watch the video recording of your “Cup Phone Manufacturing” simulation, which will take place during the Seminar Class in week 13. The video recording of your simulation will be made available via BOX shortly after you have completed the in-class simulation. Having watched the video recording, you need to answer the following questions: Q1. Based on the video recording of your simulation, which of the Seven Wastes (as identified by Taiichi Ohno) + 1 (talent) are most applicable to your production system for manufacturing cup phones? (*make sure to backup your answer with ample evidence) (50 points) (400-500 words) Q2. What areas of your production system (for manufacturing cup phones) failed during the in-class simulation? Were these failures due to the design of the production system, human mistakes during the actual simulation, or both? Were there any other things you and teammates failed to consider? (*make sure that you backup your answer with ample evidence) (50 points) (400-500 words) *In answering Q1 and Q2, you should first watch the video recording of your “Cup Phone Manufacturing” simulation. INSTRUCTIONS TO STUDENTS A001 has the following requirements (which are further elaborated below): Length: between 800 and 1,000 words (excluding title page, references, tables, graphs and figures). Language: British or American English (*be consistent across the text) Main text: Times New Roman 12; space between lines 1.5; footnotes allowed, but make sure to number them consecutively throughout the report. Referencing: all secondary information sources (both offline and online ones) should be cited according to the Harvard (Referencing) Style (*see p.3 for further information). Similarity Rate: no more than 20% (*excluding the Taicang Cover Page and References). AI-generated content: no more than 10% (*including polished content) Submission Method: online, PDF or WORD format (*PDF is preferred) via Learning Mall Online. The file name must be as follows: IFB217TC_Individual Report_[student ID]. Submission Deadline: Dec 24th, 2024, before 18:00 Beijing time. Penalty Policy for Late Submissions: XJTLU’s policy for late submissions will be strictly followed. REPORT STRUCTURE & FORMATTING COVER PAGE – your Cover Page should be the same as the Taicang Official Cover Page. Make sure, however, that you fill in all pertinent details such as (i) module code and title; (ii) student name and ID; (iii) title of your coursework, (iv) word count, etc. Besides the Taicang Official Cover Page, you are also to include a separate Title Page, which should include the following information: (i) module code and title; (ii) student name and student number; (iii) title of your coursework. REPORT STRUCTURE – the report should be logical in structure and adhere to the standard criteria for written business reports. The inclusion of “Introduction” and “Conclusion” sections is not mandatory for this coursework. If you choose to include these sections, they will be counted towards the overall word count (see Submission Requirements on p.4). Also, if you decide to use sections, and/ or subsections, make sure to clearly define them. For instance, sections should be numbered 1, 2, etc. Subsections should be numbered 1.1 (then 1.1.1, 1.1.2, …), 1.2, etc. Sections/ subsections should be numbered using Arabic numerals. Also, if you choose to include appendices, place them right after the Reference section. If you have more than one appendix, label them as Appendix A, Appendix B, and so on. Finally, footnotes are allowed but should be numbered consecutively throughout the report. Many word processors (e.g., MS Word) can incorporate footnotes into the text. REFERENCES – all secondary sources, such as books, journal articles, and conference papers, used for this assignment must be properly cited. This coursework requires that you use the Harvard (Referencing) Style. also known as the Harvard Referencing System. While further information regarding the referencing requirements will be given in class, please, make sure to consult the Internet for additional details. For instance, you may check the following source: https://www.mendeley.com/guides/harvard-citation-guide/. Importantly, references should be numbered and ordered alphabetically. LENGTH – based on the requirements on p.2, the entire document must be between 800 and 1,000 words2(*excluding title page, references, tables, graphs and figures). Importantly, should you decide to include an Introduction and a Conclusion, both sections will be counted towards the allowed word limit. With this in mind, reports above the maximum threshold will be penalised accordingly. For every additional 10-20 words, you will be deducted 1% of the final mark. For instance, if your report stands at 1,050 words, you will be deducted 3% of the final mark. VISUAL AIDS & REPORT LENGTH – graphs, figures, and tables will not be counted towards the word limit. However, if regular text is pasted into the file as a picture/ photo with to avoid word count, it will be penalised accordingly. SUBMISSION REQUIREMENTS WORD COUNT – the report should be between 800 and 1,000 words excluding tables, figures, graphs, and references (*everything else including heading, subheadings, captions, etc. shall count). Reports below the minimum or above the maximum threshold will be penalised accordingly. For every 10- 20 words less/ more, you will be deducted 1% of the final mark. For instance, if your report stands at 1,050 words, you will be deducted 3% of the final mark. VISUAL SOURCES & REPORT LENGTH – graphs, figures, and tables will not be counted towards the word limit. However, if regular text is pasted into the file as a picture/ photo with to avoid word count, it will be penalised accordingly. FILE FORMAT - your coursework must be submitted in electronic format. To avoid formatting issues upon submission, you are advised to submit your final work in PDF via Learning Mall Online. Nevertheless, MS WORD files shall also be allowed. Also, prior to submitting your report, make sure that the file name reads as follows: IFB217TC_Individual Report_[student ID]. DEADLINE – the deadline for submitting is Dec 24, 2024, at 18:00 (Beijing local time). Upon submission of the report to LM, you are suggested to download a copy of your submission. Please note that works submitted after the deadline are subject to XJTLU’s policy on late submissions.
6QQMN566 advanced Corporate Finance Workshop Questions - Real Options I Q1. You are trying to decide whether to make an investment of $500 million in a new technology to produce Everlasting Gobstoppers. There is a 60% chance that the market for these candies will produce profits of $100 million annually, a 20% chance the market will produce profits of $50 million, and a 20% chance that there will be no profits. The size of the market will become clear one year from now. Currently, the cost of capital of the project is 11% per year. There is a 20% chance that the cost of capital will drop to 9% in a year and stay at that level forever, and an 80% chance that it will stay at 11% forever. Movements in the cost of capital are unrelated to the size of the candy market. Assuming you find out the size of the Everlasting Gobstopper market one year after you make the investment. That is, if you do not make the investment, you do not find out the size of the market. Construct the decision tree that shows the choices you have under these circumstances. Q2. A professor in the Computer Science department at United States Institute of Technology has just patented a new search engine technology and would like to sell it to you, an interested venture capitalist. The patent has a 17-year life. The technology will take a year to implement (there are no cash flows in the first year) and has an upfront cost of $100 million. You believe this technology will be able to capture 1% of the Internet search market, and currently this market generates profits of $1 billion per year. Over the next five years, the risk-neutral probability that profits will grow at 10% per year is 20% and the risk-neutral probability that profits will grow at 5% per year is 80%. This growth rate will become clear one year from now (after the first year of growth). After five years, profits are expected to decline 2% annually. No profits are expected after the patent runs out. Assume that all risk-free interest rates are constant (regardless of the term) at 10% per year. (a) Calculate the NPV of undertaking the investment today. (b) Calculate the NPV of waiting a year to make the investment decision. (c) What is your optimal investment strategy? Homework: Q3. You are trying to decide whether to make an investment of $500 million in a new technology to produce Everlasting Gobstoppers. There is a 60% chance that the market for these candies will produce profits of $100 million annually, a 20% chance the market will produce profits of $50 million, and a 20% chance that there will be no profits. The size of the market will become clear one year from now. Currently, the cost of capital of the project is 11% per year. There is a 20% chance that the cost of capital will drop to 9% in a year and stay at that level forever, and an 80% chance that it will stay at 11% forever. Movements in the cost of capital are unrelated to the size of the candy market. Construct the decision tree that shows the choices you have to make the investment either today or one year from now. Q4. The management of Southern Express Corporation is considering investing 10% of all future earnings in growth. The company has a single growth opportunity that it can take either now or in one period. Although the managers do not know the return on investment with certainty, they know it is equally likely to be either 10% or 14% per year. In one period, they will find out which state will occur. Currently the firm pays out all earnings as a dividend of $10 million; if it does not make the investment, dividends are expected to remain at this level forever. If Southern Express undertakes the investment, the new dividend will reflect the realized return on investment and will grow at the realized rate forever. Assuming the opportunity cost of capital is 10.1%, what is the value of the company just before the current dividend is paid (the cum-dividend value)? Q5. You area financial analyst at Global Conglomerate and are considering entering the shoe business. You believe that you have a very narrow window for entering this market. Because of Christmas demand, the time is right today and you believe that exactly a year from now would also be a good opportunity. Other than these two windows, you do not think another opportunity will exist to break into this business. It will cost you $35 million to enter the market. Because other shoe manufacturers exist and arepublic companies, you can construct a perfectly comparable company. Hence, you have decided to use the Black-Scholes formula to decide when and if you should enter the shoe business. Your analysis implies that the current value of an operating shoe company is $40 million and it has a beta of 1. However, the flow of customers is uncertain, so the value of the company is volatile—your analysis indicates that the volatility is 25% per year. 15 percent of the value of the company is attributable to the value of the free cash flows (cash available to you to spend how you wish) expected in the first year. If the one-year risk- free rate of interest is 4%: Should Global enter this business and, if so, when?
EEC 210 HW 9 1. Calculate the total input- and output-referred noise voltages at 10 Hz, 100 kHz, and 1 GHz for the common-source amplifier whose ac schematic is shown below. Assume that W = 100 µm, L = 1 µm, ID = 100 µA, Vt = 0. 6 V, k′ = 194 µA/V2 , tox = 80 A° , Ld = 0, Xd = 0, and Kf = 3 × 10−24 F-V2 . Ignore shot noise gener- ated by gate leakage current calculated in Equation (11.15) as well as thermally induced gate noise calculated in Equation (11.16). Verify your result using SPICE. (Add dc sources for SPICE.) 2. Calculate the equivalent input noise voltage at 100 Hz, 1 kHz, and 10 kHz for the CMOS op amp shown below. Use the MOS parameters in Table 2.4 at the end of this homework, and assume that Xd = 0. 1 µm at the operating point for all transis- tors operating in the active region. For this problem, assume that the gate of M9 is attached to the positive power supply, and that the W/L of M9 has been optimally chosen to cancel the right-half-plane zero. The flicker-noise coefficient for all tran- sistors is Kf = 3 × 10−24 F-V2 . Ignore shot noise generated by gate leakage current calculated in Equation (11.15) as well as thermally induced gate noise calculated in Equation (11.16). Verify your result using SPICE.
System and Networks (IT) COMPSCI 4043 Thursday 21 May 2020 Answer ALL 3 Questions This examination paper is worth a total of 60 marks 1. (a) Express the following in 16-bit two’s complement code, giving your answers in hexadecimal. Show your working. i. 180 ii. -30 [4] (b) Give the range of values that can be represented by a 32-bit two’scomplement code (express the range using powers of 2) and explain why. [2] (c) Find two 8-bit codewords, X and Y, such that X+Y overflows if the code being used is unsigned but does not if it is two’s complement. Now find two codewords, W and Z, such that W+Z overflows in both codes. Explain your reasoning carefully. [4] (d) Write a Sigma16 program that takes an n-element array, X, of unsigned numbers and subtracts 1 from each element, except when the element is already 0. Assume that nisan unsigned variable in data memory indicating the number of elements in the array. Fully comment your code. [7] (e) Referring to your solution for (d), discuss what maximum value of n it would work for, explaining what factors you are considering. [3] For reference, here is part of the instruction set of the Sigma16 CPU. lea Rd, x[Ra] Rd:= x +Ra load Rd, x[Ra] Rd:= mem[x +Ra] store Rd, x[Ra] mem[x +Ra]:=Rd add Rd,Ra,Rb Rd:= Ra+Rb sub Rd,Ra,Rb Rd:= Ra-Rb mul Rd,Ra,Rb Rd:= Ra*Rb div Rd,Ra,Rb Rd:= Ra/Rb, R15:=Ra mod Rb and Rd,Ra,Rb Rd:= Ra AND Rb inv Rd,Ra,Rb Rd:= NOT Ra or Rd,Ra,Rb Rd:= Ra OR Rb xor Rd,Ra,Rb Rd:= Ra XOR Rb cmplt Rd,Ra,Rb Rd:= Ra Rb shiftl Rd,Ra,Rb Rd:=Ra logic shifted left Rb places shiftr Rd,Ra,Rb Rd:=Ra logic shifted right Rb places jumpf Rd, x[Ra] If Rd=0 then PC:=x+Ra jumpt Rd, x[Ra] If Rd0 then PC:=x+Ra jal Rd, x[Ra] Rd:= pc, pc: =x +Ra trap Rd,Ra,Rb PC:= interrupt handler jump x[Ra] PC:= x +Ra 2 (a) Distinguish between primary and secondary memory and explain briefly how the CPU accesses data stored in each. If auser were experiencing problems with the performance of a PC running a modern operating system using virtual memory, under what circumstances would you recommend increasing the amount of primary memory? Explain your reasoning. [6] (b) The following Sigma 16 code is intended to take an 8-element array (only first element is shown) and add all the elements placing the result in another variable, sum. However, although the code will assemble, it contains several errors. i. Draw up a register-use table for the program (suitable for inclusion as comment). ii. Identify the errors, in each case explain what is wrong, and how you would correct it. iii. Write out the corrected program. LEA R1,1[R0] ;Set R1 to constant 1 ADD R2,R0,R0 ;i:=0 LEA R3,n[R0] ;Set R3 to n ADD R4,R0,R0 ;sum=0 FORLOOP CMPEQ R5,R2,R3 ;Is i JUMPF R5,OUT[R0] ;if yes, exit LOAD R6,X[R0] ;load x[i] ADD R4,R4,R1 ;sum:=sum + x[i] ADD R1,R2,R2 ;i:=i+1 JUMP FORLOOP[R0] ;loop OUT STORE R4,sum[R0] TRAP R0,R0,R0 ; Data Area n DATA 8 sum DATA 0 x DATA 0 [6] (c) Estimate how many cycles the corrected program would take to run. [4] (d) In the corrected program estimate the advantage a system with a cache memory would gain if a primary memory cycle takes 10ns and a cache cycle 1ns. [4] 3. (a) In Internet communications, what is the function of an IP packet and how does the internetwork get such a packet to its intended destination. [6] (b) An IP interface has the address 10.100.20.6. What binary value does this address represent? Also write the value in hex. Show your working. [3] (c) A network interface is implemented as a memory-mapped Input/output device. What does this mean and what characteristics would a memory-mapped network interface require? [5] (d) When new data arrives at such an interface, the device interrupts the CPU. Explain why and how this happens and, when it does, how the CPU will react. In your answer refer to the notion of an interrupt handler routine and say what, if you were to program such a routine, you would have it do (only a high-level informal description is required, not code). [6]
Math Stats Midterm 2 Review Problems 1. Let X1, . . . , Xn be i.i.d. samples from a Rayleigh distribution with parameter θ > 0 (a) Find the method of moments estimate of θ. (b) Find the mle of θ. (c) Find the asymptotic variance of the mle. (d) Construct an approximate 95% confidence interval for the mle. 2. Let Xi ∼ bin (ni , pi), for i = 1, . . . , m, be independent. (a) Set up hypotheses that all the pi are equal. (b) Derive a likelihood ratio test for the hypotheses. (c) What is the large sample distribution of the test statistic? 3. Let X1, . . . , Xn be a random sample from an exponential distribution with the density function f(x | θ) = θ exp[−θx]. (a) Derive a likelihood ratio test of H0 : θ = θ0 versus HA : θ ≠ θ0. (b) Show that the rejection region is of the form. {¯X exp [−θ0¯X] ≤ c}. 4. Let P have a uniform. distribution on [0, 1], and conditional on P = p, let X have a Bernoulli distribution with parameter p. Find the conditional distribution of P given X = x. 5. Show that the gamma distribution is a conjugate prior for the exponential distribution.
Academic Year 2024/25 Term 1 MKTG 227M: Marketing Management Essentials Introduction/Overview This course is a half-module that runs in the Michaelmas term for Business Management students. MKTG102 is a pre-requisite. This module aims to build on the conceptual knowledge and practical understanding of key marketing management topics, which were introduced with MKTG102. By developing this deeper understanding, students may then take other specialist marketing modules in their final year. These modules and half-modules could include: • MKTG211 Qualitative Market Research. • MKTG212 Quantitative Market Research • MKTG225 - Consumer Behaviour - (ONLY with co-requisite/pre-requisites MKTG211 Qualitative Market Research) • MKTG229 - Routes to Market • MKTG232 - Advertising • MKTG233 - Digital marketing • MKTG234 - Social Media Marketing • MKTG301 - Strategic Marketing • MKTG302 - Strategic Negotiation: Making sustainable deals • MKTG315 - Marketing Innovation • MKTG327 - Management of Marketing • MKTG334 - Critical and Creative Communications - (ONLY with pre-requisite MKTG232) Course aims: • To continue the learning started with MKTG102 to provide students with a deeper knowledge of key marketing subject areas. • To provide students with an understanding of how marketing management works in practice and how the different topics as taught blend and interact in a business environment. Learning Outcomes By the end of this course, you should be able to: • Demonstrate an understanding of how marketing is influenced by the behaviours of consumers and how we as consumers are influenced by marketers. • Appreciate and understand the importance of services and service marketing in the marketing environment. • Demonstrate understanding of current conceptualisations of brands, what they mean to various stakeholders, and why they are becoming more important in business and society. • Introduce the concepts and language of digital marketing and understand how digital media and tools function in organisations. • To gain an understanding of why international marketing is distinctive and differs from domestic marketing. • Effectively analyse complex real-world marketing issues based on deep understanding of both theory and practice. Employability Skills This module focuses on developing two specific skills: • Analytical skills: This course aims to help enhance your engagement with theory. As part of your assessment, you are required to choose a brand and analyse its customer journey. You will practice developing your analytical skills throughout the whole module. Developing your analytical skills is important for dealing with real-life situations that you will encounter in the workplace. • Reflective skills: As part of your assessment, you are required to draft a reflective essay on a recent shopping experience. This will allow you to develop a better understanding of the role of marketing and your own consumption patterns in addition to exploring the implications and importance of various touchpoints. Communication & Inquiries Please check the Moodle course website regularly. Lectures slides, recordings, readings, and announcement will be posted there throughout the term. For general inquiries, regarding the module, seminars, or coursework assessment, please speak first to your seminar tutor, and for specific inquiries relating to lecture content, please contact the relevant lecturer via e-mail. Course Structure Lectures There will be one hour in-person lecture on Wednesday every week at FAR - Faraday LT from 11:00am-12:00pm, and one hour pre-recorded (asynchronous) lecture uploaded via Panopto and posted on Moodle each week during the term. Please make sure you watch the pre- recorded lectures every week and check the recommended readings before attending the in- person lecture. We will coverseven key Marketing Management topics across the term Week Topic Delivered by 1 Introduction to the module Dr Eman Gadalla 2 Consumer behaviour Dr Eman Gadalla 3 Services marketing Dr Eman Gadalla 4 Brand management Dr Eman Gadalla 5 Digital Marketing Strategy Dr Eman Gadalla 6 Guest lecturer TBC 7 Regulation, Responsibility & Consumption Dr Eman Gadalla 8 Global Marketing Dr Felix Martin 9 The Future of Marketing Dr Eman Gadalla 10 Revision + Q&A Dr Eman Gadalla In-person seminars and online drop-in sessions Seminars and drop-in sessions are mainly dedicated to support the assessment. This will help you to work effectively and efficiently on the coursework as early as possible. Students will be required to attend a 1-hour in-person seminar in weeks 3, 5, 7 and 9. To facilitate learning for all, you are required to treat seminars professionally. Additionally, to answer any relevant inquiries, online drop-in sessions will be delivered via Teams link during weeks 4, 6 and 8. Attendance at drop-in sessions is not compulsory; it is your own responsibility and choice to decide on that. Assessment: 100% coursework Assessment Weighting: 100% coursework comprising of 80% analytical report submitted in the form. of a presentation (PowerPoint file + notes) and 20% reflective essay. Coursework Assessment 80% presentation (ppt file + notes): You are required to submit a presentation demonstrating your analytical skills. Building on your knowledge, you will have the opportunity during seminars to work on your presentation. The topic of the presentation should cover the following: “Using relevant academic literature / theories critically analyse and evaluate a chosen brand by particularly focusing on the customer journey and taking into consideration other relevant marketing management topics” You should carefully consider your brand choice taking into consideration the seven key marketing management topics. The chosen marketing management topics should be relevant to the brand and properly connected to support your arguments and analysis. For guidance only and to help you choose the most relevant topics, you can start by asking yourself the following questions: • Why did you choose this brand? Is it a global brand? • Is the chosen brand successful? Why? • What are the key issues/challenges and opportunities facing that brand? • Are these factors interconnected? If yes how and why? Further advice will be given during all seminars and throughout the module during the online drop-in sessions. Although, you will be provided with a PowerPoint template to use, you can creatively determine the exact contents of the presentation. Please take the following into consideration: • You must conduct secondary research; additional online research uncovering up to date information about the brand is essential to enable you to fully understand the big picture. The reference list must include the weekly key readings discussed during lectures in addition to Three NEW, self-sourced academic journal articles focusing on customer experience. You should NEVER use Wikipedia, blogs, or other non-editorial internet sources. • You must demonstrate how you use information rather than reiterate what you have learned (i.e., demonstrate criticality in your answer and a higher level of understanding of the topic at hand using relevant key readings). • Please make sure to use your own words instead of copying and pasting from various sources. You must cite properly your sources using Harvard style. and avoid poor paraphrasing. • Please remember, that for the purpose of this coursework, there are no right or wrong answers, just more or less effective argument, and what matters is the quality of your analysis and clarity of how you communicate it. 20% reflective essay: As part of your assessment, you are required to write a 1000 - 1500 words reflective essay on the following: ‘Critically reflect on a recent and/or memorable shopping experience in a marketplace or consumption setting. Drawing on relevant academic literature / theories reflectively explore, evaluate, and reflect on this experience.’ It is important to be creative and explain your reflections in anyway you think would be best. You might find it helpful to start working on that from week 3 by keeping a reflective diary or record reflective thoughts during various lectures each week to draw upon in your reflective essay. Assessment Deadline: Electronic pdf file must be submitted to the Moodle MKTG 227M submission folder by Monday 13 Jan 2025 at 3:00pm. The penalty for late submissions up to three days is minus a grade off your final mark so a B would be recorded as a C. Any later submissions will be awarded F4. No extensions will be allowed for the submission of coursework except in the case of certified illness or another substantial cause. Applications for extensions for whatever reason must be directed to Bev Moss ([email protected]). Coursework Assessment Criteria Your coursework will be assessed against the criteria detailed in the table below. These criteria (on the left of Table 1. below) are those typically used to evaluate written essay in the Department of Marketing. Feedforward (on the right of Table 1.) provides guidance to help you translate these criterial into what is needed for this piece of coursework. You can also use the general grade descriptors to help you critically evaluate your own work. The grade given to your work is a summary of the overall standard of the piece of work across all criteria. Table 1. Assessment Criteria and Feedforward Marking Criteria Feedforward is provided here to help you apply these abstract criteria to this specific piece of coursework. Feedback will be provided against each criterion. Argument, understanding and analysis E.g., Relevance to set question, understanding of the issues, appropriate criticism, balance of the arguments, pertinent analysis, quality of conclusions. Excellent work will also present a coherent, consistent, and well-argued analysis. Providing a comprehensive analysis of the brand and its customer journey are essential. This can be done through the identification of relevant marketing management topics using relevant marketing theories. Sources and evidence E.g., Use of relevant theory/data, recognition of ethical concerns, accurate referencing, suitable bibliography. Excellent work will demonstrate thorough research and engagement with multiple and credible sources. Excellent work will present data that justify relevant arguments. Accurate referencing of these theoretical tools and of data presented should be consistent throughout. Written communication E.g., Format and structure, clarity of communication, appropriate illustrations, creativity/originality. Excellent work will demonstrate the clear and concise presentation of relevant arguments. Excellent work will present a coherent, compelling, and impactful narrative. It will also demonstrate originality through the quality of insights generated. Reading No single textbook covers the content of this module. You will be provided with a reading list for each ‘topic of the module, which will include both compulsory and additional texts. In all cases, these will be available electronically, and where possible, the list will provide an appropriate link to the reading. Other Interesting & Helpful readings: You should consult mainstream marketing journals such as: Journal of Marketing, Journal of Marketing Management, European Journal of Marketing, Journal of Advertising, Journal of Retailing, Journal of the Academy of Marketing Science, Psychology and Marketing, Journal of Interactive Marketing. For a more critical perspective on Marketing, you can check the following journals: Journal of Public Policy and Marketing, Consumption, Markets & Culture, Journal of Macro marketing, Marketing Theory. You may also find some useful resources on the following websites: • Chartered Institute of Marketing • Marketing Magazine • Marketing Week • Financial Times • BBC Business:latest UK and international developments in business. • Brand Republic:Latest news for marketing, advertising, media, and PR (Public Relations). • Brand Strategy Insider:A website dedicated to helping marketing-oriented leaders and professionals build strong brands. • eMarketer Inc:Market research one-business and online marketing. • The Grocer magazine:An online service and weekly magazine with coverage of the whole FMCG sector. • Campaign magazine:provides real-time news and analysis by expert commentators in eight territories around the world. Apart from the UK, Campaign now serves the US, Southeast Asia, India, China, Japan, Turkey, and the Middle East. • Retail Dive: provides news and analysis for retail executives (e.g., retail tech, marketing,e-commerce, logistics, in-store operations … . etc)
Linear Algebra - Fall 2023 Practice 1. Calculations of determinants and interpretations. Section 6.1 # 19,21,31,34 Section 6.2 # 5,9,17,25 Section 6.3 # 3,4 Miscellaneous problems to know and really prepare your understanding 2. Show that any projection is diagonalizable. What are the eigenvalues of a projection, and the rank in terms of its eigenvalues? (Hint: consider the number of non-zero eigenvalues). 3. Show that any reflection is diagonalizable: Let V be a subspace of R n , with an orthonormal basis v1, . . . , vk, and let Q be the matrix consisting of these vectors as columns. Express the reflection R about V in terms of the matrix Q (first, recall how to express the reflection in terms of the projection onto V ). Show that R is diagonalizable, and determine the eigenvalues of R. 4. The projection of R 5 onto a subspace V has rank 3. What is the dimension of V ? 5. Consider the matrix Determine if the matrix is diagonalizable, and, if so, find an invertible matrix S and diagonal matrix D such that S −1AS = D. 6. Let T : R 4 → R 4 be defined by (a) Show that T is linear. (b) Find the matrix A of T with respect to the standard basis e1, e2, e3, e4. (c) Diagonalize A and find an invertible matrix S and adiagonal D such that S −1AS = D. (see above) (d) Possibly using (c), find a basis in which the matrix of T is diagonal. 7. Is the matrix in the previous two exercises orthogonally diagonalizable? Explain and if so, find an orthogonal matrix S and diagonal matrix D such that S TAS = D. 8. Answer the same two questions as above for the matrix: Equivalentlty, same questions for the linear transformation T(x) = Ax. 9. Let (a) Find an invertible matrix S and a diagonal matrix D such that S −1AS = D. (b) Possibly using, find a formula for An , n ≥ 1. 10. A 4 × 4 matrix has characteristic polynomial λ 4 − λ 2 . Suppose rank(A) = 2. Show that A is diagonalizable and find its diagonal form. (a diagonal matrix D equivalent to A). 11. A 3 × 3 matrix A has characteristic polynomial −λ 3 + 4λ. Is A diagonalizable? If so find its diagonal form. 12. Let A be a 3 × 3 matrix which has λ = 0 as an eigenvalue of algebraic multiplicity 3. Calculate det(A − I) 3 . 13. A diagonalizable 5 × 5 matrix A has characteristic polynomial f(λ) = −λ 3 (λ − 1)2 . What is the rank of A − I? How about the rank of A? 14. [Comprehensive problem] Consider the plane V given by the equation x + y + z = 0. (a) Find a matrix whose kernel is V . (b) Find a basis in V . (c) Find an orthonormal basis in V . (d) Let P be the projection onto V . Find the matrix of P. (e) Find a basis where the matrix of P is diagonal, and determine this diagonal matrix. (f) Find the eigenvalues of P, the determinant of P and the trace of P. 15. Let P1 = {a+bx|a, b ∈ R} be the vector space of polynomials of degree at most 1. Let T : P1 → P1 be defined by T(f) = 3f(x) − 2f(−1) + 4f(0)x. (a) Check that T is a linear function. (b) Find the matrix A of T with respect to the basis (1, x) of P1. (c) Show that A is diagonalizable and find an invertible matrix S and diagonal matrix D such that S−1AS = D. (d) Possibly using S as a change of basis matrix, find a basis B of P1 such that the matrix of T with respect to this basis is diagonal.
ULMS 353 The Strategic Direction of Matalan Assignment Brief Students are asked to develop a strategy for Matalan for the next 3-5 years. The individual report should consist of the following 7 sections. For each section I will provide suggestions on what students could cover but these are not restrictive. I will outline all the frameworks and tools you have in your disposal but that does not mean that you have to use all of them. However, failure to use any of the recommended frameworks under each section will result in no marks for that section. What you need to have in mind is that each section has a goal that you need to meet. For each section thereof you need to draw some “conclusions”, take them with you and complete the next sections. These “conclusions” need to be critically justified. Therefore, ensure that you critically justify your findings/arguments in each section. The term critically justify implies that you need to demonstrate coherent understanding and application of any theories or frameworks used and that the ideas/arguments/discussions presented in your report are supported by relevant high quality academic sources. Industry/firm reports and documents, news articles etc can be used, but these should be appropriately evidenced/ cited and supported by high quality academic sources. Your final strategy needs to be informed by all the previous sections. So, the strategy that the company should implement needs to be justifiable by all the previous analysis. (1) Introduction Introduce the company, its products, the market it operates, define your industry, define your target market. Briefly assess whether the company is doing well or bad at the moment. (2) Internal Analysis The Goal of the Internal analysis is to identify your company’s; (1) Capabilities/Strengths and value adding activities (2) Weaknesses (3) Internal Competitive advantage. To achieve this goal, you can use all or a combination of the following frameworks/suggestions (marks are not allocated based on how many models/frameworks you have used rather if you have used them correctly and if you have achieved the goal of the internal analysis): - Value Chain o Identify your company’s primary and supplementary activities o How these activities add value to your company o Incorporation of these activities/resources in the Resources & Capabilities table and any weaknesses in the Weaknesses table - Resources & Capabilities table o Identify your company’s resources and briefly discuss the corresponding capabilities (you can use a table if you wish) - Test the Distinctive Capabilities through VRIO model to identify your company’s competitive advantage o Briefly discuss the conclusions from VRIO – What is your competitive advantage and why you believe so? - Weaknesses table o Identify your company’s weaknesses and provide a short term and long-term solution (you can use a table if you wish) (3) External Analysis The Goal of the External analysis is to identify how the industry and the country/countries your firm operates can affect the development of its strategy. The Goals of the External analyses are (1) Assess the attractiveness of the industry you operate (2) perform a Competitors’ analysis (3) identify Macro – environmental factors affecting your industry and consequently your firm To achieve this goal, you can use all or a combination of the following frameworks/suggestions (marks are not allocated based on how many models/frameworks you have used rather if you have used them correctly and if you have achieved the goal of the external analysis): - The external analysis is conducted at an industry level – Define your industry – Be specific - Five forces to identify the attractiveness of the industry you operate o Identify the forces (low-medium-high) o Discussion on the attractiveness of the industry (is it attractive yes/no why?) o What does this mean for your company? (opportunities and threats) - Identify your company’s strategic position AND your competitors’ strategic position o Porter’s 3 generic strategies OR o Bowman’s clock o Position your firm and the competitors, justify why you think they follow this strategic position, discuss if this positioning is an opportunity or threat for your company - Competitors’ Benchmarking to identify the Competitors strengths and weaknesses o Critical evaluation of your findings – are there any opportunities or threats for your firm? - PESTEL o You can use a table to identify as many RELEVANT macro-environmental trends currently taking place in the country/countries your firm operates, that can affect your industry and consequently, your firm o Select any 3 KEY trends to discuss further – discuss their impact to your industry, to your firm and your future strategic planning (opportunities/threats?) (4) SWOT analysis In this module SWOT analysis is used as a summary tool – meaning that you use it to summarise existing information. Strengths & Weaknesses : Should come from your internal analysis ONLY. Opportunities & Threats : Should come from your external analysis ONLY. SWOT should NOT include any new information – you need to populate the SWOT table using existing information from your previous analysis. You don’t have to explain the SWOT analysis in a separate paragraph the table should suffice. (5) TOWS matrix In the TOWS matrix you are going to combine the data you gathered from the Internal and External analyses, and you will come up with tactics/ideas. It is the brainstorming stage. The way you are going to combine the data is as follows: Strengths & Opportunities: What strengths do you need to utilise to pursue one or more of the opportunities which you have identified? Combine this information to come with one or more tactics/ideas Strengths & Threats: What strengths do you need to utilise to overcome one or more of the threats you identified? Combine this information to come with one or more tactics/ideas Opportunities & Weaknesses : What weaknesses will you address by pursuing one or more of the opportunities you identified? Combine this information to come with one or more tactics/ideas Threats & Weaknesses : Come up with ideas help you address some of your weaknesses while overcoming some of your threats at the sametime. All these tactics/ideas can be included inside the TOWS matrix. One/two sentences for each idea/tactic clearly showing which opportunities + strengths etc you combined. You do not have to explain the TOWS matrix in a separate paragraph, the table should suffice. (6) ANSOFF matrix In the ANSOFF matrix you need to position your tactics/ideas from the TOWS matrix inside the right strategy i.e. Market penetration, market development, product development, diversification. From the four strategies and corresponding tactics identified earlier; you need to select two to analyse further. Whichever two you choose to discuss is up to you. One (critically explicit) paragraph for each strategy (and corresponding tactic) needs to be included. These two paragraphs are crucial as they serve as the “selling point” for the report. These paragraphs can discuss the following but are not limited to: • Does this strategy and corresponding tactic address any opportunities and/or overcome threats? How will the industry forces/ Competition/ Macro-factors affect your strategic option? • By following this strategy and corresponding tactic do you capitalise on your competitive advantage? Yes? No? How? If you have not identified a competitive advantage in the internal analysis, does this strategy and corresponding tactic help you build one? • Implementation plan: how are you going to implement this strategy and corresponding tactic? Have you implemented this strategy before (as a company)? Yes/no? was it successful? Is there a reason why you have not implemented it before? ▫ Market penetration - explain how you will retain and increase your market share. Ideas: how will you deal with the competitors, what kinds of additional services can you offer to attract new customers, e.g. an advertisement you want to run, etc. ▫ Product development – explain the process of developing new product/service and how this will add value to the company. Ideas: invest in R&D, or acquire a company that has the knowledge/technology you are after, explain how and why customers will value the new product ▫ Market development – explain which country you plan to enter and provide a critical discussion on how intend to enter it. ▫ Diversification – combine the discussion from product development and market development. If you are entering a new industry with a new product, provide some additional information about the new industry, e.g. how attractive is it? how competitive it is, does it have room for investment etc. • Based on the assessment of your firm’s current conditions (doing good or bad from the introduction section) how does this strategy and corresponding tactic help? For example, does it turnaround the bad performance? Or builds upon current success? The main discussion should be in paragraphs but feel free to use tables/ graphs/ images to support your arguments. (7) SAFe criteria From the two strategies and corresponding tactics identified in the earlier sections, you now need to assess which ones are viable, using the SAFe criteria. Which one(s) are you going to select? The one(s) that will best pass the SAFe criteria. You need to test both strategies and corresponding tactic via the SAFe criteria and the strategy that pass ALL SAFe criteria is/are the one(s) that you are going to suggest to the board of directors. In two separate paragraphs (one for each strategy and corresponding tactic) you need to explain/justify why this strategy and corresponding tactic is or is not suitable, acceptable and feasible. NOTE 1: If more than one strategy and corresponding tactic passes the SAFe criteria when assessed individually, you should consider how well these options relate to each other and make a clear recommendation about how your board of directors should proceed: should they chose one (which one and why), should several options be pursued – if so why does that makes sense (e.g. how do they enhance each other), should one come before the other (suggesting sequential implementation and why) etc. SAFe (1) Suitability checklist: Does it capitalise (uses effectively) on your firm’s strengths and capabilities? (as identified in your internal analysis) Fixes a weakness? (as identified in your internal analysis) Does it exploit the opportunities you identified (as identified in your external analysis) Does it overcome the threats? (as identified in your external analysis) Yes or No and why? Please remember that, as with all SAFe criteria, the answer is typically not a clear yes or no, but every option will address some points mentioned above very well, others not so well and some not at all. Therefore, it is up to you, on the bases of your analysis to make an overall assessment around whether you believe the suitability criteria is sufficiently met and can pass (yes) or the option is not suitable, overall (no). Check Lecture 6 as well for additional criteria. (2) Acceptability checklist: There are three key aspects of acceptability – the “3 R’s” (Risk – Return – Reactions): 1. Is the level of risk acceptable? Risk can be assessed using, for example: Sensitivity analysis, Financial risk, Break-even analysis. NOTE: I do NOT expect a detailed risk analysis - I expect you to demonstrate that some general risk considerations have been taken into account and to use your critical thinking and make an informed decision (based on arguments/data etc) on whether a strategy is acceptable in terms of the involved risks or not. A narrative discussion. 2. Is the likely ROI acceptable? ROI can be assessed using: Financial analysis, Shareholder value analysis, Cost–benefit analysis, Real options. NOTE: Same as above - I expect a narrative analysis/judgement on whether this strategy will generate profits and how soon. 3. Will stakeholders’ reaction be positive? You need to go back to your stakeholders’ mapping and discussion – critically explain if your key stakeholders will have positive reactions or not. Yes or No and why? Consider the risk level, the ROI and add them to the stakeholders’ discussion. (3) Feasibility checklist: Three core questions to consider: Can the strategy be financed? Do we have the money? Financial statements/balance sheets that prove the profitability of your company. In plain words, do you have the money or any money generating assets that you can use to pursue your selected strategy? Do people and their skills exist to implement the strategy OR they should be obtained? Do you have the personnel you need to pursue this strategy (e.g. Scientists if you invest in R&D etc) (yes/no are they enough?) OR will you have to recruit? (Can you do it? Money? Time?) Do the capabilities exist to implement the strategy OR can they be obtained? Value chain – Are your processes effective and efficient? Can you support this strategy? Yes or No and why? Again, remember that the answer is typically not a clear yes or no, but every option will address some points mentioned above very well, others not as well and some not at all. Therefore, it is up to you considering all your analysis, to make an overall assessment as to whether you believe the feasibility criteria is sufficiently met and can pass (yes) or the option is not feasible, overall (no).
6QQMN566 advanced Corporate Finance Workshop Questions - Real Options II Q1. You own a coppermine. The price of copper is currently $1.50 per pound. The mine produces 1 million pounds of copper per year and costs $2 million per year to operate. It has enough copper to operate for 100 years. Shutting the mine down would entail bringing the land up to EPA standards and is expected to cost $5 million. Reopening the mine once it is shut down would be impossible given current environmental standards. The price of copper has an equal (and independent) probability of going up or down by 25% each year for the next two years and then will stay at that level forever. Calculate the NPV of continuing to operate the mine if the cost of capital is fixed at 15%. Is it optimal to abandon the mine or keep it operating? Q2. Genenco is developing a new drug that will slow the aging process. In order to succeed, two breakthroughs are needed: one to increase the potency of the drug, and the second to eliminate toxic side effects. Research to improve the drug’s potency is expected to require an upfront investment of $10 million and take 2 years; the drug has a 5% chance of success. Reducing the drug’s toxicity will require a $30 million upfront investment, take 4 years, and has a 20% chance of success. If both efforts are successful, Genenco can sell the patent for the drug to a major drug company for $2 billion. All risk is idiosyncratic, and the risk-free rate is 6%. (a) What is the NPV of launching both research efforts simultaneously? (b) What is the optimal order to stage the investments? (c) What is the NPV with the optimal staging? Homework: Q3. You are an analyst working for Goldman Sachs, and you are trying to value the growth potential of a large, established company, Big Industries. Big Industries has a thriving R&D division that has consistently turned out successful products. You estimate that, on average, the R&D division generates two new product proposals every three years, so that there is a 66% chance that a project will be proposed every year. Typically, the investment opportunities the R&D division produces require an initial investment of $10 million and yield profits of $1 million per year that grow at one of three possible growth rates in perpetuity: 3%, 0%, and −3%. All three growth rates are equally likely for any given project. These opportunities are always “take it or leave it” opportunities: If they are not undertaken immediately, they disappear forever. (a) Assume that the cost of capital will always remain at 12% per year. What is the present value of all future growth opportunities Big Industries will produce? (b) Assume that all the probabilities are risk-neutral probabilities, which means the cost of capital is always the risk-free rate and risk-free rates are as follows: The current interest rate for a risk-free perpetuity is 8%; in one year, there is a 64.375% chance that all risk-free interest rates will be 10% and stay there forever, and a 35.625% chance that they will be 6% and stay there forever. The current one- year risk-free rate is 7%. Q4. Your engineers are developing a new product to launch next year that will require both software and hardware innovations. The software team requests a budget of $5 million and forecasts an 80% chance of success. The hardware team requests a $10 million budget and forecasts a 50% chance of success. Both teams will need 6 months to work on the product, and the semi-annual risk-free interest rate is 2%. (a) Which team should work on the project first? (b) Suppose that before anyone has worked on the project, the hardware team comes back and revises their proposal, changing the estimated chance of success to 75% based on new information. Will this affect your decision in (a)?
Assessment Brief 2024/2025 Assignment Information Course Code MGT4019_1A Course Title Entrepreneurial Ventures: Management and Growth Course Coordinator Weighting 30% Question release date Monday, 28 October 2024 Submission date: Monday, 06 January 2025, 12pm Grades and Feedback to be released on: Monday, 27 January 2025 Presentation duration 1000 (+/- 10%) Refer to word limit policy Action to betaken if time limit is exceeded Any words of over 1000 +10% will be disregarded 1. QUESTION/ DESCRIPTION OF ACTIVITY Question The idea behind this task is to give each student the opportunity to reflect on their individual learning from engaging in the EVMG consultancy project. Further details Some useful generic guidelines for the assignment. Use of headings is useful to break up the report Use a reflective structure or framework such as Gibbs. While this is not prescriptive, you might consider and address some or all of the following learning points in your submissions: • How has your understanding of business development and growth changed over the period of the class? • Has your understanding of business or entrepreneurship changed since you have been working with a real company? • What skills and knowledge have you enhanced or developed since taking this module? • What do you think you would differently if you were to undertake this consultancy project again? • How might you apply your learning from this module in the future? • Has this experience altered your career aspirations? • What are your thoughts on team working and your specific role within the team? • Did working for a real client change the way you think about entrepreneurs? Intended Learning Outcomes being assessed 6. Reflect on their ability to self-manage and to work collaboratively with others to deliver the project. 2. ASSESSMENT RUBRIC/ CRITERIA A holistic rubric provides a list of assessment criteria together with broad description of the characteristics that would be expected for each level of performance. Marking Criteria Does Not Meet Expectation Satisfactory Exemplary Presentation -Written in first person -Absence of typographical and grammatical errors -legibility and flow of text Difficult to read showing little evidence of care to spot typos or grammatical errors. Easy to read and evidence of thought and care when planning the submission. Very well laid out and presented with clear evidence of care and attention to avoid typos and grammatical errors. Engaging to read. Content/ Material -Structure -Content -Quantity of Refection -Level of individuality -self-critical analysis Blames other team members for problems and faults. Fails to take ownership for decisions and strategy for team decisions. More of a report than a self- reflection Some evidence of a personal development plan with a good level of self- critical analysis. Consequences for actions are articulated. Excellent structure and compelling A clear development plan to improve future performance. Self- analysis is personally insightful. Honesty/Integrity -Self-critical analysis -Truthful representation of the process Focuses only on personal strengths or weaknesses. Very superficial and loaded with generality Clear acceptance of faults and mistakes made during group activities. Recognition of lessons learned. First class, honest, self- reflection that answers the questions, what lessons did I learn? and what will I do differently in the future? *Please note that this is rubric is intended to inform. the marking process and not be a definitive guide to any final mark which is, in essence, based on the judgement of the marker
IFB202TC 1st SEMESTER 2024/25 ASSESSED COURSEWORK BSC INTELLIGENT SUPPLY CHAIN WITH CONTEMPORARY ENTREPRENEURIALISM Enterprise Resource Planning Individual Coursework Deadline for submission: 11.59PM on 26 December 2024 (Beijing time). IFB202TC Enterprise Resource Planning Individual Coursework Reflections are a critical way to make sense of what you are learning in class; it is how connections are created between topics, how you develop your views, how you link the classroom to your real-world experience, and how you develop your sense of learning. Task: Working individually, prepare a written report that reflects your performance in ERPsim Manufacturing Extended Game played in this module by applying the concepts introduced throughout the course. The following is an indicative list of some of the content you could incorporate into your report: 1. A short introduction that includes the objectives of the report, a description of how you have approached the task, and an overview of the structure of the report. 2. A short description of your role in the game and your overall strategy in this role. 3. An explanation of how and why you made your decisions at each step during the game, with detailed logs and records of decisions made during each game round. 4. Reflection and evaluation of your performance in the game: How did your decisions impact the company performance? What would you do differently if you were to play the game again? What was especially challenging in this game? What are the main takeaways from playing this game? 5. A discussion on how you think an ERP system could transform an organization, based on your experience in this module and playing the game. 6. A discussion on how studying this module has helped you as a supply chain manager. Word count: No more than 2,500 words, excluding table of contents, abstract/executive summary (no more than 200 words), tables, figures, appendices and bibliography/list of references. No more than 20 pages, including table of contents, abstract/executive summary, tables, figures, appendices and bibliography/list of references. Marks will be deducted for work that exceeds the word count and page limit (see grading scheme below). Preferred referencing method: Please ensure that the sources of all the information and data, and the analyses of others, are properly cited in your report using the Harvard method of referencing. Indicative grading scheme: — Structure and organization of report (including effective introduction and helpful use of headings and subheadings) – up to 5 marks. — Presentation of report (including writing style and accuracy; effective use of grammar and syntax; effective and accurate use of diagrams, tables, and illustrations; and length) – up to 5 marks. — Use and application of relevant scholarly literature (including appropriate referencing, use of in text citations and accurate presentation of bibliography/list of references) – up to 10 marks. — Content of report: Short introduction of the report – up to 5 marks. Short description of your role – up to 5 marks. Explanation of your decisions – up to 30 marks. Evaluation of your performance – up to 20 marks. Describe the role of the enterprise system in transforming an organization – up to 10 marks. Discuss how studying this module has helped you as a supplier chain manager – up to 10 marks. Performance Descriptors: Grade Point Scale Criteria to be satisfied A 81+ First Outstanding work that is at the upper limit of performance. Work would be worthy of dissemination under appropriate conditions. Mastery of advanced methods and techniques at a level beyond that explicitly taught. Ability to synthesise and employ in an original way idea from across the subject. In group work, there is evidence of an outstanding individual contribution. Excellent presentation. Outstanding command of critical analysis and judgment. B 70 - 80 First Excellent range and depth of attainment of intended learning outcomes. Mastery of a wide range of methods and techniques. Evidence of study and originality clearly beyond the bounds of what has been taught. In group work, there is evidence of an excellent individual contribution. Excellent presentation. Able to display a command of critical thinking, analysis, and judgment. C 60 - 69 Upper Second Attained all the intended learning outcomes for a module or assessment. Able to use well a range of methods and techniques to come to conclusions. Evidence of study, comprehension, and synthesis beyond the bounds of what has been explicitly taught. Very good presentation of material. Able to employ critical analysis and judgment. Where group work is involved there is evidence of a productive individual contribution D 50- 59 Lower Second Some limitations in the attainment of learning objectives but has managed to grasp most of them. Able to use most of the methods and techniques taught. Evidence of study and comprehension of what has been taught Adequate presentation of material. Some grasp of issues and concepts underlying the techniques and material taught. Where group work is involved there is evidence of a positive individual contribution. E 40 - 49 Third Limited attainment of intended learning outcomes. Able to use a proportion of the basic methods and techniques taught. Evidence of study and comprehension of what has been taught, but grasp insecure. Poorly presented. Some grasp of the issues and concepts underlying the techniques and material taught, but weak and incomplete. F 0 - 39 Fail Attainment of only a minority of the learning outcomes. Able to demonstrate a clear but limited use of some of the basic methods and techniques taught. Weak and incomplete grasp of what has been taught. Deficient understanding of the issues and concepts underlying the techniques and material taught. Attainment of nearly all the intended learning outcomes deficient. Lack of ability to use at all or the right methods and techniques taught. Inadequately and incoherently presented. Wholly deficient grasp of what has been taught. Lack of understanding of the issues and concepts underlying the techniques and material taught. Incoherence in the presentation of information that hinders understanding. G 0 Fail No significant assessable material, absent, or assessment missing a "must-pass" component.
CSC1001: Introduction to Computer ScienceProgramming MethodologyAssignment 4Assignment description: This assignment will be worth 10% of the finalgrade.For each question, write your code in the corresponding .py file (i.e., for question1, use q1.py). Once completed, pack all your modified .py files into a single.zip file. Name the zip file with your student ID (i.e., if your student ID is123456, name the file Ass4 123456.zip), and submit it via Blackboard. Pleasenote that we ONLY take the latest submission into account.We have provided code templates for each question in Ass4 xxxxxx.zip.You just need to fill in the TODO part of the template and are notallowed to make any changes to the template or you may receive zero.Please note that, the teaching assistant may ask you to explain the meaningof your program, to ensure that the codes are indeed written by yourself.Please also note that we may check whether your program is too similarto your fellow students’ code using Blackboard.Please do not use ChatGPT or other kinds of AI agents to generateyour code! We will use the GPT-generated content-checking tool to checkyour code.This assignment is due on 11:59PM, 24 December (Tuesday). For eachday of late submission, you will lose 10% of your mark in this assignment. Ifyou submit more than three days later than the deadline, you will receive zeroin this assignment.1Question 1 Write a Python class that merges two Sorted Linked lists. Youare given the heads of two sorted linked lists A and B, which are two integersequences sorted in ascending order. Implement a function to merge two listsinto one sorted list. The list should be made by splicing together the nodes ofthe first two lists. Return the head of the merged linked list.Note:1. The new linked list should be made by splicing together the nodes of thetwo linked lists.2. We provide two helper functions: one for creating a linked list from anarray and another for printing the linked list.3. We provide a basic single-linked list data structure. Please complete theproblem based on it.4. Example 1:Input: list1 = [1,2,4], list2 = [1,3,4]Output: [1,1,2,3,4,4]Example 2:Input: list1 = [1], list2 = []Output: [1]Figure 1: Example 12
Subject: BRE2031 – Environmental Science Tutorial 1 – Introduction to Environmental Science and Thermodynamics 1. Consider two identical rooms, one with a refrigerator in it and the other without one. If all the doors and windows are closed, will the room that contains the refrigerator be cooler or warmer than the other room? Why? If the door of the refrigerator is opened, will the room air temperature be lower or higher than the other room without the refrigerator? Why? 2. A student living in a 4m x 6m x 6m dormitory room turns his 150 W fan on before he leaves his room on a summer day hoping that the room will be cooler when he comes back in the evening. Assuming all the doors and windows are tightly closed and neglecting any thermal energy transfer to/through the walls and windows, determine the temperature of air in the room when he comes back 10 hours later. Neglect the pressure change of the indoor air. The specific heat capacity of air is 1007 J/kg.K. The temperature in the morning is 15oC. The density of air can be treated as constant as 1.2kg/m3. 3. Water is heated in an insulated, constant diameter tube by a 7kW electric resistance heater. If the water enters the heater steadily at 15oC and leaves at 70oC, determine the mass flow rate of water. (heat capacity of water: 4190 J/kg.K) 4. A storage tank measuring 2m by 2m is filled to a depth of 1.5m in 5 minutes by a supply pipe with a diameter of 100 mm which runs full bore. (a) Calculate the flow rate in the pipe; (b) Determine the mean velocity of flow in the pipe. 5. A given gas sample occupies a volume of 3 liters at 20oC and 1atm. What volume will this sample occupy at 40oC at 1atm? 6. A given gas sample occupies a volume of 3 liters at 20oC at 1atm. What will be the pressure of the gas sample if it’sheated to 40oC with fixed volume? 7. The specific heat capacity ( cp ) of air at a constant pressure at 25oC is 1005 J/kg.K. At the same temperature, the specific heat capacity of air at a constant volume ( cv ) is 718J/kg.K. The molar mass of air is about 29 g/mol. Assuming the volume of gas at 25oC is 22.4 liters/mol, the density of air at 25oC is about 1.2 kg/m3. Suppose we have an air sample (initially at 1atm) contained in a container measured by 1m x 1m x 1m. Determine the amount of heat that is needed to increase the air temperature from 25oC to 26oC – (a) At constant volume (1m3); (b) At constant pressure (1atm, consider the top cover can move freely); And determine the work done by the air sample to the environment for case (b) due to the expansion of air.
Practice Test preparation (Rural Development) Student worksheet Listening (20 marks) Task 1: Complete the gaps/notes with a MAXIMUM OF FOUR WORDS OR NUMBERS (per mark). (8 marks) Topic: Rural development Overview (3 marks) · Structure: Definition (def.) & research findings/ Issues faced by rural areas & Recommendations/ Initiatives · The term ‘Rural’ – 1920s and has its background in 1……………… · Traditional def: rural = non urban. · 80 % UK land is rural & 2 ……………… of pop. = 12 million approx. · Rural issues similar to urban but extra effects e.g. o low student nos. o internet/connectivity issues & o 3 ……………… Research Findings & Current Issues (5 marks) The Centre for Rural Economy · Rural areas: o no. children/ young adults ↓ ∵ leaving to city o ↑ middle-aged, 4……………… & young teenagers o old ppl return to rural living · Therefore, an 5……………… is a real barrier to rural economic development. · Less isolated workers ↑ higher income as can 6 ……………… · More remote rural areas incomes are lower. · Increased travel & housing expenses = housing less affordable in the countryside. · Cost of transport as % of disposal income = approx. 7……………… & 19% for average & rural households respectively in UK House of Lords committee · Over 12 years, authorities: ↓ resources for environmental depts & rural development bodies. · Committee found decrease in funding by 2006 NERC Act had a negative impact on rural social/economic welfare. · Equally catastrophic effect on the UK’s biodiversity, although 8……………… obvious. Task 2: Listen to the final section of the lecture and answer the questions. Marks will not be awarded for irrelevant information. (12 marks) 1. According to the speaker, who states that austerity has impacted both rural and urban areas? (1 mark) · 2. On what point does the speaker refute the opinion of a number of politicians? (1 mark) Refuted point: 3. What does the speaker claim is one result of long-term funding cuts to rural bodies? What example does he give to support this? (2 marks) Result: Example: 4. According to the speaker, who has failed to prioritise rural affairs? (1 mark) · 5. According to the speaker, what do the finding of the House of Lord’s Committee suggest? What does the Committee recommend the government do? (2 marks) Finding: Recommendation: 6. Rank the speaker’s three priorities for addressing the housing issue in rural areas? (1 = most important) (3 marks) · · · 7. Which group of people does the speaker claim are more probable to shut down discretionary Local Welfare Assistance programmes? What evidence is given to support this? (2 marks) Group: Evidence: Reading (20 marks) Task 1 Read Text 1 and complete the gaps/notes with a MAXIMUM OF FOUR WORDS OR NUMBERS (per mark). (8 marks) Topic: Rural development Intro & background (1 mark) · Widely held belief – ppl in countryside = better health & more money · Stats show, countryside compared to urban: o dying young ↓ o infant deaths ↓ o length of life ↑ · Stats X full picture i.e., many issues e.g., poor health outcomes & rural deprivation · Structure = Background, challenges & importance of local knowledge · 12m ppl in UK countryside 2018 – more than in London - wide variety of rural communities leads to unique policy 1…………………………… Challenges (3 marks) · Aging & increased related care needs. · living & housing costs - while wages 10% below avg → 2…………………………… · Transport & heating 11% above avg. · Accessibility – fewer transport options ∴ meeting ppl more difficult & training/work opportunities ↓ · Infrastructure needs £££ to 3…………………………… e.g., broadband. · Rural mainstreaming → policies are unfocussed/unsuitable for unique rural setting & are usually 4…………………………… to broader urban policies. Local knowledge importance (4 marks) · Government’s Industrial Strategy (GIS) has rural relevance, but rural proofing 5……………………………. · Also necessary for LEPs – to respond to rural opps & needs – not just larger towns. LEPs receive a lot £££ ∴ need to be monitored closely. · 2018 LEP review findings: publish annual reports & train LEP senior members on rural proofing → 6…………………………… · Real value of rural economy not known – focus on agriculture & land only. · LEADER/EAFRD ended – gov. needs to use 7…………………………… & ££s from SPF to create dedicated rural business support and employment programme. · business support & connectivity → more viable rural economies across the country. · measures e.g. earlier screening → less 8…………………………… = benefit all in society · Rural areas X all same - best solutions are local solutions Task 2 Answer the following questions with a MAXIMUM OF FIFTEEN WORDS OR NUMBERS (per mark) taken from Text 2 only. (6 marks) 1. Which two sources does the author use to highlight the similarities between rural and urban communities? · Source 1: · Source 2: 2. What problem does the author identify with the localized hotspot approach to the regeneration of deprived areas? What solution does the author suggest? (2 marks) · Problem: · Solution: 3. What two main obstacles does the author mention when implementing the decentralisation of services and procedures? (2 marks) · · Answer the following questions with a MAXIMUM OF FIFTEEN WORDS OR NUMBERS (per mark) taken from Texts 1 & 2. (6 marks) 4. On which main point related to the development of a rural development strategy do the texts express: (2 marks) · Agreement: · Disagreement: 5. Identify the different perspectives the texts express on the ability of LEPs to successfully focus on rural priorities. (2 marks) · Text 1 perspective: · Text 2 perspective: 6. Identify the different perspectives the texts express on the source of government funding for job creation in rural areas. · Text 1 perspective: · Text 2 perspective: Writing Argue in support the following statement: A common approach should be taken on urban and rural development strategies. Write a short essay of 350-400 words, using the two reading sources to support your ideas where relevant. You may also refer to ideas from the listening source. The references are given below. You should remember to include in-text citations. References Listening text reference: Brown, D. 2022. Real reform. in rural development. Regional Studies 122, pp. 21-26. Reading text 1 reference: White, J. 2020. A rural led strategy. irmagazine 302, pp. 31-37. Reading text 2 reference: Black, B. 2021. Rural development; Bridging the divide. Social Innovation14, pp. 194-201.
ECE5550: Applied Kalman Filtering INTRODUCTION TO KALMAN FILTERS 1.1: What does a Kalman filter do? ■ A Kalman filter is a tool—an algorithm usually implemented as a computer program—that uses sensor measurements to infer the internal hidden state of a dynamic system. ■ Some examples help to give an idea of how this might be useful: • Using radar angle and range measurements in an air-traffic control system to determine the three-dimensional location and speed of aircraft approaching an airport (tracking); • Using live-motion video capture of marker dots placed on actors to track physical movement and aid creation of animation in films; • Using measurements of external electrical and thermal conditions of battery cells to determine internal “state of charge” and “state of health” of a hybrid electric vehicle battery pack; • Using measurements of the earth’s magnetic field, GPS, and accelerations to determine my own position, orientation, and velocity in three dimensions (navigation); • Using financial market data to predict future prices of traded securities and commodities; and many others. ■ Because the Kalman filter is a tool, it is very versatile. Its application areas are very diverse. Caution: If all you have is a hammer, everything looks like a nail! Same with Kalman filters! ■ Kalman filters estimate the state of a dynamic system. ■ A system’s state is a vector of values that completely summarizes the effects of the past on the system. ■ An example is the present position, orientation, linear and angular velocity of an aircraft: how the aircraft came to be in this state is not relevant; all future behavior. depends only on the present state and future inputs (engine thrust, wind, etc.) to that aircraft. ■ We cannot generally measure the state of a dynamic system directly. Even if we can, we often choose not to because it is too expensive or too complex. ■ Instead, we make measurements that are somehow related to the state. They are linear or nonlinear functions of members of the state. ■ Consider the following model of a linear dynamic system xk = Axk−1 + Buk−1 + wk−1 zk = C xk + Duk + vk. ■ Here: • xk is the system state vector at time index k. • uk is the measurable (deterministic) input to the system. • wk is the disturbance or process noise: an unmeasurable input that affects the state. • zk is a sensor measurement, somehow related to xk. • vk is sensor noise that corrupts the measurement. • A, B, C, and D are matrices, specific to the system we are observing, that describe its dynamic behavior. • The first equation is the “state equation” or “process equation” that describes how the state evolves over time. • The second equation is the “output equation” that describes how the measured output relates to the state. ■ We will see many models of this (and similar) form. this semester. ■ For example, consider the one-dimensional motion of a rigid object. • The state comprises position pk and velocity (speed) sk where ΔT is the time interval between iterations k − 1 and k. • The measurement may be a noisy position estimate 1.2: The basic idea of the Kalman filter ■ Our goal is generally to estimate as well as we can (in some sense) the values of state vector xk given all past measurements z0, z1,...zk . ■ A helpful way to think about the problem is in terms of conditional probabilities ■ The observations allow us to “peek” at what is happening in the true system. Based on observations and our model, we estimate the state. ■ Discrete-time Kalman filters (the focus of this course) repeatedly execute two steps: 1. Predict the present state value based on all past available data. For example, a linear Kalman filter computes where is the prediction of xk. 2. Estimate the present state value, by updating the prediction based on all presently available data. For example, a linear Kalman filter computes ■ A very straightforward idea. But. . . • What should L be? • How do we make this optimal? • What about nonlinear systems? • What if we don’t know uk (as in the tracking application)? ■ There are lots of nuances. You can “learn” KF in a week, but you can also spend years exploring the breadth and depth of the subject. ■ Our focus will be on learning the most useful forms of KF and how to apply them robustly to real problems. The background to what we will study in this course ■ Because a Kalman filter is a kind of estimator, we will need to study some ideas from estimation theory. ■ Because disturbances and sensor noises are not deterministic, we will need to already know basic (undergraduate) probability (really well) and study some ideas from random process theory. ■ Because the models we use are based very heavily on matrix math, we will need to already know the mechanics of linear algebra (really well) and we will need to study some ideas from linear and nonlinear system theory. ■ It is possible to go really deep into any one of these individual areas—the more background you have the better—but our focus will be on developing methods that we can apply to real problems. ■ The lectures will be primarily theoretical, and the homework/projects will be primarily applications. ■ Some knowledge of the Laplace, z, and Fourier transforms is helpful to understand certain topics covered in lecture, but will not be critical for implementing Kalman filters and succeeding in this course. ■ We will cover only the background material that we will ultimately apply. (The textbooks have much more information that can add to the richness of your experience in this course.) ■ Be forewarned: You will see that I use different mathematical notation from the textbooks. • There are multiple conventions in common use. I choose the most compact one that is most compatible with other courses I teach. • I include a glossary of notation in each chapter of notes to aid your interpretation/translation of one system of notation versus another. ■ We will make extensive use of MATLAB. • Prior experience with MATLAB is not necessary. We will teach what is needed as we go. • However, general programming knowledge is very important (variables, procedures, conditions, loops. . . ). 1.3: Examples of applications of Kalman filtering ■ Knowledge of how KF works is necessary to be able to adapt it to new situations. ■ It is not generally sufficient to simply implement a toolbox function. ■ The following examples are ones that my students and I have been directly involved with. OBJECTIVE: Track marker dots on actors. ■ State: x, y position and velocity of dots in frame. ■ Observation: x, y positions of dots in frame. (unlabeled). ■ Issues: Data association, tracking when dots are obscured. OBJECTIVE: Localize bad guys. ■ State: x, y position and velocity. ■ Observation: Radar azimuth/elevation (maybe range). ■ Issues: Nonlinear relationship between measurements and position; measurements arriving to KF out-of-sequence. OBJECTIVE: SOC estimation for battery cells. ■ State: SOC, polarization voltages, hysteresis voltages. ■ Observations: Current, temperature, and voltage under load. ■ Issues: Lack of available simple battery model, nonlinear dynamics and measurement. OBJECTIVE: SOH estimation for battery cells. ■ State: Resistance and capacity of battery cells. ■ Observations: Current, temperature, and voltage under load. ■ Issues: Parameter estimation; not state estimation. OBJECTIVE: Localize myself (navigation). ■ State: Position, orientation. ■ Observations: Accelerations, rotations, GPS fixes. ■ Issues: Correct for drift of IMU using GPS. Next steps ■ Review of matrix algebra (see Appendix A). ■ Modeling systems in “state space form.” ■ Review of random processes. ■ Kalman filter derivation. ■ Then, more advanced topics: How do we make this thing actually work?
Assessment 3A Outline CONMGNT 7049 – Measurement and Estimating Topic: Bills of Quantities for Trades Due date: 28th October 2024 by 11.59 pm Weight: Task A: 30%; Task B: 10% Type: Task A: Group (see below); Task B: Individual (see Assessment 3B Outline) TASK A: BILLS OF QUANTITIES (BOQ) FOR TRADES Students are to work in 3-4 member groups and prepare Bills of Quantities (BOQ) including preliminaries, concrete, formwork, reinforcement and internal finishes (floor, ceiling and wall) using an estimating software (e.g.: CostX) for the given drawings on the applicable project and scope (see Table 1),in accordance with the Australian and New Zealand Standard Method of Measurement for Building Works (ANZSMM). Table 1: Project and scope for each group Last Digit of Group number in MyUni Scope 0, 1 Project A (2 units between Grids 1-4 and Grids AX-EX), Ground Floor 2 Project A (2 units between Grids 1-4 and Grids AX-EX), First Floor 3 Project A (2 units between Grids 7-9 and Grids AX-GY), Ground Floor 4 Project A (2 units between Grids 7-9 and Grids AX-GY), First Floor 5, 6 Project B (Unit between Grids 1-4 and Grids A-J), Ground Floor 7 Project B (Unit between Grids 1-4 and Grids A-J), First Floor 8 Project B (Unit between Grids 4-7 and Grids A-J), Ground Floor 9 Project B (Unit between Grids 4-7 and Grids A-J), First Floor You are required to compile the take-off list, measurement sheet, query sheet and BOQ. (Hint: For preliminaries, no need to prepare, take-off list, measurement sheet and query sheet). Please use the templates provided in MyUni (except BOQ as it will be prepared using CostX or other estimating software) . Please note that you are NOT required to price the BOQ. Pricing is taught in a different course. Recommended procedure: • First, you need to identify the items that should be measured for different trades using the take-off list sheet, while referring to the given project drawings and ANZSMM. • Next, take-off quantities for those identified items using the measurement sheets, following measurement rules in ANZSMM and referring to project drawings and specifications. • Use query sheet to mention the queries/assumptions made on missing details/ discrepancies. In the query sheet, both columns should be filled. That is the query and your assumed answer. • BOQ for Preliminaries and Other Trades – For Trades’ BOQ, use the quantities you measured in the measurement sheets, also remember to add appropriate ‘preamble notes’ and ‘trade preliminary items’ before those measured items to make a complete BOQ. Preamble notes and trade preliminary items are listed at the beginning of each ANZSMM section. For Preliminary BOQ, include minimum 12 preliminaries that are applicable to the given drawing. Inclusions and exclusions • Preliminaries – Include 12 preliminary items. You can re-use the individually prepared preliminary bill under Assessment 2, if applicable. • You are required to measure aboveground level items only. • If you are required to measure ground floor, please measure items between Finished Floor Level (FFL) of Ground Floor to FFL of First Floor (including floor finishes of ground floor level but excluding floor finishes of first floor). • If you are required to measure first floor, please measure items between FFL of First Floor to FFL of Roof (including floor finishes of first floor level but excluding floor finishes of roof level). • Concrete, Formwork – Exclude staircases, lintels and beams • Reinforcement – columns and slab only • Finishes – internal finishes only including floor, ceiling and wall finishes (excluding staircases and painting trade)
