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Working Capital Management

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FIN443 - Working Capital Management

Lead Faculty: Dr. Chang G Park

Prerequisites: FIN 310 and FIN 440


A course emphasizing the management of current assets and current liabilities, it covers planning a firm's overall level of liquidity, stressing cash management and credit policies. Also discussed are selected topics such as bank relations, factoring, and secured inventory financing.

Textbooks: http://www.nutextdirect.com

Learning Outcomes:

Upon successful completion of this course, the students will be able to: 

1.Evaluate comparative working capital management policies and their impact on the firm's profitability, liquidity, risk and operating flexibility 
2.Evaluate the importance of effective working capital management and its role in meeting the firm's strategic objectives and its impact in value creation
3.Investigate funds flow cycles and their impact on working capital management objectives 
4.Plan analytical skills, tools and techniques to enhance the decision-making process 
5.Develop financial models to project the constraints and opportunities inherent in alternative working capital management policies 
6.Compare and contrast the relative merits of alternative working capital policies and the likely short-term and long-term impact on the firm 
7.Formulate appropriate working capital management policies to achieve corporate objectives 
8.Apply corporate cash management, accounts receivable management, bank relations, and inventory management techniques to maximize the share holders' value 
9.Write a plan for a balanced integration of cash, credit and other short-term topics and policies 
10.Formulate and integrate an extended treatment on international working capital topics

Course Requirements:

Students are expected to attend all class sessions, participate in all class activities, complete exams as scheduled, and turn in all assignments on time. Failure to do so may result in the loss of points.

Recommended Course Grading (expressed as percentages):

A 96-100  B+ 87-89  C+ 77-79  D+ 67-69
A-  90-95  B 84-86    C 74-76     D 64-66
                  B- 80-83   C- 70-73    D- 60-63

Grading Factors:

Each instructor is responsible for identifying specific grading components and the weight to
be assigned to each component. Grading components may include:         

Weekly quizzes
Midterm exam(s)    
Homework assignments    
Participation in classroom or chatroom discussions
Participation in threaded discussions (online only)   
Project (written and possibly oral presentation)
Final Exam (comprehensive) 
 
Technology:
Students are expected to be competent in using word-processing, spreadsheet, and
presentation software in this course.  Use of the Internet and E-Mail may also be required.

Civility:
As a diverse community of learners, students must strive to work together in a setting of
civility, tolerance, and respect for each other and for the instructor. Rules of classroom
behavior include but are not limited to the following:
-Conflicting opinions among members of a class are to be respected and responded to in a
professional manner.
-Side conversations or other distracting behaviors are not to be engaged in during lectures,
class discussions or presentations
-There are to be no offensive comments, language, or gestures

Writing Across the Curriculum:
Students are expected to demonstrate writing skills in describing, analyzing and evaluating
ideas and experiences.  Written reports and research papers must follow specific standards
regarding citations of an author's work within the text and references at the end of the
paper.  Students are encouraged to use the services of the University's Writing Center when
preparing materials.

References:
All references and citations are to be in current APA style.
 
Library Electronic Resources:
The NU Library System (NULS) purchases access to several databases of full text articles
from scholarly journals.  Go to
http://www.nu.edu/library and click on "Journal Articles".

GENERAL POLICIES

Diversity:

Learning to work with and value diversity is essential in every degree program. Students are required to act respectfully toward other students and instructors throughout the course. Students are also expected to exhibit an appreciation for multinational and gender diversity in the classroom and develop leadership skills and judgment appropriate to such diversity in the workplace.

Disability: National University complies with the Americans with Disabilities Act of 1990 and Section 504 of the Federal Rehabilitation Act of 1973. If you need accommodations due to a documented disability, please contact the Office of Scholarships and Special Services at (858) 642-8185 or via e-mail at specialservices@nu.edu. Information received by this office is confidential and is only released on a 'need-to-know' basis or with your prior written consent. Accommodations can only be granted upon approval by the Committee for Students with Disabilities (CSD).

Ethics: Ethical behavior in the classroom is required of every student. Students are also expected to identify ethical policies and practices relevant to course topics.

Academic Integrity: Students are required to cite the use of materials written by others in all written communications for courses. Plagiarism is the presentation of someone else's ideas or work as one's own. This includes using ideas, words, or phrases without proper attribution. Students found plagiarizing are subject to the penalties outlined in the Policies and Procedures section of the University Catalog, which may include a failing grade for the work in question or for the entire course. Inadequately or improperly cited work receives no credit. In cases of plagiarism, the burden of proof rests on the student, not the instructor. In other words, the student will be required to prove that plagiarism has not occurred.

For more information on proper citation and writing research papers see the web sites listed below: Plagiarism (http://owl.english.purdue.edu/handouts/research/r_plagiar.html) Quoting, Paraphrasing, and Summarizing (http://owl.english.purdue.edu/handouts/research/r_quotprsum.html) MLA Citation Format (http://owl.english.purdue.edu/handouts/research/r_mla.html)

Attendance: Students are expected to attend all class sessions. An absence is assessed each time a student is not in attendance during a regularly scheduled class period, whether or not it is an excused absence. An instructor may withdraw a student from class prior to the sixth session in graduate courses if there are more than two unexcused absences. Students who have more than three absences, excused or unexcused, cannot be given a satisfactory grade.

WRITING STANDARDS (Undergraduate Level):

Students are expected to demonstrate writing skills in describing, analyzing and evaluating ideas and experiences. Written material must follow specific standards regarding citations of authors' work within the text and references at the end of the paper. Students are encouraged to use the services of the University's Writing Center when preparing materials (see National University Services below). Grades will be assigned for written material in accordance with the University catalog and the following general criteria.

NOTE: Letter grades may be assigned for any or all of the following reasons:

"A" Range: Outstanding achievement, significantly exceeds standards

  • Unique topic or unique treatment of topic, takes risks with content; fresh approach.
  • Sophisticated/exceptional use of examples.
  • Original and "fluid" organization; all sentences and paragraphs contribute; sophisticated transitions between paragraphs.
  • Integration of quotations and citations is sophisticated and highlights the author's argument.
  • Confidence in use of Standard English; language reflects a practiced and/or refined understanding of syntax and usage.
  • Sentences vary in structure, very few, if any mechanical errors (no serious mechanical errors).
"B" Range: Commendable achievement, meets or exceeds standards for course.
  • Specific, original focus, content well handled.
  • Significance of content is clearly conveyed; good use of examples; sufficient support exists in key areas.
  • Has effective shape (organization), effective pacing between sentences or paragraphs.
  • Quotations and citations are integrated into argument to enhance the flow of ideas.
  • Has competent transitions between all sentences and paragraphs.
  • Conveys a strong understanding of standard English; the writer is clear in his/her attempt to articulate main points, but may demonstrate moments of "flat" or unrefined language.
  • May have a few minor mechanical errors (misplaced commas, pronoun disagreement, etc.), but no serious mechanical errors (fragments, run-ons, comma splices, etc.)
"C" Range: Acceptable achievement, meets standards for course
  • Retains overall focus, generally solid command of subject matter
  • Subject matter well explored but may show signs of underachievement
  • Significance is understood, competent use of examples
  • Structure is solid, but an occasional sentence or paragraph may lack focus
  • Quotations and citations are integrated into argument
  • Transitions between paragraphs occur but may lack originality
  • Competent use of language; sentences are solid but may lack development, refinement, style
  • Occasional minor mechanical errors may occur, but do not impede clear understanding of material
  • No serious mechanical errors (fragments, run-ons, comma-splices, etc.)
"D" Range: Unsatisfactory achievement; does not meet acceptable standards
Note: The "D" grade is a passing grade; work that is not of "passing quality" should receive grade "F".
  • Significance of content is unclear
  • Ideas lack support, elaboration
  • Lacks sufficient examples or relevance of examples may be unclear
  • Support materials is not clearly incorporated into argument
  • Expression is frequently awkward (problematic sentence structure)
  • Mechanical errors may often impede clear understanding of material
  • May have recurring serious mechanical errors (fragments, run-ons, comma splices, etc.)
"F" Range: Fails to meet minimal standards
  • Ignores assignment
  • Lacks significance
  • Lacks coherence
  • Includes plagiarized material (intentional or unintentional)
  • Lacks focus
  • Difficult to follow due to awkward sentence or paragraph development
  • Mechanical errors impede understanding
  • Problems with writing at the graduate level
Definition of Grades (Undergraduate Level):

A Outstanding Achievement: Significantly exceeds standards
B Commendable Achievement: Exceeds standards
C Acceptable Achievement: Meets standards
D Unsatisfactory Achievement: Below standards
F Failing
I Incomplete: A grade given when a student has completed at least 2/3 of the course class sessions and is unable to complete the course requirements due to uncontrollable and unforeseen circumstances. The student must convey (preferably in writing) these circumstances to the instructor prior to the final day of the course. If the instructor decides that an "Incomplete" is warranted, the instructor must convey the conditions for removal of the "Incomplete" to the student in writing. A copy must also be placed on file with the Office of the Registrar until the Incomplete is removed or the time limit for removal has passed.

Writing Standards (Graduate Level):

Students are expected to demonstrate writing skills in describing, analyzing and evaluating ideas and experiences. Written material must follow specific standards regarding citations of authors' work within the text and references at the end of the paper. Students are encouraged to use the services of the University's Writing Center when preparing materials (see "Writing Center" below). Grades will be assigned for written material in accordance with the University catalog and the following general criteria .

NOTE: Letter grades may be assigned for any or all of the following reasons:

"A" range: Outstanding achievement, significantly exceeds standards.

  • Unique topic or unique treatment of topic, takes risks with content; fresh approach.
  • Sophisticated/exceptional use of examples.
  • Original and "fluid" organization; all sentences and paragraphs contribute; sophisticated transitions between paragraphs.
  • Integration of quotations and citations is sophisticated and highlights the author's argument.
  • Confidence in use of Standard English, language reflects a practiced and/or refined understanding of syntax and usage.
  • Sentences vary in structure, very few if any mechanical errors (no serious mechanical errors).
"B" range: Commendable achievement, meets or exceeds standards for course.
  • Specific, original focus, content well handled.
  • Significance of content is clearly conveyed; good use of examples; sufficient support exists in all key areas.
  • Has effective shape (organization), effective pacing between sentences or paragraphs.
  • Quotations and citations are integrated into argument to enhance the flow of ideas.
  • Has competent transitions between all sentences and paragraphs.
  • Conveys a strong understanding of Standard English; the writer is clear in his/her attempt to articulate main points, but may demonstrate moments of "flat" or unrefined language.
  • May have a few minor mechanical errors (misplaced commas, pronoun disagreement, etc.), but no serious mechanical errors (fragments, run-ons, comma-splices, etc.)
"C" range: Marginal achievement, falls below standards for course.
  • Retains over-all focus, generally solid command of subject matter.
  • Subject matter well-explored but may show signs of under-development.
  • Significance is understood, competent use of examples.
  • Structure is solid, but an occasional sentence or paragraph may lack focus.
  • Quotations and citations are integrated into argument.
  • Transitions between paragraphs occur but may lack originality.
  • Competent use of language; sentences are solid but may lack development, refinement, style.
  • Occasional minor mechanical errors may occur, but do not impede clear understanding of material.
  • No serious mechanical errors (fragments, run-ons, comma-splices, etc.)
"D" range: Unacceptable achievement; does not meet minimum standards (Note: The "D" grade is a passing grade; work that is not of "passing quality" should receive grade "F.").
  • Significance of content is unclear.
  • Some ideas may lack support, elaboration.
  • Lacks sufficient examples or relevance of examples may be unclear.
  • Support material may not be clearly incorporated into argument.
  • Expression is occasionally awkward (problematic sentence structure).
  • Mechanical errors may at times impede clear understanding of material.
  • May have serious mechanical errors (fragments, run-ons, comma-splices, etc.)
"F" range: Failure to attend to standards
  • Ignores assignment.
  • Lacks significance.
  • Lacks coherence.
  • Includes plagiarized material (intentional or unintentional).
  • Lacks focus.
  • Difficult to follow due to awkward sentence or paragraph development.
  • Mechanical errors impede understanding.
  • Problems with writing at the college level.
Other Grades

K In Progress:Designates in a project is in progress. No credit is awarded until the sequence is completed and a permanent grade is entered replacing the "K" grade.
S Satisfactory: Credit is granted and no grade points are assigned. This is a grade assigned for satisfactory work in practica, residencies and field experience courses.
U Unsatisfactory: A permanent grade given indicating that a credit attempt was not acceptable. An "Unsatisfactory" grade merits no grade points and is not computed in the grade point average. This grade is assigned for unsatisfactory work in practica, residencies and field experience courses.

NATIONAL UNIVERSITY SERVICES

National University provides all students with facilities to assist them in the completion of their course work. In particular the Writing Centers and NU Library provide access to materials and services in the area of academic writing, research and information literacy.

Writing Center

Assistance in meeting the written requirements for the course is available from the on-site and on-line Writing Centers. Students may submit drafts of papers and outlines to the writing assistants and meet with them to discuss strategies for improving their papers. More information is available from the NU Writing Center Web Page: http://www.nu.edu/Academics/StudentServices/WritingCenter.html

Library

The NU Library System (NULS) supports academic rigor by providing access to scholarly books, journals, e-books, and databases of all text articles from scholarly journals. Library books and journal articles can be shipped to online students. Librarians are available to assist students at the Spectrum Library in San Diego, at regional Library Information Centers (LIC), and online at: http://www.nu.edu/library/.

Webliography:
 

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