ေနစဥ္ဘဝ ေန႔စဥ္အလွ (၂)

ညီေလးတုိ႔ေရ

ညီေလးတုိ႔ အသက္ရွင္သန္ေနထုိင္စဥ္ဘဝမွာ ေန႔စဥ္လွပဖုိ႔ ေစတနာရည္ရြယ္ခ်က္နဲ႔ "ေနစဥ္ဘဝ ေန႔စဥ္အလွ”ဆုိၿပီး ညီေလးတုိ႔ဆီ ေန႔စဥ္ပုိ႔ေပးေနခဲ့တဲ့ အဆုိအမိန္႔ ေကာက္ႏုတ္ခ်က္(ျမန္မာျပန္) ေလးေတြကုိ ၁၀-ခုစီစုၿပီး ဒီမွာ သိမ္းထားေပးတဲ့ အစီအစဥ္ေလး ဆက္လုိက္ၾကရေအာင္။

1. အျဖစ္အပ်က္ေတြေၾကာင့္မဟုတ္ဘဲ၊ အဲဒီအျဖစ္အပ်က္ေတြကို ငါတုိ႔ရဲ့တု႔ံျပန္မႈကသာ ငါတုိ႔ကုိ နာက်င္ေစတာပါ။
   ~ Stephen R. Covey
2. ငါသေဘာမတူဘဲ ဘယ္သူမွ ငါ့ကုိ နာက်င္ေအာင္မလုပ္ႏုိင္ဘူး။
   ~ Mahatma Gandhi
3. ကုိယ့္မွာျဖစ္ပ်က္လာတဲ့ အျဖစ္အပ်က္ကုိ ထိန္းခ်ဳပ္ျခင္းငွာ မစြမ္းသာေပမယ့္ အဲဒီအျဖစ္အပ်က္အေပၚထားတဲ့ ကုိယ့္စိတ္သေဘာထားကုိေတာ့ ကုိယ္ထိန္းခ်ဳပ္ႏုိင္ပါတယ္။ အဲဒီမွာ ကုိယ္က အျဖစ္အပ်က္ကုိ “ကုိယ့္ကုိလုိသလို ႀကိဳးကုိင္ဖုိ႔” ခြင့္ျပဳေပးေနတာထက္ ကုိယ္က အေျပာင္းအလဲကုိ ဇက္ႀကိဳးဆြဲေနတာ ျဖစ္လာပါလိမ့္မယ္။
   ~ Brian Tracy
4. ဘဝဆုိတာ ကုိယ့္မွာ ျဖစ္ပ်က္ေနတဲ့ အျဖစ္အပ်က္ အေၾကာင္း မဟုတ္ဘူး။ အဲဒီအျဖစ္အပ်က္ကုိ ကုိယ္က သိျမင္နားလည္ပုံ၊ သိျမင္နားလည္နည္း အေၾကာင္း ျဖစ္တယ္။
   ~ Author Unknown
5. ဆိပ္ကမ္းမွာရွိေနတဲ့ သေဘၤာဟာ ေဘးကင္းရန္ကြာ လုံၿခံဳပါတယ္။ ဒါေပမယ့္ သေဘၤာေတြကုိ တည္ေဆာက္ထားတာ အဲဒီအတြက္မွ မဟုတ္ဘဲ။
   ~ GRANT M. BRIGHT
6. ျဖစ္ႏုိင္ေခ်ေတြရဲ့ အကန္႔အသတ္ကုိ ရွာေဖြဖုိ႔ တစ္ခုတည္းေသာနည္းလမ္းဟာ အဲဒီျဖစ္ႏုိင္ေခ်ေတြရဲ့ ဟုိမွာဘက္က မျဖစ္ႏုိင္ဘူးဆုိတဲ့ထိ ေရာက္ေအာင္သြားဖုိ႔ပဲ။
   ~ Arthur C. Clarke
7. ဉာဏ္ပညာရွိသူဟာ သူ႔ကုိယ္ပုိင္ဆုံးျဖတ္ခ်က္ သူခ်တယ္။ လူ႔အႏၶကေတာ့ အမ်ားရဲ့အထင္အျမင္ေနာက္ တေကာက္ေကာက္လုိက္တယ္။
   ~ Chinese Proverb
8. လူေတြဟာ သူတုိ႔ ေပ်ာ္ရႊင္ဖုိ႔ စိတ္ပုိင္းျဖတ္ထားသေလာက္သာ သူတို႔ ေပ်ာ္ရႊင္ၾကတာပါ။
   ~ Abraham Lincoln
9. ကုိယ့္ရဲ့အတိတ္ကုိ ကုိယ္သိခ်င္ရင္၊ လက္ရွိကုိယ့္အေျခအေန ကုိယ္ၾကည့္ပါ။
   ကုိယ့္ရဲ့အနာဂတ္ကုိ ကုိယ္သိခ်င္ရင္၊ ကုိယ္ရဲ့ ပစၥဳပၸန္ ကာယကံ၊ ဝစီကံ၊ မေနာကံေတြကို ၾကည့္ပါ။
   ~ Chinese Proverb
10. ညဏ္ပညာနဲ႔ ဗဟုသုတကုိ ဘယ္ေတာ့မွ မလြဲမွားေလနဲ႔။
    တစ္ခုက ရွင္သန္ေနဖုိ႔မွာ ကူညီၿပီး၊ အျခားတစ္ခုက ဘဝကုိတည္ေဆာက္ဖုိ႔ ေဖးမတယ္။
    ~ Sandra Carey

One Thing at a Time

ညီေလးတုိ႔ေရ

ဒီကေန႔ကုိ အေကာင္းဆုံး ေနထုိင္တယ္။ ေလာေလာဆယ္ လုပ္ေနတဲ့အလုပ္ (ေလာေလာဆယ္ ဖတ္ေနတဲ့ စာတစ္ေၾကာင္း) မွာပဲ စိတ္အင္အား ကုိ္ယ္အင္အား အျပည့္အဝ အလုံးစုံ ႏွစ္ျမွဳပ္ထားတယ္။ ပစၥဳပၸန္ တစ္ဒဂၤတုိင္းမွာ စုိးရိမ္ေၾကာင့္ၾကကင္းစြာ ႏွစ္ၿခိဳက္ေပ်ာ္ေမြ႔တယ္။

အထက္ပါ Mission ကုိ ေအာက္ပါ Vision ျဖင့္ ခ်ဥ္းကပ္ၾကရေအာင္လား။

တစ္ခ်ိန္မွာ တစ္ခုပဲ လုပ္ပါ။

အစာစားေနတဲ့အခ်ိန္မွာ အစာစားပါ။
လမ္းေလွ်ာက္ေနတဲ့အခ်ိန္မွာ လမ္းေလွ်ာက္ပါ။
ေရခ်ိဳးေနတဲ့အခ်ိန္မွာ ေရခ်ိဳးပါ။
အလုပ္လုပ္ေနတဲ့အခ်ိန္မွာ အလုပ္လုပ္ပါ။
အစုအဖြဲ႔နဲ႔အတူရွိေနတဲ့အခ်ိ

န္ (သုိ႔) စကားစျမည္ေျပာဆုိေနတဲ့အခ်ိန္မွာ သူတစ္ပါးနဲ႔အတူရွိေနတဲ့ တစ္ဒဂၤတုိင္းကုိ ဂ႐ုထား အာ႐ုံစူးစုိက္ေပးပါ။
စဥ္းစားေတြးေတာေနတဲ့အခ်ိန္မွာ စဥ္းစားေတြးေတာပါ။
စုိးရိမ္ပူပန္ေနတဲ့အခ်ိန္မွာ စိုးရိမ္ပူပန္ပါ။
အစီအစဥ္စြဲေနတဲ့အခ်ိန္မွာ အစီအစဥ္စြဲပါ။
အမွတ္ရေနတဲ့အခ်ိန္မွာ အမွတ္ရပါ။
တစ္ခုခ်င္းစီတုိင္းကုိ စိတ္အာ႐ုံစူးစုိက္မႈ အလုံးစုံပုံၿပီး လုပ္ေဆာင္ပါ။

အကယ္၍ တျခား လႈပ္ရွားေဆာင္ရြက္မႈေတြ၊ ဒါမွမဟုတ္ တျခား အေတြးေတြ (သုိ႔) ျပင္းထန္တဲ့ ေဝဒနာေတြက ေႏွာင့္ယွက္လာရင္ အေႏွာင့္အယွက္ေတြကုိ လက္လႊတ္လုိက္ၿပီးေတာ့ ကိုယ္လုပ္ေနတဲ့အရာဆီကုိ ထပ္ခါ ထပ္ခါ ထပ္ခါ ျပန္သြားပါ။

စိတ္ကုိ စုစည္းစူးစုိက္ကာ သမၼာဓိကုိ ထူေထာင္ပါ။ တကယ္လုိ႔ အရာႏွစ္ခုကုိ လုပ္ေနမိတာကုိ သိလုိက္တာနဲ႔ခ်က္ခ်င္း ရပ္တန္႔လုိက္ပါ။ ၿပီးေတာ့ တစ္ခ်ိန္မွာ တစ္ခုတည္းဆီ ျပန္သြားပါ။



(From Skills Training Manual for Treating Borderline Disorder Personality by Marsha Linehan.)

Average Total Assets

ညီေလးတုိ႔ေရ

ညီေလးတုိ႔တြက္ထားတဲ့ ratio ေတြကုိ ျပန္စစ္ၾကည့္တဲ့အခါ Total Asset Turnover Ratio တြက္တဲ့အခါသုံးတဲ့ Average Total Assets ေတြ မွားေနတာကုိ ေတြ႔ရတယ္။

asset turnover (or) sales-to-assets ratio ဟာ ကုမၸဏီရဲ့ assets ေတြကုိ ဘယ္ေလာက္ ခက္ခက္ခဲခဲ အသုံးခ်ေနသလဲဆုိတာကုိ ျပသတယ္။

Asset Turnover Ratio = Sales / Average total assets


ဥပမာ - Asset Turnover Ratio = 1.10 ဆုိရင္ assets တစ္ေဒၚလာတုိင္းမွာ အေရာင္း $1.10 ထုတ္လုပ္တယ္ေပါ့။

assets ဟာ တစ္ႏွစ္တာအတြင္းမွာ ေျပာင္းလဲဖုိ႔ ျဖစ္တန္ေခ်မ်ားတာေၾကာင့္ ႏွစ္တစ္ႏွစ္ရဲ့ အစ နဲ႔ အဆုံးက average of assets ကုိသုံးတယ္ဆုိတာ သတိျပဳပါ။

အဲဒါ Efficiency Ratios ေတြအေၾကာင္းေျပာတုန္းက ေျပာၿပီးခဲ့ၿပီးသားကုိ ျပန္ေျပာျပတာေနာ္။

အဲဒီေတာ့ မွတ္ရလြယ္ေအာင္ Average Total Assets ကုိ ႏွစ္ (၂) ႏွစ္အတြင္းက စုစုေပါင္း assets ေတြရဲ့ ပ်မ္းမွ်ပမာဏအျဖစ္ တြက္ခ်က္တယ္လုိ႔ပဲ မွတ္ၾကပါစို႔။

Total assets (current year) + Total assets (previous year) ÷ 2.

ေနစဥ္ဘဝ ေန႔စဥ္အလွ (၁)

ညီေလးတုိ႔ေရ

ညီေလးတုိ႔ အသက္ရွင္သန္ေနထုိင္စဥ္ဘဝမွာ ေန႔စဥ္လွပဖုိ႔ ေစတနာရည္ရြယ္ခ်က္နဲ႔ "ေနစဥ္ဘဝ ေန႔စဥ္အလွ”ဆုိၿပီး ညီေလးတုိ႔ဆီ ေန႔စဥ္ပုိ႔ေပးေနခဲ့တဲ့ အဆုိအမိန္႔ ေကာက္ႏုတ္ခ်က္(ျမန္မာျပန္) ေလးေတြကုိ ၁၀-ခုစီစုၿပီး ဒီမွာ သိမ္းထားေပးမယ္ေနာ္။

1. သိ႐ုံနဲ႔မလုံေလာက္ဘူး။ လက္ေတြ႔က်င့္သုံးရမယ္။
   ဆႏၵရွိ႐ုံနဲ႔မလုံေလာက္ဘူး။ အေကာင္အထည္ေဖာ္ရမယ္။
   ~ Johann Wolfgang von Goethe
2. လူဆုိတာ ကံၾကမၼာရဲ့အက်ဥ္းသားေတြ မဟုတ္ပါ။ စိတ္ဆႏၵေတြရဲ့အက်ဥ္းသားေတြသာ။
   ~ Franklin D. Roosevelt
3. သင္က ခ်ိဳးေကြ႔ဖုိ႔ မပ်က္ကြက္ဘူးဆုိရင္ လမ္းရဲ့အခ်ိဳးအေကြ႔ဟာ လမ္းရဲ့အဆုံးမဟုတ္ပါ။
   ~ Author Unknown
4. ခြင့္လႊတ္ျခင္းဆုိတာ ေမ့ပစ္လုိက္ျခင္းနဲ႔ ညီတူညီမွ်မဟုတ္ဘူး။ ခြင့္လႊတ္ျခင္းဟာ ထိခုိက္နစ္နာမႈရဲ့မွတ္ညဏ္ေတြကုိ ကုစားတာျဖစ္ၿပီး အဲဒါေတြကုိ ဖ်က္ပစ္လုိက္တာမဟုတ္ဘူး။
   ~ Ken Hart
5. သူမ်ားေတြကုိ အျပစ္ရွာဖုိ႔ အခ်ိန္မရွိေအာင္ကုိပဲ သင့္ကုိယ္တုိင္ရဲ့ တုိးတက္မႈအတြက္ အခ်ိန္အမ်ားႀကီးေပးပါ။
   ~ Christian D. Larson
6. မိမိကုိယ္တြင္းက တစ္စုံတစ္ရာဟာ ျပင္ပက အေၾကာင္းျခင္းရာ အေျခအေနေတြထက္ ထူးျမတ္သာလြန္တယ္လုိ႔ ယုံၾကည္ရဲသူေတြကလြဲရင္၊ ႀကီးက်ယ္ခမ္းနား လွ်မ္းလွ်မ္းေတာက္တဲ့ ဘယ္အရာကုိမွ မၿပီးေျမာက္ မေအာင္ျမင္ခဲ့ဖူးၾကဘူး။
   ~ Bruce Barton
7. ျဖစ္ပ်က္ေနတဲ့အေျခအေနဟာ အဲဒီအျဖစ္အပ်က္ကုိ သင္ ဘယ္လုိတုံ႔ျပန္သလဲ ဆုိတာေလာက္ အေရးမႀကီးဘူး။
   ~ Thaddeus Golas
8. လူေပ်ာ့လူညံ့ေတြရဲ့လမ္းမွာ အတားအဆီး အေႏွာင့္အယွက္ ေက်ာက္ဆုိင္ေက်ာက္တုံးေတြဟာ လူေတာ္လူေမာ္ေတြရဲ့လမ္းမွာ တစ္ဆင့္ခုခံစရာ ေျခနင္းတုံးေတြသာ။
   ~ Thomas Carlyle
9. ေလတုိက္ခတ္ရာလမ္းေၾကာင္းကုိေတာ့ ငါမေျပာင္းႏိုင္ဘူး။ ဒါေပမယ့္ ငါ့ရြက္(ေလွ)ကုိ ငါညွိလုိ႔ ငါ့ပန္းတုိင္ထိေရာက္ႏုိင္တယ္။
   ~ Jimmy Dean
10. ပန္းပဲထုဖုိ႔ သံပူလာတဲ့အထိ ေစာင့္မေနနဲ႔။ ထုႏွက္ၿပီးေတာ့ ပူလာေအာင္လုပ္။
    ~ William B. Sprague

Linking Music to Learning

ညီေလးတုိ႔ေရ

ဂီတဟာ စိတ္ကိုၿငိမ္သက္တည္ၿငိမ္ေစၿပီး အာ႐ုံစူးစုိက္မႈအားပိုေကာင္းေအာင္ အေထာက္အကူျပဳတယ္တဲ့။

The Journal Alternative Therapies In Health And Medicine မွာ ေဖာ္ျပခဲ့တဲ့ ၁၉၉၉ ခုက ေလ့လာမႈတစ္ခုမွာ ဂီတကုထုံးဟာ ခႏၶာကုိယ္ထဲက melatonin ပမာဏကုိ တုိးပြားေစတယ္လုိ႔ ေတြ႔ရွိသတဲ့။ အဲဒီ melatonin ဟုိမုန္းဟာ အဲဒီေလ့လာမႈထဲက (အစမ္းသပ္ခံတဲ့) လူနာေတြကုိ သက္ေတာင့္သက္သာ တည္တည္ၿငိမ္ၿငိမ္ ျဖစ္ေအာင္ ကူညီေပးတယ္လုိ႔ ယုံၾကၾကတယ္။ melatonin ဟာ မွတ္သားညဏ္နဲ႔ သင္ယူေလ့လာျခင္းမွာ အေထာက္အကူျဖစ္တယ္လုိ႔လည္း ယုံၾကည္ၾကတယ္။

ဂီတဟာ အေကာင္းျမင္တတ္တဲ့ စိတ္ခံစားမႈကုိ လႈ႔ံေဆာ္ေပးတယ္ဆုိတာကေတာ့ ခုိင္ခုိင္မာမာ ေသခ်ာတယ္တဲ့။


Source: Mind Your Body (July 1, 2010)

Cost of Revenue, Cost of Sales, Cost of Goods Sold (COGS)

ညီေလးတုိ႔ေရ

Cost of goods sold (COGS) ဆုိတာ ကုန္ပစၥည္းတစ္ခုကို ထုတ္လုပ္ဖုိ႔၊ ဖန္တီးဖုိ႔ ဒါမွမဟုတ္ ေရာင္းခ်ဖုိ႔ အလုိ႔ငွာ ကုမၸဏီတစ္ခုက ကုန္က်တဲ့ စရိတ္ပဲျဖစ္တယ္။ အဲဒီမွာ ကုန္ၾကမ္းဝယ္ယူတဲ့ ေစ်းႏႈန္းေတြပါသလုိ အဲဒီကုန္ၾကမ္းကုိ ကုန္ေခ်ာျဖစ္ေအာင္ ေျပာင္းလဲရတဲ့ ကုန္က်စရိတ္ေတြလည္း ပါဝင္တယ္။ Cost of goods sold (COGS) ကုိ cost of revenue (ဒါမွမဟုတ္) cost of sales လုိ႔လည္း သိၾကတယ္။

အခ်ိဳ႔ေသာ ရင္းႏွီးျမွဳပ္ႏွံသူေတြ အလြန္အမင္း ေအာင္ျမင္ၾကတဲ့ အေၾကာင္းျခင္းရာေတြအနက္က တစ္ခုကေတာ့ သူတုိ႔ဟာ profits နဲ႔ cost of goods sold ၾကားက တိက်တဲ့ ဆက္ႏြယ္ေနမႈကုိ သိၾကလုိ႔ပဲျဖစ္တယ္။

Gross Profit

ညီေလးတုိ႔ေရ

gross profit ဆုိတာ revenue ကုိ ျဖစ္ေပၚေစတဲ့ ကုန္က်စရိတ္ ႏုတ္လုိက္ၿပီးတဲ့ စုစုေပါင္း revenue ပဲ။

sales ထဲက cost of goods sold ကုိ ႏုတ္ထားတာေပါ့။

လစာတုိ႔၊ ဝင္ေငြခြန္တုိ႔၊ မီးတာခတုိ႔၊ ေရခတုိ႔၊ ႐ုံးခန္းခတုိ႔ စတဲ့ တစ္ျခားကုန္က်စားရိတ္ေတြ မေပးဖူးဆုိရင္ gross profit ဟာ စီးပြားေရးလုပ္ငန္းတစ္ခုက ဘယ္ေလာက္မ်ားမ်ား ေငြဝင္ေအာင္ရွာႏုိင္တယ္ဆိုတာ ေျပာတာပဲ။

Total Revenue - Cost of Goods Sold (COGS) = Gross Profit

Gorss Profit Margin

ညီေလးတုိ႔ေရ

gross profit margin ဆုိတာ ကုန္စည္ထုတ္လုပ္မႈျဖစ္စဥ္အတြင္းမွာ ကုမၸဏီရဲ့ ကုန္ထုတ္လုပ္မႈနဲ႔ ျဖန္႔ျဖဴးမႈ efficiency အတုိင္းအတာတစ္ခုျဖစ္တယ္။ gross profit ဟာ ေရာင္းခ်ၿပီးတဲ့ ကုန္စည္ရဲ့ ကုန္က်စားရိတ္ ႏုတ္အၿပီး က်န္တဲ့ အေရာင္းရဲ့ ရာခုိင္ႏႈန္းကုိ ေျပာျပတယ္။

သူ႔ၿပိဳင္ဖက္ကုမၸဏီထက္ gross profit margin ပုိျမင့္မားတဲ့ ကုမၸဏီဟာ ပုိၿပီး ထိေရာက္မႈရွိတာေပါ့။ ရင္ႏွီးျမွဳပ္ႏွံသူေတြဟာ ၿပိဳင္ဖက္ေတြထက္ efficiency ratings ပုိျမင့္မားတဲ့ စီးပြားေရးလုပ္ငန္းေတြအတြက္ ေပးဖုိ႔ ရည္သန္ၾကတယ္။ ဘာေၾကာင့္လဲဆုိေတာ့ overhead costs ကုိ ထိန္းခ်ဳပ္ထားသေရြ႔ အဲဒီစီးပြားေရးလုပ္ငန္းေတြဟာ သင့္ေတာ္တဲ့ အျမတ္ကုိ ထုတ္လုပ္ႏုိင္စြမ္း ရွိႏုိင္ေလာက္လုိ႔ပဲ။ (overhead ဆုိတာ rent, utilities စတာေတြကုိ ရည္ညႊန္းတယ္)

Gross Profit Margin = Gross Profit ÷ Total Revenue

Effective Annual Interest Rate

ညီေလးတုိ႔ေရ

effective annual interest rate: Interest rate that is annualized using compound interest.

ဒါေၾကာင့္ effective annual interest rate ကုိ annually compounded rate လုိ႔လည္း ေခၚတယ္။

annual percentage rate(APR): Interest rate that is annualized using simple interest. compound interest ရဲ့ သက္ေရာက္မႈကုိ အသိအမွတ္မျပဳဘူး။

effective annual rate ဆုိတာ ရင္ႏွီးျမွဳပ္ႏွံထားတဲ့ ဘ႑ာေငြဟာ တစ္ႏွစ္ပတ္လည္မွာ ႀကီးပြားလာမယ့္ ႏႈန္းပဲျဖစ္တယ္။ အဲဒါဟာ တစ္ႏွစ္အတြင္းမွာရွိတဲ့ ကာလအပုိင္းအျခားေတြရဲ့ အေရအတြက္ အတြက္ ေပါင္းစပ္ထားတဲ့ ကာလအပုိင္းအျခားမွာ အတုိးရဲ့ႏႈန္းထားနဲ႔ ညီမွ်တယ္။

Inflation & the Time Value of Money

ညီေလးတုိ႔ေရ

ကုန္စည္နဲ႔ ဝန္ေဆာင္မႈေတြရဲ့ ေစ်းႏႈန္းေတြဟာ စဥ္ဆက္မျပတ္ ေျပာင္းလဲေနတယ္။ အလုံးစုံ အေထြေထြ ေစ်းႏႈန္းမွာျမင့္တက္လာမႈကုိ inflation လုိ႔ေခၚတယ္။

စီးပြားေရးပညာရွင္ေတြဟာ ေစ်းႏႈန္းရဲ့ ေယဘူယ် level ကုိ ေျခရာေကာက္ဖုိ႔ price indexes အမ်ိဳးမ်ိဳးသုံးၾကတယ္။ Consumer Price Index, CPI ကေတာ့ လူသိအမ်ားဆုံးေပါ့။

တစ္ခ်ိဳ႔ႏုိင္ငံအနည္းငယ္မွာေတာ့ ေစ်းႏႈန္းထုိးက်တဲ့ deflation ကုိေတာင္ ေတြ႔ႀကံဳေနၾကတာမ်ိဳးလည္း ရွိျပန္တယ္။

Current or Normal Dollars vs Constant or Real Dollars

Current or Normal Dollars ဟာ အဲဒီေန႔ရဲ့ ေဒၚလာ (အစစ္အမွန္) အေရအတြက္ကုိညႊန္းၿပီး Constant or Real Dollars က Purchasing Power ရဲ့ ပမာဏကုိ ညြန္းတယ္။

Nominal Interest Rate

ရင္းႏွီးျမွဳပ္ႏွံထားတဲ့ ေငြရဲ့ တုိးပြားတဲ့ ႏႈန္းေပါ့။

ဘဏ္မွာပုိက္ဆံအပ္ထားၿပီး အဲဒီႏွစ္အတြက္ Nominal Interest Rate ၆ % ရတယ္ဆုိပါစုိ႔။ အဲဒီႏွစ္မွာ Inflation rate ကလည္း ၆% ဆုိ ဘာအျမတ္အစြန္းမွ မရွိဘူး။ ဒီဥပမာမွာ Nominal Interest Rate က ၆ %၊ ဒါေပမယ့္ Real Interest Rate က သုညပဲ။

Real Interest Rate

ရင္းႏွီးျမွဳပ္ႏွံမႈတစ္ခုရဲ့ Purchasing Power တုိးတက္တဲ့ ႏႈန္းေပါ့။ အၾကမ္းအားျဖင့္ လူပိန္းေျပာေျပာရရင္ ဘဏ္မွာပုိက္ဆံအပ္ထားၿပီး အဲဒီႏွစ္အတြက္ Nominal Interest Rate ၆ % ရတယ္ဆုိပါစုိ႔။ အဲဒီႏွစ္မွာ Inflation rate က ၂% ဆုိရင္ Real Interest Rate က ၄% လုိ႔ ဆုိၾကပါေတာ့။ အတိအက်ေတာ့ အဲသလုိမဟုတ္ဘူး။ ဒါက နားလည္လြယ္ေအာင္ သေဘာတရားေျပာတာ။

real interest rate ≈ nominal interest rate - inflation rate

Current Dollar Cash Flows must be discounted by Nominal Interest Rate; Real Dollar Cash Flow must be discounted by Real Interest Rate

Level Cash Flows: Perpetuities & Annuities

ညီေလးတုိ႔ေရ

သတ္မွတ္ထားတဲ့ အခ်ိန္ကာလ အတုိင္းအတာတစ္ခု အတြင္းမွာ ညီတူညီမွ် ပမာဏကုိ လစဥ္ ေပးေခ်သြားရတာမ်ိဳးကုိ annuity လုိ႔ေခၚတယ္။ ဥပမာ - ႏွစ္သုံးဆယ္ ေခ်းေငြဆုိရင္ ညီတူညီမွ် ပမာဏ ေပးဆပ္ေငြေပါင္း ၃၆၀ ေပါ့။ ၄ ႏွစ္ေခ်းေငြဆုိ ၄၈ ႀကိမ္ေပါ့။

အဲ အခ်ိန္အပုိင္းအျခား ကန္႔သတ္ခ်က္မရွိဘဲ ထာဝရေပးဆပ္ေနတာမ်ိဳးကုိ perpetuity လုိ႔ ေခၚတယ္။

annuity factor = Present Value of a $1 annuity

Annuity is equivalent to the different between an immediate and a delayed perpetuity.

Perpetuity နဲ႔ annuity ပုံေသနည္းေတြက ပထမဦးဆုံး ေပးေခ်မႈကုိ အခ်ိန္ကာလတစ္ခုရဲ့ အဆုံး (ႏွစ္ကုန္)မွာ ျဖစ္ေပၚတယ္လုိ႔ ယူဆတယ္။

အဲ မၾကာခဏဆုိသလုိ ေငြေပးေခ်မႈကုိ ခ်က္ခ်င္းစတင္တာေတြရွိတယ္။ အဲသလုိ ခ်က္ခ်င္းစတဲ့ Level Stream of Cash Flow ကုိ annuity due လုိ႔ေခၚတယ္။

Future Value & Present Value

ညီေလးတုိ႔ေရ

Future Value

ရင္းႏွီးျမွဳပ္ႏွံမႈတစ္ခုဟာ အတုိးရရွိၿပီးတဲ့ေနာက္ ႀကီးထြားလာမယ့္ ပမာဏေပါ့။

Present Value

အနာဂတ္ကာလမွာရွိမယ့္ cash flow ရဲ့ ဒီကေန႔တန္ဖိုးေပါ့။

Present Value ကုိ တြက္ခ်က္တဲ့ တြက္နည္းကုိ discounted cash-flow (DCF) calculation လုိ႔ ေခၚသကြ။ Discounted Cash Flow ဆိုတာ အနာဂတ္မွာရွိမယ့္ Cash Flow ရဲ့ Present Value ရဲ့ အေခၚအေဝၚတစ္မ်ိဳးပါပဲ။ Present Value ကုိတြက္ခ်က္ရာမွာ သုံးတဲ့ အတုိးႏႈန္း (r) ကုိ discount rate ေခၚသဗ်ာ။ ေနာင္ႏွစ္ (t) မွာရမယ့္ $1 ရဲ့ Present Value, 1 / (1+r)t ကုိ discount factor လုိ႔ေခၚတယ္။

present value ကုိ တြက္တဲ့အခါ အၿမဲတမ္း compound interest ကုိသုံးတယ္။

Market Value Added & EVA

ညီေလးတုိ႔ေရ

market value added

ကုမၸဏီရဲ့ equity ရဲ့ market value နဲ႔ book value တုိ႔ရဲ့ အခ်ိဳးဟာ shareholders ေတြ ထည့္ဝင္ခဲ့တဲ့ ေငြထက္ သူတုိ႔ရဲ့ရင္းႏွီးျမွဳပ္ႏွံ

မႈ တန္ဖုိးဟာ ဘယ္ေလာက္ သာလြန္ေနသလဲဆုိတာကုိ ညြန္ျပတယ္။

equity ေတြရဲ့ book value ဟာ shareholders ေတြဆီက ထည့္ဝင္လာတဲ့ (ဒါမွမဟုတ္) သူတုိ႔ကုိယ္စား ထိန္းသိမ္း ျပန္လည္ျမွဳပ္ႏွံလုိက္တဲ့ စုစုေပါင္းပမာဏနဲ႔ ညီမွ်တယ္။

market value က book value ထက္ျမင့္မားတာကုိ ရင္းႏွီးျမွဳပ္ႏွံသူေတြႀကိဳက္တယ္။

ကုမၸဏီရဲ့ equity ေတြရဲ့ market value နဲ႔ book value ၾကားက ျခားနားခ်က္ကုိ market value added လုိ႔ ေခၚတယ္။

အဲဒီအရာဟာ ကုမၸဏီ ထပ္ေပါင္းလုိက္တဲ့ တန္ဖိုးရဲ့ ေဒၚလာအေရအတြက္ကို တုိင္းတာတယ္။

residual income/ economic value added or EVA

Investors ေတြ လိုအပ္တဲ့ return ကုိ ရေနသလားဆုိတာကုိ သိျမင္ဖုိ႔ ကုမၸဏီရဲ့ return on assets cost of capital ကုိ မၾကာခဏ ႏႈိင္းယွဥ္တယ္။ ကုန္က်စားရိတ္အားလုံးႏုတ္အၿပီးမွာ profit ဘယ္ေလာက္ရရွိသလဲဆုိတာကုိ သိျမင္ဖုိ႔ profit ထဲကေန cost of capital ကုိ ထုတ္ယူတာဟာလည္း အသုံးဝင္တယ္။

ကုမၸဏီ (သုိ႔) ဌာနတစ္ခုခုရဲ့ အသုံးျပဳခဲ့တဲ့ cost of capital ကုိ ထုတ္ႏုတ္အၿပီး အသားတင္ profitကုိ residual income/ economic value added or EVA လုိ႔ ေခၚတယ္။

Du Pont System

ညီေလးတုိ႔ေရ

The Decomposition of performance measures into component ratios is usually called the Du Pont System

အဲဒီ နည္းလမ္းကုိ လူသိမ်ားေအာင္လုပ္ခဲ့တဲ့ ဓာတုေဗဒကုမၸဏီကုိ အသိအမွတ္ျပဳတဲ့အေနနဲ႔ အဲသလုိေခၚတာ။

ဒီစနစ္ဟာ ကုမၸဏီရဲ့ return on assets and equity ကုိရွင္းျပရေအာင္ ratios ေတြကုိ ဆက္စပ္ဖုိ႔ အသုံးဝင္တဲ့နည္းလမ္းျဖစ္တယ္။

ပုံေသနည္းကေဖာ္ျပတာကေတာ့

Return on Equity ဟာ ကုမၸဏီရဲ့ leverage ratio, asset turnover, operating profit margin, debt burden ေတြက ေမြးဖြားလာတာျဖစ္တယ္။

Return on Assets ဟာ ကုမၸဏီရဲ့ asset turnover နဲ႔ operating profit margin တုိ႔က ေမြးဖြားလာတာျဖစ္တယ္။

Prfitability Ratios

ညီေလးတုိ႔ေရ

Shareholders ေတြက ကုမၸဏီထဲမွာ သူတုိ႔ရင္းႏွီးျမွဳပ္ႏွံထား

တဲ့ တစ္ေဒၚလာတုိင္းဟာ အျမတ္အစြန္းဘယ္ေလာက္ ျဖစ္ေပၚေနတယ္ဆုိတာ သိခ်င္ၾကတာေပါ့။ Profit Margin ဟာ အေရာင္းတစ္ေဒၚလာက ထုတ္လုပ္ေပးတဲ့ အျမတ္အစြန္းကုိ ေျပာျပတယ္။

Profit Margin

Profit margin = net income / sales

တကယ္လုိ႔ ကုမၸဏီေတြဟာ အေၾကြးနဲ႔ တစ္စိတ္တစ္ပုိင္း ၾကားကန္ထားတယ္ဆုိရင္ အျမတ္အစြန္းကုိ debtholders နဲ႔ shareholders ေတြၾကားမွာ ခြဲျခမ္းရတယ္။

Operating profit margin = net income + interest / sales

Return on Assets (ROA)

မၾကာခဏဆုိသလုိပဲ ကုမၸဏီတစ္ခုရဲ့စြမ္းေဆာင္ရည္ကုိ net income နဲ႔ total assets တုိ႔ရဲ့ အခ်ိဳးနဲ႔ တုိင္းတာတယ္။

Return on assets = (net income + interest) / average total assets

assets ဟာ မူလစားရိတ္ (depreciation ႏုတ္ၿပီး) အေျခခံေပၚမွာ တန္ဖုိးသတ္မွတ္တယ္။ High return on assets ဟာ အဲဒီ assets ကုိ ဒီေန႔ဝယ္ၿပီး High return ျပန္ရမယ္လုိ႔ အၿမဲတမ္း မဆုိလုိဘူး။ Low return ကလည္း တစ္ျခားတစ္ေနရာရာမွာ အသုံးခ်တာပုိေကာင္းတယ္လုိ႔ မဆိုလုိဘူး။ ဒါေပမယ့္ searching questions အခ်ိဳ႔ ေမးျမန္းသင့္တယ္လုိ႔ အႀကံေပးတယ္။

Return on Equity (ROE)

Profitability ရဲ့ အျခားအတုိင္းအတာတစ္ခုကေတာ့ return on the shareholders' equity ကုိ အာ႐ုံစုိက္တယ္။

Return on equity = net income / average equity

Payout Ratio

dividends ေတြအျဖစ္ ေပးလုိက္တဲ့ earnings ရဲ့ proportion ကုိ တုိင္းတာတယ္။

Payout ratio = dividends / earnings

Dividends အျဖစ္ မေပးတဲ့ earnings ကုိ ထိန္းသိမ္းထားတယ္ ဒါမွမဟုတ္ စီးပြားေရးထဲမွာ ျပန္ပ်ိဳးလုိက္တယ္။ အဲသလုိ ျပန္လည္ရင္းႏွီးျမွဳပ္ႏွံလုိက္တဲ့ earnings ရဲ့ proportion ကုိ plowback ratio လုိ႔ ေခၚတယ္။

Plowback ratio = 1 - payout ratio = (earnings - dividends) / earnings

ႏွစ္စဥ္ႏွစ္တုိင္း earnings ကုိ ျပန္လည္ရင္ႏွီးပ်ိဳးေထာင္(plowing back)လုိက္တဲ့ အပုိင္းရဲ့ ရလဒ္အျဖစ္ shareholders' equity ေတြဟာ ဘယ္ေလာက္ထပ္ခါတလဲလဲ ႀကီးထြားေနသလဲဆုိတာ ျမင္ႏုိင္ဖုိ႔ဆုိရင္ ေအာက္က ပုံေသနည္းအတုိင္း တြက္ခ်က္ယူတယ္။

Growth in equity from plowback = plowback ratio * ROE

Efficiency Ratios

ညီေလးတုိ႔ေရ

Turnover ratio ဟာ assets တစ္ေဒၚလာတုိင္းမွာ ဘယ္ေလာက္ထုတ္လုပ္သလဲဆုိတာကုိ တုိင္းတာတယ္။ ဥပမာ assets တစ္ေဒၚလာမွာ ျဖစ္ေပၚေစတဲ့ sales (ဒါမွမဟုတ္) ေရာင္းခ်လုိက္တဲ့ကုန္စည္ တစ္ေဒၚလာမွာ inventory level.

Asset Turnover Ratio

asset turnover (or) sales-to-assets ratio ကုမၸဏီရဲ့ assets ေတြကုိ ဘယ္ေလာက္ ခက္ခက္ခဲခဲ အသုံးခ်ေနသလဲဆုိတာကုိ ျပသတယ္။

Asset Turnover Ratio = Sales / Average total assets

ဥပမာ - Asset Turnover Ratio = 1.10 ဆုိရင္ assets တစ္ေဒၚလာတုိင္းမွာ အေရာင္း $1.10 ထုတ္လုပ္တယ္ေပါ့။

assets ဟာ တစ္ႏွစ္တာအတြင္းမွာ ေျပာင္းလဲဖုိ႔ ျဖစ္တန္ေခ်မ်ားတာေၾကာင့္ ႏွစ္တစ္ႏွစ္ရဲ့ အစ နဲ႔ အဆုံးက average of assets ကုိသုံးတယ္ဆုိတာ သတိျပဳပါ။

တစ္ခါတစ္ရံ sales to total assets အစား၊ sales ကုိ fixed assets တုိ႔ net working capital တုိ႔ စတဲ့ သီးသန္႔ capital ေတြနဲ႔ အခ်ိဳးခ်ၿပီးေတာ့လည္း ၾကည့္တယ္။

Sales to Average Fixed Assets = Sales / Average Fixed Assets

Average Collection Period

ေဖာက္သည္က ဘယ္ေလာက္ျမန္ျမန္ ေငြေခ်တယ္ဆုိတာကုိ တုိင္းတာတယ္။ account receivable ကုိ daily sales အေနနဲ႔ ေဖာ္ျပတယ္။

Average collection period = average receivables / average daily sales

ဥပမာ - အေျဖက ၃၆.၄ ရက္ဆုိ ေဖာက္သည္ေတြဟာ သူတုိ႔ရဲ့ေျပစာကုိ ၃၆ ရက္ေလာက္မွာ ေပးေခ်ၾကတယ္ေပါ့။

Inventory Turnover Ratio

Inventory Turnover Ratio = cost of goods sold / average inventory

တစ္ခါတရံ inventories က ဘယ္ႏွစ္ရက္စာ အေရာင္းကုိ ကုိယ္စားျပဳသလဲဆုိတာကုိ ၾကည့္ရွဴတယ္။

Days' sales in inventories = average inventory / (cost of goods sold/360)

ဥပမာ - အေျဖက ၄၄.၄ ရက္ဆုိရင္ ကုမၸဏီမွာ အေရာင္းကုိထိန္းထားဖုိ႔ ၄၄ ရက္စာ inventories အလုံအေလာက္ရွိတယ္ေပါ့။

Liquidity Ratio

ညီေလးတုိ႔ေရ

မင္းတုိ႔ဟာ ေဖာက္သည္ကုိ credit ထပ္တုိးေပးမယ္ (ဒါမွမဟုတ္) ကာလတုိဘဏ္ေခ်းေငြတစ္ခု လုပ္မယ္ဆုိရင္ ၊ မင္းတုိ႔ဟာ ကုမၸဏီရဲ့ leverage ထက္ပုိၿပီး စိတ္ဝင္စားေနၾကတာပဲ။ မင္းတုိ႔ဟာ အဲဒီေဖာက္သည္ဟာ မင္းကုိ ေငြျပန္ဆပ္ႏုိင္ မဆပ္ႏုိင္ သိခ်င္မွာပဲ။ ဒါေၾကာင့္ credit analysts ေတြနဲ႔ ဘဏ္သမားေတြဟာ liquidity နဲ႔ပတ္သက္တဲ့ အတုိင္းအတာ အေျမာက္အျမားကုိ ၾကည့္ရွဳၾကတာေပါ့။ Liquid assets ေတြဟာ ေငြသား(cash) အျဖစ္ သက္သက္သာသာ ျမန္ျမန္ဆန္ဆန္ ေျပာင္းလုိ႔ရတယ္။

ဥပမာအားျဖင့္ account receivable နဲ႔ inventories of finished goods ေတြဟာ အမ်ားအားျဖင့္ အရည္ေဖ်ာ္ (ေငြသားျဖစ္ေအာင္ေျပာင္း) လြယ္တယ္။ အျခားအစြန္းတစ္ဖက္ကဆုိရင္ real estate ဟာ အရည္ေဖ်ာ္ဖုိ႔မလြယ္ကူေလာက္ဘူး။

Net Working Capital to Total Assets Ratio

Net working Capital = Current Assets - Current Liabilities

ဒါဟာ အၾကမ္းအားျဖင့္ ကုမၸဏီရဲ့ ရန္ပုံေငြအလားအလာကုိ တုိင္းတာတယ္။ ပုံမွန္အားျဖင့္ေတာ့ current assets က current liabilities ထက္ သာလြန္ေနေလ့ရွိတယ္။ မၾကာခဏဆုိသလုိပဲ Net working capital ကုိ proportion of total asset အျဖစ္ ေဖာ္ျပေလ့ရွိတယ္။

Current Ratio

Current Ratio = current assets / current liabilities

ဥပမာ current ratio = 1.28 ဆုိရင္ current liabilities $1 တုိင္းအတြက္ current assets $1.28 ရွိတယ္ေပါ့။

current ratio မွာ ထပ္ခါတလဲလဲ ႐ုတ္ေလ်ာ့တာဟာ တစ္ခါတရံ ျပႆနာကုိ အခ်က္ျပတာပဲ။ ဥပမာ ေပးစရာရွိတဲ့ payables ေတြကုိ မေပးဘဲ အီေလးဆြဲေနရင္ current liabilities ေတြတုိးလာၿပီး current ratio က်ဆင္းလာမယ္။

Quick (or Acid-Test) Ratio

Quick Ratio = (Cash+marketable securities+receivable) / current liabilities

Cash Ratio

ကုမၸဏီတစ္ခုရဲ့ အရည္အေဖ်ာ္လြယ္ဆုံး liquid assets ေတြဟာ သူဆုပ္ကုိင္ထားတဲ့ ေငြသားနဲ႔ marketable securities ေတြပဲ ျဖစ္တယ္။ ဒါေၾကာင့္ analysts ေတြဟာ Cash Ratio ကုိလည္း ၾကည့္ၾကတယ္။

Cash Ratio = (Cash + marketable securities) / current liabilities

Income Statement

ညီေလးတုိ႔ေရ

Income Statement ဟာ ကုမၸဏီရဲ့ revenues နဲ႔ expenses ရယ္၊ အဲဒီႏွစ္ခုၾကားက ျခားနားခ်က္ (တစ္နည္း) ကုမၸဏီရဲ့ profit ေတြကုိ အက်ဥ္းခ်ဳံးေဖာ္ျပတယ္။

interest ကုိ အခြန္မေဆာင္မီဝင္ေငြ (pretax income) ထဲက ေပးတယ္ဆုိတာ မွတ္ထားပါ။

Net income ကုိ common stockholders ေတြက ပုိင္ဆုိင္တယ္။

Net income ရဲ့ တစ္စိတ္တစ္ပုိင္းကုိ dividends အျဖစ္ေပးတယ္။

ကုမၸဏီေတြၾကားမွာ ႏႈိင္းယွဥ္ေလ့လာစီစစ္ဖုိ႔ common-size income statement ကုိ တစ္ခါတစ္ရံ တြက္ခ်က္တယ္။ ဒီကိစၥမွာ income statement ထဲက အခ်က္အလက္အားလုံးကုိ revenues ရဲ့ ရာခုိင္ႏႈန္းအေနနဲ႔ ေဖာ္ျပတယ္။

Balance Sheet

ညီေလးတုိ႔ေရ

Income Statement ဟာ အခ်ိန္အပုိင္းအျခားတစ္ခုအတြ

င္းက လုပ္ေဆာင္ခ်က္ေတြကုိ အက်ဥ္းခ်ံဳးေဖာ္စဥ္မွာ balance sheet ကေတာ့ ေပးထားတဲ့ အခ်ိန္အခုိက္အတန္႔က ကုမၸဏီရဲ့တဒဂၤအေျခအေနကုိ ေဖာ္ျပတယ္။

Current Assets

စာရင္းကုိင္တစ္ေယာက္ဟာ နီးကပ္တဲ့အနာဂတ္မွာ ေငြေၾကးအျဖစ္ ေျပာင္းလဲဖုိ႔ ျဖစ္တန္ေခ်မ်ားတဲ့ assets ေတြကုိ ပထမဦးဆုံး စာရင္းသြင္းတယ္။ အဲဒီထဲမွာ ေငြေၾကး(cash) ကုိယ္တုိင္ရယ္၊ short-term securities, receivables ( ေဖာက္သည္ေတြက မေပးေခ်ေသးတဲ့ ေျပစာေတြ)၊ raw materials, work in process, and finished goods ေတြရဲ့ inventories ေတြ ပါဝင္တယ္။ ဒီ assets ေတြကုိ current assets လုိ႔ သိၾကတယ္။

Long-term Assets

Assets ရဲ့ ဒုတိယ အဓိက အုပ္စုကေတာ့ buildings, land, machinery and equipment စတဲ့အရာေတြျဖစ္တဲ့ long-term assets ပဲျဖစ္တယ္။ ဒီေနရာမွာ မွတ္ထားရမွာက balance sheet ဟာ အဲဒီ asset တစ္ခုခ်င္းစီရဲ့ ေစ်းကြက္တန္ဖုိး) (market value) ကုိ မေဖာ္ျပဘူးဆုိတာပဲ။ အဲဒီအစား အဲဒီ assets ရဲ့ မူလကုန္က်စားရိတ္ကုိပဲ စာရင္းသြင္းထားတယ္။ Plant and equipment ေတြရဲ့ကိစၥမွာ depreciation အတြက္ ႏွစ္စဥ္အဖုိးအခကုိ ႏုတ္ပယ္တယ္။ (brand name ဟာ အဖုိးတန္တဲ့ assets တစ္ခုျဖစ္တယ္)

Current Liabilities

နီးကပ္တဲ့အနာဂတ္မွာ ကုမၸဏီက ေပးေခ်ဖုိ႔ ေမွ်ာ္လင့္တဲ့ ေျပစာေတြဟာ current liabilities ေတြျဖစ္တယ္။ အဲဒီထဲမွာ ေနာက္ႏွစ္အတြင္းမွာ ျပန္ေပးရမယ့္ အေၾကြးေတြ၊ payables (ကုမၸဏီက suppliers ေတြေပၚမွာ တင္ရွိေနတဲ့ ပမာဏ) ေတြ ပါဝင္တယ္။

Long-term Liabilities

ႏွစ္ေပါင္းမ်ားစြာ ျပန္မေပးဘဲထားလုိ႔ရတဲ့ ေခ်းယူထားတဲ့ပုိက္ဆံေတြဟာ long-term liabilities ျဖစ္တယ္။

ကုမၸဏီရဲ့ liabilities အားလုံးကုိ ထည့္သြင္းစဥ္းစားၿပီးတဲ့အခါ က်န္ရွိေနေသးတဲ့ assets ေတြကုိ common stockholders ေတြက ပုိင္ဆုိင္တယ္။

Shareholders' equity ဆုိတာ current and long-term liabilities ကုိႏုတ္ၿပီးတဲ့ assets ရဲ့ စုစုေပါင္းတန္ဖုိးပဲျဖစ္တယ္။ အဲဒါဟာ ကုမၸဏီက stockholders ေတြဆီက ျမွုဳပ္ႏွံတဲ့ဟာရယ္ + stockholders ေတြကုိယ္စား ျပန္ၿပီးျမွဳပ္ႏွံ၊ ထိန္းသိမ္းၿပီး ျပန္လည္ျမွဳပ္ႏွံတဲ့ earnings ရယ္ ေပါင္းထားတဲ့ ပမာဏနဲ႔ ညီမွ်တယ္။

common-size income statement ဟာ တစ္ခါတစ္ရံ အသုံးဝင္သလုိပဲ၊ common-size balance sheet ကုိလည္းပဲ တြက္ခ်က္ႏုိင္တယ္။ ဒီကိစၥမွာေတာ့ အခ်က္အလက္အားလုံးကုိ total assets ရဲ့ ရာခုိင္ႏႈန္းအေနနဲ႔ ေဖာ္ျပတယ္။

Leverage Ratios Share

ညီေလးတုိ႔ေရ

ကုမၸဏီတစ္ခုဟာ ေငြေခ်းယူၿပီဆုိရင္ “အတိုးေပးမယ္ တစ္ေန႔က် အရင္းျပန္ဆပ္မယ္”လုိ႔ ကတိကဝတ္ျပဳတယ္။ Profits ျမင့္တက္ရင္ debtholders က ပုံေသအတုိးကုိပဲ ဆက္ၿပီး လက္ခံယူေနတယ္။ ဒါေၾကာင့္ shareholders ေတြ စံရတယ္။။ အဲ Profits ထုိးက်ရင္ေတာ့ shareholders ေတြ ခံေပေတာ့။ အခ်ိန္အၾကာႀကီး အခက္အခဲေတြ႔ေနရင္ တနင့္တပုိး အေၾကြးယူထားတဲ့ ကုမၸဏီဟာ အေၾကြးဆပ္ႏုိင္ေတာ့မွာမဟုတ္

ဘူး။ ကုမၸဏီ bankrupt ျဖစ္ၿပီး shareholders ေတြ ရင္းႏွီးျမွဳပ္ႏွံမႈအကုန္လုံး ဆုံးရွဳံးၾကတယ္။ အခ်ိန္ေကာင္းေတြမွာ အေၾကြးဟာ shareholders ေတြရတဲ့ returns ေတြကုိ တုိးျမွင့္ၿပီး မေကာင္းတဲ့အခ်ိန္မွာေတာ့ ေလွ်ာ့ခ်တာေၾကာင့္ .. financial leverage ကုိ ဖန္တီးဖုိ႔ အေၾကာင္းဖန္လာတယ္။ Leverage ratios က ကုမၸဏီဟာ financial leverage ဘယ္ေလာက္မ်ားမ်ား ယူထားသလဲဆုိတာ တုိင္းတာတယ္။

Debt Ratio

Financial Leverage ကုိ အမ်ားအားျဖင့္ long-term debt နဲ႔ total long-term capital တို႔ရဲ့ အခ်ိဳးျဖင့္ တုိင္းတာတယ္။

Long-term debt မွာ bonds (ဒါမွမဟုတ္) တစ္ျခားေျခးယူထားျခင္းမ်ားသာ မကဘဲ the value of long-term leases ပါ ပါဝင္သင့္တယ္။ (long-term leases ဆုိတာ ေရရွည္ ငွားရမ္းမႈ သေဘာတူညီခ်က္ပဲ .. ဒါေၾကာင့္ ကုမၸဏီအေနနဲ႔ ပုံမွန္ ငွားရမ္းခပးရမယ္)။

Total long-term capital (တစ္ခါတေလ total capitalization လုိ႔လည္း ေခၚတယ္) = long-term debt + shareholders' equity

Long-term debt ratio = long-term debt / (long-term debt+equity)

(တကယ္လုိ႔ Long-term debt ratio ဟာ 0.15 ဆုိရင္ long-term capital ရဲ့ တစ္က်ပ္တုိင္းမွာ ၁၅ ျပားဟာ long-term debt ျဖစ္တယ္လုိ႔ ဆုိလုိတာပဲ။)

(Debt-equity ratio = long-term debt / equity)

အဲသလုိလည္း Leverage ကုိ ေဖာ္ျပလုိ႔ရတယ္။

Times Interest Earned Ratio

Financial Leverage အတြက္ အျခားအတုိင္းအတာတစ္ခုကေတာ့ အတုိးေပးေခ်ရန္ရွိမႈကုိ earnings က cover လုပ္တဲ့ အတုိင္းအတာပမာဏပဲျဖစ္တယ္။ ဘဏ္ေတြဟာ အတုိးေပးေခ်ရမႈထက္ အမ်ားႀကီးပုိလွ်ံေနတဲ့ earnings ရွိတဲ့ ကုမၸဏီကုိပဲ ေငြေခ်းေပးဖုိ႔ ဦးစားေပးတယ္။ ဒါေၾကာင့္ အတိုးနဲ႔ အခြန္မေပးခင္ earnings (earngings befor interests and taxes - EBIT) နဲ႔ အတုိးေပးေခ်မႈ(interest payments) တုိ႔ရဲ့ အခ်ုိဳးကုိ တြက္ခ်က္ၾကတယ္။

Time interest earned = EBIT / interest payments

Time interest earned Ratio ကုိ interest cover ratio လုိ႔လည္း ေခၚတယ္။

Cash Coverage Ratio

ထြက္ေငြ တစ္ျပားတစ္ခ်ပ္မွမွရွိဘူးဆိုရင္ေတာင္ ကုမၸဏီရဲ့ earnings ကုိတြက္ခ်က္တဲ့အခါ depreciation ကုိ ႏုတ္တယ္။ လည္ပတ္ေနတဲ့ယႏၱရားမွ cash flow ဟာ အတုိး(interest) ကုိ cover လုပ္တဲ့ အတုိင္းအတာပမာဏကုိ တြက္ခ်က္ရတာ ပိုစိတ္ဝင္စားဖုိ႔ေကာင္းတယ္။ ဒါကုိ Cash Coverage Ratio ျဖင့္တုိင္းတာတယ္။

Cash Coverage Ratio = (EBIT + depreciation) / interest payments

Interest Coverage Ratio

The interest coverage ratio is a measure of the number of times a company could make the interest payments on its debt with its earnings before interest and taxes, also known as EBIT. The lower the interest coverage ratio, the higher the company's debt burden and the greater the possibility of bankruptcy or default.

Operating Income and Operating Profit

Operating income, or operating profit as it is sometimes called, is the total pre-tax profit a business generated from its operations. It is what is available to the owners before a few other items need to be paid such as preferred stock dividends and income taxes.

Operating Income = Gross Profit – Operating Expenses

Gorss Profit Margin

The gross profit margin is a measurement of a company's manufacturing and distribution efficiency during the production process. The gross profit tells an investor the percentage of revenue / sales left after subtracting the cost of goods sold. A company that boasts a higher gross profit margin than its competitors and industry is more efficient. Investors tend to pay more for businesses that have higher efficiency ratings than their competitors, as these businesses should be able to make a decent profit as long as overhead costs are controlled (overhead refers to rent, utilities, etc.)

Gross Profit Margin : Gross Profit ÷ Total Revenue

Gross Profit

The gross profit is the total revenue subtracted by the cost of generating that revenue. In other words, gross profit is sales minus cost of goods sold. It tells you how much money a business would have made if it didn’t pay any other expenses such as salary, income taxes, office supplies, electricity, water, rent, etc.

Total Revenue - Cost of Goods Sold (COGS) = Gross Profit 

Cost of Revenue, Cost of Sales, Cost of Goods Sold (COGS)

Cost of goods sold (COGS for short) is the expense a company incurred in order to manufacture, create, or sell a product. It includes the purchase price of the raw material as well as the expenses of turning it into a product. Cost of goods sold (COGS) is also known as cost of revenue or cost of sales.

One of the reasons some investors are extremely successful is because they know the exact relationship between profits and cost of goods sold.

Factors of Productivity Improvement

Productivity improvement is the result of a combination of FOUR factors, namely

1. Accumulation of Human Capital
2. Innovation
3. Accumulation of Physical Capital
4. Business environment 

The interaction of above FOUR factors that are related to Productivity Improvement

(1) Accumulation of Human Capital
 Human resources are the key to productivity improvement. Formal education, training and non-formal approach, to optimize the human capital, are essential for Innovation factor.

(2) Innovation
For sustained competitiveness it is important that a nation is innovative. Policy makers at all levels and in all sectors of the economy will have to think out of the box to improve on process, products and market positioning with respect to Productivity Improvement.

(3) Accumulation of Physical Capital
The most obvious and universally accepted factor influencing Productivity is Capital. But it adds value by being combined with other factors.

(4) Business Environment
High rates of public investment in human capital will not pay off unless a nation's microeconomics circumstances create the demand for skills in companies. The company skills and supporting industries are present to make investment efficient and strong competitive pressures and adequate corporate governance provide the needed market discipline. For sound policies at the macroeconomics level to translate into an increasingly productive economy, then parallel microeconomics improvements must take place.

Benefits of Increase in Productiviy

If we are able to increase Productivity in our place of work, that will bring following benefits;
1) a higher standard of living
2) larger supplies of consumer goods and capital goods at lower costs and lower prices
3) higher earning
4) improvements in working and living condition
5) strengthening of the economic foundations on which the well-being of individuals is based.

Difference between Production & Productivity

Production; The art or process of producing things.

Productivity; Efficiency in production

Example
Mega Co.Ltd had 20 Staff and produced 2'000 items in 2008. In 2009, Mega hired 10 more Staff and produced 2'800 items.

Production in 2008 = 2'000 items per year
Production in 2009 = 2'800 items per year
There is an increase in Production of 800 items per year.
Percentage increase in Production = 800/2'000*100= 40%

Productivity in 2008 = 2'000/20 = 100 items per staff per year
Productivity in 2009 = 2'800/30 = 93 items per staff per year
There is a decrease in Productivity of 7 items per staff per year.
Percentage decrease in Productivity = 7/100*100 = 7%

When is an Idea an Opportunity?

An opportunity has the qualities of being
- Attractive (profit making potential)
- Durable ( sustainable over a period of time)
- Timely ( as determined by WOO - Window of Opportunity)and
- Creates or adds value for its buyer/ends user (as product/service)

Chain of Entrepreneurship

Creativity - Thinking New Things

Innovation - Doing New Things

Entrepreneur - Creating Value in Marketplace


New Business Ideas : Make it a habit to keep on the lookout for novel and interesting ideas that others have used successfully. Your idea needs to be original only in its adaptation to the problem you are working on. (Thomas Edison)

Entrepreneurial Process

1. Identify and evaluate the opportunity
2. Develop Business Plan
3. Determine and attract resources required
4. Lead and manage resulting enterprise

Entrepreneurial Traits

- Self confidence
- Passion
- Leadership
- Perseverance & Determination
- Need to achieve Goal-oriented
- Creative & innovative
- High internal locus of control
- Tolerance for risk
- Orientation to the future
- Willingness to learn from failure

Why be an Entrepreneur?

- Provide JOBS !!!
- Vibrant market economies
- Create innovative products
- Use skills/ability
- Control over own life
- Build for the family
- Like the challenge

Who is the Entrepreneur?

The word "entrepreneur" stems from French, means "between-taker" or "go between."

Manages, organizes and assumes risk of business or enterprise

Self-driven creative individual who takes calculated risks

Qualities : High Energy Levels
A cut of mind that sees opportunities where others see problems
"A keen sense of what product or service will be profitable" M M Lee

Open publication - Free publishing - More jafri

Components of a Service Production System (Survuction System)

Service Operation System

The technical core where inputs are processed and service elements are created. The technical core is typically in the back-stage and invisible to customer. The proportion of the overall service operation that is visible to the customers depends on the level of contact.

High contact services involve physical person of the customer. Therefore the visible component of the service operation element tends to be more substantial. Low-contact services usually have most of the service operation backstage and this could be remotely located.

Service Delivery System

Where the final assembly of service elements takes place and service is delivered to customers and this includes the visible part of the service operation system - building, equipment and personnel - possibly other customers.

Other Contact Points

This consist of all points of contact with customer. (e.g. advertising communications, sales calls, billing, market research surveys, etc.)

Why is service encounter a "moment of truth" ?

Service encounter is a "moment of truth". Because the perceived quality is realized at the moment of truth, where the service provider and the service customer confront one another in the area. At the moment they are very much on their own. It is the skill, the motivation, and the tools employed by the firm's representative and the expectations and behaviour of the client which together will create the service delivery process.

Components that Contribute to Customer Expectations

- Desired Service Level: "Wished for" level of service quality that customer believes can and should be delivered.

- Adequate Service Level: Minimum acceptable level of service without dissatisfied.

- Predicted Service Level: Service level that customer believes firm will actually deliver.

- Zone of Tolerance: Range within which customers are willing to accept variations in service delivery.

What a Company can Do to Lower the Perceived Risks Faced by Its Customers

- Free trial (for service with high experience attributes)
- Advertise (helps to visualize)
- Display credentials
- Use evidence management (e.g. furnishing, equipment)
- Offer guarantees
- Encourage visit to service facilities
- Give customers online access to information about order status

What can a company do to "delight" a customer?

1) unexpected high levels of performance
2) arousal (e.g. surprise, excitement)
3) positive affect ( e.g. pleasure, joy, or happiness)

What Customers Normally Do to Reduce the Perceived Risks

- Seeking information from respected personal sources such as family, friends or peers
- Using the internet to compare service offerings and search for independent reviews and ratings
- Relying on a firm that has a good reputation
- Looking for guarantees and warranties
- visiting service facilities or trying aspects of service before purchasing
- Asking knowledgeable employees about competing services

Explain why services tend to be harder to evaluate than goods.

Services are high in Experience Attributes that cannot be evaluated before purchase - must experience to know it. (e.g. vacations, sporting events, medical procedures)

How does a person serach for a solution to his aroused need?

Evoked set: set of possible services or brands that he may consider in the decision process. Evoked set can be derived from past experiences or external sources such as advertising, retail displays. When there is an evoked set, the different alternatives need to be evaluated before a final choice is made.

How does a person become aware of his or her need for something?

- Unconscious minds (e.g. personal identity and aspirations)
- Physical conditions (e.g. chronic back pain)
- External sources (e.g. marketing activities)

THREE-Stage Model of Service Consumption

1) Pre-purchase Stage
- Awareness of Need
- Information Search
- Evaluation of alternatives
- Purchase decision

2) Service Encounter Stage
- Service encounters range from high to low contact
- Understanding the Servuction System
- Theatre as metaphor for service delivery (Role & Script theories)

3) Post-purchase Stage
- Evaluation of service performance
- Future intentions

FOUR Service Focus Strategies

1) Fully Focused: provide a limited range of services to a narrow and specific market segment.

2) Market Focused: concentrates on a narrow market segment, but has a wide range of services.

3) Service Focused: concentrates narrow range of services to fairly broad market.

4) Unfocused: broad markets with wide range of services. Many service providers fall into this category.

Differents between an Important Attribute & a Determinant Attribute

An Important Attribute
- very important for manufacturers and service providers
- not always important for buyers to make final decision

A Determinant Attribute
- may or may not always be on the top of the list of service characteristics
- important for making buying decision

How does a company determine which market segment to target?

Among the market segments, the company selected one to target and defined it on the basis of several variables.

Some market segments provide better sales and profit opportunities than others. But the company must also look at whether they can match or exceed competing offerings directed at the same segment.

Market Segmentation

A market segment is composed as a group of buyers who share common
1) Characteristics
2) Needs
3) Purchasing Behaviour
4) Consumption Pattern

Buyers within the same segments should be as similar as possible.
But between the segments, they should be as dissimilar as possible.

SIX Questions that can Help a Company Refine Its Service Positioning

1) What does our firm currently stand for in the minds of current and potential customers?

2) What customers do we serve now, and which ones would we like to target in future?

3) What is value position for each of our current service products, and what market segment is each one targeted at?

4) How does each of our service products differ from competitors?

5) How will do customers in chosen target segments perceive our service products as meeting their needs?

6) What changes must we make to our offerings to strengthen our competitive position?

FOUR Principles of Effecitve Positioning

1) Company must establish position for firm or product in the minds of target customers

2) Position should provide one simple, consistent message

3) Position must set firm/product apart from competitors

4) Company cannot be all things to all people - must focus its efforts

FOUR Related Aspects of Service Concpet that must be Addressed

1) How the different service components are delivered to customers
2) The nature of the customer's role in those processes
3) How long delivery lasts
4) The recommended level and style of service to be offered

Why Services can be marketed as products?

Services can be marketed as products. A product is a defined and consistent "bundle of output". One bundle of output can be differentiated from another bundle of output. Service product consists of two components, the core product and supplementary service. The core product is based on the core set of benefits and solutions delivered to customers. Supplementary service is a variety of service related activities which surround the core product.

Differences between Goods & Services

Services involve a form of rental, offering benefits without transfer of ownership while goods offer benefits transferring ownership.

Goods are tangible.
Services have either tangible or intangible actions.

All the goods can be inventoried while most service products cannot be.

Goods are easy to visualize and understand while services are difficult to do.

Goods are distributed by physical channels, while services may take place through non-physical channels.

FIVE Broad Types of Service that Offer benefits without the Need for any Physical Ownership

1) Rented goods service
2) Defined space and place rentals
3) Labour and expertise rentals
4) Access to shared physical environment
5) Systems and networks: access and usage

SEVEN Ps Marketing Mix for Services

1) Product Elements
Service products are at the heart of service marketing strategy. Marketing mix begins with creating service concept that offers value.

2) Place and Time
Service distribution can take place through physical and non-physical channels.
Convenience of place & time becomes important determinants of effective service delivery

3) Price & other user outlays
From the firms' perspective, pricing generates income and creates profits
Form the customers' perspective, pricing is the key part of costs to obtain wanted benefits

4) Promotion and Education
Plays 3 vital roles - Provide information and advice
- Persuades the target customers of merit of service product
- Encourage customer to take action at specific time

5) Process
How firm does thing may be as important as what it does

6) Physical Environment
Design services cape and provide tangible evidence of service performance
Create and maintain physical apperances

7) People
Interactions between customers and contact personnel strongly influence customer perceptions of service quality
Other customer can also affect one's satisfaction with a service

SIX Marketing Implications of Renting vs Owning

1) Markets exist for renting durable goods rather than selling them.

2) Renting portions of larger physical entity (e.g. office space, apartment) can form basis for service.

3) Customer more closely engaged with service suppliers.

4) Time plays central role in most services.

5) Customer choice criteria may differ between rentals and outright purchases.

6) Services offer opportunities for resource sharing.

FIVE Powerful Forces Transforming the Service Landscape

1) Government Policies
- Changes in regulation
- New rules to protect customers,employees and environment
- New agreement on trade in service

2) Social Changes
- Rising customer expectation
- Easier access to more information
- Immigration

3) Business Trend
- Push to increase shareholder value
- Emphasis on productivity and cost savings
- Focus on quality and customer satisfaction

4) Advances in IT
- Growth of Internet
- Faster, more powerful software
- Wireless networking

5) Globalization
- Increased international travel
- International merges and alliances
- Foreign competitors invade domestic market

SEVEN Development Categories for New Service

1) Style Changes - the simplest type of innovation, not involve in either process or performance.

2) Service Improvement - the most common type of innovation. They involve small changes in the performance of current products including improvement to either core product or existing supplementary services.

3) Supplementary Service Innovation - adding new facilitating or enhancing service elements to an existing core service, or of an existing supplementary service.

4) Process Line Extension - new way of delivering existing products to offer more convenience and different experience for existing customers or to attract new customers.

5) Product Line Extension - additions to current product lines to serve a broader variety of need to existing customers or to attract new customer with different needs.

6) Major Process Innovation - new process to deliver existing core products in new ways with additional benefits

7) Major Service Innovation - new core products for markets that have not been previously defined.

THREE Service Elements

Core Service Element: the core set of benefits and solution delivered to customers

Facilitating Service Element is either needed for service delivering or help in the use of the core products.

Enhancing Service Element adds extra value for the customer.

THREE factors that Contribute to the Success of a New Service Product

1) Market Synergy:
the new product fit well with the existing image of the firm was better than competitors at meeting customers' known needs and received strong support during and after launch from the firm and its branches. In addition, the firm had a good understanding of its customers' purchase decision behaviour.

2) Organizational factors:
Strong interfunctional cooperation and coordination. Development personnel were fully aware of why they were involved and of the importance of new products.

3) Market Research Factors - detailed and properly designed market research studies were conducted early in the development process. A clear idea of the type of information to be obtained. A good definition of the product concept was developed before undertaking field surveys.

FOUR alternatives to branding a service product

Branded house is used to describe a company which applies its brand name to multiple offerings in often unrelated fields.

Sub-brand is one where the master brand is the main reference point, but the product itself has a distinctive name too.

Endorsed brands where the product brand is the main focus, but the corporate name is still featured.

House of Brands - a lot of brands which are actively promoted under their own brand name, belong to a single brand which we may not hear.