on 19-Jan-2018 (Fri)

The failure rate of many mechanical components follows a “bathtub” distribution, which means demand for these parts is higher at the beginning and at the end of life.

Early failures are generally due to manufacturing imperfections; mid-life failures are generally due to random events that stress the part beyond its tolerance; and end-of-life failures are due to expected wearing out of the product.

This study session introduces the principal information sources used to evaluate a company’s financial performance. Primary financial statements (income statement, balance sheet, cash flow statement, and statement of changes in equity) in addition to notes to these statements and management reporting are examined. A general framework for conducting financial statement analysis is provided. The process of recording a business’s activities through the accounting process including necessary accruals and adjustments is then described. The session concludes with an explanation of the roles played by financial reporting standard-setting bodies and regulatory authorities, the Internal Accounting Standards Board’s conceptual framework, and the movement toward global accounting standards.

This study session addresses the three major financial statements—the income statement, the balance sheet, and the cash flow statement—by examining each in turn. The purpose, elements of, construction, pertinent ratios, and common-size analysis are presented for each major financial statement. The session concludes with a discussion of financial analysis techniques including the use of ratios to evaluate corporate financial health.

This study session examines financial reporting for specific categories of assets and liabilities. Inventories, long-lived assets, income taxes, and non-current liabilities are examined in greater detail because of their effect on financial statements and reported measures of profitability, liquidity, and solvency. For these items in particular, the analyst should be attentive to chosen accounting treatment, corresponding effect on reported performance, and the potential for financial statement manipulation.

This study session introduces the concept of financial reporting quality. The session examines the financial reporting quality differences that may exist between companies and the means for identifying them. Warning signs of poor or low quality reporting are covered. The application of financial analysis techniques to evaluate a company’s past and projected performance, assess credit risk, and screen for potential equity investments follows. Common adjustments to reported financials to facilitate cross-company comparisons conclude the session.

This study session provides an introduction to corporate governance and investing and financing decisions. An overview of corporate governance is presented along with a framework for understanding and analyzing corporate governance and stakeholder management. The growing impact of environmental and social considerations in investing is also highlighted. Capital budgeting and the assessment of capital investments are covered next. The session ends with practical techniques to estimate a company’s or project’s cost of capital.

This study session covers how companies make use of leverage and manage their working capital to meet short-term operational needs. The various types of leverage (operating, financial, total), measures of leverage, and how leverage affects a company’s earnings and financial ratios are examined. A discussion then follows on the different types of working capital and the management issues associated with each. The session concludes with techniques for assessing the effectiveness of working capital management.

This study session introduces the concept of a portfolio approach to investments. The needs of individual and institutional investors are each examined, along with the range of available investment solutions. The three main steps in the portfolio management process (planning, execution, and feedback) are outlined. A discussion of risk management, including the various types and measures of risk, follows and a risk management framework is provided. Common portfolio risk and return measures and the introduction of modern portfolio theory—a quantitative framework for asset pricing and portfolio selection—come next. The session ends with coverage of the portfolio planning and construction process, including the development of an investment policy statement.

This study session introduces the concept of a portfolio approach to investments. The needs of individual and institutional investors are each examined, along with the range of available investment solutions. The three main steps in the portfolio management process (planning, execution, and feedback) are outlined. A discussion of risk management, including the various types and measures of risk, follows and a risk management framework is provided. Common portfolio risk and return measures and the introduction of modern portfolio theory—a quantitative framework for asset pricing and portfolio selection—come next. The session ends with coverage of the portfolio planning and construction process, including the development of an investment policy statement.

This study session provides a structural overview of financial markets and their operating characteristics. Overview markets include equities, fixed income, derivatives, and alternative investments. Various asset types, market participants, and how assets trade within these markets and ecosystems are described. Coverage of these core asset classes continues in subsequent Level I study sessions, laying the foundation for further study in Levels II and III. The study session then turns to the calculation, construction, and use of security market indexes. A discussion of market efficiency and the degree to which market prices may reflect available information concludes the session.

This study session focuses on the characteristics, analysis, and valuation of equity securities. Various equity types including public and private equities are described. The various industry classification approaches for global equities and useful frameworks for conducting industry and individual company analysis are presented. Coverage of the three main equity valuation approaches (present value, multiplier, and asset based) conclude the session.

This study session introduces the unique attributes that define fixed-income securities, then follows with an overview of global debt markets. Primary issuers, sectors, and bond types are explained. Key concepts for the calculation and interpretation of bond prices, yields, and spreads and coverage of interest rate risk and key related risk measures are presented. Securitization—the creation of fixed-income securities backed by certain (typically less liquid) assets—including the various types, characteristics, and risks of these investments end the session.

This study session examines the fundamental elements underlying bond returns and risks with a specific focus on interest rate and credit risk. Duration, convexity, and other key measures for assessing a bond’s sensitivity to interest rate risk are introduced. An explanation of credit risk and the use of credit analysis for risky bonds concludes the session.

This study session builds the conceptual framework for understanding the basic derivatives and derivative markets. Essential features and valuation concepts for forward commitments such as forwards, futures, and swaps and contingent claims such as options are introduced.

This study session provides an overview of the more widely used alternative investments, including hedge funds, private equity, real estate, commodities, and infrastructure investment. Each is examined with emphasis on their distinguishing characteristics, considerations for valuation, and potential benefits and risks. Similarities and differences with traditional investments (stocks, bonds) are also considered.

un général, homme politique et écrivain romain, né à Rome

En réalité les Iulii historiquement connus furent une famille patricienne d'importance mineure, qui exerça quelques consulats mais ne faisait pas partie, au I ^er siècle av. J.-C. , de la cinquantaine de familles de la nobilitas qui fournissaient la plupart des consuls.