Finance & Operations Assignment

Running head: FINANCE & OPERATIONS
Finance & Operations
Name of the Student:
Name of the University:
Authors Note:

FINANCE & OPERATIONS
1
Table of Contents
Introduction:...............................................................................................................................2
a) Evaluating the operating and regulatory factor to be considered by the board:....................2
b) Estimating the income and expenditure projections for the first 4 years incorporating and
regulatory cost for the proposal:................................................................................................5
c) Critical evaluation of the financial worth of current proposal and an alternative evaluation
including all cost and revenue deemed appropriate:..................................................................9
d) Detailed and fully evaluated conclusion with clear recommendation is provided to the
board:........................................................................................................................................14
Conclusion:..............................................................................................................................15
Reference and Bibliography:....................................................................................................17

FINANCE & OPERATIONS
2
Introduction:
The overall assessment is mainly conducted to understand the financial performance
of New Life Training Plc, when implementing new proposal for the business. The evaluation
on different levels of cost and income that is incurred by New Life Training Plc is adequately
understood in the statement, which could help in detecting the overall financial performance
of the organisation. In addition, the company current utilises a bespoke training centre, which
provides compulsory franchise training, evening sessions for East London School and Private
lettings of facilities group. Furthermore, the use of investment appraisal techniques is mainly
utilised in identifying the overall financial ability of the current proposal made for New Life
Training Plc. Moreover, relevant evaluation of operational and regularity factors is
conducted, which could help the board to improve operations of the company. Estimating the
income and expenditure projects for the first 4 years, while incorporating the relevant
regulatory cost incurred by the proposal. Additionally, the critical evaluation of financial
worth of current proposal and alternative evaluation is depicted in the assessment. The use of
investment approach techniques such as NPV, ARR, IRR and payback period are conducted
to identify viability of the investment. Lastly, adequate recommendations are provided, which
could help in improving the level of profits from operations that could be generated by New
Life Training Plc.
a) Evaluating the operating and regulatory factor to be considered by the board:
The UK government has relative and regulations that needs to be imposed by the
training centre before commencing their operations. this relevant regulations relatively help
in reducing the excessive burden on centres, while minimising the unethical measures taken
by the businesses (GOV.UK 2018). The overall operating and regulatory factors that needs to

FINANCE & OPERATIONS
3
be considered by the board before opening the overall bespoke training centre are depicted as
follows.
 Bespoke Training Centre needs to have adequate staff for supporting its classes and
teaching sessions.
 The training centre also needs to have highly educated tutors to support the level of
training that will be provided to the students our customers.
 Adequate level of infrastructure needs to be implemented in the centre to support the level
of activities that is intended by the organisation.
 The relevant regulations Such a safety and security need to be maintained by the
organisation before commencing the overall project.
Environmental condition for the training centre:
The overall location of the training centre that is intended to be in East London
relatively indicates the overall competition that will be faced by the organisation in the
location. the training centre would have intense competition from different other competitors
who provide he spoke training services to both the franchise and the students. Furthermore,
the above relevant regulations need to be followed by the overall organisation to effectively
comments their operations and improve the level of profitability that could be generated from
the training centre. Additionally, the evaluation also indicates that there is adequate level of
franchise near the location of East London which could allow the organisation to effectively
improve its profitability. the demand from franchise and students is relatively rising in UK
due to the intense competition in the market. students are willing to take extra lessons to
increase their grades which would eventually help them in long run. On the other hand,
franchise companies are utilising bespoke training centres for training their individuals
employees for improving their productivity (Sun, Liu and Zhou 2017).

FINANCE & OPERATIONS
4
The evaluation also indicates that there is adequate possibility for the new project to
generate higher rate of returns due to the large customer base in East London. The evaluation
also indicate that Increment and customer base would eventually allow the new project to
conduct adequate sales, which could generate higher revenues from the operations. In
addition, the environmental evaluation also states the possibility of higher competition level
by the organisation, which will directly affect its operational capability (Heald 2015).
Applying operational management theory:
The operational Management Theory can be implemented for improving the level of
profit that could be generated from the new project. the Operation Management Theory
directly focuses on the expenses incurred by the organisation to commence its operations. the
new project a relatively utilizes the tutor fees and other overhead expenses to commenced
business. However, the ignorance of electricity cost and other rental cost would directly have
an impact on future performance of the organisation. The operational Management Theory
relatively focuses on the services that is provided by the new project, which will directly
affect its capability to support different operations. In this context, Bird and Brown (2016)
stated that with the help of operational management theories organisations are able to
evaluate their current expenses on raw materials and reduced their expenses to improve the
profitability.
The operational management accounting theory can only be implemented on the
tutors and cleaning stuff that is maintained by bespoke training centre. The evaluation of the
operation would eventually help in detecting the viability of the expenses incurred by the
project. From the evaluation of the activities it could be understood that during the initial use
the in-hiring process of tutors and administrators and not needed adequately due to the low
activity of sessions conducted by the organisation. Therefore, reduction in number of tutors

FINANCE & OPERATIONS
5
would be beneficial for the company. However, the increment and sessions could be seen
from 2nd year of the operation, therefore adequate addition to the tutors and administration
needs to be conducted by the organisation. Hence, applying the operational management
theory could eventually help the company to maximize the profit and minimise any kind of
expenses on operations of the new project
b) Estimating the income and expenditure projections for the first 4 years incorporating
and regulatory cost for the proposal:
There is different level of finance source, which could be used by New Life Training
Plc for financing the proposal for opening bespoke training centre. In addition, choosing the
relevant sources of finance is essential for the company, as helps in minimising the overall
finance cost and maximises its profitability. Abbasi and Abbasi (2017) stated that with the
identification of adequate finance source organisations able to determine whether to accept
the proposal or rejected due to the lack of adequate capital. On the other hand, Ismai et al.
(2018) argued that the results obtained from investment appraisal techniques could be wrong
due to the wrong assumption of revenues, expenses, and discounting factor of the proposed
project. New Life Training Plc can evaluate the following sources of finance for supporting
the expenses of their new project.
External Source of Finance:
Mortgage:
The use of mortgages could be helpful for the organization to acquire the required
level of funds from external sources to support its new project. this fund acquiring would
eventually consist of interest payments which is a relatively lower due to the mortgaging of

FINANCE & OPERATIONS
6
lands by the organization. This source of fund could only be acquired if the value of land is
adequate and consistent with amount of the loan.
Share Issue:
The second method that could be used by the organisation is issuing shares, which is
relatively helpful in generating the required level of funds to support its business idea.
However, the extensive issue of shares would eventually increase its supply in the market,
while demands remains the same, which relevantly hampers its share price valuation (Su and
Lu 2015).
Bank Long-term Loan:
The last external source of finance that could be used by the organisation is Bank long
term loans, which relatively provides the lowest finance caused due to the longevity of the
loan period. Bank long term loans are relatively provided to organisations which have
adequately portrayed a positive financial balance over the fiscal years and achievable to
support the finance cost incurred from the loan process. Bank loan are provided with a fixed
interest rate which relatively reduces the net profits of the organisation.
Internal Source of Finance:
Sales of existing assets:
The second internal source of finance could be from the sale of existing assets, which
might allow the company to acquire the required funds for the investment. The sale of
existing assets would only allow the organization to acquire the funds, which will be
generated from the current value of the assets. However, the asset selling procedure is not
viable for an organization, as it would reduce its total assets capacity and hamper its
operational viability (Bangemann 2017).

FINANCE & OPERATIONS
7
Retained profits:
The major internal source that could be used by the organisation is retained profit,
which is accumulated throughout the years for investing in new business opportunities. The
use of retained earnings would eventually help the organization to nullify the finance cost, as
the company’s cash balance will finance the whole investment amount. However, the retained
income of an organisation is never high, due to the extensive dividend and market condition
of the organisation. Nevertheless, after the evaluation of New Life Training PLC current
retained earnings it could be identified that the company has adequate cash balance to support
the proposal, which could help in increasing net income of the organisation (Vlcek 2018).
Particulars 2017/18 2018/19 2019/20 2020/21
Expected Activity (Sessions)
Franchise Training 48 96 144 144
Student session 190 220 220 440
Chargeable sessions 238 316 364 584
Private Hire 100 100 100 16
Total (max 600) 338 416 464 600
Planned Fees
Per person per session
Franchise Training 60 60 60 60
Student session 8 9 10 15
Per session
Private Hire 180 180 180 400
Customers per session
Franchise Training 30 30 40 40

FINANCE & OPERATIONS
8
Student session 20 20 20 20
From the overall evaluation of above table, income that is generated by the company
could eventually help in generating high level of profits. In addition, the segregation of
different level of activities that will be conducted by the proposed project is mainly provided
adequately. Furthermore, the pricing, number of customers and session that will be conducted
by the new proposed business is adequate, which will provide higher returns from
investment. The anticipation of rising revenue from the operations will eventually help in
supporting the level of profits that could be generated form operations. Changes in current
operations of the business could eventually help in generating high level of profits from
operations, which might help in improving the level of returns from investment. The changes
in expected activity can be conducted by reducing private hire and student session, while
increasing franchise training could eventually help in improving the level of profits from
operations. The increment in overall franchising training could eventually help in generating
high level of returns from investment (Larder, Sippel and Argent 2017).
Particulars 2017/18 2018/19 2019/20 2020/21
Revenue franchising training 86,400 172,800 345,600 345,600
Revenue student session 30,400 39,600 44,000 132,000
Revenue from private hire 18,000 18,000 18,000 6,400
Revenue 134,800 230,400 407,600 484,000
Variable Expenses
Tutors 120,000 120,000 120,000 120,000
Administrators 36,000 36,000 36,000 36,000
Fixed Expenses

FINANCE & OPERATIONS
9
Cleaning and power 10,950 10,950 10,950 10,950
Total Expenses 166,950 166,950 166,950 166,950
Profit (32,150) 63,450 240,650 317,050
The above table relatively represents the overall cash flow of the first 4 years, which
would eventually help in identifying the profitability that could be obtained by the new
project. Moreover, the evaluation also indicates that during first year the organization will
incur loss, while the other 3 years the increment in profits could be seen. This is a positive
attribute for the organization, where the new proposal would eventually help in improving the
level of profits that could be generated from the operations. After the evaluation of the
different sources of finance, it could be identified that using the retained earnings cash flow
to finance the new business would be much more beneficial for the organization. This would
eventually nullify the finance cost that is needs to be paid to the lender, which would directly
affect its net profit. The reduction in finance cost would eventually help the organization to
maximize the profit level from the operation, while reducing the finance cost. In this context,
Xiaoqiu (2015) stated that companies that have low finance cost are able to increase their
income retention capability, while reducing the cash outflow of the organization. Therefore,
with the help of retained earnings measure could eventually help the organization to
maximize their profits from operations.
c) Critical evaluation of the financial worth of current proposal and an alternative
evaluation including all cost and revenue deemed appropriate:
The section relevantly value is the current proposal and the overall measures that
which could be used for improving the level of returns from operations. In addition, the
investment appraisal techniques are also evaluated in the measure to identify whether the

FINANCE & OPERATIONS
10
proposal has a viable factor for the organisation. Moreover, profits of the new proposal are
relatively evaluated by deducting the expenses both variable and fixed from the operations
for identifying the cash inflows that will be generated by the new proposed. However, the
expense level of the new proposal is relatively situated to the salaries of the tutors and
administrators with the fixed overhead expense of cleaning (Gotze, Northcott and Schuster
2016). The proposal does not evaluate any kind of other overhead expenses such as electricity
and maintaining that needs to be conducted by the organisation. this relatively limits the
viability of the new proposal while depicting the actual expenses incurred from operations. In
addition, the land was mainly owned by the company, which relatively reduces the initial
investment capital of the organisation. Therefore, the organisation needs to evaluate different
level of expenses that it will conduct for opening the new centre, which would eventually
reduce your overall income of the organisation.
In addition, the evaluation of the overall fees and activities of the new project
relatively depicts a positive attribute for the organisation, where relevant income is generated
from operations, which could eventually increase their net profits. The changes in the overall
activities could be conducted by the organisation to increase its profits, while it would
directly affect its activities that is being conducted in the project (Baum and Crosby 2014).
Discounting rate 7.77%
Year Cash Flow Cum Cash Flow Discounting rate Dis Cash Flow
0 -£1,200,000.00 -£1,200,000.00 1 -£1,200,000.00
1 -£32,150.00 -£1,232,150.00 0.9258 -£29,764.45
2 £63,450.00 -£1,168,700.00 0.8571 £54,383.28
3 £240,650.00 -£928,050.00 0.7935 £190,957.40
4 £317,050.00 -£611,000.00 0.7346 £232,913.82

FINANCE & OPERATIONS
11
5 £317,050.00 -£293,950.00 0.6801 £215,631.46
6 £317,050.00 £23,100.00 0.6297 £199,631.47
7 £317,050.00 £340,150.00 0.5829 £184,818.69
8 £317,050.00 £657,200.00 0.5397 £171,105.02
9 £317,050.00 £974,250.00 0.4996 £158,408.92
10 £317,050.00 £1,291,300.00 0.4626 £146,654.87
Net Present Value £ 324,740.48
Payback Period 6 Years
Internal Rate of Return 12.36%
Accounting rate of return 10.76%
The above table relatively evaluates the investment appraisal techniques which is used
in identifying the financial viability of the new proposal. From the evaluation it is detected
that net present value of the new proposed project is positive and at the level of £ 324,740.48,
relatively represents a positive attribute for the new proposed business. In addition, the
positive attributes of the net present value are derived by identifying the discounting factor
that was used for the calculation. In this context, Mahmoud and Neale (2016) stated that with
the identification of net present value organisations able to compare different projects and
identify their financial capability to provide adequate returns from investment.
However, from the evaluation of Payback period the investment would only be
accumulated after 6 years, which is relatively high for a capital investment. moreover, this
indicates that within the life of the project the overall investment will be obtained by the
organisation and thus positive cash inflow will be generated after year 6. Lakew and Rao
(2015) argued that payback period does not allow the organisation to identify and evaluate

FINANCE & OPERATIONS
12
cash inflows based on time value, which are relatively reduces the viability of the investment
appraisal technique. nevertheless, for the evaluation and illustrating purposes payback period
can be used to portray the minimum time needed by the project to return the invested amount
of the company.
The investment appraisal technique that is used for the evaluation is internal rate of
return, which relatively is at the levels of 12.36%. This derive the value from the internal rate
of return directly indicates the overall investment returns that could be generated by the new
project. According to Gotze, Northcott and Schuster (2015), managers of the organisation
relatively chooses internal rate of return for the project selection, as they can identify the
proposal which could provide the highest return from investment that could be the invested in
other projects. the internal rate of return is relatively high off from the discounting factor
which relatively depict the positive attributes of the internal rate of return where the business
could provide adequate profit to the organisation.
The accounting rate of return is calculated for the new proposed project is at the levels
of 10.76%, which relatively indicates the positive attributes of the new project. the overall
returns that could be provided by the investment is a relatively positive which would
eventually help the organisation to generate higher rate of returns from investment. The
positive attributes identified from the investment appraisal techniques relatively indicates that
the project is a viable approach for the company which would eventually generate higher rate
of income from investment. Higham, Fortune and Boothman (2016) mentioned that with the
help of accounting rate of return, organisations are able to determine the overall profit that
could be generated by the operation for the period of investment.
Year Revenue Variable cost Contribution Contribution
%
Fixed Cost Breakeven

FINANCE & OPERATIONS
13
1 134800 156000 -21200 -15.73% 10950 69,625.47
2 230400 156000 74400 32.29% 10950 33,909.68
3 407600 156000 251600 61.73% 10950 17,739.35
4 484000 156000 328000 67.77% 10950 16,157.93
5 484000 156000 328000 67.77% 10950 16,157.93
6 484000 156000 328000 67.77% 10950 16,157.93
7 484000 156000 328000 67.77% 10950 16,157.93
8 484000 156000 328000 67.77% 10950 16,157.93
9 484000 156000 328000 67.77% 10950 16,157.93
10 484000 156000 328000 67.77% 10950 16,157.93
The above table relatively evaluate the overall contribution analysis and breakeven
point of the new business, which would eventually allow the organisation to gauge into its
financial perspective. the contribution conducted in the first year the relatively negative due
to the high variable cost and low revenue generated by the project. Therefore, the
contribution relatively indicates a negative approach towards the operation. In addition, the
variable cost relatively consists of the salary paid to the administrators and the tutors of the
organisation, while the fixed cost consists of daily cleaning and maintenance that is
conducted in the premises (Throsby 2016). This relatively indicates a positive break-even
analysis, where in the initial use the company needs to have a higher amount to achieve break
even, while in later years the company only needs 16,157.93 from their operations.
From the evaluation of both investment appraisal techniques and break-even analysis
the financial worth of the new proposed business is relatively positive, which could
eventually help in generating higher rate of returns from investment. The project would

FINANCE & OPERATIONS
14
provide a higher cash inflow to the organisation, which food increase the firm value in future.
The alternative cash inflow is relatively not needed for the new proposed business, as the
overall investment amount was used by the detailed income which does not have any kind of
Finance cost. moreover, the building was prepared for the land of the organisation, which
reduces the purchasing price of the land. therefore, it could be understood that there is no
alternative cost incurred by the organisation to commence the new business (Laird and
Venables 2017).
d) Detailed and fully evaluated conclusion with clear recommendation is provided to the
board:
From the evaluation of all the relevant financial and regulatory perspective the
investments that will be conducted in the new proposed business is Deemed to be viable. The
New Life Training PLC would eventually improve their profitability by opening the Bespoke
Training Centre, which will relatively have a positive cash inflow for the organisation. The
evaluation also indicated that implementation of the new bespoke Training Centre would
eventually allow the organisation to improve its future profits, while increasing the overall
firm value. Furthermore, after revaluation of all the relevant sources of finance it could be
identified that using retained income for the purpose of Financing the project would be much
beneficial for organisation. the company relevantly has adequate retained income to support
the expenditure on the particular project which would eventually help in minimising the
overall finance cost which will income by New Life Training PLC. therefore, selection of the
retained income for commencing the project is an adequate measurement which could
eventually allow the organisation to maximize its profitability in long run. Furthermore,
adequate regulatory Framework needs to be considered by the organisation while

FINANCE & OPERATIONS
15
implementing the project. the training Centre needs to follow adequate Regulations that is
laid down by the UK Government for starting the overall project.
The positive attributes of the income that will be generated from the project a
relatively indicates its viability to effectively generate higher rate of return from investments.
The overall investment appraisal techniques such as net present value, payback period,
internal rate of return, and accounting rate of return provides a positive attribute of the new
project. this relatively indicates that according to the investment appraisal technique the
project would provide a higher rate of returns for the company which would eventually
improve its future income. Furthermore, the positive attribute would also help New Life
Training Plc to generate adequate returns from the bespoke training centre. Moreover, the
breakeven analysis also contributes to the positive attributes of river new project, where the
initial stage relatively needed extra income while the later stage provided of lower breakeven
point for the organisation. the minimum of 16,157.93 needs to be obtained by the new project
for getting no profit no loss, which is relatively achievable in the current scenario.
Therefore, it could be assumed that the project is relatively viable and could allow the
organisation to generate higher rate of returns from investment. Hence, the organisation could
effectively utilise the new bespoke Training Centre for increasing its revenue in future and
generate higher rate of returns from investment. The analysis of different regulations, sources
of finance and investment appraisal techniques relatively indicated a positive attribute for the
new business. this mainly indicates that the organisation should continue with the new project
for improving it firm value in near future. However, reduction in relevant expenses and
changes in sessions activities could eventually help the organisation to improve its current
profitability and generate higher rate of returns from investment.

FINANCE & OPERATIONS
16
Conclusion:
After evaluating the overall financial perspective of the new project with the help of
investment appraisal techniques and break-even analysis it could be identified that the project
is relatively viable. In addition, after evaluating the prospects of the new business the
organisation could generate high rate of returns from investment, while reducing the overall
expenses from operations. The evaluation of both regulatory and operational Framework that
is needed by the organisation is effectively evaluated reassessment, which would eventually
improve the operation is capability of the new project. Furthermore, the evaluation on Cost
and revenue perspective of the new project is conducted, which relatively indicates positive
here for the proposal. However, changes in the revenue section is determined, which could
eventually improve the cash inflow of the organisation. On the other hand, the changes on
expenses also proposed, which would eventually incur by the project while increasing the
cash outflow. However, from the evaluation of all different levels of operations that could be
identified that the project is a viable option for the company is Effectively analyzed in the
assessment. Hence, from the valuation it could be identified that Investments in the new
project would eventually provide fruitful returns for the organization, while improving their
retained income.

FINANCE & OPERATIONS
17
Reference and Bibliography:
Abbasi, W.A. and Abbasi, Z.W.D.A., 2017. Supply Chain Finance: Generation and Growth
of New Financing Approach. Journal of Finance, 5(2), pp.50-57.
Alkaraan, F., 2015. Strategic investment decision-making perspectives. In Advances in
Mergers and Acquisitions (pp. 53-66). Emerald Group Publishing Limited.
Australia, C., 2017. Submission to the Finance and Public Administration References
Committee Inquiry on the operation, effectiveness, and consequences of the Public
Governance, Performance and Accountability (Location of Corporate Commonwealth
Entities) Order 2016.
Bangemann, T.O., 2017. Definition of shared services. In Shared Services in Finance and
Accounting (pp. 28-32). Routledge.
Baum, A.E. and Crosby, N., 2014. Property investment appraisal. John Wiley & Sons.
Bird, N. and Brown, J., 2016. International climate finance: Principles for European support
to developing countries. European Development Co-operation to 2020 Working paper No. 6.
Bonn: European Association of Development Research and Training Institutes (EADI).
Business.hsbc.co.uk. (2018). Small Business Loan: Business Banking: HSBC UK . [online]
Available at: https://www.business.hsbc.co.uk/1/2/business-banking/business-loans-and-
finance/small-business-loan/ [Accessed 8 May 2018].
Clarke, D. and Broby, D., 2017, October. How to foster co-operation between the Scottish
and Irish Asset Management industries: Scottish and Irish finance initiative. In Scottish and
Irish Finance Initiative Conference.

FINANCE & OPERATIONS
18
Crosby, N. and Henneberry, J., 2016. Financialisation, the valuation of investment property
and the urban built environment in the UK. Urban Studies, 53(7), pp.1424-1441.
DeBoeuf, D., Lee, H., Johnson, D. and Masharuev, M., 2018. Purchasing power return, a new
paradigm of capital investment appraisal. Managerial Finance, (just-accepted), pp.00-00.
Götze, U., Northcott, D. and Schuster, P., 2015. Selected Further Applications of Investment
Appraisal Methods. In Investment Appraisal (pp. 105-159). Springer, Berlin, Heidelberg.
Gotze, U., Northcott, D. and Schuster, P., 2016. INVESTMENT APPRAISAL. SPRINGER-
VERLAG BERLIN AN.
GOV.UK. (2018). Rates and allowances: Corporation Tax. [online] Available at:
https://www.gov.uk/government/publications/rates-and-allowances-corporation-tax/rates-
and-allowances-corporation-tax [Accessed 8 May 2018].
Harris, E., 2017. Strategic project risk appraisal and management. Routledge.
Harris, E.P., Northcott, D., Elmassri, M.M. and Huikku, J., 2016. Theorising strategic
investment decision-making using strong structuration theory. Accounting, Auditing &
Accountability Journal, 29(7), pp.1177-1203.
Heald, D., 2015. Oral Evidence for ‘Review of the Operation of the Barnett Formula’by the
Committee for Finance and Personnel of the Northern Ireland Assembly, 11 February 2015.
Higham, A.P., Fortune, C. and Boothman, J.C., 2016. Sustainability and investment appraisal
for housing regeneration projects. Structural Survey, 34(2), pp.150-167.
Ismail, K., Talib, Y.A., Salleh, N. and Japri, A., 2018. Critical Success Factors in Operation
Phase of Private Finance Initiative (PFI) Projects. International Journal of Academic
Research in Business and Social Sciences, 8(1), pp.878-888.

FINANCE & OPERATIONS
19
Kafuku, J.M., Saman, M.Z.M., Sharif, S. and Zakuan, N., 2015. Investment decision issues
from remanufacturing system perspective: literature review and further research. Procedia
CIRP, 26, pp.589-594.
Khiyon, N.A. and Mohamed, S.F., 2015. Life Cycle Costing Of Mechanical and Electrical
Services for Private Finance Initiatives Projects in Malaysia. International Journal of
Tomography & Simulation™, 28(3), pp.96-103.
Laird, J.J. and Venables, A.J., 2017. Transport investment and economic performance: A
framework for project appraisal. Transport Policy, 56, pp.1-11.
Lakew, D.M. and Rao, D.P., 2015. Financial Appraisal of Long Term Investment Projects:
Evidence from Ethiopia. Asian Journal of Research in Business Economics and
Management, 5(2), pp.1-16.
Larder, N., Sippel, S.R. and Argent, N., 2017. The redefined role of finance in Australian
agriculture. Australian Geographer, pp.1-22.
Lindvall, N. and Larsson, A., 2017. Investment Appraisal in the Public Sector–Incorporating
Flexibility and Environmental Impact. Journal of Advanced Management Science Vol, 5(3).
Lu, L. and Li, C., 2017. Delay-induced oscillation phenomenon of a delayed finance model in
enterprise operation. Advances in Difference Equations, 2017(1), p.173.
Mahmoud, O. and Neale, B., 2016. Managerial judgment factors and the real options
approach in the investment appraisal process: evidence from UK automotive
firms. International Journal of Business and Social Science, 7(5), pp.71-84.
Su, Y. and Lu, N., 2015. Simulation of Game Model for Supply Chain Finance Credit Risk
Based on Multi-Agent. Open Journal of Social Sciences, 3(01), p.31.