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Business Finance: Theory and Practice, 8th Edition by Eddie McLaney

By Eddie McLaney

Enterprise Financehas a real-world flavour, exploring the theories surrounding monetary selection making and referring to those theories to what occurs within the genuine international.

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Such action is not restricted to what is necessary to set the selected option into motion, but includes controlling it through its life. Steps should be taken to ensure, or to try to ensure, that what was planned actually happens. Step 6: Monitor the effects of decisions Good decision making requires that the effects of previous decisions are closely monitored. There are broadly two reasons for this: l It is valuable to assess the reliability of forecasts on which the decision was based. If forecasts prove to be poor, then decision makers must ask themselves whether reliability could be improved by using different techniques and bases.

This is not to say that the original decision can be reversed. Unfortunately we cannot alter the past, but we can often take steps to limit the bad effects of a poor decision. For example, suppose that a business makes a decision to buy a machine to manufacture plastic ducks as wall decorations, for which it sees a profitable market for five years. One year after buying the machine and launching the product, it is obvious that there is little demand for plastic ducks. At that point it is not possible to decide not to enter into the project a year earlier, but it is possible and may very well be desirable to abandon production immediately to avoid throwing good money after bad.

Order of paying claimants Irrespective of which type of liquidation is involved, the liquidator, having realised all of the non-cash assets, must take great care as to the order in which the claimants are paid. Broadly speaking, the order is: 1 Secured creditors. These would tend to be loan creditors (those that have lent money ‘ ‘ to the company). Where the security is on a specified asset or group of assets, the proceeds of disposal of the asset are to be applied to meeting the specific claim. If the proceeds are insufficient, the secured creditors must stand with the unsecured creditors for the shortfall.

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