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Highlights the operating cycle, its importance, and reviews basic relationships related to the cycle. In particular, it focuses on capital “flow through”, invested capital, capital at risk, and economic returns generated relative to capital employed. Reveals an amplification effect that results from improvements in the management of the cycle, that benefit traceable to a reduction in operating risk allowing incremental benefits from financial leverage. Suggests specific actions to take with respect to the cycle that will improve the value of your firm. Shows that small improvements in operating factors within the cycle yield amplified benefits to the firm. The discussion ignores taxes except in instances when tax effects are important. This does not detract from the discourse or conclusions. Reveals that increases in firm value that result from improved management of the operating cycle stem from several sources: greater levels of economic returns from operations; a reduction in operating risk; less capital invested and at lower risk; lower cost of capital; and increased tax benefit.

Focuses on the operating cycle. Provides a conceptual and practical understanding of issues and relationships of importance to all managers, such as invested capital, flowing capital, return of and on capital, lost and idle capital, risk‐return‐value relationships, basic cost relationships and economic break‐even. Explains and emphasizes how the operating cycle, and indeed the survival of the firm and creation of value, are critically dependent on the marketing function. Demonstrates why the contribution of each individual to the “team” is vital to creating value. Illustrates the importance of and provides guidelines for applying the concepts in the different functional areas with an example focusing on human resource management.

I seek to identify whether cash flow management can affect the performance and risk of the Greek listed companies.

This study examines the relationship of cash flow management with performance and risk, using a sample of 80 non-financial companies listed in the Athens Exchange. The study covers the period 2018–2022, and panel data analysis is applied. Both financial performance and stock return are taken into consideration, while risk concerns the volatility of the companies’ share prices. The various explanatory variables used include the net cash flow, free cash flow, cash conversion cycle days, cash flow from operating activities, cash flow from investing activities, cash flow from financing activities, inventory days, customer days and supplier days.

The empirical results provide evidence of a positive relationship between financial performance and net cash flow and free cash flow. In addition, operating cash flow is positively related to financial performance. The opposite is the case for investing and financing cash flow. Finally, some evidence of a negative relationship between financial performance and inventory and customer days is provided too. On the other hand, stock return and risk are not related to the cash flow management variables at all.

To the best of my knowledge, this is one of the few studies to examine the relationship of cash flow management with performance and risk, using data from the Greek stock market. The results can form an effective selection tool for investors seeking Greek companies with the highest financial performance potential, which may reward them with higher dividends.

The purpose of this paper is to analyze the performance of the gas turbine cycle integrated with solid oxide fuel cell technology. In the present work, intermediate temperature solid oxide fuel cell has been considered, as it is economical, can attain an activation temperature in a quick time, and also have a longer life compared to a high-temperature solid oxide fuel cell, which helps in the commercialization and can generate two ways of electricity as a hybrid configuration.

The conceptualized cycle has been analyzed with the help of computer code developed in MATLAB with the help of governing equations. In this work, the focus is on the performance investigation of a Gas turbine intermediate temperature solid oxide fuel cell hybrid cycle. The work also analyzes the performance behavior of the proposed cycle with various design and operating parameters.

It is found that the power generation efficiency of the IT-SOFC-GT hybrid system reaches up to 60% (LHV) for specific design and operating conditions. The cycle calculations of an IT-SOFC-GT hybrid system and its conceptual design have been presented in this work.

The unique feature of this work is that IT-SOFC has been adopted for integration instead of HT-SOFC, and this work also provides the performance behavior of the hybrid system with varying design and operating parameters, which is the novelty of this work. This work has significant scientific merit, as the cost involved for the commercialization of IT-SOFC is comparatively lower than HT-SOFC and provides a good option to energy manufacturers for generating clean energy at a low cost.

The purpose of this study a fast procedure for the structural analysis of gas turbine blades in aircraft engines. In this connection, investigations on the behavior of gas turbine blades concentrate on the analysis and evaluation of starting dynamics and fatigue strength. Besides, the influence of structural mistuning on the vibration characteristics of the single blade is analyzed and discussed.

A basic computation cycle is generated from a flight profile to describe the operating history of the gas turbine blade properly. Within an approximation approach for high-frequency vibrations, maximum vibration amplitudes are computed by superposition of stationary frequency responses by means of weighting functions. In addition, a two-way coupling approach determines the influence of structural mistuning on the vibration of a single blade. Fatigue strength of gas turbine blades is analyzed with a semi-analytical approach. The progressive damage analysis is based on MINER’s damage accumulation assuming a quasi-stable behavior of the structure.

The application to a gas turbine blade shows the computational capabilities of the approach presented. Structural characteristics are obtained by robust and stable computations using a detailed finite element model considering different load conditions. A high quality of results is realized while reducing the numerical costs significantly.

The method used for analyzing the starting dynamics is based on the assumption of a quasi-static state. For structures with a sufficiently high stiffness, such as the gas turbine blades in the present work, this procedure is justified. The fatigue damage approach relies on the existence of a quasi-stable cyclic stress condition, which in general occurs for isotropic materials, as is the case for gas turbine blades.

Owing to the use of efficient analysis methods, a fast evaluation of the gas turbine blade within a stochastic analysis is feasible.

The fast numerical methods and the use of the full finite element model enable performing a structural analysis of any blade structure with a high quality of results.

The reliability of 0.5 mm pitch, 32‐pin thin small outline package (TSOP) solder joints has been studied by experimental temperature cycling and a cost‐effective 3‐D non‐linear finite element analysis. Temperature cycling results have been presented as a Weibull distribution, and an acceleration factor has been established for predicting the failure rate at operating conditions. Thermal fatigue life of the corner solder joints has been estimated based on the calculated plastic strain, Coffin‐Manson law and isothermal fatigue data on solders. A correlation between the experimental and analytical results has also been made. Furthermore, failure analysis of the solder joints has been performed using scanning electron microscopy (SEM) and an optical method. Finally, a quantitative comparison between the Type‐I and Type‐II TSOP solder joints has been presented.

Bicycle industry, emerging markets, competitor analysis, financial forecasting.

This case can be used as a teaching tool in the following courses: MBA/post-graduate programs in management in management accounting, management control systems and strategic cost management; executive training programs for middle and senior level employees; and under-graduate/post-graduate programs in entrepreneurship. It can be used to explain and test the concepts of SWOT analysis, Porter's five forces model and PEST analysis. It introduces the technique of breakeven analysis and its relationship with operating leverage. Moreover, it demonstrates the application and analyses of the Du Pont equation.

Hero Cycles Ltd was established by the four Munjal brothers in pre-independence India. It started off as a business of bicycle spare parts, but quickly expanded in post-independence India, with Ludhiana as its base. The company later joined with foreign firms like Honda Motors, Japan to become the largest manufacturers of bicycles in the world. It dominates domestic markets with a market share of around 40 percent. Ananth Munjal, a learned, ambitious and cautious individual, is the next generation, ready to take over the reins of the company. Being someone who believes in learning from past mistakes, he forms a team to critically examine the decisions made by his predecessors. This team is also directed to utilize forecasting techniques for determining the expected profitability given the existing state of affairs that prevail. Additionally, Du Pont analysis is to be performed for studying the efficiency of the company on the facets of operating performance, asset turnover and associated financial leverage. Also, Ananth's risk-averse nature compels him to study the past with regard to the relationship between operating leverage, breakeven sales and corresponding margin of safety. Furthermore, he wishes to inspect the historical cost structure of the firm, and its influence on company performance.

These include the use of: SWOT analysis to identify the strengths, weaknesses, opportunities and threats to a company; PEST analysis to identify the political, economic, social and technological factors that affect the operations of a company; Porter's five forces model to analyse an industry. The case also helps students: by identifying fixed costs and variable costs that are a part of operating expenditure of a business; in the use of forecasting the financials of a company for the sake of predicting the future outcomes of certain business strategies; by application of Du Pont analysis to examine the efficiency of the various processes and strategies; in determining quantitative terms like contribution margin, breakeven sales, operating leverage, margin of safety, their significance, and the relationship between these terms.

Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

The reliability of 0·5 mm pitch, 208‐pin FQFP solder joints has been studied by experimental temperature cycling and 3‐D nonlinear finite element analysis. Temperature cycling results have been presented as a Weibull distribution. Thermal fatigue life of the solder joints has been estimated based on the calculated plastic strain and isothermal fatigue data on solders. A correlation between the experimental and analytical results has also been made.

The reliability of 0.4 mm pitch, 28 mm body size, 256‐pin plastic quad flat pack (QFP) no‐clean and water‐clean solder joints has been studied by temperature cycling and analytical analysis. The temperature cycling test was run non‐stop for more than 6 months, and the results have been presented as a Weibull distribution. A unique temperature cycling profile has been developed based on the calculated lead stiffness, elastic and creep strains in the solder joint, and solder data. Also, the thermal fatigue life of the solder joints has been estimated and correlated with experimental results. Furthermore, a failure analysis of the solder joints has been performed using scanning electron microscopy (SEM). Finally, a quantitative comparison between the no‐clean and water‐clean QFP solder joints has been presented.

The growth of firms is fundamentally based on selfreinforcing feedback loops, one of the most important of which involves cash flow.When profit margin is positive, sales generate cash, which may then be reinvested to finance the operating cash cycle.We analyze simulations of a sustainable growth model of a generic new venture to assess the importance of taxes, and regulatory costs in determining growth.The results suggest that new ventures are particularly vulnerable to public policy effects, since their working capital resource levels are minimal, and they have few options to raise external funds necessary to fuel their initial operating cash cycles.Clearly, this has potential consequences in terms of gaining competitive advantage from experience effects, word of mouth, scale economies, etc. The results of this work suggest that system dynamics models may provide public policy-makers a cost-effective means to meet the spirit of the U.S. Regulatory Flexibility Act