3 the pmf excel spreadsheet templates can be used

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Unformatted text preview: and provides tutorial assistance (including text references). Text discussions and end-of-chapter problems with which the PMF Tutor can be used are marked with a . 2. The PMF Problem-Solver can be used as an aid in performing many of the routine financial calculations presented in the book. A disk symbol, , identifies those text discussions and end-of-chapter problems that can be solved with the PMF Problem-Solver. 3. The PMF Excel Spreadsheet Templates can be used with Microsoft Excel to input data and carry out “what-if” types of analyses in selected chapters. These problems are marked by the symbol . A detailed discussion of how to use the PMF CD-ROM Software—the Tutor, the Problem-Solver, and the Excel Spreadsheet Templates—is included in Appendix D at the back of this book. Each chapter ends with a case that integrates the chapter materials, and each part ends with an integrative case that ties together the key topical material covered in the chapters within that part. Where applicable, the symbols for the PMF Problem-Solver and/or the PMF Tutor identify case questions that can be solved with the aid of these programs. Both the chapter-end and the part-end cases can be used to synthesize and apply related concepts and techniques. S U M M A RY FOCUS ON VALUE Chapter 1 established the primary goal of the firm—to maximize the wealth of the owners for whom the firm is being operated. For public companies, which are the focus of this text, value at any time is reflected in the stock price. Therefore, management should act only on those alternatives or opportunities that are expected to create value for owners by increasing the stock price. Doing this requires management to consider the returns (magnitude and timing of cash flows) and the risk of each proposed action and their combined impact on value. 34 PART 1 Introduction to Managerial Finance REVIEW OF LEARNING GOALS Define finance, the major areas of finance and the career opportunities available in this field and the legal forms of business organi...
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