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provides tutorial assistance (including text references). Text discussions and
end-of-chapter problems with which the PMF Tutor can be used are marked
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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- Fall '13