TitmanFinMan12e_Chapter 17_Study Question Solutions

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1、17-3Titman/Keown/Martin•FinancialManagement,TwelfthEditionChapter17SolutionstoStudyQuestions17-1.Althoughthefunctionsofmarketingandaccountingarequitedifferentwithintheorganizationtheyeachplayacriticalroleinfinancialplanning.Marketinglargelycontributestotherevenueestimationrequirement

2、whichdrivesthefinancialforecastwhileaccountingprovidesthetemplateorsetofguidelineswithinwhichthefinancialforecastisprepared.Onceaplanhasbeenformulatedthenthetwofunctionaldisciplines(marketingandaccounting)playasimilarroleinevaluatingthereasonablenessoftheforecastandincomingupwithappr

3、opriatetargetgoalsforthefirm’sperformance.17-2.Topreparethefirmforanuncertainfuture.17-3.Forecastingafirm’sfuturesalesisthekeyelementindevelopingafinancialplan,yetforecastingcanbeextremelydifficultinsomeindustries.Ifforecastaccuracyisverypoor,doesthismeanthefinancialplanningprocessis

4、notworthwhile?Explainyouranswer.Althoughforecastsareinherentlyimperfect,onecannotrunabusinesswithoutmakingforecastsandthinkingaboutthefuture.Indeed,forecastingcanbeviewedasthefirststepincomingupwithafinancialplan,thatallowsfirmstocomeupwiththerequiredfinancingforupcominginvestmentpro

5、jectsaswellastodevelopcontingencyplanswhenthefuturedoesnotunfoldasexpected.WhilemanyCEOsstillrelyontheir“gut-feeling,”businessesareincreasinglyusingmoresystematicapproachestoforecasting,whichhastheaddedbenefitofgivingthemamorestructuredapproachtoplanning.Ofcourseplans,basedonimperfec

6、tforecasts,arebydefinitionimperfect.However,withasystematicapproachtothinkaboutwhatthefuturemightbelike,firmsarebetterpositionedtocomeupcontingencyplansthatcanbeusedtoimprovetheirabilitytorespondtoadverseeventsandtakeadvantageofopportunitiesastheyarise.17-4.Thepercentofsalesmethoduti

7、lizeshistoricalratiosofdifferentvariablesthatarerelevanttobuildingafinancialplan(e.g.,thelevelofinventoriesthefirmmightneed)dividedbyfirmsalestoforecastthevariableofinterest.17-5.Mostfirmsengageinthreetypesofplanningactivitiesthatvaryintheirobjectiveanddegreeofdetail.Forexamplethefir

8、m’sstrategic