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Project (Capital Budgeting)

and Production Management

By Prof. Ajay Ghangare
Unit 1
Overview to Project Management

• Easy to understand, not complicated

•It’s a complementary discipline that helps you
run your firm, business.
•Advantage : By PM, any one can be benefitted.
Project Definition : Idea , Design or Plan -----------
concrete activity

Like factory, movie, Building, Human Development, 5th sem

project, Hospital.

Production: Definition

Difference.
Projects Productions

Automobile factory Producing automobiles

Build a house Operate Household

Construct Hospital Treatment of patients

Making a movie Making many movies

Done only once Done Repetitively

•Projects and productions are Interwoven

•Because after project, Production starts.

To run any project we need to know about
two things :
1. Project Life Cycle.
2. Project Management process.
Project life cycle

1. Eg Human Development.

Birth -> Childhood -> adulthood -> old age ->

death

2. Eg IT project

High level design -> detailed design -> Coding ->

Testing -> Installation -> Turnover
Project Management Process

•We have to manage every process of project life cycle

•Birth – after birth, you have to do something to reach to

childhood
•Childhood – after childhood, you have to do something to
reach to adulthood…

So on ..
 Phases of Capital Budgeting ( Project)

Planning
Analysis (Feasibility ) Feedback
Selection Feedback
Financing Feedback
Implementation Feedback
Review Feedback
Planning

•Important
•No Detailed proposal
•Two Important things

1.To make project charter

2.To identify stakeholders (Sponsors)
Project Charger

Document outlining few things like

•Objectives ,
•Scope
•Rough Idea about cost and time
•Key stakeholders

STAKE HOLDERS

•Wife
•Neighbors
•Business entity
•Leader
2.Analysis (Feasibility study )

If the first stage of planning is proper, then

•Marketing Analysis
•Technical Analysis
•Financial Analysis
•Economic Analysis
•Ecological Analysis
 3. Selection of a project
Is project worth while ?

Worth whilness is judged by different parameters

•Payback period
•Accounting rate of return
•Net present value
•Internal Rate of return
•Benefit cost ratio
 4. Financing

•Equity
•Debt
•Venture capitalists
•Debentures
•Loans
 5.Implementation

Includes

•Project and engineering design

•Negotiation and contracting (passing tenders)
•Construction
•Training
•Plant Commissioning (commencement )
 6. Review

•Starts after commencement of a project.

•Regular performance reviews should be taken

•Feedbacks
 Facets of Project Analysis

•Market Analysis
•Technical Analysis
•Financial Analysis
•Economic Analysis
•Ecological Analysis
Market Analysis

Concerns with two questions

•Aggregate demand for the proposed product/project.

•Market share of the project. Reliance Jio, Patanjali.

To answer the above questions, following things are necessary to understand

•Consumption trends in the past and present

•Past and present supply position
•Production possibilities and constraints
•Imports and exports
•Structure of competition
•Consumer behavior
•Distribution channel.
Technical Analysis

Technical analysis and engineering aspects of a project needs

to be done continually when a project is formulated.
Nagpur Metro soil test.

•Checking of location, size, process etc.

•Preliminary tests
•Availability of raw material , power, etc
•Suitable production process
•Checking of merits and demerits , etc
•Selection of technology
•Machinery and equipment
•Primary and secondary sources.
Financial Analysis

To check financial viability

•Sources of finance
•Checking of debt repayment
•Equity options
•Investment
•Means of financing
•Cost of capital
•Projected profitability
•Break even point
•Level of risk ,etc
Economic Analysis

Also termed as social cost benefit analysis Judging project

from social point of view.

•Impact on society
•Employment generation
•Impact on GDP
•Impact on economy.
•Distribution of income(Jobs Creation)
 Ecological Analysis

•Environment concerns.
•Impact on ecology.
•Damage caused by the project to the environment.
•Cost of saving measures to control damage caused by
the project.
 Unit 2
Techniques of Evaluation of a Project
Non – DISCOUNTED Discounted cash flow
Cash Flow
Pay Back Period (PB) Net Present Value
(NPV)
Accounting Rate of Internal Rate of return
return (ARR) (ROI) (IRR)
Profitability Index
(Cost Benefit Ratio)
Discounted payback
period.
 Pay Back Period

•It is the most widely accepted method of evaluating

Investment proposals.
•It is the number of years required to recover the original
cash outlay invested
In a project.
•Usually expressed in years.
•This method specifies the recovery time.
•Number of years required to recover cost of investment.
•It is the first screening process.
•The project with less pay back period may be accepted
than the project with higher Pay back period.
Merits

•Simple and easy to calculate.

•The risk of the project can be handled by choosing the project with less pay
back period.
•It saves analysis time as it is very easy to calculate.
•The emphasis is given to reach break even point ASAP.

Demerits

•It does not indicate whether an investment should be accepted or rejected unless
the payback period is compared with some standard set by Management.

•It does not give you profitability figures.

•It does not take into account the whole life span of a project.

•It does not give you percentage returns.

Accounting Rate of Return (ARR)

•It also means the return on Investment (ROI) or return on Capital employed.

•The method uses to calculate the increase in profit expected to result from
An investment. ARR calculates the return, generated from net income of
the proposed capital investment. The ARR is a percentage return.

•The one with the highest rate of return is taken to be the best investment proposal .

•This method is superior to pay back method as it gives you profitability.

•It also takes into account the whole life of a project.

•Simple to understand and easy to use.

•It is not concerned with the cash inflows incurred in the project.

•It takes into account net profit earned for subsequent years.

•It does not indicate whether an investment should be accepted or not , unless the rate
Of return is compared with some standard set.
Accounting rate of return = Average Income / Average Investment
 Cash Inflow
Funds received by a company due to sales, financing, or investments . Cash inflows
are used to gauge the overall financial health of a business, and
a company with a large and stable cash inflow can be considered to
be in a good financial position.

Cash Outflow
Definition. The total outgoing funds from a company in a given period of time.

Present Value

It’s an indication of whether the money an investor receives today can

earn a return in the future. PV is widely used in finance in the stock valuation,
bond pricing, and financial modeling.
Profitability Index (PI)

•It is the present value of an anticipated future cash inflows divided by initial outlay.

•PI = Present value of cash inflows / present value of cash outlay.

•A project is accepted if its PI value is greater than 1.

•The project with higher PI would be chosen than the project with lower PI while
•comparing.
•It is a useful tool for ranking projects because it allows you to quantify the amount of
value created per unit of investment.

Merits
•tells about an investment increasing or decreasing the firm’s value
•It takes into account the time value of money.
•It is a relative measure of a project’s profitability.
•takes into consideration all cash flows of the project.

Limitations
•The profitability index of a firm might not, sometimes, provide the correct
decision while being used to compare mutually exclusive projects under consideration.
 
Net Present Value (NPV)

•Net present value (NPV) is the difference between the present value of cash
inflows and the present value of cash outflows (Initial Investment) over a
period of time.

•NPV is used in capital budgeting to analyze the profitability of a projected

investment or project. 

•A positive net present value indicates that the projected earnings generated
by a project or investment exceeds the anticipated costs.

•Generally, an investment with a positive NPV will be profitable, and an

investment with a negative NPV will result in a net loss. 
Drawbacks

•NPV is that NPV relies heavily upon multiple assumptions and estimates,
so there can be substantial room for error.

•A project may often require unforeseen expenditures to get off the ground
or may require additional expenditure at the project’s end.

Payback Period, or “payback method,” is one popular metric that is

frequently used as an alternative to net present value. It is much simpler
than NPV.
Internal Rate of Return (IRR)

•Formula is same as that of NPV .But here we have to calculate the value of
r assuming the value of NPV as zero.

•It is a percentage discount rate used in capital investment projects which

brings the initial investment (cost of project) and its future cash inflows
into equality.

•It is also defined as the rate at which Net Present Value is zero.

•It is calculated by trial and error method.

•It considers the time value of money.

•It takes into account total cash inflows and cash outflows.
Limitations

•It involves tedious calculations based on trial and error method.

•It produces multiple rates which can be confusing

•It may fail to indicate a correct choice between mutually exclusive projects under
Certain situations.
Discounted pay back period

•The discounted payback period (DPP) method is based on

the discounted cash flows technique and is used in project
valuation as a supplemental screening criterion.

• It is the number of years needed to recover initial cost

(cash outflows) of a project from its future cash inflows.
•The value of r is given which was not given in payback
period.

• It can be used as a supplemental criterion.

•Other things being equal, the project with a shorter

payback period should be accepted.
 Unit V
Sources of Finance
 Capital structure
Two broad sources of finance available to a firm

1.Shareholder’s fund.
2.Loan fund.

Shareholder’s fund Loan funds

Equity capital Debenture,
Retained earnings Term loans,

Secondary in the form of Working capital

preference capital. Advance.
 Difference between Equity and Debt

EQUITY DEBT
Meaning Funds raised by the company by Funds owed/Borrowed by the
issuing shares is known as company towards another party is
Equity. known as Debt.
What is it It is own fund It is a loan fund
Reflects It gives ownership It gives obligation
Term Term of equity is generally long Term of debt is generally shorter
term. period.
Risk It has higher risk as compared to Low risk.
debt
Types Shares and Stocks. Term loan, Debentures, Bonds etc.
Return Dividend Interest
Nature of Variable and irregular Fixed and regular
return

Collateral Not required Essential to secure loans, but

funds can be raised otherwise
also.
Sources of Finance
Internal Accruals
Securities ( Equity,
preference and bonds)
Term Loans
Working Capital Advances
Miscellaneous Sources
Equity
Debt
 Public and Private sources of capital

A firm can raise equity through both public and private sources.
Public Sources Private Sources
Status Capital raised through Comes either in the form of
of offer documents loan given by private banks
capital registered with SEBI or securities like equity
shares, preference shares ,
debentures.

Traded NSE ,BSE, ETC Privately placed with a small

on group of Sophisticated
investors like private
Equity funds , venture capital
firms , mutual funds, wealthy
individuals.
 Typical pattern of Financing

First Form a company

Issue of equity shares To promoters (Founders) or raises loan from
banks , financial institutions.
As the need of capital Company may issue shares to promoters
increases relatives, friends , family , employees , venture
capitalists , etc
As the company grows It launches IPO and then through FPO.
further
Apart from equity Company may issue debentures , preference
shares to public.
Internal Accruals

It consists of depreciation and retained earnings.

Since depreciation is a non cash expense it is added back to Net profit.

So it benefits the firm. Therefore it is considered as the internal source
Of finance.

Retained earnings are the portion of equity earnings (profit after tax less
Preference dividends) which are ploughed back in the firm.

Because retained earnings are the sacrifice made by equity shareholders

They are referred to as internal equity.

Companies normally retain 30 to 80 % of profit after tax for financing growth.

Eg. Reserves and surplus.

Advantages

•They are readily available. Management does not have to talk

to outsiders.

•There is no dilution of control.

Disadvantages

• The amount that may be available may be limited.

Equity Capital

•It represents ownership capital as equity shareholders

collectively own the company.

•They enjoy the rewards and bear risks of ownership.

•But their liability is not like the liability of the owner and the
partners. It is limited to Capital contribution.
 Some terms related to Equity Capital

Authorized share capital : It is the total amount of shares that

a company is authorised to sell.

Issued Share Capital : it is that portion of an authorised share

capital which is Offered to the public.

Subscribed Share Capital : It is that portion of an Issued share

capital which is subcribed and alloted to the public.

Paid up Share Capital : it is that portion of the subscribed

share capital for which Consideration in cash or otherwise has
been received.
Rights of equity share holders

•Voting Power on Major Issues. This includes electing directors and proposals for
fundamental changes affecting the company such as mergers or liquidation.

•Ownership in a Portion of the Company.  when or if business thrives, they have

a claim on a portion of the assets owned by the company.

•The Right to Transfer Ownership. Right to transfer ownership means shareholders

are allowed to trade their stock on an exchange. 

•An Entitlement to Dividends. 

•Opportunity to Inspect Corporate Books and Records. 
•The Right to Sue for Wrongful Acts.
Preference Share Capital

Dividend Payment
•Preference shares, more commonly referred to as preferred
stock, are shares of a company’s stock with dividends that are
paid out to shareholders Before common stock dividends are
issued.

•If the company enters bankruptcy, the shareholders with

preferred stock are entitled to be paid from company assets
first.

•Do not have voting rights.

•Fixed rate of dividend.
•Preference share holders are the co-owners of the company.
Preference Share Capital

It represents a hybrid form of financing.

It shows some characteristics of equity as well as some attributes of debentures.

It resembles equity in following ways :

i) Preference dividend is payable only out of distributable profits.

ii) Preference dividend is not an obligatory payment.(it depends on directors
discretion)

It resembles debentures in several ways :

a)The dividend rate of preference capital is usually fixed.

b)The claim of preference shareholder is prior to the claim of equity shareholders.
c)They do not enjoy the right to vote.
 Debentures (or Bonds )

Acknowledgement of debt by a company from the members of public by

Issue of an instrument.

It is a written promise given by the company to the lenders for repayment

For repayment of a certain amount with interest on a certain date.
Categories of Debentures

Registered debentures Registered debentures are registered in

company's debenture-holders' register with full
details of every debenture holder. Registered
debentures are not negotiable. These can not be
transferred to other person.

Bearer Debentures Bearer debentures are those which are payable to

the bearer. These debentures are transferable by
mere delivery. The register of debenture holders does
not have the names of the debenture holder
recorded.
Secured Debenture These debentures are secured by the assets of the
company

Unsecured Debentures These are not secured by the assets of the company.

Redeemable These are refundable after certain period.

debentures
Irredeemable Dentures These are not refundable after certain period.

Convertible debentures These are convertible into equity shares.

Non convertible These are not convertible into equity shares.
debentures
Secured Loans

Loan taken by the company against the security of the assets is called as secured
Loan.

If the loan taken against the security of fixed assets then it is called mortgage loan.
Eg. Car Loan.

Features

1. It carries fixed rate of interest.

2. Interest payable irrespective of profit.
3. Secured by the asset.
Unsecured Loan.

Loan taken by the company without any security of the assets is called Unsecured
Loan.

If you default on the loan, the lender can't automatically take your property. The
most common types of unsecured loan are credit cards, student loans.

Features

They are unsecured.

They are accepted for a maximum period of 3 years.

Refundable after certain time.

In case the deposits are not refunded by the companies after a specified time
The responsible officer is penalized.
 Venture Capital

•A young company which is not ready to tap public financial market may
Seek venture capital.

•Such capital is provided by venture capital funds which are prepared to

Finance an untried company that appears to have promising prospects.

•It represents financial investment in a risky proposition made in the hope

Of earning a high rate of return.
 Private Equity Funding (PE funding)

•Private equity is capital that is not listed on a public exchange. Private equity
is composed of funds and investors that directly invest in private companies.

•Institutional and retail investors provide the capital for private equity, and
the capital can be utilized to fund new technology, make acquisitions,
expand working capital, and to bolster and solidify a balance sheet.

•Private equity investment comes primarily from institutional investors and 

accredited investors, who can dedicate substantial sums of money for extended
time periods.

•Considerably long holding periods are often required for private equity

investments in order to ensure a turnaround
Unit 3 : Analysis of RISK
 Sensitivity Analysis

• Sensitivity Analysis means analysis of various factors in relation to project

Eg. Life of the project, Cost of capital, selling price of product, Cost of
project,etc.

•In sensitivity analysis, we change each factor in Unfavorable direction

keeping other factors constant, this helps us identify critical factor.

•Still further research can be done about that factor to find out more in
detail before accepting the project.

• the biggest drawback of the sensitivity analysis is assumption of factors that

They are independent but factors are dependent on each other, it is not
logical to change quantity but keeping selling price of the product constant.
Unit 5 :Project Report and Business Plan
The process of establishing a new business is preceded by the resolution to select
entrepreneurship as an occupation. This calls for recognizing lucrative business
ideas upon a meticulous evaluation of the entrepreneurial prospects. Creation of
business ideas is not sufficient, they must be tested on techno-fiscal, economic
and authorized viewpoints.

A project report for new business conducts a profound road map for effectual
business venture. It discusses whether the business requires finance or not, the
challenging risks, several problems en route, etc. Hence it becomes vital for every
new business to prepare a project report, to acquaint them on forewarning issues.

Project report for New Business - Format

Below is the sequence of standard format which should be followed while
preparing new business project report:
1.Background of the business
2.Customer's profile
3.Long and short term Corporate Objectives
A. To perform a viability assessment of the proposed new business ideas in
terms of marketability, technical feasibility, financing and authorities.
B.. To recognize fundamental startup issues
4.Market Analysis
Brief discussion on the type of market, chief influencers, players, etc
Market description
Reasons for starting business in a particular market
Target clients
Advantages of the services offered by the new business
Market consumption patterns
Past and existing supply location
Production prospects and limitations
Exports and Imports
Price structure
Flexibility of demand
Client behavior, purposes, intentions, approaches, inclinations and needs
Supply network and marketing rules formulated by the government
Government and technical limitations imposed on the promotion of the product
5.Financial Assessment
Investment expenditure and value of the entire project.
Methods of investment.
Anticipated productivity.
Money flows of the project report.
Investment value evaluated in context of different points of merit.
Estimated financial ranking.

6. Marketing Assessment
Product.
Price.
Place.
Promotion.
7.Operational Plan.
Business models.
Production of goods and services.
8.Management Structure.
9.Business structure (Ownership, staff, etc)

10.SWOT Analysis.
Significant Success aspects depending on Strengths, Weaknesses,
Opportunities and Threats to be faced by the firm in future
11. Appendices.
Break-Even Assessment
Profit and Loss Synopsis
Business Plan : Every business needs to have a written business plan. Whether it’s to
provide direction or attract investors, a business plan is vital for the success for your
organization. 

ESSENTIAL CONTENTS OF A BUSINESS PLAN IN A SIMPLE FORMAT

The table below lists the important elements of a business plan and offers some simple
points that need to be taken into consideration in regard to each section. It is worth
noting that these points are by no means exhaustive and are meant to serve only as
examples. The table is intended to provide you with a simple format upon which to base
your business plan.

The format provides you with a framework for presenting your thoughts, ideas and
strategies in a logical, consistent and coherent manner. In other words the business plan
format helps you to clarify your own ideas and present them clearly to others.
1.Executive Summary​
2.Enterprise Description
3.Product or Service Description
4.Industry Analysis
5.Competition Analysis
6.Swot Analysis
7.Marketing Sub-Plan
8.Operations Sub-Plan
9.Human Resources Sub-Plan
10.The Budget
11.Liquidity
12.Financial Sub-Plan
13.Selected Options and Critical Measures
14.Milestone Schedule​
EXECUTIVE SUMMARY
This section is a brief overview of the whole Business Plan.

Description of Business: Provide some information about the product or service you

wish to offer.

The Market: What markets do you intend to target?

Growth Potential: What is the potential for your business? (What do you hope to
achieve in one to three years’ time?)

Sales & Profit Forecast: Give a summary of the sales and profit forecast figures (for
the next three years).

Financial Requirements: How much money would you requirements 

To start the business.
​To sustain your business during the first three years.​
Utilisation of Finances: What will the loan/overdraft/investment be used for?

Where will you source your funding from: Loan, Bank Overdraft, Personal funds?

Repayment of Loans: How long do you expect the loan repayment period to be?

List of Critical Issues for the Success of the Project: Present a list of the critical
success factors most likely to affect your project.

Assistance required: What assistance would you require to help you launch your
project?
2. ENTERPRISE DESCRIPTION
​It is important that you demonstrate a clear understanding of the business you would like
to be in. You should also explain your business concept and the reasons why you think it
will be a success.
Provide an overview of your business idea

What inspired you to choose this line of business?

What personal qualities and experience will you invest in the business?

In what way is your concept innovative? What are you offering that other businesses do
not offer already?

Do you believe there is a real need for your product or service?

Where do you see your business in the medium and long term?​
3. PRODUCT OR SERVICE DESCRIPTION
​This section helps you to think about your product or service which reflects on your
ability to understand and cater for your clients’ expectations.
Provide a detailed description of your product or service.

What innovative features does your product or service offer?

How does your product or service distinguish itself from other products or services
already existing on the market?

Can you list three unique selling points offered by your product or service?

How will your product or service satisfy client needs and expectations?​
4. INDUSTRY ANALYSIS
​This section helps you to understand the industrial environment you intend to work in
and through it you can identify important changes that are likely to take place in your
market.
How big is the sector you will be operating in?

How many companies already operate in this sector?

What are the general sector trends? Is it growing, static or slowing down?

Can you perceive any important changes in this sector?

How can these changes affect your business?

Are you aware of any Political, Economic, Social, Technological, Legislative or

Environmental changes that could seriously affect your business in the medium or long
term? This is known as the PESTLE analysis.

How desirable do you consider this sector to be for new, local entrants and from other
EU areas?​
5. COMPETITION ANALYSIS
​In order to compete successfully in any business you need to know your competitors. It
is useful to study how and why they achieve success. Also you need to be aware of their
failures to avoid committing the same errors.
Who are your most important competitors?

What are their main strengths and weaknesses?

How can you be different?

How can your product or service be more competitive?

What are your competitors’ pricing policies? How do these affect your sales strategies?

Can you list your main competitors and their estimated market share?
7. MARKETING SUB-PLAN
​It is no use having the greatest product in the world if you cannot sell it.
This section focuses on your potential customers and allows you to see whether your
products can satisfy their needs.
The Product
List three important features that make your product or service worth having. Example:
design, functionality, reliability.

List three features where you think your product or service could be improved.

Can you list three major competitors that offer similar products or services to yours?
Can you identify differences between your product and theirs?
The Customer
Will your business depend on one main customer or will you sell to a wide variety of
customers?

If you plan to sell to a wide variety of customers, list five types of customers that are
likely to buy your product or service.

Do you plan to have a uniform approach to all customer groups or will you vary your
strategies accordingly?

What measures will you employ to identify customer requirements with regard to
your product or service?

How do you plan to collect customer feedback in order to ensure that your product
or service has a high degree of customer satisfaction?

The Place
Where do you plan to sell your product or service?

Directly from the factory

From a showroom
E-Commerce
Other (give details)
8. OPERATIONS SUB-PLAN
​This section helps you to look at your internal operations in detail to see if your business
can be run efficiently and effectively. It draws attention to your team and allows you to
develop strategies for good and effective management.
Do you already have business premises or are you planning to buy/lease/rent them in the
near future?

Give details of your business location and premises

How long and how well will the present premises (if any) meet your business needs?

Are the business premises you have identified easily accessible to your clients?

Give details of equipment/machinery/vehicles you will require to operate your business

(such as purpose, current value and future replacement date)

Give details of equipment/other items which you plan to acquire or lease in the near
future (such as purpose, costs and credit terms)
9. HUMAN RESOURCES SUB-PLAN
​People are the greatest resource of any business venture. This section focuses your
attention on your work force, their training needs as well as their material needs in terms
of health & safety, professional development, job satisfaction and remuneration.
Describe your Management Structure (If you do not have a management structure, list
those people who can assist you with the running of the business).

How many people do you plan to employ? (Full Time / Part Time)

What types of skills and/or experience are you looking for?

What training will your work force require to be able to meet your future plans?

What measures do you plan to adopt to ensure employee loyalty?

10. THE BUDGET
​The budget provides the financial planning detail for every aspect of the business e.g.
employee costs, rent, IT investments, machinery costs, sales value , direct material costs,
shipping and freight charges, etc. The ultimate target that should result from the budget is
the budgeted net profit. It is a key tool for operating the business, and by facilitating
comparison of actual performance versus budgeted performance, it highlights the
operating VARIANCES to management.
The budgeted net profit, after taxation, when expressed as a percentage of the net
investment in the business, gives the Return On Investment - ROI - the single most
important piece of financial data and the reason for being in business in the first place.
11. LIQUIDITY
​Liquidity is fundamental to every business in relation to being able to trade and meet
obligations.
Management monitors the risks in liquidity by tracking cash movements with a Cash
Flow Forecast ensuring adequate cash or facilities to raise money to carry out the
business.
How will you keep control of your cash flow?

How will you finance the changes you may need to make in your business?
12. FINANCIAL SUB-PLAN
​Business is all about the management of products, services and money. To enable
management to do their job, the tool they need is management information.
Information relating to business performance is transmitted via management accounts.
These are therefore a very powerful and essential reporting mechanism requiring high
priority attention. Successful businessmen understand how money works but need to have
the information to support the decision making.
14. MILESTONE SCHEDULE
​This is a list of all the critical measures that are mentioned in the Business Plan. When
implemented, the measures in the milestone schedule will help your enterprise become
more efficient.
At this stage, after having gone through the Business Planning Process, you should be in a
much better position to identify and prioritize your needs in line with the realities of your
business venture. 
​Once you have identified the critical measures, you should plan their implementation over
a three year period. Base your decisions on the information provided by your Business
Plan. When implemented, the critical measures in the milestone schedule will help your
enterprise become more competitive.