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Advanced Principles Of Financial Accounting - Myassignmenthelp.Com

Question: Discuss about the Advanced Principles Of Financial Accounting. Answer: Introduction: In this particular assignment, assessment of financial position and financial performance of three companies that are listed on London stock exchange have been done. Report preparation also incorporates exploring academic literature for identifying the imitations, advantages and critiques associated with ratio tool in financial performance assessment. Assessment and evaluation of financial performance of AB Dynamics, Quartix Holding Plc and Spectris Plc are demonstrated in the report. AB Dynamics is a recognized leader in supplying whole car solutions for testing of vehicles (abd.uk.com 2018). Organization is experiencing steady growth due to improved performance of reputation and quality of their products. Quatrix is one of the leading suppliers of vehicle tracking services and system in Europe (Quartix.net 2018). Organization has developed a considerable market presence in the insurance telematics market of United Kingdom. Spectris is one of the important suppliers of controls and instrumentation that helps in enhancing productivity (Spectris.com 2018). It is engaged in controlling and measuring instruments of the industrial applications that are most technically demanding. All these stock listed companies are analyzed for carrying out assessment of their financial performance using the tool of ratio analysis. Evaluations of financial performance of companies have been done by analyzing data presented in financial statements such as income statement, cash flow statement and balance sheet. Theoretical background: A certain set of ratios are chosen for displaying the companys financial performance and some of the most commonly used ratios involve profitability ratio, efficiency ratio, gearing ratio, liquidity ratio and investment ratio. Financial ratios are a time-tested method for analyzing the financial performance of companies. Ratio analysis is regarded as an indispensable part for interpretation of results presented in the financial statement of entities. Users and investors are provided with crucial financial information and they are able to assess the areas for carrying out investigations (Wahlen et al. 2014). Investors are able to ascertain in depth analysis of liquidity, profitability, efficiency and solvency levels of business. Cross sectional analysis of organization can be done by gaining information as the performance of companies are done with the best industry standards. Financial statements users are able to gain information for making estimates and projections for future (Call en 2015). Advantages of ratio analysis for assessing financial performance of companies: The understanding of efficiency of users in way business are conducted is improved and the latent aspects of business receive light by identification of numerical relationship. Investors will be able to have detailed understanding of bright spots as well as problem areas of business if analyses of ratios are done properly. It also assists management of organization to improve their financial situation in future. Advantages of ratio analysis can be summarized below: Assist in making comparative analysis- Calculation of ratios are not done for any particular year, rather they are calculated year on year. Trends of business can be explored when figures are kept side by side. Trend knowledge would help business in making projections about its future performance (Schrand et al. 2016). Enabling understanding the efficacy of decisions- Investors are able to make assessment about whether business have undertaken proper investing, operating and financing decisions (Henderson et al. 2015). It would indicate the contribution of such factors in performance improvement. Relationship establishment and simplification of complex figures- Ratio analysis helps in generating relationships and simplification of accounting figures that are complex (Konchitchki and Patatoukas 2016). Effectiveness of financial information can be summarized using ratio tool and assessing credit worthiness of firms, managerial efficiency and earning capacity. Identifying problem areas of business- Investors are able to spot bright as well as problematic areas of business. It is important for business to segregate these two areas, as management will be focusing more on problematic areas and sharpening, and improving further bright areas to get better results. Enabling SWOT analysis- Changes occurring in business environment can be explained by employing tool of ratio analysis (Cascino et al. 2016). Management of organization is able to perform SWOT analysis and understand current opportunities and threats posed to business with the help of information of change. Limitations of using ratio analysis: No standardized definitions- Several concepts that are used in ratio analysis does not have standardized definitions. Liquid liabilities do not have any standardized definition. It generally incorporates all current liabilities but sometimes exclude bank overdraft. Lack of Universally accepted level of standards- There level of ideal ratio cannot be specified for judging the financial position as there do not exist any universal yardstick (Maynard 2017). Lacking ability for problem solving- Ratio analysis do not intend to provide any particular solution to problems as they play a role of whistle blowing and is essentially indicative. Current versus historical cost- It is certainty possible that some elements in the balance sheet of reporting entity is stated at historical costs while income on income statement is stated in current cost. This would create disparity between the results obtained by conducting ratio analysis. Accounting policies- Accounting policies of one company is different from another company. Accounting data limitations- Finality and precision of results obtained through ratio tool comes with an unwarranted impression due to accounting data. Generally, materiality of information is affected by accounting data that reflects a combination of accounting conventions, personal judgments and recorded facts (Dutta and Patatoukas 2016). It is certainly possible that financial statements do not reflect true state of affairs and hence true pictures will not be provided by ratio. Ignoring changes in level of price- Analysis of financial statements of different years of organization becomes meaningless because change value of money is changed due to accounting records. The above listed points relating to ratio analysis depicts that there various advantages and disadvantages. Due to several critics and limitations associated with ratio analysis, it is suggested that investors and business should be used with due consciousness while evaluating the financial performance of organization (Weygandt et al. 2015). This will help organization and investors as a whole in planning strategies that will help in improving future performance. Furthermore, it has also been ascertained that critics of ratio analysis is also associated with limitations of financial statements. Comparative analysis: In this section, analysis of financial performance of three chosen companies that is AB Dynamics, Quartix Holding Plc and Spectris Plc are performed by using tool of ratio analysis. Ratios have been computed for the period of three years that would help in identification of trend of performance. Profitability analysis- Profitability position of companies are analyzed by computing ratios such as gross profit margin, net profit margin, return on investment and return on equity. Gross profit margin- Gross margin of AB dynamics in year 2014 is computed at 29.10%, Quartx has recorded profit margin of 64.86% and Spectric has recorded at 57.63%. It can be seen that Quartx has recorded highest profit margin in year 2014. When looking at figures for year 2015, AB dynamics stood at 32.38%, Quartx has profit margin of 63.61% and Spectric has 57.40%. Looking at 2016 figures, AB dynamics has recorded 30.17%, Quartx has ratio at 60.26% and Spectric gross margin ratio stood at 56.51%. It is indicated by figures that all companies have downward trend in relation to their gross margin. Graph depicts that gross profit margin trend of Quartx Plc is better compared to its competitors. Net profit margin- Net profit margin recorded in year 2014 for AB dynamics stood at 15.54%, Quartix recorded 26.30% and Spectris at 11.51%. Looking at figures for year 2015, AB dynamics recorded 19.65%, Quartix recorded 25.48% and Spextris recorded 9.56%. For year 2016, AB dynamics recorded net profit margin at 18.93%, Quartix recorded 24.99% and Spectris stood at 0.77%. It is indicated by graph below that Spectris has maintained stable trend in generating net profit margin. Therefore, Quartix is generating higher net profit margin compared to other companies. Return on investment (ROI)- Return on investment computed in year 2014 for AB Dynamic stood at 15.84%, Quartrix at 21.92% and 9.61% for Spectris. When looking at figures for year 2015, ratio stood at 19.2% for AB Dynamics, 23.12% for Quartrix and 7.8% for Spectris. ROI for year 2017, stood at 18.16% for AB Dynamics, 24.25% for Quartrix and 0.59% for Spectris. Analysis of figures is indicative of the fact that Quartix has been experiencing an upward trend in generating return on investment compared to Spectris that has downward trend. Therefore, Quartix is more efficient in utilizing their shareholders equity for generating profits. Return on equity (ROE)- ROE computed for year 2014 stood at 20.84% for AB Dynamics, 33.17% for Quartix and 14.75% for Spectris. Quatrix is recording higher return on equity. Looking at figures for year 2015, ratio concerning AB Dynamics stood at 23.78%, Quatrix at 32.99% and 11.78% for Spectris. On other hand, ROE for year 2016 is computed at 22.12% for AB Dynamics, 31.82% for Quartix and 0.96% for year Spectris. Analysis of figures indicates that Spectris is experiencing downward trend in generating ROE and Quartix is generating stable return. From the analysis of above figures, it can be inferred that the profitability position of Quatrix is better compared to its competitors in terms of return on equity, return on investment and net profit margin. Therefore, profitability position of Quartix is better compared to its competitors because of higher gross profits generated. Efficiency analysis- Efficiency level of companies are analyzed by the computation of ratios such as asset turnover ratio, days in sales turnover, days sales outstanding and days payable outstanding. Days sales outstanding (DSO)- DSO computed concerning year 2014 stood at 114.40, 46.02 and 72.33 for AB Dynamics, Quartix and Spectris. Looking at figures relating to year 2015, ratio stood at 62.41, 47.97 and 77.63 for AB Dynamics, Quartix and Spectris respectively. On other hand, figures in year 2016 stood at 46.39 for AB Dynamics, 40.52 for Quartix, 83.15 for and Spectris. Analysis of figures indicates that Spectris Plc has rising trend while AB Dynamics has rising trend. Higher DSO indicates that Spectris is collecting their receivables faster and they are more efficient. Days payable outstanding (DPO)- DPO computed for year 2014 stood at 108.34 for AB Dynamics, 136.03 for Quartix and 147.53 for Spectris. For year 2015, ratio for AB Dynamic stood at 100.93, Quartix at 144.88 and 148.77 for year 2016. AB Dynamic has declining trend concerning DPO while other two companies that are witnessing rising trend. Lower DPO indicates that company is operating efficiently by making payment to their suppliers. Days sales in inventory- Days in sales turnover indicates efficiency of companies in collecting cash from their customers. Ratio stood at 74.32, 29.54 and 128.96 for AB Dynamics, Quartix and Spectris in year 2014. For year 2015, ratio stood at 83.04, 32.52 and 131.41 for AB Dynamics, Quartix and Spectris respectively. Ratio for AB Dynamics, Quartix and Spectris in year 2016 stood at 81.49, 26.76 and 117.11 respectively. AB Dynamics is experiencing rising trend as against Spectris that is experiencing downward trend. Spectris trend has lower ratio, which is indicative of the fact that company has efficient collection procedures as they are collecting cash from customers at faster pace. Asset turnover ratio- Asset turnover ratio for AB Dynamics, Quartix and Spectris stood at 1.02, 0.83 and 0.83 for year 2014 and 0.98, 0.91 and 0.82 for year 2015 respectively. For year 2016, ratio stood at 0.96, 0.97 and 0.78 for AB Dynamics, Quartix and Spectris. Analysis of figures is depicting that Quartix is experiencing rising trend in generating sales by utilizing their assets compared it competitors. It is inferred from above figures that AB Dynamics has better efficiency position compared to its competitors as depicted by falling days sales outstanding and days sales in inventory. Liquidity analysis- Liquidity positions of companies are analyzed by computing ratios such as current ratio, quick ratio and cash flow coverage ratio. Cash flow coverage ratio- Cash flow ratio for AB Dynamics, Quartix and Spectris stood at -.207, .787 and0.136 for year 2014 and 1.239, .877 and 3.11 for year 2015 respectively. Ratio for year 2016 stood at 1.081, 1.079 and .325 for AB Dynamics, Quartix and Spectris. Analysis of figures depicts that ratio for Spectris plc initially increased and declined drastically. Quartix has experienced increasing trend indicating the fact that company is more efficient in paying its obligations using operating cash flow. This is so because total liabilities of Quatrix has declined in current year. Current ratio- Current ratio for AB Dynamics, Quartix and Spectric stood at 3.885, .797, 1.487 for year 2014 and 4.642, 1.119, 1.914 for year 2015 respectively. On other hand, ratio stood at 5.039, 1.664 and 1.748 in year 2016 for all three companies respectively. It can be seen from the analysis of above figures that current ratio of AB Dynamics is experiencing increasing trend as against Spectric that is facing declining trend. AB Dynamics has higher current ratio but value is unreasonably higher. Hence Quartix Plc is efficient in meeting its obligations using current assets. The reason is attributable to the fact that current assets is increasing at higher pace compared to increase in current liabilities. Quick ratio- QR for AB Dynamics, Quartix and Spectric stood at 3.257, .714 and .899 for year 2014 and at 3.863, 1.021 and 1.207 for year 2015 respectively. On other hand, quick ratio for all three companies in year 2016 stood at 4.176, 1.545 and 1.182. It can be seen from figures that all three companies are experiencing increasing trend. However, quick ratio of AB Dynamics is considerably higher than other two companies. Quick ratio of Quartix is increasing followed by AB Dynamics. This is because value of inventories is increasing for Quartix at lower rate compared to other companies. Moreover, liabilities are increasing at lower pace. Therefore, it can be inferred that Quatrix plc is liquid compared to other companies. From the analysis of above figures, it is inferred that liquidity position of Quartix is stable and there is steady increase in their liquidity position compared to its competitors. This is so because Spectric Plc has experienced an abrupt increase and decline in their overall liquidity position. Moreover, AB Dynamics liquidity position is also favorable but their current ratio is increasing at higher rate, which indicates that their cash is lying idle. Solvency analysis- Solvency analysis of companies are analyzed by computation of gearing ratios such as debt to equity ratio, equity ratio, debt ratio and time interest earned ratio. Debt to equity ratio- Debt to equity ratio for AB Dynamics, Quartix and Spectric for year 2014 stood at 0.32, 0.51and 0.54 and 0.24, 0.43 and 0.51 in year 2015. It depicts that except Spectric is fluctuating while rest of them has been experiencing declining value. On other hand, ratio for all three companies in year 2016 stood at 0.22, 0.31 and 0.62 respectively. Analysis of above figures depict that Quatrix has declining trend compared to AB Dynamic and Spectric, which is experiencing increasing trend. Lower ratio is considered favorable and hence Quatrix is more favorable compared to other companies. This is because total liabilities of Quatrix is falling and depicts that their financial position is more stable. Equity ratio- QR for AB Dynamics, Quartix and Spectric stood at 3.257, .714 and .899 for year 2014 and at 3.863, 1.021 and 1.207 for year 2015 respectively. When looking at figures for year 2016, ratio for AB Dynamics, Quartix and Spectric stood at 0.82, 0.76 and 0.62 respectively. Analysis of figures depicts that equity ratio for AB Dynamics and Quartix is increasing while that of Spectric is decreasing. Quartix and AB Dynamics has higher equity ratio as against Spectric. Higher ratio indicates that organization has lower proportion of debt in their capital structure. Debt ratio- Debt ratio for AB Dynamics, Quartix and Spectric stood at 0.24, 0.34 and 0.35 in year 2014 and 0.19, 0.30 and 0.34 in 2015. For year 2016, ratio stood at 0.18, 0.24 and 0.38 for three companies respectively. Debt ratio for AB Dynamics has declined while for Spectric, ratio has declined initially and it has increased subsequently. Ratio has reduced continuously for Quartix. Spectric has witnessed increasing trend while Quartix has declining debt ratio. Lower debt ratio of Quatrix is indicative of the fact that organization has relatively lower proportion of debts compared to their total assets. The reason is attributable to the fact that proportion of debt is increasing at lower rate compared to increase in total assets. Time interest earned ratio- Time interest earned ratio for AB Dynamics, Quartx and Spectric for year 2014 stood at 103.19, 46.97 and 28.53 and 48.94, 87.61 and 27.09 for year 2015 respectively. Time earned interest ratio has increased continuously for Quatrix compared to Spectric and AB Dynamic that are experiencing declining trend. Quattrix has significantly increasing trend whereas Spectric has declining trend. Higher ratios are regarded as more favorable compared to lower ratios because this would indicate that company is capable of paying interest before taxable income (Gonzalez 2015). Organization is capable of making interest payment when they are falling due. They are less risky compared to other companies. From the analysis of all solvency ratios, it can be inferred that Quartix has better solvency position as they are more efficient in servicing debt in long run compared to its competitors. Investment analysis- Investment analyses of companies are analyzed by computation of payout ratio, dividend yield ratio and price to earnings ratio. Payout ratio- Payout ratio computed in year 2014 for AD Dynamics stood at 19%, for Quartix value stood at 70% and Spectris stood at 41%. For year 2015, ratio stood at 15%, 47% and 52% for AD Dynamics, Quartix and Spectris. This depicts that payout ratio for AD Dynamics and Quartix is decreasing and for Spectris, ratio is increasing initially and it is decreasing subsequently. On seeing the overall trend, trend of ratio is increasing throughout the year of analysis. AB Dynamics and Quartix have been experiencing stable trend indicating that these two companies have been paying stable return to their investors and much of their earnings are reinvested in companies for supporting their growth in upcoming years. On other hand, Spectris has increasing trend that is indicating of the fact that more of earnings of company is shared with investors and little is kept for reinvesting in business. For Spectris, there is sudden increase in ratio, however, Quartix is experiencing stable return. Dividend yield ratio- The amount of cash dividend that is distributed to common shareholders in relation to market price per share is measured by dividend yield ratio. Investors to depict how cash flow is generated by investment made in stock use a ratio (Barth 2015). Investment generates return in the form of an increase in value of assets either by appreciation of stocks or by generating cash flow in the form of dividend. Dividend yield ratio for AB Dynamics, Quartix and Spectric for year 2014 and 2015 stood at 0.015%, 0.040%, .022% and 0.014%, 0.020%, 0.029% respectively. Now, looking at the figures for year 2016, ratio for AB Dynamics, Quartix and Spectrix stood at 0.006%, 0.018% and 0.022%. It can inferred from the analysis of figures that ratio for AB Dynamics and Quartix is reducing continuously from 2014 to 2016. AB Dynamics has experienced declining trend in dividend yielding and the reason is attributable to the fact that rate of increase in dividend per share is less than rate of increase in market price per share. Now, looking at value of dividend yield for Quartix, it can be seen that trend is declining. This fall in dividend yield ratio is because the dividend per share that is being paid to shareholders has reduced by less value in year 2015 and has increased by less point in year 2016. Compared to dividend paid per share, market price per share is significantly increasing since year 2014. On other hand, ratio for Spectris is decreasing initially and it is increasing subsequently. Looking at trend, it can be said that Spectris is also experiencing declining trend in terms of dividend yield. Therefore, from the analysis of above figures, it can be inferred that Spectris along with its competitors are witnessing declining trend in terms of dividend yield. This fall in ratio is mainly bec ause of lower dividend payment per share made to shareholders. Quatrix is having stable trend in terms of dividend yield ratio. Price to earnings ratio- Expectation of investors regarding the reasonableness of market price of shares and growth in earning of firms is reflected by price earnings ratio. Variation in ratio differs from company to company depending upon perception of investors. Price earnings ratio of AB Dynamics, Quartix and Spectris is computed at 1274.81, 1776.47 and 1848.72 for year 2014 and 1078.13, 2359.81 and 1762.50 for year 2015 respectively. When looking at figures for year 2016, ratio for AB Dynamics, Quartix and Spectris stood at 2071.75, 2635.66 and 26895.35 respectively. Analysis of figures depicts that Spectris is experiencing a considerable and phenomenal increase in price earnings ratio in year 2016. Looking at figures for Quartix, it can be said that company price earnings ratio-increasing year on year and hence, experiencing stable and increasing trend. Ratio for AB Dynamics is decreasing initially and increasing subsequently. Therefore, Quartix has favorable price earnings rati o. Therefore, it can be inferred from the analysis of above figures, Quartix has more profitable investment position from viewpoint of shareholders. Findings, Conclusions and Recommendation: The report prepared to evaluate the financial performance of three companies listed on LSE using ratio analysis demonstrate that financial performance of Quatrix is better from view point of investors compared to its competitors that is AB Dynamics and Spectris Plc. Performance of Spectris Plc has kept on fluctuating since year 2014. Investors prefer making investment in companies that is experiencing stable growth to a considerable period. They are most concerned about dividend that will receive and from the analysis of investment ratios, Quatrix has promised increasing dividend year on year. Increased dividend per share is attractive for investors investing in company, as they prefer suitable return from their investments. Investigations into the financial data of company illustrates that Quatrix is experiencing stable growth that would attract investors for making investment. On other hand, two companies are not stable in terms of their efficiency, profitability, solvency and liqu idity. Spectris Plc are witnessing sudden significant increase and decrease in their payout ratio, price to earnings ratio and cash flow coverage ratio. Performance of AB Dynamics and Spectris are not at par compared to Quatrix. It is required by these companies to improve their profitability and solvency position. They should try to reduce the proportion of total debt in their capital structures. Total liabilities of both the companies should be reduced as it is increasing at a significant rate. When it comes to efficiency, Spectris should try to utilize their assets for generating sales. AB Dynamics should take appropriate measures and methods appropriately in making payment to creditors. Companies should make increased payment to shareholders in the form of dividend for attracting investment. Therefore, Quartix is more attractive to investors compared to its competitors. 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