AMEX vs NASDAQ - Similarities and Differences Assignment

AMEX versus NASDAQ - Similarities and Differences - Assignment Example To begin both Amex and NASDAQ are organizations that depend on the financial exchange. Both handle significant customers and direct exchanges with various trades. Both likewise manage the purchasing and selling of stocks. As respects to the notoriety, each is broadly known and profits by their investors.While likenesses exist, the two organizations do have clear contrasts. The significant purpose of contrast is that Amex utilizes floor trade technique; a pro framework with an incorporated breaking point request book while NASDAQ utilizes an electronic posting of contending seller cites. This distinction leads on to different contrasts, for example, exchange preparing time (more slow on account of Amex) and efficiency.As referenced prior the AMEX is a request driven consistent closeout advertise, the establishment stone of which are the market creators or â€Å"specialists†. Crafted by the masters is to encourage ceaseless exchanging by posting cites for their own record or by offering the best statements on their breaking point request book, which speak to a brought together safe for limit requests to purchase or sell stocks at indicated rates or better. Breaking point orders give quick liquidity and their significance on the AMEX can be decided by the way that about 88% of the volume on AMEX emerges from exchanges which the experts don't take an interest for their own record. Be that as it may, authorities in the AMEX are not permitted to exchange in front of cutoff orders at similar costs so their statements as a rule mirror the breaking point request book. The outcome is incidentally stale breaking point costs (in the underlying stages) after open declarations. This moderate refreshing of breaking point requests can defer corrections in the best offer and ask cites.

Write an analysis of Shakespeare's use of language in Act 1 scene 5 of Essay

Compose an examination of Shakespeare's utilization of language in Act 1 scene 5 of Twelth Night. You ought to likewise remark as fitting on the connection between language - Essay Example o-earth characters who claim to the common laborers, one next to the other with complexities of plot which would fulfill the hungers of the privileged people among the audience† (Geraghty, 2002). To make these complexities that could intrigue the nobility just as the average citizens, Shakespeare’s plays typically contained some type of discourse upon his general public and its qualities inside the content and Twelfth Night, or, What You Will is no special case. The play is a rom-com, relating the tale of a couple of twins cleaned up independently upon a similar shore, each reasoning the other is dead, which happen to come separately upon a couple of nobles and sentimental absurdity results. Through an assortment of language styles, expression and word play, Shakespeare figures out how to pass on social situation just as level of insight inside his characters so that raises doubt about the overall suppositions and originations of his day as can be seen through an investi gation of Act 1, Scene 5 of the play. This scene is perfectly separated by the appearances of two of the characters to Olivia’s house. At the opening of the scene, Feste, the house jokester, returns after an unexplained nonappearance and must appeal his way over into his mistress’ great graces. In doing as such, he makes messes with different characters present until the scene is hindered by the appearance of Viola, camouflaged as Cesario, conveying a message of affection from Duke Orsino for Olivia. The discussion among Olivia and Cesario sparkles a quick and serious enthusiasm from Olivia. In the two parts of this scene, language assortment uncovers social class just as truthfulness of aim inside the characters depicted. A case of how assortment of language style is utilized in the initial segment of this scene can be found as the language style of Feste changes relying on whom he is talking with. As he talks with individual worker Maria, his reactions are speedy witticisms dependent on sexual allusion: â€Å"He that is well hanged in this

Blog Archive Friday Factoid Kelloggs Health Enterprise Management Program

Blog Archive Friday Factoid Kelloggs Health Enterprise Management Program An often unsung  program at Kellogg is the schools  Health Enterprise Management program,  and a  star  within this program is  the Global Health Initiative (GHI)â€"co-founded by Kellogg professor Daniel Diermeier, with several students in leadership and advisory rolesâ€"in which academics, students, corporations and nonprofits create products that solve medical problems around the world. As evidence of the programs profile,  in 2006, the GHI received a $4.9M grant from the Bill and Melinda Gates Foundation to develop diagnostic devices capable of identifying the HIV virus. Another impressive experiential offering is the multidisciplinary “Medical Innovation” class, which brings together industry leaders, top faculty members and students from several of Northwestern’s graduate schools (Law, Engineering, Medicine and Business). During this two-term course, students experience the “entire innovation life cycle” from a variety of perspectives: scientific, legal and entrepreneu rial/managerial. Students even shadow surgeons and observe clinicians to facilitate their own brainstorming sessions for an innovative productâ€"an actual product is created and presented to potential investors. Clearly, Kellogg  provides students interested in health care with an opportunity to roll up their sleeves and get their hands dirty (and then sanitize them after). Share ThisTweet Friday Factoids Northwestern University (Kellogg)

What Is Emotional Reciprocity Between Mother And Child And...

Part 5: Emotions (400 words) What is ‘emotional reciprocity’ between mother and child and why is it important? What do you think would happen if there is no, or very limited, reciprocity between mother and child? Lavell and Fogel (Kerawalla (2015) found that by investigating just the gaze and development of an infant’s emotion they could categorise their facial expressions into eight sections, these are the first stages for an infant’s development. They include being natural/ simple, excited, smiling, cooing faces, being able to concentrate, keeping attention and showing signs of astonishment. Emotional reciprocity is believed to have evolved through the years because it is seen as one way humans have been able to survive. A new born†¦show more content†¦One example is when she arrived to collect him form nursery, he was not pleased to see her and did not want to go home. One reason for this could be that when he was a baby a secure attachment was not developed or he lost it once his dad left. Now that he is five this secure attachment could be developing. Words: 407 Part 6: Communication (400 words) What is meant by ‘theory of mind’? Why is it so important in understanding how infants communicate, and how does this relate to the formation of attachments? Why is attachment important in the early years? Gjersoe, N. (2015) says in section 4.2 that ‘theory of mind’ is an easy description of meta-representation. Meta-representation is when a child gains the ability to ‘reflect on their own representation’. Children around the age of three and four years old start to show a significant change in the way they think about others and the actions they make. ‘Theory of mind’ is the phrase used when a child is able to show an understanding that other children and adults sometimes have the same feelings, thoughts and beliefs and that sometimes they have different feelings, thoughts and beliefs. Right from birth babies communicate what it is they need by crying; they cry for food, if they are tired or board, they cry if they are uncomfortable or it they have a wet or soiled nappyShow MoreRelatedLiterature Review : Postpartum Depression Essay1652 Words   |  7 PagesLiterature Review Postpartum Depression Mothers who have brought into this world a blessing have been preparing themselves for a big change in their life. They have been learning and educating themselves about how to be a good mother. 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The Personality Disorder Of The Mayo Clinic - 2173 Words

History is full of tales of famous criminals, with the most brutal committing mass murder, both political and domestic. However, what is now called serial killing is something different. While there are those who hurt people or murder for profit or motive, serials killers murder for neither; their murders are rage based and usually filled with no remorse. The most entertaining and engrossing stories are usually the ones portrayed on television shows and movies. Though sadly they are entertainment for some, they are reality for others. The person or people committing these murders have a deeper mental issue, usually one that would be diagnosed in the Diagnostic and Statistical Manual of Mental Disorders (5th edition) as a Personality†¦show more content†¦One of the most dangerous personality disorders that many serial killers have personally suffered from is Antisocial Personality Disorder. As stated by the Mayo Clinic, Antisocial personality disorder is a type of chronic m ental condition in which a person s ways of thinking, perceiving situations and relating to others are dysfunctional - and destructive. These individuals often have no regard for right and wrong, are known to disregard the rights, feelings, and wishes of others, and disreputably violate the law - landing them in frequent trouble, all without feeling any guilt or remorse. They also often times have problems with drug and alcohol use, which tends to only make their impulsive and violent behavior more evident. To make matters worse, people with ASPD are notorious for being both provocative and extremely manipulative individuals, and not to mention excellent liars. These characteristics usually result in unfulfilled responsibilities related to family, work, or school. In May 2010, it was reported statistically that somewhere between 3.9% and 5.8% of men, and 0.5% and 1.9% of women suffer from ASPD in the US general population (Black, Gunter, Loveless, Allen, Sieleni, 2010). The numbers are evident in multiple studies that men suffer from this disorder more so

The Millennium Development Goals ( Mdgs ) Essay - 1659 Words

The Millennium Development Goals (MDGs) were established in 2000 to determine, focus on and put into action steps that will fight eight key areas to help underdeveloped countries. The eight targeted areas which are poverty, education, gender equality, child mortality, maternal health, disease, the environment and global partnership place attention on areas that will help the improvement and betterment of underdeveloped countries. MDGs goals and objectives are clear and concise with a development plan in place to make changes with underdeveloped and middle-income countries. Equally are all eight of the goals, but focusing on poverty, hunger and child mortality, will bring these two goals to the forefront. MDGs for poverty and hunger are looking for decreases by half between 1990 and 2015 in the amount of people in underdeveloped countries who has an income of fewer than $1 per day (UN Department of Public Health, 2010). Additionally, between the same timeframe, goals are set to decrease by half the amount of people who experience and suffer from hungriness (UN Department of Public Health, 2010). These goals were put into place in 2000, reviewed in 2015 and an updated plan to target these goals were set for 2020 (United Nations, 2015). Even though many countries are a part of the MDGs, practical and reasonable goals and objectives can be met with great emphasis, attention and action. The MDGs, even though, all goals and objectives are different, they literally allShow MoreRelatedThe Millennium Development Goals ( Mdgs ) Essay1418 Words   |  6 Pagesinitiatives have been designed with an emphasis of developing countries especially those in the Sub-Sahara. One of these initiatives is the Millennium Development Goals (MDGs). United Nations established a set of eight MDGs among which are reduction of infant mortality and improvement of maternal health (United Nations, 2000). 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Preparation of Financial Decision Making

Question: Discuss about the Preparation of Financial Decision Making. Answer: Introduction Financial management is very much important for an organization to manage all its funds. The financial statements of a company include income statement, cash flow statement and balance sheet. The income statement shows revenues, expenses, profit or loss of the company. The cash flow statement shows the inflow and outflow of cash. Balance sheet shows the assets and liabilities of the company. The main aim of the report is to analyze the financial resources of Woolworths (Atrill, 2006). Woolworths is the largest supermarket chain in Australia and operates more than 950 stores all across the country. The main aim of the company is to provide high quality products to their customers and relies on 121000, team members in support offices, distribution centers and stores in order to provide customers with superior value, range, service and convenience. Vision statement The vision of the Woolworth Company is to improve the stock returns and optimising the efficiency with ensuring the serving for the customers. Mission statement The mission statement of the Woolworth Company helps in the formation of the community with the consideration of best loved retailer. Core values The core values of the company depict the provision of the best values to the shoppers values with bringing variations in the products. The product consists of the suppliers product which is sold at the best prices with providing the best values for the consumers. The management of finance is very much important to plan for future development as well as achieving long term goals. Woolworths is the most innovative and fast growing retailers in Australia. It is important for the company to generate profits in order to provide maximum returns to their shareholders (Woolworths Online, 2016). Capital structure Woolworths has managed its capital structure with the aim of enhancing the long term value of the shareholders through its weighted average capital cost while retaining flexibility to undertake and pursue capital management initiatives. The company has maintained and achieved its strong long standing investment credit ratings grade (Helbk, Lindest and McLellan, 2010). The capital structure should be managed by appropriately utilizing its funds and choosing sources of finance. The company will generate maximum return for their shareholders with the help of appropriate capital structure. The company has long term policy of debt financing that involve: A bias towards the long term debt from capital market in order to match the long term assets Minimizing the risks of re-financing by staggering the debt maturities and utilizing diversified debt sources (Hillier, 2010). Foreign currency exposure and fully hedging rate of interest to provide certainty around the funding costs. The board of directors considered the advantages of increased certainty in funding costs and liquidity to outweigh the benefits of increased exposure to the financial markets. It may result in the weighted average costs of funding at any point being lower or higher than current spot rates of funding. WASS is the return rate that an organization must earn using all its current assets so that the company can be able to satisfy and pay its shareholders (Holton, 2012). The above discussed long term finance should be used by Woolworths. Sources of finance The long term finance refers to requirement of capital for a period more than five to ten years. Woolworth should invest in their fixed assets like land and building, plant and machinery etc. The long term finance sources that can be used by Woolworth are as follows: Equity Shares or Share Capital Equity shares are common finance source for large organizations. It is sharing of rights of ownership and considered as costly in comparison to the debt finance. It also requires los of legal formalities and the investors invest into the company through equity shares (Berk and DeMarzo, 2007). Woolworths should issue equity shares for the shareholders to increase its capital investment. Preference stock Preference share includes both debt and equity stocks. Preference shares have got priority over equity shares in terms of dividend payment and capital at the time of the liquidation. Woolworths should use appropriate mixture of investment by issuing both debt and equity shares. Debentures Debentures are considered as the cheaper source of finance in comparison to equity. The company has to pay interest to the debenture holders and requires legislation while offering to common public (Choi, 2003). Retained Earnings Retained earnings are the amount of earnings that are not paid to the shareholders but retained by the organization to reinvest in its core activities. The retained earnings should be used by Woolworths to increase their capital investment. Loan The nature of loan is very similar to the debentures except it does not involve too much issuing cost as because it is given by financial institutions or bank. It is considered as one of the most important sources of long term finance (Elliott and Elliott, 2008). Loan is considered as long term finance for Woolworths to increase its capital. Venture capital Venture capital is same as the equity shares. Woolworths can use venture capital in order to invest in new organization and do analysis continuously that will help to take decision for further investment. Gearing Ratio Gearing ratio is the general classification that compares the equity of the owner to funds borrowed by the firm. It measures the financial leverage that shows the degree to which the activities of the company are funded by the owner and creditors (Kieso, Weygandt and Warfield, 2007). Gearing Ratio = Total Liabilities/Total shareholders equity Woolworths Liquidity/Financial Health 2014-06 2015-06 Gearing Ratio 2.36 2.34 The gearing ratio of Woolworths has decreased from 2.36 to 2.34 from the year 2014 to 2015. Higher value indicates that the company has higher leverage degree ad higher degree of risk. The gearing ratio of Woolworths has decreased which means that the leverage degree has decreased (Leonard, 2007). Higher leverage indicates high level of debt in comparison to the equity of the shareholders. Therefore, organizations with higher gearing ratio have higher amount of debts to service. Capital Structure Theories The capital structure theories help in depicting various types of proportions with the consideration of the financial leverages and henceforth the equity, debt and the preferences are described. A capital structure theory focuses on the maximization of shareholders value and thereby the financing mix is created. MM Theory The MM theory is a part of the capital structure theory in which irrelevance proposition is assumed that consists of no taxes and no bankruptcy costs. The weighted average cost of the capital seems to be remaining constant with thereby considering the changes in the capital structure. Pecking Order Theory The Pecking Order Theory is defined on the basis of three sources of funding which are seemed to be available for the firms that are the earnings, debt and the equity. In this part the retained earnings creates no adverse problems and thereby the debt is seemed to be creating a small amount of the selection problem. Trade off Theory The trade off theory refers to the idea that the company chooses how much debt and equity finance is used for balancing the costs and the benefits. It basically helps in entailing the offsetting costs of the debts which is seemed to be created against the benefits. It primarily deals with the two concepts that are the cost of financial distress and the agency costs. Agency Theory The agency theory in terms of finance is defined as the relationship or the bonding created for the management of the organisation or the company. Corporate executes and the shareholders of the company become the main examples for describing the agency theory. It also helps in describing the main challenges revolving round the agency relationships and thereby the personal goals are fixed. Risk Characteristics Woolworths can use long term finance sources in order to increase its finance and investing into its core activities. Equity share can be used for fianc but is more costly in comparison to debt finance and not easy to increase the company as it requires lot of legal formalities (El-Masry, 2007). The risk associated with debenture issue is that the company has to pay fixed interest to shareholders even if the company suffers losses. Taking loan from banks or financial institutions is also considered as fixed liabilities as because the company has to pay interest and principle loan amount. The payment of preference shares can be delayed for some reasons but cannot be ignored as because it has more priority over equity shares (Fischer, 2010). However, Woolworth has to raise its finance with the help of long term finance in order to achieve the future goals. It is important for the finance department to determine and evaluate the sources of finance in order to achieve the companys object ives. The major drawback of the long term debt is that it restricts the monthly flow of cash which also increases the risk for the company. The increase in liabilities imposes major threats to the companies that should be kept in mind while using the long term sources. Liquidity Management The management of liquidity is very much important for a company in order to operate its business without any risks. Managers, lenders investors look into the financial statements busing the liquidity ratios to determine and evaluate the liquidity risk. Liquidity Ratios Liquidity/Financial Health 2014-06 2015-06 Current Ratio 0.95 0.84 Quick Ratio 0.21 0.23 Debt/Equity 0.4 0.28 The current ratio and quick ratio of Woolworths is below one which shows negative sign for the company. The ability of paying off its obligations has decreased in both the year 2014 and 2015. The debt to equity ratio is below one which means that the debt level of the company is not so high. Working Capital Management Working capital management refers to the accounting strategy of a company designed and to utilize and monitor two components of the working capital, current liabilities and current assets to ensure that the company is operating efficiently. The main objective of working capital is to ensure that the form always maintains sufficient flow of cash to meets its short term obligations and short term costs. It involves monitoring of flow of cash, liabilities, and assets through ratio analysis (Moles, 2011). The ratio analysis includes working capital ratio, inventory turnover ratio and collection ratio. It is important for the management department to manage working capital as it helps to improve financial operation of the company and also helps improve the profitability and earnings. The working capital management includes inventory management, account receivable management and account payable management. Therefore, it helps to manage flow of cash, current assets and current liabilities o f the company. The collection ratio estimates how efficiently the organization manages its account receivable. It estimates average number of days that the company takes receive payment or covert its sales into cash (Moretto, 2008). In order to operate with efficiency and maintaining a high working capital level it is important for the company to balance carefully inventories and also meeting the needs of the customers. The capital cost utilized on the working capital should be minimized in order to achieve high profitability. The cost of capital can be minimized by using long term finance in an appropriate mix. The investment return made in the current assets should be more than weighted average capital cost in order to ensure maximum returns for the company (Smart, Megginson and Gitman, 2004). Working Capital Ratio = Current Assets/Current Liabilities Woolworths Liquidity/Financial Health 2014-06 2015-06 Working Capital Ratio 0.95 0.84 The working capital ratio is also known as current ratio that helps to measures the ability of the organization to pay off its obligations with its current assets. It is more important to the creditors as because it shows the level of liquidity of the firm. Current assets helps to pay off the current liabilities efficiently as because it can be easily converted into cash. The working capital ratio of Woolworths has decreased from 0.95 to 0.84 from the year 2014 to 2015. The higher the ratio is more favorable. The ratio below one is considered risky by investors and creditors because it shows that the firm is not operating efficiently and will not be able to cover its debt (Spiceland, Sepe and Nelson, 2011). The working capital ratio below one shows negative performance by the company as it is referred to as the negative working capital. Therefore, the company is not appropriately managing its operations. The company has to manage its short term finance in order to increase its effici ency. The short term finance that should be managed is as follows: Bank overdraft The financial institutions provide bank overdraft facilities in which a company can withdraw amount in excess of their available balance (Stittle and Wearing, 2008). It will help the company to finance its operating activities in short run. Trade Credit Trade credits are provided by the suppliers to their customers. It is referred to as the number of days that the seller would allow before due payment. Lease Woolworth can use assets on lease which means that the company can use the assets without purchasing it (Vance, 2003). The sources of short term finances should managed by the managers of Woolworths in order to operate its activities efficiently and effectively. An efficient management of working capital is very much important for a company to operate its activities efficiently (Wolf, 2008). Key Ratios - Efficiency Ratios Efficiency 2014-06 2015-06 Collection period 35.85 39.91 The collection period is the time period that the company takes to receive payments from the debtors. The collection period of Woolworths was 35.85 in the year 2014 and 39.91 in the year 2015. The management of cash is very much important for a company. It is the process to collect and manage cash which ensures financial stability of the company. It involves not only avoiding the insolvency but decreasing the account receivables, choosing appropriate short term investment and increasing cash to improve position of the company. Dividend Policies Dividend polices plays a vital role in distributing the retained earning obtained from the overall sales and other key activities of the company. Dividend polices is primarily signifies to the explicit and implicit decision of the shareholders related to the retained earning which should have distributed or divided to the shareholder of the organization (Wood and Sangster, 2005). The primary objective of the dividend policy is share the relationship between the organization dividend policy and the overall market value of the basic stock Date Dividends 3/2/2016 0.6286 9/9/2015 1.02857 3/18/2015 0.9571 9/10/2014 1.02857 3/17/2014 0.928571 9/9/2013 1.01429 3/18/2013 0.885714 9/10/2012 0.957143 3/19/2012 0.842857 9/12/2011 0.928571 3/21/2011 0.814286 9/13/2010 0.885714 3/22/2010 0.757143 9/7/2009 0.8 3/23/2009 0.685714 9/1/2008 0.685714 3/20/2008 0.628571 8/31/2007 0.557143 3/22/2007 0.5 9/4/2006 0.442857 3/27/2006 0.4 9/1/2005 0.385714 3/24/2005 0.342857 8/30/2004 0.342857 3/22/2004 0.3 9/4/2003 0.3 3/27/2003 0.257143 9/4/2002 0.257143 3/27/2002 0.214286 9/6/2001 0.214286 3/29/2001 0.171429 9/8/2000 0.185714 3/30/2000 0.142857 9/9/1999 0.142857 3/30/1999 0.114286 9/7/1998 0.128571 3/26/1998 0.114286 9/11/1997 0.128571 3/25/1997 0.1 10/10/1996 0.114286 3/28/1996 0.1 10/18/1995 0.114286 4/3/1995 0.085714 11/2/1994 0.085714 3/29/1994 0.085714 11/1/1993 0.085714 Graphical representation Dividend is considered to be a significant part of the company retained earning distribution. The board of director of the Woolworth confirmed and assures a final dividend per share of 72c outcome in the overall total dividend of 139c for the financial year 2015 with an average increase of 1.5% on the given fiscal year (Hafer and Hein, 2007). The overall payment of the April 2015 and October 2015 dividends will have the expected return on around 1.8$ billion and $0.8 billion in the overall franking credits to shareholders. Woolworth Limited expected to get a return of around 1.9$billion of franking credit which is available for the key future distribution. Profitability of the company Profitability 2014-06 2015-06 Tax Rate % 30.06 30.33 Net Margin % 4.02 3.53 Asset Turnover (Average) 2.62 2.46 Return on Assets % 10.56 8.66 Financial Leverage (Average) 2.36 2.34 Return on Equity % 25.43 20.35 Return on Invested Capital % 18.79 15.4 Interest Coverage 13.65 13.04 Profitability ratio help to provide a clear and precise idea about the company financial position and huts help to throw light on the company profit and loss margin on the basis of the profit and loss statement. Profitability ratio includes tax rate, net profit margin, asset turnover, return on asset, financial leverage, return on equity, return on invested capital and interest coverage ratio. The profitability ratio of the company is measure and calculated on the basis of the profit and loss statement. The ratio calculated over here is compared with the two year 2014 and 2015. The two financial year ratio which helps to throw light on the profitability aspect of the company is considered (North and Caes, 2012). The tax rate of the Woolworth for the year 2014 and 2015 remained constant with mild increase which helps to throw light that the company is making profit. Net margin of the company is expected to be decreasing as the net profit margin of the company is year 2014 is more comp ared to 2015. Asset turnover ratio helps to provide the clear image of the management of the company in managing its resource effectively. Asset turnover ratio and return on asset both seems to be decreasing with a constant rate. Return on equity, return on invested capital and interest coverage ratio seems to be gradually decreasing at a constant rate which signifies that the company inability to manage its asset and other key resource effectively for the year 2015 which resulted in the decline of the all the key ratio of profitability. Minskey Analysis Minskey analysis of Woolworth describes the financial position of the company. Hedge finance shows the flow of income that is expected to meet the financial obligations in each period. Speculative finance states that the company should roll over the debt because the flow of income is expected to cover oly interest costs (Wolf, 2008). Ponzi finance shows that the flow of income wont even cover the interest cost so that the organization should borrow sell off the assets to service its debts. Recommendations The overall performance of Woolworths has decreased from the year 2014 to 2015. Therefore, it is important for the company to take necessary steps in order to increase efficiency and profitability of the company. The investors can invest into the company as the net profit margin of the company is positive and has built its reputation in the market. Conclusion The financial statements of Woolworths help to calculate financial ratios as well as analyzing the financial health of the company. The working capital ratio of the company shows that the company need to steps in order to increase their efficiency. The profitability ratio also shows the profits earned by the company and financial performance in the year 2014 and 2015. The net profit margin has increased which means that the profit of the company has decreased. The asset turnover has decreased slightly which means the company is not utilizing its assets appropriately. Return on equity and return on invested capital has also been decreased which means that the company was not efficient to generate returns on the invested capital. Therefore, overall the performance of Woolworths has decreased from the 2014 to 2015 which imposes major challenge for the company. 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