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Task 4. Read the text again and compare it with the translation on the opposite side of the broadside
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| The global economy is changing radically and will continue to do so for many years. Recent trends include the following: reduction of trade barriers; creation of regional economic zones; maturation of consumer markets in industrial countries; potential growth of consumer markets in emerging countries; increased expectations by consumers for product value, variety, and availability; increased volatility in financial and currency markets. These trends have simultaneously expanded the opportunities open to MNCs and increased their risks. Major sources of uncertainty faced by a MNC include product prices, product demand, commodity prices, commodity supply, foreign exchange, new manufacturing and information technologies, competitor actions, and political changes. New tools of analysis and planning are needed to control risks associated with these uncertainties while guiding management toward enhanced profits and shareholder values. Financial and business risks associated with designing and operating global supply chains can best be mitigated by integrating tools of financial analysis with those of supply chain planning. Unfortunately, efforts to effect such an integration must overcome large cultural barriers within the firm. On the one hand, the firm's financial managers are accustomed to managing risk by applying options and other derivative instruments that they purchase from commercial banks. Financial engineers at these banks use options pricing theory to determine their cost based on probabilistic analysis of the uncertainties. The use of currency options to mitigate exchange rate risk is a classic application of this type. Many supply chain risks do not lend themselves to insurance coverage using options; for example, the risk that consumer demand in a particular country will drop by 50% next year due to an economic or governmental crisis. On the other hand, the firm's supply chain managers employ (deterministic) optimization models in trying to fathom the complex interactions that make supply chain planning difficult and important. These deterministic models do not identify contingency plans and hedging strategies for mitigating risk. Moreover, supply chain models have not yet been widely integrated with corporate financial planning models. | Глобальная экономика радикально меняется, и это будет продолжаться много лет. Последними тенденциями являются следующие: сокращение торговых барьеров; создание региональных экономических зон; развитие потребительских рынков индустриальных стран; потенциальный рост потребительских рынков в развивающихся странах; растущие ожидания клиентов относительно качества, разнообразия и наличия продуктов; растущая нестабильность на финансовых и валютных рынках. Эти процессы одновременно расширили возможности, открывающиеся перед MНК, и увеличили их риски. Главными причинами неопределенности, стоящими перед MНК, являются цены на продукты, спрос на продукты, цены на потребительские товары, предложение товаров, курсы валют, новые производственные и информационные технологии, действия конкурентов и политические изменения. Необходимы новые инструменты анализа и планирования для контроля рисков, связанных с этими колебаниями, когда управление компанией старается увеличить прибыль и акционерный капитал. Финансовые и бизнес-риски, связанные с разработкой и функционированием глобальных цепей поставок, могут быть сокращены посредством интеграции инструментов финансового анализа с инструментами планирования цепей поставок. К сожалению, попытки осуществления такой интеграции должны преодолеть тяжелые культурные барьеры в пределах фирмы. С одной стороны, финансовые менеджеры фирм привыкли управлять рисками с помощью применения опционов и других производных инструментов, которые они покупают у коммерческих банков. Финансисты этих банков используют варианты теории цен для определения их стоимости на основе анализа вероятностей колебаний. Использование валютных опционов с целью снижения риска обменного курса является классическим приемом такого типа. Многие риски цепи поставок не дают возможности застраховать их, используя опционы; например, риск того, что потребительский спрос в определенной стране упадет в следующем году на 50% из-за экономического или правительственного кризиса. С другой стороны, менеджеры цепи поставок фирмы используют детерминистические модели в попытке прояснить сложные взаимодействия, делающие планирование цепи поставок сложным и важным процессом. Эти детерминистические модели не могут определить чрезвычайных планов и стратегий хеджирования для снижения риска. Более того, модели цепи поставок до сих пор не были широко интегрированы с моделями корпоративного финансового планирования. |
Task 5. Compare equivalents underlined on both sides of the broadside. Try to memorize them
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Task 6. Insert a required word or phrase in the blanks. Consult the dictionary if need be
a) competitor actions
b) consumer markets
c) contingency plans
d) managing risk
e) maturation
f) mitigating risk
g) probabilistic analysis
h) reduction of trade barriers
i) tools of analysis and planning
j) uncertainty
k) volatility
1. Recent trends include_____________________, creation of regional economic zones, _______________________of consumer markets in industrial countries, potential growth of _________________________in emerging countries, increased expectations by consumers for product value, variety, and availability, increased _________________in financial and currency markets.
2. Major sources of _______________________faced by a MNC include product prices, product demand, commodity prices, commodity supply, foreign exchange, new manufacturing and information technologies, _______________________, and political changes.
3. New ___________________________are needed to control risks associated with these uncertainties while guiding management toward enhanced profits and shareholder values.
4. The firm's financial managers are accustomed to _________________________by applying options and other derivative instruments that they purchase from commercial banks.
5. Financial engineers at the banks use options pricing theory to determine their cost based on ______________________________of the uncertainties.
6. The deterministic models do not identify _________________________and hedging strategies for_______________________________.
Task 7. Checking up: read the text first in English then- its translation pattern to be ready for oral and written test-translation
Task 8. Test – translation. Translate the passage from English into Russian: orally -10 min. trying to find appropriate Russian equivalents; in written form- 30 min. Compare your translation with the given sample
The global economy is changing radically and will continue to do so for many years. Recent trends include the following:
• Reduction of trade barriers
• Creation of regional economic zones
• Maturation of consumer markets in industrial countries
• Potential growth of consumer markets in emerging countries
• Increased expectations by consumers for product value, variety, and availability
• Increased volatility in financial and currency markets
These trends have simultaneously expanded the opportunities open to MNCs and increased their risks.
Major sources of uncertainty faced by a MNC include product prices, product demand, commodity prices, commodity supply, foreign exchange, new manufacturing and information technologies, competitor actions, and political changes. New tools of analysis and planning are needed to control risks associated with these uncertainties while guiding management toward enhanced profits and shareholder values.
Financial and business risks associated with designing and operating global supply chains can best be mitigated by integrating tools of financial analysis with those of supply chain planning. Unfortunately, efforts to effect such an integration must overcome large cultural barriers within the firm.
On the other hand, the firm's supply chain managers employ (deterministic) optimization models in trying to fathom the complex interactions that make supply chain planning difficult and important. These deterministic models do not identify contingency plans and hedging strategies for mitigating risk. Moreover, supply chain models have not yet been widely integrated with corporate financial planning models.
Task 9. Discussion
1. What are the resent trends in the global economy affecting supply chain management?
2. What are major sources of uncertainty faced by a MNC?
3. How can financial and business risks associated with designing and operating global supply chain be mitigated?
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