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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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| Realistic optimization models for corporate financial planning, which include linkages to supply chain models, can be constructed. The reluctance of financial managers to consider such models may be due to a lack of knowledge about them coupled with legacy thinking about myopic approaches to financial decision making. In any event, we are hopeful that innovative financial managers are ready to consider broader, systems analysis approaches to the evaluation of their planning problems. On several occasions in recent years, while discussing supply chain modeling solutions in companies that manufacture and distribute physical products, financial managers present at the meetings have observed with enthusiasm that the models could also analyze the company's "financials" such as long-term debt, equity, retained earnings, and a host of other factors. Models that link financial planning and supply chain networks for MNCs are particularly appealing because they allow the MNC to legally exploit a vast array of options for repatriating after-tax income in the company's local currency to the parent company. At the same time, using multiobjective optimization methods, these models allow senior managers to measure trade-offs among after-tax repatriated income and the performances of foreign subsidiaries. Finally, although they require more research, stochastic programming models to assist MNCs in selecting real and financial options are a tantalizing paradigm awaiting application in the near future. Due to uncertainties about interest rates, commodity prices, and other financial factors, stochastic programming is also very relevant to financial planning of a corporation doing business in only one country. Optimization models are capable to holistically capture supply chain, marketing, and financial planning within the firm. This capability is a systems analysis projection of the balanced scorecard methodology that seeks to provide managers with a comprehensive range of internal and external measures and metrics describing the company's performance. Specifically, the balanced scorecard links performance measures in four key areas: financial perspective, customer perspective (marketing), internal perspective (supply chain), and learning and growth (human resources). | Реальные оптимизационные модели для корпоративного финансового планирования, включающие сочетание с моделями цепи поставок, могут быть построены. Нежелание финансовых менеджеров применять такие модели может объясняться недостатком знаний о них вкупе с недальновидными взглядами на принятие финансовых решений. В любом случае, мы надеемся, что передовые финансовые менеджеры готовы более широко рассматривать системные аналитические подходы к разрешению проблем планирования. В ряде случаев, за последние годы обсуждения решений по моделированию цепей поставок в компаниях, производящих и реализующих физические продукты, финансовые менеджеры, присутствующие на собраниях, с энтузиазмом отметили, что модели также могут анализировать “финансы” компании, такие как долгосрочный заем, акционерный капитал, нераспределенную прибыль и множество других факторов. Модели, связывающие финансовое планирование и сети цепей поставок для MНК, достаточно привлекательны, потому что они дают возможность MНК законно использовать большое количество вариантов для репатриации чистой прибыли из валюты данной страны в валюту материнской компании. В то же время, используя многоцелевые методы оптимизации, эти модели позволяют высшему руководству оценить выгоду от репатриации чистой прибыли и деятельности иностранных филиалов. Итак, несмотря на то, что модели стохастического программирования требуют дополнительных доработок, для поддержки MНК в выборе реальных и финансовых опционов, они являются заманчивой парадигмой, ждущей применения в будущем. Из-за колебаний в процентных ставках, ценах на товары, и других финансовых факторов, стохастическое программирование также хорошо подходит для финансового планирования в корпорации, занимающейся бизнесом только в одной стране. Оптимизационные модели могут охватить такие сферы компании как цепь поставок, маркетинг и финансовое планирование. Эта способность является проекцией анализа системы взаимосвязанных показателей, который направлен на то, чтобы предоставить менеджерам всеобъемлющий перечень внутренних и внешних показателей и измерений, описывающих деятельность фирмы. В частности, система взаимосвязанных показателей отражает результаты деятельности по четырем областям: финансовый фактор, потребительский фактор (маркетинг), внешний фактор (цепь поставок) и обучение и карьерный рост (человеческие ресурсы). |
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) balanced scorecard
b) interest rates
c) lack of knowledge
d) long-term debt
e) multiobjective optimization methods
f) reluctance
g) repatriating after-tax income
h) retained earnings
1. The ______________________of financial managers to consider such models may be due to a ____________________________about them coupled with legacy thinking about myopic approaches to financial decision making.
2. On several occasions in recent years financial managers have observed with enthusiasm that the models could analyze the company's "financials" such as______________________, equity, ____________________________, and a host of other factors.
3. Models that link financial planning and supply chain networks for MNCs are particularly appealing because they allow the MNC to legally exploit a vast array of options for ___________________________________in the company's local currency to the parent company.
4. Using_______________________, optimization models allow senior managers to measure trade-offs among after-tax repatriated income and the performances of foreign subsidiaries.
5. Due to uncertainties about_______________________, commodity prices, and other financial factors, stochastic programming is also very relevant to financial planning of a corporation doing business in only one country.
6. The ________________________links performance measures in four key areas: financial perspective, customer perspective (marketing), internal perspective (supply chain), and learning and growth (human resources).
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
Realistic optimization models for corporate financial planning, which include linkages to supply chain models, can be constructed. The reluctance of financial managers to consider such models may be due to a lack of knowledge about them coupled with legacy thinking about myopic approaches to financial decision making. In any event, we are hopeful that innovative financial managers are ready to consider broader, systems analysis approaches to the evaluation of their planning problems. On several occasions in recent years, while discussing supply chain modeling solutions in companies that manufacture and distribute physical products, financial managers present at the meetings have observed with enthusiasm that the models could also analyze the company's "financials" such as long-term debt, equity, retained earnings, and a host of other factors.
Models that link financial planning and supply chain networks for MNCs are particularly appealing because they allow the MNC to legally exploit a vast array of options for repatriating after-tax income in the company's local currency to the parent company. At the same time, using multiobjective optimization methods, these models allow senior managers to measure trade-offs among after-tax repatriated income and the performances of foreign subsidiaries. Finally, although they require more research, stochastic programming models to assist MNCs in selecting real and financial options are a tantalizing paradigm awaiting application in the near future. Due to uncertainties about interest rates, commodity prices, and other financial factors, stochastic programming is also very relevant to financial planning of a corporation doing business in only one country.
Task 9. Discussion
1.Can realistic optimization models be constructed in the short run?
2.Why are financial managers reluctant to consider optimization models?
3.Why are models that link financial planning and supply chain network for MNC appealing?
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