Case Study
Acting as the CEO of New Heritage Doll company and need to decide which investment projects can create values for shareholders’ wealth so that the company can receive funding in the next five years. Student’s task is to evaluate proposed projects using the financial and qualitative information provided and to select projects to be approved for a given year’s investment plan using any evaluation criteria deem appropriate. Students are to submit the simulation online and to write a final report in a formal business format based on the simulation.

Case Study Instructions:
This is an individual assessment. You are acting as the CEO of New Heritage Doll company and you need to decide which investment projects can create values for shareholders’ wealth, so that the company can receive funding in the next five years. Your task is to evaluate proposed projects using the financial and qualitative information provided and to select projects to be approved for a given year’s investment plan using any evaluation criteria you deem appropriate. There is more detailed information provided in the case study and you also can:
1. Review the Preparetab where you’ll learn about New Heritage and its corporate strategy;
2. Navigate the Analyze tab to view detailed financial reports at the divisional and company levels. Here you can also evaluate projections for each of the available projects;
3. Proceed to Decide tab to submit your final project decisions for that year;
4. The simulation advances to the next year and presents the financial results of your investments.

The Case Study is a real-world case study, which will help you to know what’s going on in the real corporate world. Curtin University has bought the copyright from Harvard Business School and paid almost half of the Finance Simulation: Capital Budgeting, New Heritage Doll Simulation for each student (onshore, offshore, and online) in Finance (Corporate) 307 and 572. The simulation is a useful software and tool containing all information and calculations in order to help the CEO to make capital budgeting decisions. Curtin students only need to pay $7.50USD to use this simulation software and also for the recognition of using Harvard Business Simulations. You can put this skill on your CV and it would be recognized if you go to US to study or work. This is a very good deal regarding the benefits brought to students in comparison to the small cost. Students should be encouraged to get this half paid simulation and use it for the case study.

However, as the Unit Controller, I don’t want to force students to pay. As Curtin doesn’t have an optional assessment structure and the cost is too big for the university to cover (if Curtin pays the full amount of the simulation for every student in these two big units: Finance Corporate 307 and 572, onshore, offshore and online), this is the best deal we can get. I hope that you as students can recognize and appreciate our efforts to help you in your study to gain the real corporate world experience, and learn modern and industry-related knowledge and skills. Nevertheless, if there is any student who really doesn’t have the $7.50USD, I can probably waive the half weight of the Case Study to the Literature Review and the half weight to the Final Exam (as the Literature Review is a group assessment). We do not in fact encourage this option as it is not fair for the rest of the students, so the special case we allow should be very minimal. You mayneed to provide very strong evidence to show that the $7.50USD can really affect your living condition.

The Case Study is due on Tuesday, 2nd of April, at 12:00pm, Week 4. Please submit your simulation online and written document electronically through Turnitin on the Blackboard (Assessment/Case Study/Case Study View/Complete). You can play the capital budgeting simulation as many times as you want before the submission. For example, if you play through it and don’t like (or understand) what happened, you can go back and try again using a different strategy. The simulation is particularly designed this way for students to try different strategies in order to develop a deeper understanding of how different decisions lead to different outcomes. The Week 1 and Week 3 tutorials will particularly show you how to use the simulation, please make sure that you do attend them.

Please register and purchase the course pack using the links below and according to your location (the Course URL is also available on the Blackboard):
• For 307 onshore or Bentley students: https://cb.hbsp.harvard.edu/cbmp/access/17531351;
• For all 307 offshore students : https://cb.hbsp.harvard.edu/cbmp/access/17531356;
• For 307 online students: https://cb.hbsp.harvard.edu/cbmp/access/17531435;
• For 307- Charles Telfair Institute students: https://cb.hbsp.harvard.edu/cbmp/access/18403140;
• For 572 onshore or Bentley students: https://cb.hbsp.harvard.edu/cbmp/access/17531436;
• For all 572 offshore students: https://cb.hbsp.harvard.edu/cbmp/access/17531451.

The marking will be based on your write-up rather than the specific scores or results in the simulation. This is because you may very well make mistakes when playing the simulation and yet learn from those mistakes. When you are done playing the simulation, you may very well be confused or even a bit frustrated by what happened to you, and that’s alright. The real learning comes from seeing the results of your actions or decisions (even if you make mistakes in your simulation results). If you can express what you’ve learnt through your report afterwards, then the actual score on the simulation is relatively less important. Therefore, please answer the following questions in your write up based on your simulation:

New Heritage Doll Simulation
1. What projects you chose each year and why you chose them?
2. What your budget constraint was each year and how it impacted your decision?
3. How you decided among competing projects when you couldn’t accept all possible positive NPV projects?
4. How you determined the riskiness of the projects you evaluated?
5. Is there any ethical issue/agency problem/corporate governance issue when you are the CEO to make decisions? What are your suggestions to avoid or reduce these problems?

You are encouraged to write your final report in a formal business format. However, as long as you have Introduction, Discussion (to answer the five questions above), and Conclusion/ Recommendations for 6 pages with 1.5 lines spacing and 12pt font, you should be fine. Please see the marking sheet for the Case Study. Work submitted will all be subjected to a plagiarism detection process, which will include the use of systems such as ‘Turnitin’ (you need to have less than 20% similarity excluding the reference for your report).
The learning outcomes of the case study:
1. Assists students to apply and justify financial management tools and techniques to make investment decisions using real corporate world examples;
2. Assists students to analyze and justify information relating to sources and uses of capital from a CEO/CFO perspective;
3. Assists students to learn modern capital budgeting software and familiar with Harvard Business School Finance Simulations;
4. Assists students to develop communication and writing skills for business reports;
5. The case study will be particularly useful for someone who is going to work in industries. The knowledge, experience and skills you have learnt will equip you to become a financial manager, financial advisor, or CEO/CFO.
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