Analysis for
X-Cal Systems,
Inc.
"If we command our wealth, we shall be rich and free; if
our wealth commands us, we are poor indeed."
- unknown
Eight is Enough Wiki Group
Robin Castillo rcastillo@smwc.edu
Jeff Bane jbane@smwc.edu
Lucky Hall,I lhall@smwc.edu
Jamie Walters jwalters@smwc.edu
Sirrea Hayes shayes@smwc.edu
Liz Ciyou-Allee eciyou-allee@smwc.edu
Ofe Walker owalker@smwc.edu
Elizabeth Nichols enichols@smwc.edu
August 15th, 2009
OL553-2 Financial Management Final Project
Executive Summary
Copyright © 2009, Eight is Enough Proprietary Notice
August 15th, 2009
Business owner - Nathan
X-Cal Systems, Inc.
Dear Nathan,
Thank you for engaging with Eight Is Enough (EIE) to assist you in working through new
strategies with X-CAL. We want you to view this as a construction project. Some things may
have already been planned out, but they will take a different turn than you expected. We ask
that you look at each page, see how it applies to X-CAL, and make a choice to accept or refute
the idea as well as consider the implications of each decision. We are utilizing a critical thinking
process called Elements of Thought to walk you through the process. It is designed to help you
critically think through each of the concerns and positives of your firm.
We are excited as a group to be working with X-CAL both as teachers and mentors. This
analysis is to be a tool of instruction as well as future reference when our time with X-CAL is up
and you have been empowered to take hold of the reigns of your corporation and move
forward in a decisive, directed manner. X-CAL can always reference the WIKI website by
accessing this link: http://eightisenough.pbworks.com/
Along the way X-CAL will be provided the tools to help your understanding of what the
excel files with financial information really mean to X-CAL and how X-CAL can utilize that
information to identify issues, choose a plan and then move forward to the implementation of
that plan. If at any time you feel you need additional information, please ask and we will do
our best to provide it in another format to assist in this process.
In order to ensure that we remain on task and prevent scope creep, our task is to review
the current financial status of X-Cal systems, Inc. and provide insight into the areas that can be
improved, updated, corrected and changed. Our goal is to provide you with the needed
information to bring you up to speed on the financial side of X-Cal Systems, while maintaining
your ability to remain integrated in the creative side as well. Please always feel free to contact
us if we can be of any assistance as we work through this process with you. We are only as
successful as our client’s ability to understand and implement the information provided in both
the short and long term.
To help you get off on the right foot, we have included a video link on Six Sigma and a
PowerPoint on Balanced Scorecard. Understanding these two processes will provide you with a
good basis for your next steps forward.
http://www.youtube.com/watch?v=L0tpuBo7tnk (YouTube)
OL553 Balanced Scorecard Lecture.ppt (Mitchell)
Sincerely,
The Eight is Enough Wiki Group
The Analysis for X-Cal Systems, Inc
X-Cal’s Best Opportunity to Improve Operations
Purpose
The purpose of the Eight is Enough Wiki Group is to provide sound financial analysis
through calculating and interpreting ratios, outline a good performance model for X-Cal using
both Balanced Scorecard and Six Sigma, as well as introducing the company to the Eight
Elements of Thought. Through this process we will demonstrate techniques of working as a
group and good leadership through the discussions and project format utilized on
PBWorks.com.

[Question]

[Information]

[Interpretation & Inference]

[Concepts]

[Assumptions]

[Points of View]

[Implications]

[Recommendation]

[Technical Approach]

[Project Team Resumes]

[Proprietary Notice] [References] [Meeting Minutes]
Questions

What Ratios represent “problem” areas for Nathan’s company?

What should inventory be reduced by to meet industry or exceed industry average of
7.4 or better.

What needs to occur with inventory to increase “Working Capital”?

What are some reasons why labor cost would decrease?

What are some key factors for improving the DSO ratio?

What business improvement processes could be useful for Nathan?

How should the organizational structure of X-Cal change?
 How does the Current and Quick ratio for 2009 Liquidity compare to industry standards?
Financial Information
It has come to our attention that the company needs help with its financials. Eight is
Enough (EIE) has a group working on what the company’s next steps should be; however, EIE
would also like to provide the company with other feedback methods used to assist X-Cal
Systems, Inc. in its ability to solve future problems.
A basic understanding of accounting and financial principles will help X-Cal be proactive
instead of reactive. These analytical tools not only give X-Cal a look at how well the company is
performing, but also help banks and investors determine whether or not they would like to
invest in the company.
The Balance Sheet is a financial statement that provides X-Cal with a look at the
company’s assets and liabilities, giving a glimpse at the company’s financial position for a
specific time frame. It will show what assets X-Cal owns and how they are financed in the form
of liabilities or ownership interest. Basically the reason why it is called the balance sheet is
because the assets and liabilities with owner’s interest must match, and balance. The Income
Statement is another financial statement, and it provides the company and potential investors
with a look at X-Cal’s profitability (if any) over a period of time. All of X-Cal’s expenses are
subtracted from sales to get the company’s Net Income.
BALANCE SHEET
X-Cal Systems, Inc. Comparative Balance Sheets as of December 31
In (000)s
2009
2008
2007
2006
ASSETS
Cash
Marketable Securities
100
450
400
400
200
-
500
300
Accounts Receivable
1,900
1,600
1,700
1,500
Inventory
2,000
1,500
1,500
1,300
Prepaid Expenses
200
150
100
Current Assets 4,200
4,200
4,000
3,500
Property, Plant & Equipment
7,700
3,500
3,000
2,800
Less: Accm Depreciation
(1,800)
(1,000)
(800)
(700)
2,500
2,200
2,100
600
600
TOTAL ASSETS 10,700
LIABILITIES & STOCKHOLDERS' EQUITY
7,300
6,800
Notes Payable
100
100
100
100
Accounts Payable
700
300
250
350
Accrued Expenses
550
500
400
350
Income Taxes Payable
400
350
500
200
Current Maturities of Long-Term Debt
250
150
150
150
1,400
1,400
1,150
950
1,100
1,250
2,350
2,500
2,400
Net Property, Plant & Equipment 5,900
Intangible and Other Assets
600
Current Liabilities 2,000
Long-term Debt
3,000
Total Liabilities 5,000
100
500
6,100
Preferred Stock
100
100
100
100
Common Stock (100,000 shares)
1,000
1,000
1,000
1,000
Additional Paid-in Capital
1,100
1,100
1,100
1,100
Retained Earnings
3,500
2,750
2,100
1,500
Total Stockholders' Equity 5,700
TOTAL LIABILITIES & EQUITY
4,950
4,300
3,700
6,100
10,700
7,300
6,800
X-Cal Systems, Inc. Comparative Income Statements as of December 31
In (000)s
INCOME STATEMENT
2009
2008
2007
Net Sales
Cost of Goods Sold
12,500
11,000
10,500
Material
3,500
2,400
1,600
Labor
2,200
2,700
3,200
2,400
2,200
2,000
Total Cost of Goods Sold 8,100
7,300
6,800
Manufacturing Profit 4,400
3,700
3,700
Manufacturing Expenses
Selling Expenses
1,100
900
900
General & Administrative Expenses
1,200
1,300
1,200
Total Operating Expenses 2,300
2,200
2,100
Operating Profit 2,100
1,500
1,600
Other (Income) Expenses
Interest, net
150
140
160
Other
(50)
10
40
150
200
Total Other 100
Profit Before Income Taxes
2,000
1,350
1,400
Income Tax
800
450
500
Net Income 1,200
STATEMENT OF CHANGES IN RETAINED EARNINGS
900
900
Beginning Retained Earnings
2,750
2,100
1,500
Net Income
1,200
900
900
Dividends Paid
(450)
(250)
(300)
Ending Retained Earnngs
3,500
2,750
2,100
N/A
Other Information
Average Market Price
Preferred Stock Dividends Due
$
15.00
$
10.50
10
$
9.75
10
10
Fixed Charges
Interest
150
140
160
Rent (included in General)
25
25
20
Lease Payments
10
8
4
Debt Principal
200
150
150
385
323
334
TEXT
Formula
2009
2008
2007
2200
2.10
1.00
2800
3.00
1.82
2600
2.86
1.71
5.0%
4.5%
67.9%
16.1%
50.0%
15.4%
SURVIVAL RATIOS
Liquidity Ratios
LQ
Working Capital
Current Ratio
Quick Ratio
Cash Turnover
Accounts Receivable to
Accounts Payable
Current Assets - Current Liabilities
Current Assets/Current Liabilities
Quick Assets/Current Liabilities
Cash + Marketable Securities/
Current Liabilities
Cash/Working Capital
Sales/
Avg (Cash + Marketable Securities)
Accounts Receivable /
Accts Pay. + Accd. Expenses
CF
Cash Ratio
Cash to Working Capital
Working Capital Turnover
Inventory to Working Capital
Sales/ Working Capital
Inventory/Working Capital
LQ
Accounts Payable Days
Accts Pay. + Accd. Expenses/
(COGS +SGA Expenses)/365
43.9
30.7
26.7
AU
Days of Working Capital
Leverage/Solvency Ratios
Debt to Equity Ratio
Debt to Assets Ratio
Interest Coverage Ratio
Accts Rec + Inventory - Accts. Pay/
(Net Sales/365)
93.4
92.9
102.5
Total Liabilities/Stockholders' Equity
Total Liabilities/Total Assets
EBIT/Interest Expense
0.88
0.47
14.3
CF
AU
SO
SO
SO
23.8
13.3
16.2
1.5
2.0
2.6
5.7 3.9
4.0
90.9%
53.6%
57.7%
0.47
0.32
10.6
0.58
0.37
9.8
SO
LQ
LQ
LQ
LQ
OP
OP
OP
RI
RI
Fixed Charge Coverage
Earnings Before Fixed Charges/
Charges
Borrowed Funds to Equity
Fixed
6.2
5.2
5.2
Borrowed Funds/Stockholders' Equity
0.59
0.24
0.31
Activity (Performance) Ratios
Accounts Receivable Turnover
Accounts Receivable Days
Credit Sales/Avg Accts Receivable
Accts Receivable/Avg Daily Sales
7.14
55.5
6.67
53.1
6.56
59.1
Inventory Turnover Ratio
Inventory Held-Days
Asset Turnover
Fixed Asset Turnover
Sales to Inventory
Cost of Goods Sold/Average Inventory
Days in Year/Inventory Turnover
Sales/Average Assets
Sales/Average FIXED Assets
Sales/Average Inventory
4.63
78.9
1.39
3.0
7.1
4.87
75.0
1.56
4.7
7.3
4.86
75.1
1.63
4.9
7.5
Profitability Ratios
Net Profit Margin
Gross Profit Margin
Operating Profit Percentage
Return on Investment (ROA)
Return on Equity (ROE)
Net Income/Net Sales
Gross (MFG) Profit/Net Sales
Sales - (COGS + SGA)/Sales
Operating Profit/Average Total Assets
Net Income/Average Equity
9.6%
35.2%
16.8%
23.3%
22.5%
8.2%
33.6%
13.6%
21.3%
19.5%
8.6%
35.2%
15.2%
24.8%
22.5%
Annual Net Sales/
Average Common Stock Price
833.3
Stock Market Ratios
MP
MP
RI
Key
AU
OP
CF
Sales to Stock Price Ratio
Price and Earnings Ratios
Earnings Per Share
Price-Earnings Ratio
Dividend (Yield) Ratio
Dividend Payout Ratio
These ratios match up to
textbook
Asset Utilization
Operating Performance
Cash Flow
Net income (adj)/Common Shares
Market Price/Earnings Per Share
Dividends Per Share/
Average Market Share Price
Dividends per Share/Earnings Per Share
1,047.6
1,076.9
1.19
12.6
0.89
11.8
0.89
11.0
3.0%
37.8%
2.4%
28.1%
3.1%
33.7%
A few ratios X-Cal will see utilized are the current ratio, quick ratio, inventory turnover,
costs of goods sold, day sales outstanding, and return on asset.
Reuters is short for the Reuters Group plc, a world-renowned news service and financial
market intermediary. ‘Reuters supplies the global financial markets and news media with timely
and relevant market data, research and analytical services, trading platforms, investment
information and news. Reuters primarily makes money from the sale of content, images and
video to its subscribers. Almost all major news outlets subscribe to Reuters.’ Click on this link
for additional information: http://www.investorglossary.com/reuters.htm
X-Cal is a part of the prepackaged software industry (7372). When doing research on
the prepackaged software industry, EIE found the following:

The prepackaged software industry covers companies involved in the design,
development, and production of prepackaged operating, utility, and applications
programs.

The industry produces operating system and server software, computer games, office
software suites, database software, applications for mobile devices, and a wide range of
other software applications.

The prepackaged software industry is distinct from the custom software industry, which
offers programming services on demand. (Dolbeck, 2008)
According to the summary of the company, ‘X-Cal systems was founded in 2005 by some
pioneers in the electronic gaming industry that created an online game that could be played on
the Internet over fairly low bandwidth’. The statement that X-Cal created an online game that
shows that the company designed and developed the product, and since the game that was
developed can be played online, the assumption is that it has to be able to interact with
different servers and other software applications to be successful (Mitchell, n.d.).
Interpretation and Inference
 Days Sales Outstanding (DSO) 7.14 is better than the industry average of 6.1 or 59.8
days
 Sales in 2009 has increased by 13.6% from 2008
 Inventory has increased each year and year end figure was 2 million
 Return on Assets (ROA) ratio is 23.3% in 2009. This number is not a true picture of
success since the ROA is including inventory which has low turnovers.
 The Current Ratio of 2.1 is not an alarming issue since Industry average is 2.3.
 The Quick Ratio of 1.0 compared to industry standard of 2.0 represents an area of
concern.
 While X-Cal’s Gross profit margin of 35.2% may be good for some investors, it is far
below industry average of 74%.
Concepts
The BSC concept will help Nathan to manage all moving parts of X-CAL. It appears that X-CAL’s
reports and measures are lagging indicators of actions that need to be taken in developing employees,
and optimizing processes. The strategic plan consists of a stated mission and vision for X-CAL’s top level
goals and objectives, and the core values that X-CAL will espouse as a company.
The Balanced Scorecard is X-CAL’s preferred tool for tracking progress towards achieving
goals, and includes measures, targets, and strategic initiatives.
It is "balanced" because it eliminates exclusive reliance on financial measures as a gauge
of success. It forces us to assess our overall performance by answering four critical questions,
which align to four distinct perspectives:
1.
How do our customers see us? (Customer perspective)
2.
How do we look to our stakeholders? (Financial perspective)
3.
Is our process efficient and effective? (Internal perspective)
4.
Can we continue to improve and create value? (Learning and growth
perspective)
It is a "scorecard" because it provides a quantitative assessment of performance against
targets. Strategic Goals provide a statement of what X-CAL wants to accomplish in each
perspective. Strategic Objectives will list what must be achieved to accomplish the goal.
Objectives must be stated in a way that is measurable, to provide the link between the strategy
and the scorecard. Balanced Scorecard Measures specify how success will be measured and
tracked.
Balanced Scorecard Targets establish the level of performance or rate of improvement
needed within a specified time period. Targets change year to year. Strategic Initiatives are key
action programs and resources needed to move from our current level of performance against
each measure on the scorecard (current state), to the target level of performance (desired
state).
Assumptions

X-Cal costs of materials have been trending up since 2007. This could be due to several
factors; increased production cost, change in suppliers, and increased fuel cost.

X-Cal’s labor cost has been trending down since 2007. This could be due to leveraging
centralization, not hiring as many talented/expensive personnel and reducing X-CAL’s
labor force, (X-Cal went from 100 to 50 people). Moreover, there was a 4.2 million
dollar investment in property, plant, and equipment. This was a short term investment
an exchange for long term gain.

X-Cal’s manufacturing expenses have been trending up since 2007. This could be
because management has not deployed any efficiency in business processes as it has
grown. Nathan is highly skilled as a games developer; however he may lack sufficient
management and business skills to grow the company effectively.
Implications and Consequences
This section will also address the implication and consequences of accepting the EIE plan
or rejecting it and going a different direction or staying on your current path.
EIE would first like to address the use of Balanced Scorecard and Six Sigma
improvement projects. We have provided you with the tools to integrate Balanced Scorecard
into your everyday working processes. If the company chooses to accept this recommendation
EIE believes that it will bring significant clarity to the issues that X-Cal is currently facing and
provide a clear direction that is specific not only to X-Cal but your specific industry. The link
below will give you an overview of the process.
http://www.balancedscorecard.org/Home/tabid/36/Default.aspx.
Since EIE is only focusing on the financial side of X-Cal, it will be your responsibility to
look at the other areas within your business that need to be monitored for improvement in
order for X-Cal to be successful. With Balanced Scorecard, the following financial areas have
been identified as key areas for current cash flow issues:

Inventory Turnover Ratio - By choosing to follow our recommendations the
implications are that X-Cal will be able to identify the cause of increased
inventory and then plot a plan for reduction and liquidity resulting in improved
inventory management. The consequences of not addressing this area are that
X-Cal’s debt to asset ratio is providing an altered view of the company’s true
solvency which directly affects your bottom line. Debt to asset ratio indicates
what portion of the company assets are being financed through debt. Definition:
(Investopedia)

Days Sales Outstanding - By choosing to follow our recommendations the
implications are that X-Cal will be able to improve cash on hand and decrease
the days of turnaround time for accounts receivable. The consequence of not
addressing this area is that X-Cal would actually be providing a 0% interest loan
to customers at X-Cal’s determent. This is resulting in an inability to access
money to funds the company's growth. (Investopedia)

Debt to Equity Ratio - By choosing EIE’s recommendations to follow this ratio on
the new Balanced Scorecard, it will allow X-Cal to see where the company’s
financial health is residing. The number is currently low; and this is great for XCals’s industry. The average is 11.7. Continued monitoring will help ensure that
ratio remains within the industry standard. The consequences of not monitoring
this ratio are that the company’s financial leverage is at risk. The definition of
the debt to equity ratio is “a measure of a company's financial leverage
calculated by dividing its total liabilities by stockholders' equity. It indicates what
proportion of equity and debt the company is using to finance its
assets.” (Investiopedia)

Cost of Goods Sold - By choosing EIE’s recommendations to monitor the
Balanced Scorecard, X-Cal will increase awareness of how a large portion of
money is utilized. Managing the three components of Cost of Goods Sold
(Material, Labor and Manufacturing) will evaluate the ordering process, monitor
the raw materials, and control labor costs. The consequences of not following
this number may lead to uncontrolled costs that will eat up profits and lead
again to insolvency.

Total Sales – By following recommendations to monitor this on the balanced
scorecard, the company will be able to track sales. Having a pulse on this will
help X-Cal address issues early so the impact is minimal instead of waiting until
the problem is large and looming. The consequence of not monitoring this is to
remain in the current situation.
Additional non financial areas to address and monitor include:

Staffing
o Retention - Maintaining top talent to decrease cost incurred replacing and
training new staff
o Productivity - How well current staffs produce - whether it is sales, production,
creation
o Recruiting - Ability to bring in top talent in the industry

Customer Satisfaction – Understanding issues that directly affects how satisfied
customers are with X-CAL’s products
o Satisfaction survey – Since sales are less than expected, are there issues not
being addressed?

Market Research - Understanding the customer base and market segmentation
Continuous Process Improvement
Six Sigma - First project recommendation - Accounts Receivable
Using a Six Sigma project for accounts receivable will allow X-Cal to evaluate the true
issues and causes for slowed collection of outstanding AR and identify the path forward. We
have provided a link to explain Six Sigma as well as Six Sigma training options. Additionally there
is a Six Sigma score card template to better track ongoing Six Sigma projects.
The consequences of not following this recommendation may lead to continued dilution
of staff to address multiple areas instead of focusing the group on the narrow path of finding
the true cause. In addition, the dashboard is the control process to assist in how the company is
performing. It is based on a simple red light, yellow light, green light process. When metrics are
entered (quarterly is usually recommended), a green light indicates no concern. A yellow light
indicates caution. The company may be entering an area that is starting to potentially put it at
risk. Finally, a red light demonstrates trouble in that area which needs to be immediately
addressed. Metrics have been entered that provide the controls to show how X-Cal is doing.
Please review the provided metrics with company executives and shareholders to decide if the
metrics are right for X-Cal. In addition, monitoring data on a weekly basis instead of a quarterly
basis may be needed initially to ensure that appropriate tracking is taking place.
A good resource for Six Sigma is a book by C.M. Creveling, J.L Slutsky and D. Antis Jr.
Called "Six Sigma Design for technology and product development." Additionally staff can be
trained in Six Sigma Green and Black Belt. Follow the link below for a provider:
http://htechconsulting.com/.
Points of View
During the review and analysis of X-Cal Systems Inc. financial information our team will
primarily focus on the point of view of Nathan as the founder of the company. As CEO, he
desperately wants this company to succeed, but does not have the knowledge to appropriately
manage the finances on his own. EIE will work to grow his knowledge and provide him with
tools to effectively move his company forward.
Some secondary points of views will also be considered. First, there are the investors,
who also have a lot riding on the success of this company. Second, we will consider the financial
institutions that have lent this company a significant amount of money. Third, there are
customers. We must consider the lack luster sales of the most recently released game and
whether or not X-Cal is meeting the needs of its customers. Lastly, we will consider the
employees that depend on this company for their livelihood.
Recommendations for X-Cal
 DSO is better than industry average; however, steps need to be taken to further
reduce DSO since many corporations have terms, net 30 days
 Sales goals in 2010 need to be increase to relieve current inventories and improve
working capital
 Establish 2010 Inventory Goals to reduce inventory by 1 million to meet or exceed
industry average
 Metrics need to be established to track progress for DSO, Sales and Inventory Turns
 Implement Balance Score card to benchmark financial, internal business processes,
customers and learning/growth
 Search for CFO for ongoing overall business analysis
 Search for Business Analyst for finite business processes
 Debt to Equity ratio (0.88) is good at in comparison to Industry standard (11.7),
Nathan should not feel that his debt of $3million is too much to handle
 There is no need to sell stock at this time
Technical Approach
This page will share technical information that was used to form questions, document
information, evaluate concepts, make inferences, and make recommendations to help X-Cal
Systems, Inc. become more profitable and successful. EIE evaluated X-Cal's company financials.
Here are the links to the documents provided:

X-Cal Financials in 2003 Format.xls

OSHA Standard Industry Classification.pdf

Reuters Benchmarks.pdf
It is understand from previous communications that leaders are struggling to
understand how these documents can help with understanding how X-Cal Systems, Inc. is
performing. Please click on the following link for a six-minute video that thoroughly explains
Current Ratio: http://www.youtube.com/watch?v=fD0l0-dGwE0. Although this ratio is lower
than Industry Standards, EIE is satisfied with the picture it represents.
During this same time period, however, another ratio called Quick Ratio is cause for
concern. This reference will help you understand Quick Ratio:
http://www.docstoc.com/docs/3476499/Financial-Ratios-and-Meanings-Liquidity-RatiosCurrent-Ratio-Formula-Current. Please view this chart which shows the comparison of X-Cal to
the Industry Standard: Quick Ratio Chart.xls. This chart demonstrates that X-Cal Systems, Inc. is
short on cash.
Project Team and Relevant Experience
Ofe Walker –
Technical approach & statistical analysis
Robin Castillo –
Concepts, Assumptions
Jeff Bane –
Executive summary, Purpose, Proprietary information, synthesizer of
uploaded documents, PowerPoint Presentation and Website.
Liz Ciyou-Allee –
Purpose, Balance scorecard, 6 Sigma
Beth Nichols –
Technical approach & statistical analysis
Jamie Walters –
Points of view, Balance scorecard, 6 Sigma
Sirrea Hayes –
Post in the project team and relevant experience section of the wiki at
the end of the project, Confirm industry, research and explain Reuters
classification codes, Compare current company’s standings to industry
Lucky Hall –
Confirm industry, research and explain Reuters classification codes,
Compare current company’s standings to industry
Each member of our team brings with them a varied background and wealth of
knowledge. With eight members working on this project, we feel that we are better equipped
to see the situation from as many angles as possible and turn these situations into as many
opportunities as we can. If you feel you would like to speak with a team member about any of
the information presented in this report, please feel free to use the email address’s provided on
the title page.
APA References
Analyzing your financial ratios (n.d.). Retrieved July 26, 2009, from http://vainteractive.com/inbusiness/editorial/finance/ibt/ratio_analysis.html#top
Ramhood15. (2009, January 10). Financial ratios and meanings. Message posted to
http://www.docstoc.com/docs/3476499/Financial-Ratios-and-Meanings-Liquidity-RatiosCurrent-Ratio-Formula-Current
Current Ratio. (2009, June 19). Accounting Terms Video. [Video File]. Video posted to
http://www.youtube.com/watch?v=fD0l0-dGwE0
Quick MBA, The Balanced Scorecard. (n.d.). Retrieved August 11, 2009, from
http://www.quickmba.com/accounting/mgmt/balanced-scorecard
Mitchell, J. (n.d.). SMWC Financial Management. Retrieved July 24, 2009, from SMWC MLD:
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Works Cited for X-Cal Analysis
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Hall.
Appendices
 [Proprietary Notice]
 [References]
 [Meeting Minutes]
 [Dashboard] [Six Sigma] [Balanced Scorecard]
Thank You