EMBA annual dinner 大發現

去年九月開學，今晚才知城大的校長是誰；

Volunteer做Mentor，今晚才有機會和Mentee見面；

MSN聊天室的傾慕者,今晚竟是head table席上客；

Candace原來可以用紅酒當胭脂；

Grace那條珍珠頸鍊，令我一見難忘；

Daniel新車的 Back seat 好比商務客艙!

Incremental Cash Flow

20年前學習PHYSICS，已知道磁懸浮原理，上週在上海第一次乘坐我國的磁懸浮列車!

磁浮火車是利用磁力使火車懸浮於路軌之上。上海的磁浮火車被稱為 MagLev，即 Magnetically Levitated train 的簡寫，穿梭於上海市中心和浦東國際機場之間，整個旅程30KM只需8分鐘，最高速為431KM/h！

當列車達到最高速時，很多遊客都在照相，我也不例外！

磁懸浮列車技術已經有幾十時年，由於實施成本太高，一直不能普及應用。上海的MagLev是全球第一條商用的磁懸浮列車，是德國人的傑作，造價100億，還有高昂的維修費用！

個人使用經驗，覺得它不如日本的新干線和香港的機場快線，從蒲東機場要走路10分鐘才到車站，等車要15分鐘，行車時間雖然只有8分鐘，下車還要走2-3分鐘到Taxi站等Taxi，全程所需的時間和直接在機場坐Taxi差不多，要是有行李，MagLev也實在太不方便。

據我觀察人流的狀況，如果要用Incremental Cash Flow 來 justify 這個項目投資，100年也無法收回成本，一定不可能通過，上海人不是很精明的嗎？

MagLev確是風風光光的虧著在營運，因為這個是一個政治項目，張獻中國的現代化，滿足上海人要面子的一慣作風，Project Decision 不是 Incremental cash flow 就能作決定，實際要考慮的dimensions太多了。

IT Implementation vs Organization Restructure

The IT development in recent decade created lot of challenges to organization behavior.

Microsoft word processor took away the job of typists. Email stole jobs from office assistants and postmen. Accounting software replaced roles of book keepers. ERP system kicked out production planners. Adoption of new technology changes our work environment and organization structure.

As a software vendor, we come across lot of conflicting situations among IT department and users. Implementing a new IT system means more than rolling out a new system to users but changing their work habit and reassignment of roles and responsibilities. Resistant to change is a normal reaction.

Based on our experience, IT project failure could be a technical issue but in most cases, it is a people issues.

My first web class

Internet is changing the world.

Yahoo portal is my main page. Google is my default search. MSN is my primary online network. Skype is my second direct line. Blogger is my online journal. They are my daily applications. Without them, I feel like handicap.

With a frequent travel schedule, I missed a few EMBA classes before. Yesterday, Henry offered to set up a web class for me while I was in Beijing. How cool!!!

We used the MSN voice feature first. However, I was not satisfied with the sound quality. Then, we switched to Skype and it was perfect. With a web cam, a free internet web class was set up.

Well, of course it was not the same as "in" the class. The picture quality was not so good. Professor was a moving object that the web cam could not catch him all the time. I could only hear LPs' discussion but did not know who was talking. The worse part was I could not participate in those discussions.

After all, it was an interesting experience. At least, I have a brief idea about what was going on in the first class and the progress of the R-trip.

BTW, it's fun to hear some gossips during the class. haha...

精讀班

教授開班時把課程目標定為：

﹣ 完成課程後，同學能分析上市公司的年報，並懂得如何尋找值得投資的公司。

﹣ 如何用distress analysis來避免type 1 error。

老板經常希望能上一個給Executive的Financial Analysis精讀班，讓他能很快的掌握一些基本的財務分析，一心以為這給課程的Notes可以幫到他，今天看同學們的反應，相信不大可能！

應同學們的要求，我當上了臨時Miss，把當年剛入行做Audit 給non-accounting background同事的Concept Training加上一些課堂上的內容，給同學開了一個考試前精讀班，感覺非常有趣！

雖然不知道對他們有多大幫助，但很想大家花了時間來學習，能真正的學到一些東西，盡力而為罷！

講了三小時，雖然有點累，同學一句：「難怪英皇補習甘惦，原來精讀班甘有用！」，把我逗得哈哈大笑，果然是高材生，考試時他一定能掌握教授的要求！

Qualified accountant

Qualified accountant is only a title for those who can pass the professional exam. Most of them dun know how to "window dressing" or "cook" the book. They are not necessarily able to understand every financial statement from different industries.

Given a snap shot of a financial statement, without any information about the industry and the company, it is almost impossible to form any analytical opinion. However, Professor seems enjoy playing with his professional knowledge to confuse LPs.

Any financial statement is business oriented. Different industries have different risk items in their financial statements. For example inventories for manufacturing industry, accounts receivable for trading business, re-valuation reserve for property developers, goodwill for IT industry.... Cashflow is critical for any business.

Different industries also have different valuation methods. Asset backing method is mostly adopted for real estate business. Different industries adopt different P/E as a norm. High P/E for high growth business or industries......

Accounting is a business tool. It is business oriented. "Windor dressing" techniques are highly customized.

Type 2 error

Being a CPA, I have never taken any proper accounting related course. I only studied for professional exam. My professional knowledge and experience were gained from PwC by investing my most precious 5 years. After all, I learned that the published financial statements provided the least information for investment decision.

Today, I had my first proper accounting class. Professor Yip gave me a new perspective about how to review a financial statement. You can smell something by checking the thickness of the report, any photos (irrelevant information), any change of comparative figures, any change of auditor or independent director. Sounds .... did I waste 5 years in PcW?

He emphaized how to avoid type 1 error (total loss) by reviewing the financial statement. He also suggested that we should not make any investment if the expected gain is less than 100%... what? yes....100% in 1 year.

If we follow his approach, we will only make type 2 error (miss a good opportunty). What an accountant investment approach!!!

臨時加插的歷史課

EMBA 有一個傳統，每一科完成後都會和教授吃飯，這科是Operation Management，教授是曾淵滄，飯局在九龍塘會。

曾教授在股壇名氣不少，很多同學每天都拜讀他的股評專欄，平時上課，大家總是向他要“Number”，今天晚上的謝師宴，以為是一個2007股價走勢的講座，出奇不異，原來是中史，地理的補習班。

什麼五代十國，五胡亂華，炎王子孫，鄭和下西洋，李世民原來不是漢人，李白是俄羅斯人，西施是越南妹，曾教授是曾子後人，是曾特首的阿叔，原來曾特首也是曾總理的阿叔， 聽得我一頭暮水！

博學的郭同學當上了助教，同樣有本領穿梭於五千年中華文化的時空中。臨時加插的這堂歷史課，讓我手足無措，一度以為自己誤闖周星星的腦震盪工作間！

求學不是求分數

今天又做了一個Group Project，各組的題目一樣，present 的內容大同小異，同組同學和我都是在香港教育制度培育出來的，對於如何「求分」有相同的見解，就像考試捉題目一樣，要知道教授的絕學是什麼，把他的東西發揚光大，應用在各方各面，一般都能取悅他，拿到不錯的分數，這個Sushi Project想爆頭，想出了一招半式，不知道那條Critical Path會否為我們帶來Critical Result!

現在讀書，求學不是求分數，但是難改故有的思維!

Linear Programming

Linear Programming is an optimization technique. Giving a set of constraints, you can work out the optimal result mathematically and systematically. It is a scientific way to maximize resource allocation.

I am thinking how to set up a model for the PM problem of my company.

Constraints:
List of project on hand
HR requirement for each project
Number of available staff and their respective cost

Minimize:
Minimize the staff cost to deliver the existing projects on hand

Well, still dun know how to set up the solver?