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Essay / Research Paper Abstract
A 14 page paper discussing Harvard Case 9-201-029: Dell's Working Capital. Dell's business model has been held up as being something to which other businesses should aspire. It was born of sound management, but only in response to the realization that, as Michael Dell noted, the company was "running out of gas." Alteration of its cash flow management set Dell on the pace of growth that led to 7 stock splits in the 1990s. The paper provides and assesses working capital and ratios of profitability, liquidity and leverage. Bibliography lists 6 sources.
Page Count:
14 pages (~225 words per page)
File: CC6_KSacctDellWcap.rtf
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Unformatted sample text from the term paper:
1984, went public before 1990 and had seven stock splits during the decade of the 1990s. Six of those splits occurred after 1995 and 1996, the focus years of
this case. Two of them occurred during 1998 (Basic Chart, 2006). In the early years of the 1990s, however, Dell had not yet "found itself" and certainly had
not created the business model that would lead it to be the worlds leading PC producer. Though certainly cognizant of the need to achieve and maintain profitability, Michael Dell
noted an inconsistency in Dells regard of financial statements and in its use of the data contained within them: Like many companies, we were always focused on our profit and
loss statement. But cash flow was not a regularly discussed topic. It was as if we were driving along, watching only the speedometer, when in fact we were running out
of gas (Ruback and Sesia, 2000; p. 3). Case Summary Michael Dell had founded Dell Computer on the basis of making or altering
personal computers to some segment of the market. As is the case today, direct sales was more important at the Dell of the mid-1980s than was traditional manufacturer-distributor-retailer distribution
of the products. Even the means of production was unusual at the beginning in that Dell purchased IBM PCs to serve as Dells core machines, upgrading the IBM PCs
to meet customer wishes. Examination of Dells stock price performance from the late 1980s reveals the point at which the company deviated from
this approach to become the worlds leading producer of PCs. Increasingly the company built its own computers, and built them to meet customer needs as defined by the customer
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