International Risk Management  
Introduction 
The assignment is divided into two tasks. The first focuses on the management of foreign exchange risk using both over-the-counter and exchange traded techniques. Task two is about managing interest rate risk using a swap agreement.
Page 4 provides the financial market information necessary for undertaking the assignment tasks.
Collectively the marks for the tasks add up to 95 percentage points. The remaining 5 percentage points relate to the standard of presentation. Issues such as clearly delineating the tasks being addressed, presenting the numerical work with due emphasis on ensuring that key results stand out, pointed rather than general or meandering commentary are key considerations in determining the presentation score.
Introduction
On 10^th February 2020 a US company Bellingham Inc. exported a consignment of aircraft parts to a Spanish airline company. Bellingham was set to receive payment in two instalments of Euros. The payments were set to occur on the following dates:

1. €1.4 million on 10^th March 2020
2. €2.6 million on 10^th June 2020

Three years ago (10^th February 2017) Bellingham borrowed $80 million via a six-year floating-rate, non-callable, note issue. The notes were sold at par ($100) and offer a coupon rate of $LIBOR plus 300 basis points. Interest is payable semi-annually on 10^th February and 10^th August. The coupon rate is based on the six-month $LIBOR at the start of each payment cycle.
Task 1: Bellingham Inc’s Exchange Rate Risk

1. Explain Bellingham’s exchange rate exposure and generate over-the-counter forward rates for each payment based on covered interest rate parity.
2. The day-count convention applying to both dollar and euro money market transactions is actual/360. Note that this year there are 29 days in February)
3. In the absence of interest rates corresponding to the terms of the transactions, use the available data to interpolate a suitable rate.
4. Explain how Bellingham could use currency futures to hedge the effects of exchange rate uncertainty associated with each of the euro payments.
5. Assume that on 10^th March 2020 the GBP/USD spot rate is $1.1200-1.1204. Assess the efficiency of the futures contract hedge for the 10^th March payment if the futures price that day is on the day is $1.1207.
6. On 10^th February a bank offered a one-month EUR/USD forward exchange rate of $1.1100. Show how an arbitrageur could profit and assess the forward rate on offer in relation to the principle of covered interest rate parity. (You might find the point easier to discuss by assuming the arbitrageur puts into play a specific sum of money).
7. Discuss the relative merits for Bellingham of the over-the-counter and exchange-traded methods of hedging currency risk. (Link the analysis to the specifics of your numerical outcomes of Bellingham’s risk management options. Analysis limited to textbook-style generalisations will not be well rewarded).

Task 2: Interest Rate Risk Management

1. Calculate:
2. The prices of the zero-coupon bonds listed in Table 4
3. The par coupon rates
4. The six month and annualised forward rates from the current yield
5. Use the relevant par coupon result to explain how Bellingham can use an interest rate swap to transform the remaining interest payments on the loan from variable rate to fixed rate payments. Specify the swap rate assuming that the counterparty bank deals on the basis of a swap spread of +/- 8 basis points.)
6. Compare the swap rate with the current variable rate on Bellingham’s debt and outline the terms of the first settlement payment.
7. Explain the interest rate risk that Bellingham has the opportunity to hedge and discuss factors likely to influence the company’s decision to hedge or not. [The discussion should focus on the incorporate a consideration of the current market outlook on the direction of dollar interest rates over the next couple of years.
8. Show how the bank that is party to the swap could protect its earnings using forward rate agreements.

Effect of the Principle of Production Leveling on Lean Processes 
Required 
Prepare a 500-word minimum paper (excluding title page and references) that addresses the following:
1. Explain the principle of production leveling and its positive impact on lean processes.
2. Production leveling leads to understanding customer demand. Define the three characteristics that impact customer demand (volume, mix, and variation). Detail how these characteristics are utilized in your organization.
3. Identify and explain the three types of pull systems in a lean environment. Why is this principle so important for lean applications?
In addition to course materials, research Aviation manufacturing related journal and periodical articles written in the last five years need to be used.
At least three references in addition to course materials are required.
Hint: Focus on journals and periodicals relevant to the industry of Aviation manufacturing.
Note that APA format is required for this paper.
An abstract is not required and does not count toward the word count if provided.

Competitive Advantage
Respond to the following in a minimum of 175 words:

• Brick-and-mortar stores and online businesses have different perspectives regarding competitive advantage.
• With their different perspectives in mind, evaluate how and why their strategies differ.
• What recommendations would you make to brick-and-mortar stores to capitalize on how they can compete more effectively with online businesses?

Business Ethics 
Individual Project Paper Due Session 6 Description:
The individual project paper is an individual assignment that requires youto select any chapter of the text (Velasquez, M. G. (2012).
Business ethics: Concepts and cases (7th ed.). New York:
Pearson Education) that has particular significance to you and apply the concepts discussed in the selected chapter to either your real world experience or to an issue(s) or problem(s) that you are currently contending with or expect to contend with in the future.
The paper must be three (3) to five (5) typed, double-spaced pages in length. Grading Criteria
The individual project paper is intended to afford you an opportunity to explore and area of contemporary business ethics that is of value to you.
The grade you earn for the individual project paper represents 25% of your final course grade.
The grading of the individual project paper shall be predicated upon my assessment of how effectively you address the following: o Understanding of Subject Matter – how effectively and comprehensively you demonstrate your understanding of the business ethics concepts presented in the text material and explored during the class sessions as well as how effectively you analyzed them and applied them to your realworld experience
NOTE: Please upload your assignment electronically only using the Assignments tool in Sakai.
Please upload a PDF document only.
You have by the Saturday of Session 6 to submit your document.

Zero- Based Budget Model for Higher Education
Select one of the eight models described by the authors (table 3.4)

 
Explain it in more detail. Use your research to defend if this is an effective model for HIED and in what context.
Your paper should:
1. Describe the model and its benefits/drawbacks.
2. Explain if there would be potential differences if implemented at varying institutions types (i.e. 4-year research vs. community college)
3. Address the future sustainability of this model and what might influence its effectiveness.
Papers should use all APA standards, include citations other than our text