Nicole Penniman & Chris Deming
NEW HERIT HERITA AGE DOLL COMPANY FIN 480
Executive Summa! Ne" Heita#e D$%% C$m&a'! i( a )im t*at *a( ve'tue+ i't$ D$%% &$+ucti$' "*ic* *a( ($u#*t t$ exte'+ it( ,a'+ i' $+e t$ ,$a+e' it( ma-et )ame"$- a'+. m$e im&$ta't%!. ca&ita%i/e $' *i#* %eve%( $) cu(t$me %$!a%t! T*e 1ice 1ice Pe(i+e't $) t*e c$m&a'!. Emi%! Hai(. i( t$ )$"a+ *e &$2ect &$&$(a% t$ t*e ,u+#eti'# ,u+#e ti'# c$mmittee )$ eva%uati$' O) t*e &$&$(a%( &e(e'te+ t$ *e. t"$ $) t*em (t$$+ $ut ,a(e+ $' t*ei i''$vati$' i''$vati$' a'+ a,i%it! t$ (te'#t*e' t*e +ivi(i$'3( &$+uct %i'e( T*e )i(t &$2ect. Matc* M! D$%% C%$t*i'# Li'e Ex&a'(i$' MMDC5. "$u%+ exte'+ t*e "am "eat*e &$+uct( t$ a' a%%6"eat*e c%$t*i'# %i'e T*e (ec$'+ &$2ect. De(i#' Y$u Y$u O"' D$%% DYOD5. "$u%+ (tat "it* a "e,(ite "*ee cu(t$me( "$u%+ c*$$(e c*$ $(e t*e +$%%3( )eatue(. )eatue(. c$%$. etc a'+ t*e' t*e +$%%( "i%% ,e ma+e t$ $+e T*e )im "$u%+ +ec%i'e ,$t* $) t*e &$&$(a%( ,ecau(e $) ma'a#eia% a'+ )i'a'cia% e($uce c$'(tai't( Ot*e +ivi(i$'( i' t*e c$m&a'! ae a%($ ex&ecte+ t$ &$m$te &$2ect( $) t*ei $"' a'+ ,ecau(e ,ecau (e $) t*e(e )act$( Hai( *a( t$ c*$$(e t$ &$m$te $'e $) *e +ivi(i$'3( &$2ect( $ve t*e $t*e
7ue(ti$'( A'("e( 9
Set )$t* )$t* a'+ c$m&ae c$m&ae t*e ,u(i'e(( ,u(i'e(( ca(e( ca(e( )$ )$ eac* $) $) t*e t"$ t"$ &$2ect( &$2ect( u'+e u'+e c$'(i+e c$'(i+eati$' ati$' ,! Emi%! Hai( W*ic* +$ !$u e#a+ a( m$e c$m&e%%i'#: T*e Matc* M! D$%% C%$t*i'# Li'e &$2ect i'v$%ve( ex&a'+i'# t*e exi(ti'# (ucce(()u%
c%$t*i'# %i'e. "*ic* c$'(i(t( $) a )e" (et( $) matc*i'# +$%% a'+ c*i%+ c%$t*i'# )$ "am "eat*e Give' it( cue't (ucce((. t*ee i( a c$'(i+eati$' t$ ex&a'+ it t$ i'c%u+e a' a%%6 (ea($' c%$t*i'# %i'e Si'ce it i( a' ex&a'(i$' t$ t*e exi(ti'# &$+uct %i'e. i've(tme't i' $&eati'# ca&ita%. &ici'# (tuctue. a'+ &$+uct c$(t ca' ,e ,a(e+ $' *i(t$ica% i')$mati$' It "a( )$u'+ t*at t*i( &$2ect "a( a%ea+! te(te+ a'+ i( "i+e%! &$&u%a. ,i'#i'# i' t*e (ame
&$)it ma#i' i) '$t m$e N$t t$ me'ti$'. t*ee "a( a )ami%iait! )ami%iait! "it* t*e "$-i'# $) t*e &$2ect a'+ t*e c$m&a'! *a( t*e ex&eie'ce "it* t*i( &at $) a &$2ect La(t%!. MMDC "$u%+ *e%& e+uce. $ at %ea(t exace,ate. ex ace,ate. t*e (ea($'a%it! i' Ne" Heita#e3( (a%e( a'+ ea'i'#( H$"eve. +ue t$ t*e )ic-%e 'atue $) !$u'# c*i%+e'3( )a(*i$' )a(*i$' (e'(e. t*e 'e" %i'e *a+ t$ ,e %au'c*e+ ;uic-%! MMDC "a( a%($ a #am,%e. a( '$ $'e -'$"( *$" %$'# t*i( &aticu%a &$2ect "$u%+ )etc* #ai'( )$ Ne" Heita#e T*e De(i#' Y$u Y$u O"' D$%% &$2ect i'v$%ve( ceati$' $) 'e" cu(t$mi/e+ +$%%( t$ t*e cu(t$me3( (&eci)icati$' T*i( &$2ect "i%% e;uie 'e" "e,6,a(e+ +$%%6+e(i#' ($)t"ae Due t$ %ea+ time c$'(tai't(. t*e c$m&a'! "i%% *ave *av e t$ c$'(i+e ma'u)actui'# t*i( ma+e6t$6$+e &$+uct %i'e i'6*$u(e $ $ut($uce it t$ c$'tact ma'u)actue i' t*e <S i'(tea+ $) A(ia Si'ce t*i( i( a %$"6v$%ume. cu(t$mi/e+ (et u&. &$+uct c$(t i( ex&ecte+ t$ ,e *i#* Ma-et e(eac* i'+icate+ t*at t*ee "a( a %$t $) e't*u(ia(m )$ t*i( &$2ect am$'# a 'ice #$u& $) cu(t$me( T*e DYOD &$2ect "$u%+ *e%& ceate m$e (a%e( a( t*i( "a( a '$ve% c$'ce&t a'+ t*e (a%e( c$u%+ ,e )$m &$te'tia% a'+ exi(ti'# cu(t$me( N$t t$ me'ti$'. it (eve( "e%% )$ t*e c$m&a'!3( m$tt$ $) ceati'# a u'i;ue ex&eie'ce )$ t*e cu(t$me( H$"eve. t*e i')$mati$' tec*'$%$#! a(&ect i( a i(-! &$&$(iti$' a( t*e c$m&a'! c $m&a'! "$u%+ ,e i' u'-'$"' u '-'$"' teit$! a'+ it "$u%+ e;uie a %$t $) i've(tme't A%($. it "$u%+ e;uie &e)ecti$' i' t*e executi$' $) t*e &$2ect a( $t*e"i(e $t*e "i(e it "$u%+ e'+ u& +ama#i'# Ne" Heita#e3( e&utati$' a'+ e%ati$'(*i&( "it* it( ,e(t cu(t$me( Wit*$ut ta-i'# t*e )i'a'cia% a'a%!(i( i't$ c$'(i+eati$'. c$' (i+eati$'. "e ,e%ieve t*e De(i#' Y$u Y$u O"' D$%% &$2ect t$ ,e m$e c$m&e%%i'# A%t*$u#* t*e &$2ect i( i(-ie. c$m&etiti$' i( )iece a'+ Ne" Heita#e mu(t (ta! i' %i'e t$ t*ei va%ue(. i'+u(t! te'+(. a'+ t*e eve6c*a'#i'# eve6c*a'#i'# tec*'$%$#! a(&ect T*i( c$m&a'!3( )$u'+e (a" t*at t*e ma2$ t$! c$m&a'ie( +i+ %itt%e t$
+eve%$& #i%(3 ima#i'ati$' $ )$(te a &$(itive (e%)6ima#e. ($ (*e ceate+ a %i'e $) +$%%( "it* u'i;ue (t$!%i'e a'+ "*$%e($me t*eme( DYOD c$'ti'ue( t$ )$%%$" t*ei c$e va%ue(. a%%$"i'# !$u'# c*i%+e' t$ ex&e(( t*em(e%ve( "it*$ut t*e 'e#ativit! (u$u'+i'# ea%i(tic ,$+! ima#e( $ t!&e( We We )i'+ t*at t*e Matc* M! D$%% C%$t*i'# C%$t*i'# Li'e )ai%( t$ )$%%$" t*i( (ame $ute a( DYOD ,ut at*e &$m$te( t*at c*i%+e' c* i%+e' (*$u%+ ,e i' (t!%e a'+ u&6t$6+ate i' )a(*i$'. at*e t*a' 2u(t ,ei'# t*em(e%ve( =
<(e t*e t*e $&eati'# $&eati'# &$2ecti$ &$2ecti$'( '( )$ eac* &$2ect &$2ect t$ c$m&ute c$m&ute a 'et &e(e't &e(e't va%ue va%ue NP15 NP15 )$ )$ eac* W*ic* &$2ect &$2ect ceate( m$e va%ue: Si'ce t*e Matc* M! D$%% C%$t*i'# Li'e Ex&a'(i$' &$2ect i( a me+ium i(- &$2ect. (i'ce
it i( a' exte'(i$' t$ a' exi(ti'# ex i(ti'# (ucce(()u% &$+uct %i'e. it "$u%+ *ave a +i(c$u't )act$ $) 840>. #ivi'# t*em a' NP1 $)
[email protected]00@ i'c%u+i'# temi'a% va%ue a'+ a 'e#ative ?94B=0 '$t i'c%u+i'# temi'a% va%ue O' t*e $t*e *a'+. t*e De(i#' Y$u Y$u O"' D$%% &$2ect i( $) *i#*e i(- (i'ce it i( a c$m&%ete%! 'e" &$+uct %i'e a'+ e;uie( a' i')$mati$' tec*'$%$#! c$m&$'e't. #ivi'# t*em a +i(c$u't )act$ $) 00> We )$u'+ DYOD( NP1 t$ ,e
[email protected]8B i'c%u+i'# t*e temi'a% )act$ a'+ a 'e#ative ?.088 ?. 088 "it*$ut temi'a% Si'ce ,$t* &$2ect( *ave a &$(itive NP1 i'c%u+i'# t*e temi'a% va%ue. t*e! "$u%+ ceate va%ue v a%ue )$ t*e c$m&a'! H$"eve. t*e Matc* M! D$%% C%$t*i'# Li'e Ex&a'(i$' &$2ect *a( a (%i#*t%! *i#*e NP1 ($. ;ua'titative%!. it "$u%+ ceate m$e va%ue )$ t*e c$m&a'!
C$m&ute C$m&ute t*e t*e i'te'a% i'te'a% ate $) etu' etu' IRR5 a'+ &a!,ac&a!,ac- &ei$+ &ei$+ )$ )$ eac* eac* &$2ect &$2ect H$" (*$u%+ t*e(e metic( ,e a))ect Hai(3( Hai(3( +e%i,eati$'(: H$" +$ t*e! c$m&ae t$ NP1 a( t$$%( )$ eva%uati'# &$2ect(: &$2ect(: W*e' a'+ *$" "$u%+ !$u u(e eac* $) t*em:
T*e i'te'a% ate $) etu' IRR5 )$ t*e Matc* M! D$%% D$ %% C%$t*i'# Li'e Ex&a'(i$' i( => "it* t*e temi'a% va%ue a'+ @B4> "it*$ut T*e De(i#' Y$u Y$u O"' D$%% &$2ect( IRR i( 9@88> "it* temi'a% a'+ a 'e#ative 0=> "it*$ut L$$-i'# at &a!,ac-. MMDC *a( a &a!,ac- &ei$+ $) @40 !ea( "*i%e DYOD *a( a &ei$+ $) 0@ !ea( $t* &$2ect( IRR( ae a,$ve t*ei i'+ivi+ua%%! a((i#'e+ +i(c$u't ate(. 84> )$ MMDC a'+ t*e i(-ie > )$ DYOD a(e+ $' $u )i'a'cia% a'a%!(i(. t*e MMDC &$2ect i( m$e ;ua'titive%! attactive t*a' t*e DYOD &$2ect T*i( i( ,ecau(e t*e MMDC &$2ect *a( a (*$te &a!,ac- &ei$+ a'+ *i#*e NP1 a'+ IRR T*e DYOD &$2ect i( m$e ca&ita% i'te'(ive. i'te'(ive. *$"eve. a'+ c$u%+ #e'eate *i#*e eve'ue( "*i%e ta-i'# %$'#e t$ #e'eate )ee ca(* )%$" T*e(e metic( c$u%+ a))ect Hai(( +e%i,eati$' ,! ($%e%! )$cu(i'# $' t*e mi'$ )i'a'cia% a(&ect a (&ect at*e t*a' %$$-i'# at t*e %$'# tem &$te'tia% ;ua%itative%! O'e &$i't t$ me'ti$' i( t*at t*e &a!,ac- &ei$+ i( %e(( ($&*i(ticate+ t*a' t*at $) t*e IRR $ NP1 T*e &a!,ac- &ei$+ %$$-( at t*e ca(* )%$"( a'+ +etemi'e( "*e' t*e m$'e! m$'e ! &ai+ $ut "i%% ,e ec$vee+ ,! t*e ,e'e)it( , e'e)it( $) a &$2ect It %$$-( at a &$2ect $'%! u'ti% t*e c$(t( *ave ,ee' ec$vee+ a'+ i( $)te' i#'$e+ ,ecau(e it +$e( '$t ta-e i't$ c$'(i+eati$' t*e time va%ue $) m$'e! <(i'# t*e IRR met*$+. t*e +i(a+va'ta#e i( t*at. at time(. it ca' #ive !$u c$')%icti'# a'("e( "*e' c$m&ae+ t$ NP1 )$ mutua%%! exc%u(ive &$2ect( N$t t$ me'ti$'. a mu%ti&%e IRR &$,%em ca' $ccu "*e' ca(* )%$"( +ui'# t*e &$2ect %i)etime i( 'e#ative. 2u(t a( i' DYOD T$ ma-e t*e m$(t i')$me+ +eci(i$'. t*e IRR( a'+ &a!,ac- &ei$+( $) t*e &$2ect( (*$u%+ ,e c$m&ae+ i' c$'2u'cti$' c$'2u 'cti$' "it* t*e NP1( $) t*e t"$ &$2ect( I' a++iti$'. a+ +iti$'. (i'ce IRR +$e( '$t c$'(i+e t*e c$(t $) ca&ita%. ca& ita%. it (*$u%+ '$t ,e u(e+ t$ c$m&ae c$ m&ae &$2ect( $) +i))ee't +uati$' T*e M$+i)ie+ I'te'a% Rate $) Retu' MIRR5 +$e( '$t c$'(i+e t*e c$(t $) ca&ita% a'+ &$vi+e( a ,ette i'+icati$' $) a &$2ect3( e))icie'c! i' c$'ti,uti'# t$ t*e )im3( )im3( +i(c$u'te+ ca(*
)%$" L$$-i'# at t*i(. "e ,e%ieve it cucia% t$ a%($ c$'(i+e $t*e )i'a'cia% t$$%(. (uc* a( MIRR. a'+ %$$- t$"a+( c$m&etitive a+va'ta#e( a( "e%% a( )utue te'+( i' t*e ma-et 4
W*at a++iti a++iti$'a% $'a% i')$m i')$mati$' ati$' +$e( Hai( Hai( 'ee+ t$ t$ c$m&%ete c$m&%ete *e *e a'a%!(i( a'a%!(i( a'+ a'+ c$m&ae c$m&ae t*e t*e t"$ &$2ect(: W*at (&eci)ic ;ue(ti$'( (*$u%+ (*e a(- $) eac* $) t*e &$2ect (&$'($(: A)te c$m&ai'# t*e t"$ &$2ect(. ,$t* t*e 'et &e(e't va%ue a'+ t*e i'itia% ate $)
etu' ae ,$t* &ett! (imi%a t$ eac* $t*e T*i( i( e(u%ti'# i' +i))ee't +i))ee't a(&ect( a,$ut eac* &$2ect 'ee+i'# t$ ,e exami'e+ i' $+e t$ i+e'ti)! "*ic* &$2ect i( i#*t )$ t*e c$m&a'! O'e a(&ect t*at Hai( 'ee+( t$ exami'e i( (u(tai'a,i%it! (u(tai'a,i%it! $) eac* &$2ect I) $'e &$2ect (*$"( #eat &$)it( )$ a )e" !ea(. a'+ t*e $t*e &$2ect ta-e( time t$ #e'eate a'! etu'. it i( tem&ti'# t$ #$ "it* t*e &$2ect t*at "i%% ma-e t*e ;uic- ,uc- H$"eve. it i( im&$ta't im&$ta't t$ u'+e(ta'+ *$" eac* &$2ect( %$'# tem (u(tai'a,i%it! i( T*e ,ette (*$t6u' &$2ect c$u%+ ,e %e(( &$)ita,%e i' t*e %$'#6u' t*a' t*e &$2ect t*at ta-e( time t$ +eve%$& A (ec$'+ a(&ect t*at Hai( 'ee+( t$ c$'(i+e i( t*e t*e c$m&a'!( va%ue( Ne" Heita#e i( a c$m&a'! "*$(e #$ #$a% a% i( t$ )$(te &$(itive (e%)6ima#e( i' #i%(. ex&a'+ !$u'# #i%( ima#i'ati$'. a'+ ceate a #e'eati$'a% ,$'+ ,et"ee' m$t*e(. +au#*te(. a'+ #a'+m$t*e( Hai( 'ee+( t$ exami'e eac* &$2ect( & $2ect( +iecti$'. a'+ +etemi'e "*ic* &$2ect ,e(t )it( Ne" Heita#e( c$m&a'! va%ue( I) $'e &$2ect "a( &$2ecti'# &$2ecti'# 'um,e( t*at "ee va(t%! va(t%! (u&ei$ t$ t*e $t*e &$2ect. t*a' t*e )i'a'cia%%! (t$'#e &$2ect "$u%+ ,e t*e $,vi$u( c*$ice Luc-i%!. $ u'%uc-i%! +e&e'+i'# $' t*e &$i't $) vie". v ie". ,$t* &$2ect( ex*i,it (imi%a%! (t$'# 'um,e( T*i( mea'( t*at t*e &$2ect &$2ect t*at *a( a c%$(e (ta'ce t$ t*e c$m&a'!( c$e va%ue (*$u%+ ,e #ive' t*e a+va'ta#e
Fi'a%%!. Hai( 'ee+( t$ exami'e ec$'$mic te'+( A( $) =008. t*e +$%% ma-et c$'(i(te+ $) ?9 ,i%%i$' +$%%a(. a'+ ae &$2ecte+ & $2ecte+ t$ i'cea(e ,! > &e !ea ti%% =09 <')$tu'ate%!. ,ecau(e $) *i#* c$m&etiti$'. t*e +$%% i'+u(t! ae%! (a" %a(ti'# )a'c*i(e va%ue a,ie "a( $'e $) t*e )e". )e". ,ut Heita#e *a( ,ee' a,%e t$ cave cave $ut ($me )a'c*i(e va%ue i' ece't !ea( T*i( #ive( t*e c$m&a'! (u(tai'a,i%it! "it*i' "it*i' t*e +$%% i'+u(t! A++iti$'a%%!. t*e De(i#' Y$u Y$u O"' D$%% &$2ect "$u%+ ,e ta#eti'# t*e c$e ,a(e $) t*e c$m&a'!( cu(t$me( Wit* Wit* t*e Matc* M! D$%% C%$t*i'# Li'e Ex&a'(i$'. c%$t*i'# %i'e c$m&etiti$' mu(t ,e c$'(i+ee+. a'+ t*i( i( a%($ a' i'+u(t! "it* (t$'# c$m&etiti$' Fut*em$e. )a(*i$' te'+( 'ee+ t$ ,e )act$e+ i' a'+ +etemi'e+. (eei'# t*at )a(*i$' te'+( ca' a'+ +$ c*a'#e a&i+%! I' $+e )$ t*i( &$2ect t$ (uccee+. e(eac* i' )a(*i$' )a(*i$' te'+( 'ee+( t$ ,e &eci(e
I) Hai( Hai( i( )$ce+ )$ce+ t$ t$ ec$mme'+ ec$mme'+ $'e &$2ect &$2ect $ve $ve t*e t*e $t*e. $t*e. "*ic* "*ic* (*$u%+ (*$u%+ (*e (*e ec$mme'+: W*!: We ec$mme'+ t*at Hai( c*$$(e( t*e De(i#' Y$u Y$u O"' D$%% P$2ect T*i( i( +ue t$ t*e
&$2ect ,ei'# m$e (u(tai'a,%e i' t*e %$'# u'. m$e i' %i'e "it* c$m&a'! va%ue(. a'+ )$cu(e( m$e $' t*e c$m&a'!( c$e cu(t$me( W*e' evie"i'# t*e )i'a'cia%( )$ ,$t* &$2ect(. ,$t* *ave ve! (imi%a 'et &e(e't va%ue(. "it* Matc* M! D$%% C%$t*i'# MMDC5 &$2ect *avi'# a (%i#*t%! *ie NP1 $)
[email protected]4B t*a' t*e De(i#' Y$u Y$u O"' D$%% DYOD5 DYOD5 &$2ect. "*ic* *a( a' NP1 $)
[email protected]8B T*i( #ive( MMDC t*e (%i#*t (%i#*t a+va'ta#e $ve t*e t*e 'ext +eca+e H$"eve. t*i( t*i( a+va'ta#e "i%% '$t %a(t W*e' %$$-i'# at eac* &$2ect. DYOD +$e( '$t ,e#i' ma-i'# a &$)it u'ti% =09B. "*eea( MMDC ,e#i'( ma-i'# a &$)it i' =09= T*i( mea'( t*at eve' t*$u#* MMDC *a( )$u exta !ea( $) &$)it. t*e! (ti%% ,ae%! #e'eate m$e NP1 t*a' t*a' DYOD A++iti$'a%%!. A++iti$'a%%!. DYOD "i%% *ave #eate
i'itia% (tatu& c$(t( t*a' MMDC &uc*a(i'# e;ui&me't. u&+ati'# t*e "e,(ite5. t*e(e c$(t( avea#e "i%% %$"e $ve time time +ue t$ t*e a,i%it! t$ c$'ti'ua%%! u(e t*e e;ui&me't H$"eve. MMDC. t*$u#* *avi'# a %$"e i'itia% c$(t. "i%% 'ee+ t$ c$'(ta't%! )u''e% m$'e! i't$ t*e ma-eti'# +e&atme't i' $+e t$ &e+ict a'+ -ee& cue't "it* !$u'# #i%( )a(*i$' te'+( DYOD( &$)ita,i%it! "i%% i'cea(e i' t*e %$'#6u'. "*i%e MMDC( c$(t( "i%% i'cea(e. a'+ &$)ita,i%it! +ecea(e( T*e v$%ati%it! $) t*e )a(*i$' i'+u(t! i( t$$ t$$ *i#* t$ ,e a,%e t$ -ee& c$(t( +$"' St$'# c$m&a'ie( +$ '$t ex*i,it *i#*6&$i't( *i#*6&$i't( a'+ %$"6&$i't( t*$u#*$ut t*e t*e !ea(. ,ut i'(tea+ ex&e(( (u(tai'a,i%it! (u(tai'a,i%it! T*i( (tat( "it* "it* c$m&a'! &$2ect. a'+ DYOD i( t*e m$e (u(tai'a,%e &$2ect A c$m&a'!( va%ue( ae im&$ta't. e(&ecia%%! )$ Ne" Heita#e T*e! "i(* t$ im&$ve im&$ve #i%( (e%)6ima#e. )$(te !$u'# #i%( ima#i'ati$'. a'+ ceate mu%ti#e'eati$'a% ,i+#e( ,et"ee' #a'+m$t*e. m$t*e. m$t*e. a'+ +au#*te T*e DYOD &$2ect (*$"ca(e( t*e(e va%ue( )a ,ette t*a' t*e MMDC &$2ect Y$u'# #i%( #i%( "i%% ,e a,%e t$ u(e t*ei ima#i'ati$' "*i%e +e(i#'i'# t*ei +$%%(. i' $+e t$ ceate t*ei 'e" ,e(t )ie'+ N$t $'%! t*at. ,ut t*e! "i%% "i%% (te'#t*e' t*ei ima#i'ati$' ima#i'ati$' "it* t*e +$%% "*i%e &%a!i'# "it* it )$ !ea( t$ c$me A matc*i'# $ut)it t*at c$me( )$m a cata%$# $ $'%i'e +$e( '$t im&$ve im&$ve ima#i'ati$' a( "e%% T*e #e'eati$'a% ,i+#e "i%% a%($ a%($ ,e (te'#t*e'e+ ,! t*i( +$%% W*e' t*e !$u'# #i% ,ec$me( a m$t*e. a'+ eve' a #a'+m$t*e. (*e "i%% ,e a,%e t$ c$''ect "it* *e +au#*te( a'+ #a'++au#*te( $ve t*ei &e($'a%%! +e(i#'e+ +$%%( O' t*e $t*e *a'+. t*e matc*i'# +e(( +e(( "i%% '$t ,e a,%e t$ ceate a( (t$'# $) a c$''ecti$' T*e !$u'# #i% "i%% #$" #$" $ut $) t*e +e(( a'+ )a(*i$' te'+( "i%% c*a'#e T*e +$%% $' t*e $t*e *a'+ "i%% %a(t a %i)etime La(t%!. t*e +$%%( "i%% *e%& &$vi+e &$(itive (e%)6ima#e( (e%)6ima#e( t$ t*e #i%(. ,ecau(e t*e! "i%% ,e a,%e t$ (ee t*em(e%ve( i' t*e +$%% T*i( i( $&&$(e+ t$ 2u(t *avi'# a'$t*e +e(( t*at "i%% '$t im&$ve (e%)6ima#e
Fi'a%%!. t*e t*e DYOD i( )$cu(e+ m$e $' Ne" Ne " Heita#e( mai' cu(t$me( t*a' t*e MMDC T*i( i( im&$ta't ,ecau(e it i( ea(ie a'+ %e(( ex&e'(ive t$ -ee& a' exi(ti'# cu(t$me t*a' it i( t$ $,tai' a 'e" $'e A++iti$'a%%!. A++iti$'a%%!. it i( im&$ta't t$ t$ -ee& t*e t$& c%ie't( &%ea(e+ i' $+e t$ -ee& t*em etu'i'# A &$+uct %i'e t*at a%%$"( t*em t$ cu(t$mi/e t*ei )av$ite )av$ite +$%% i( a muc* m$e i'ti#ui'# "a! $) -ee&i'# t*e c$e cu(t$me( *a&&! t*a' c$mi'# $ut "it* matc*i'# +$%% $ut)it( ecau(e $) t*e(e ea($'(. Hai( (*$u%+ $&t t$ a&&$ve t*e De(i#' Y$u Y$u O%+ D$%% &$2ect )$ Ne" Heita#e
