There are two types of control, namely budgetary and financial.

This chapter concentrates on budgetary control only. This is because financial control was covered in detail in chapters one and two. Budgetary control is defined by the Institute of Cost and Management Accountants (CIMA) as: "The establishment of budgets relating the responsibilities of executives to the requirements of a policy, and the continuous comparison of actual with budgeted results, either to secure by individual action the objective of that policy, or to provide a basis for its revision".

Chapter objectives
This chapter is intended to provide:  An indication and explanation of the importance of budgetary control in marketing as a key marketing control technique  An overview of the advantages and disadvantages of budgeting  An introduction to the methods for preparing budgets  An appreciation of the uses of budgets.

Structure of the chapter
Of all business activities, budgeting is one of the most important and, therefore, requires detailed attention. The chapter looks at the concept of responsibility centres, and the advantages and disadvantages of budgetary control. It then goes on to look at the detail of budget construction and the use to which budgets can be put. Like all management tools, the chapter highlights the need for detailed information, if the technique is to be used to its fullest advantage.

Budgetary control methods
a) Budget:  A formal statement of the financial resources set aside for carrying out specific activities in a given period of time.  It helps to co-ordinate the activities of the organisation. An example would be an advertising budget or sales force budget. b) Budgetary control:  A control technique whereby actual results are compared with budgets.  Any differences (variances) are made the responsibility of key individuals who can either exercise control action or revise the original budgets.

d) Investment centres Where outputs are compared with the assets employed in producing them. i. operation and (ideally) each manager. which is probably the most important feature of a budgetary planning and control system. A budget is basically a yardstick against which actual performance is measured and assessed. Forces management to look ahead. ROI. These enable managers to monitor organisational functions.  Provides a basis for performance appraisal (variance analysis). .Budgetary control and responsibility centres.  Promotes coordination and communication. A responsibility centre can be defined as any functional unit headed by a manager who is responsible for the activities of that unit. to anticipate and give the organisation purpose and direction. b) Expense centres Units where inputs are measured in monetary terms but outputs are not. Advantages of budgeting and budgetary control There are a number of advantages to budgeting and budgetary control:  Compels management to think about the future. Control is provided by comparisons of actual results against budget plan. to set out detailed plans for achieving the targets for each department. Departures from budget can then be investigated and the reasons for the differences can be divided into controllable and noncontrollable factors.e. There are four types of responsibility centres: a) Revenue centres Organisational units in which outputs are measured in monetary terms but are not directly compared to input costs. Inter-departmental sales are often made using "transfer prices". Requires managers of budget centres to be made responsible for the achievement of budget targets for the operations under their personal control.  Clearly defines areas of responsibility. c) Profit centres Where performance is measured by the difference between revenues (outputs) and expenditure (inputs).

Characteristics of a budget A good budget is characterised by the following:  Participation: involve as many people as possible in drawing up a budget. power costs.  Flexibility: allow for changing circumstances.  Economises management time by using the management by exception principle. Enables remedial action to be taken as variances emerge. thus resulting in: a) bad labour relations b) inaccurate record-keeping. Responsibility versus controlling. i.g.  Analysis of costs and revenues: this can be done on the basis of product lines.  Standards: base it on established standards of performance. particularly in perception terms.  Waste may arise as managers adopt the view.  Feedback: constantly monitor performance.  Improves the allocation of scarce resources.  Budgets can be seen as pressure devices imposed by management. departments or cost centres. e.  Departmental conflict arises due to: a) disputes over resource allocation b) departments blaming each other if targets are not attained.  It is difficult to reconcile personal/individual and corporate goals. Problems in budgeting Whilst budgets may be an essential part of any marketing activity they do have a number of disadvantages. "we had better spend it or we will lose it".  Motivates employees by participating in the setting of budgets.  Managers may overestimate costs so that they will not be blamed in the future should they overspend.  Comprehensiveness: embrace the whole organisation. Budget organisation and administration: In organising and administering a budget system the following characteristics may apply: . some costs are under the influence of more than one person. This is often coupled with "empire building" in order to enhance the prestige of a department.e.

sales. including the issue of a manual  Issuing of timetables for preparation of budgets  Provision of information to assist budget preparations  Comparison of actual results with budget and investigation of variances. d) Budget manual: This document:  charts the organisation  details the budget procedures  contains account codes for items of expenditure and revenue  timetables the process  clearly defines the responsibility of persons involved in the budgeting system. This is also known as the key budget factor or limiting budget factor and is the factor which will limit the activities of an undertaking. c) Budget Officer: Controls the budget administration The job involves:  liaising between the budget committee and managers responsible for budget preparation  dealing with budgetary control problems  ensuring that deadlines are met  educating people about budgetary control. determine the principal budget factor.g. e. Functions of the budget committee include:  Coordination of the preparation of budgets.g. This limits output. material or labour. This is prepared in units of each product and also in sales value. departmental heads and executives (with the managing director as chairman). A budget centre may encompass several cost centres. In using these techniques consider:  company's pricing policy  general economic and political conditions . e. Budget preparation Firstly. so there should be a representative from sales. Every part of the organisation should be represented on the committee. production. b) Budget committee: This may consist of senior members of the organisation. marketing and so on.a) Budget centres: Units responsible for the preparation of budgets. Methods of sales forecasting include:  sales force opinions  market research  statistical methods (correlation analysis and examination of trends)  mathematical models. a) Sales budget: this involves a realistic sales forecast.

Hence. changes in the population  competition  consumers' income and tastes  advertising and other sales promotion techniques  after sales service  credit terms offered. e. It summarises monthly receipts and payments. it highlights monthly surpluses and deficits of actual cash. stock and debtors  to enable a firm to take precautionary measures and arrange in advance for investment and loan facilities whenever cash surpluses or deficits arises . e) Cash budget: a cash plan for a defined period of time.g.  The materials purchases budget is both quantitative and financial. This is influenced by:  production requirements  man-hours available  grades of labour required  wage rates (union agreements)  the need for incentives. The production manager's duties include:  analysis of plant utilisation  work-in-progress budgets. c) Raw materials and purchasing budget:  The materials usage budget is in quantities. Factors influencing a) and b) include:  production requirements  planning stock levels  storage space  trends of material prices. b) Production budget: expressed in quantitative terms only and is geared to the sales budget. Its main uses are:  to maintain control over a firm's cash requirements. d) Labour budget: is both quantitative and financial. If requirements exceed capacity he may:  subcontract  plan for overtime  introduce shift work  hire or buy additional machinery  The materials purchases budget's both quantitative and financial.

Month 1 Month 2 Month 3 $ Cash receipts Receipts from debtors Sales of capital items Loans received Proceeds from share issues Any other cash receipts Cash payments Payments to creditors Wages and salaries Loan repayments Capital expenditure Taxation Dividends Any other cash expenditure Receipts less payments Opening cash balance b/f Closing cash balance c/f W X X Y Y Z $ $ . Receipts of cash may come from one of the following:  cash sales  payments by debtors  the sale of fixed assets  the issue of new shares  the receipt of interest and dividends from investments. e.g. to show the feasibility of management's plans in cash terms  to illustrate the financial impact of changes in management policy. Payments of cash may be for one or more of the following:  purchase of stocks  payments of wages or other expenses  purchase of capital items  payment of interest. dividends or taxation. change of credit terms offered to customers. Steps in preparing a cash budget i) Step 1: set out a pro forma cash budget month by month. Below is a suggested layout.

Exercise 4. Figure 4.1) illustrates this.200.1 Budgeting I Draw up a cash budget for D.1.1 shows the composition of a master budget analysis. . The master budget (figure 4. from the following information provided by her for the six months ended 31 December 19X2. 19X2 260 200 320 290 400 300 19X3 350 400 390 400 260 250 Sales at $20 per unit MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB Cash is received for sales after 3 months following the sales. Sithole showing the balance at the end of each month. a) Opening Cash $ 1. budget Stocks budget consists of Cash budget Balance sheet Funds statement f) Other budgets: These include budgets for:  administration  research and development  selling and distribution expenses  capital expenditures  working capital (debtors and creditors).1 Composition of a master budget OPERATING BUDGET FINANCIAL BUDGET consists of:Budget P/L acc: get: Production budget Materials budget Labour budget Admin.ii) Step 2: sort out cash receipts from debtors iii) Step 3: other income iv) Step 4: sort out cash payments to suppliers v) Step 5: establish other cash payments in the month Figure 4. Now attempt exercise 4.

the next step will be to make a quantitative calculation of the resources to be used. Of this 80% is paid in the month of production and 20% after production. Having identified cost centres.g. for e. g) Fixed expenses are $400/month payable each month. Of this 50% is paid in the same month as production and 50% in the month following production.000 to be paid for in October 19X2. one month or three months. An example A sugar cane farm in the Lowveld district may devise an operating budget as follows:  Cultivation  Irrigation  Field maintenance  Harvesting  Transportation. With each operation.c) Production in units: 240 270 300 320 350 370 380 340 310 260 250 d) Raw materials cost $5/unit. e) Direct labour costs of $8/unit are payable in the month of production. h) Machinery costing $2. and to further break this down to shorter periods.2 Quantitative harvesting budget . say. f) Variable expenses are $2/unit. namely:  Labour: -cutting -sundry  Tractors  Cane trailers  Implements and sundries. the greater the control that can be exercised by the budget but the greater the expense in preparation of the budget and reporting of any variances. harvesting.500 in December 19X2. materials and machinery usage. Figure 4. these may include four resources. i) Will receive a legacy of $ 2. j) Drawings to be $300/month. The length of period chosen is important in that the shorter it is. Therefore. The quantitative budget for harvesting may be calculated as shown in figure 4.2. there will be costs for labour.

775 7.500 2.Harvesting Labour Cutting Sundry Tractors Cane trailers 1st quarter 2nd quarter nil nil nil nil 3rd quarter 4th quarter 9.machines like tractors have a whole range of costs like fuel and oil.000.3 Harvesting cost budget Item harvesting Labour Cutting Sundry Tractors Cane Trailers $ estimated figure based on past experience. If the tractor is used for more than 1.400 4.875 26.000 18.825 12.250 8.75 per tonne $2.750 $61.000 tonnes 9. Figure 4. e. repairs and maintenance. depreciation and insurance.25 per tonne - So.00 Cost per annum (1.00 2.000 tonnes 300 man days 450 man days 450 man days 630 hours 1.500 $17.e. man days etc.000.4.000 tonnes 10.000 tonnes 16.250 3. whereas some vary directly with use of the tractor.350 2.50 per hour .475 Unit cost 1st quarter 2nd quarter 3rd quarter 4th quarter Total Imp.125 8.tonnes of cane. road tax and insurance and depreciation.000 tonnes 10.000 tonnes 16.000 hours) ($) .g. in the first instance making an internal 'profit' and in the second a 'loss'.50 per day $7. overall operating cost of the tractor for the year may be budgeted as shown in figure 4. licence.725 1.750 750 4. Some of the costs are fixed.125 5.250 1.000 tonnes Imp.-and depends on individual judgement of which is the best unit to use. Charge out costs In table 4.000 tonnes 10.2.000 tonnes 16.500 1. fuel and oil.g.100 hours 700 hours 9. Once the budget in quantitative terms has been prepared. unit costs can then be allocated to the individual items to arrive at a budget for harvesting in financial terms as shown in table 4.250 2. & sundries $0. Figure 4. driver. i.000 1.000 $27. & sundries nil Each item is measured in different quantitative units .000 hours there will be under-recovery.50 per hour $0.2 tractors have a unit cost of $7. Other costs such as repairs are unpredictable and may be very high or low .250 $15.4 Tractor costs Unit rate ($) Fixed costs Depreciation 2.15 per tonne 6. e.000 hours then there will be an over-recovery on its operational costs and if used for less than 1.225 5.

077 183.200 7.00 Driver Repairs Variable costs Fuel and oil Maintenance No.500.875 15.826 49.679 130.290 111.377 41.632 94.413 135.416 11.567 90.699) 42. It is of great importance that the business has sufficient funds to support the planned operational budget.00 3.750 107. two further budgets can be done.000 500.297 12.475 54.165 Less: Closing valuation 135. Table 4.000 Once the operating budget has been prepared.600 392.313 52.044 85.240 129.278 4. of hours used Cost per hour 100.200.262 17.398 5.825 14.268 15.338 66.800 135.00 1.500.368 18. Balance sheet at the end of the year.876) 48.00 per hour 200. expressed in financial terms.000.260 147.876 (5.Licence and insurance 200.00 1.000.775 24.723 26.578 112.290 388. Reporting back .00 per 200 hours 1.00 Master budget The master budget for the sugar cane farm may be as shown in figure 4.00 per month 2.240 241.473 15.923 15.165 241.100 106.337 102. namely: i.602 8.261 7.767 85. Cash flow budget which shows the amount of cash necessary to support the operating budget.800 478. ii.277 111.002 61.361 (6.357 112.365 Add: Opening valuation 85.00 per annum 600.00 7.991 27.000 250.000 120.165 Net crop cost Gross surplus Less: Overheads Net profitless) 5.321 3.750 129.663 7.486 95.260 201.00 7.177 55.5.00 2.597 94.892 90.50 600.5 Operating budget for sugar cane farm 19X4 1st quarter 2nd quarter 3rd quarter 4th quarter Total $ Revenue from cane Less: Costs Cultivation Irrigation Field maintenance Harvesting Transportation 37. The budget represents an overall objective for the farm for the whole year ahead.329 7.

There are many ways in which management accounts can be prepared.750 6.775 indicating an increase of $490 whilst the cumulative figure for the year to date shows an overall saving of $438. A variance between the actual cost of an item and its budgeted cost may be due to one or both of these factors. say it is budgeted to take 300 man days at $3.875 3. which is called the 'variance'.162 43. if the actual tonnage was significantly less than budgeted.50 . For example. It appears that actual costs are less than budgeted costs. management accounts at the end of the third quarter can be presented as shown in figure 4.000. showing a saving of $25.125 8.245 (263) 13.265 against a budget of $27.975 (525) Year to date Actual Budget Variance Actual Budget Variance 28.Cutting .250 291 1.505 6.584 2.000 383 (1. If the actual production was much higher than budgeted then these costs represent a very considerable saving. The budget was based on a cane tonnage cut of 16. Price and quantity variances Just to state that there is a variance on a particular item of expenditure does not really mean a lot. Most costs are composed of two elements .00. which a .giving a total budgeted cost of $900. so the harvesting operations are proceeding within the budget set and satisfactory. actual harvesting costs for the 3rd quarter are $28. a further look may reveal that this may not be the case.the quantity used and the price per unit.400 4.actual costs against budget costs Management accounts for sugar cane farm 3rd quarter 19X4 3rd quarter Item Harvesting Labour . even though only a marginal saving is shown by the variance.6. However.200 12.600 438 Here. in our example.500 12. Figure 4. To continue with our example of harvesting on the sugar cane farm. The actual cost on completion was $875. Apparent similarity between budgeted and actual costs may hide significant compensating variances between price and usage.750 (310) 1.00.060 18.775 (490) 43.000 (200) 742 9. This statement will calculate the difference between the 'budgeted' and the 'actual' cost.265 27. Management may therefore need to investigate some significant variances revealed by further analysis. each quarter. as quickly as possible after each operating period. be a considerable overspending.6 Management accounts .000 tonnes in the 3rd quarter and a cumulative tonnage of 25.270 1.00 per man day . Similarly.250 2.Sundry Tractors Cane trailers Imp & sundries 12.00. setting out the actual operating costs against the budgeted costs. Further investigations may reveal that the job took 250 man days at a daily rate of $3.During the year the management accountant will prepare statements.678 4. in fact. then what is indicated as a marginal saving in the variance may.a favourable usage variance but a very unfavourable price variance.513 1.125) 722 (270) 19. If these tonnages have been achieved then the statement will be satisfactory.375 1.

comparison of the total costs would not have revealed. Calculation of price and usage variances The price and usage variance are calculated as follows: Price variance = (budgeted price .e. Materials The variance for materials cost could also be split into price and usage elements: i) Material price variance: arises when the actual unit price is greater or lower than budgeted. Overheads Again. breakdown of a machine.g. a budgeted fertiliser at 350 kg per hectare may be increased or decreased when the actual fertiliser is applied. alternative suppliers etc.g. a production higher or lower than budgeted will cause an over-or under-absorption of overheads. the wage rate. e. discounts.actual price) X actual quantity Usage variance = (budgeted quantity . Exercise 4. e. This variance may arise due to a difference in the amount of labour used or the price per unit of labour. The direct wages variance can be split into: i) Wage rate variance: the wage rate was higher or lower than budgeted.2. overhead variance can be split into: i) Overhead volume variance: where overheads are taken into the cost centres. giving rise to a usage variance. i. Could be due to inflation. Labour The difference between actual labour costs and budgeted or standard labour costs is known as direct wages variance.2 Computation of labour variances . or working overtime at a higher rate.g. Price and usage variances for major items of expense are discussed below. using more unskilled labour. ii) Labour efficiency variance: arises when the actual time spent on a particular job is higher or lower than the standard labour hours specified. ii) Overhead expenditure variance: where the actual overhead expenditure is higher or lower than that budgeted for the level of output actually produced. e. ii) Material quantity variance: arises when the actual amount of material used is greater or lower than the amount specified in the budget.actual quantity) X budgeted price Now attempt exercise 4.

875.00 per day to complete the task costing $2. Thus. if changes are not started in the budget period.000. These are: a) preparation of budgets b) communicating and agreeing budgets with all concerned c) having an accounting system that will record all actual costs d) preparing statements that will compare actual costs with budgets. However. to control. showing any variances and disclosing the reasons for them. some businesses find that historical comparisons.00 when the actual cost was $1. In fact this is part of the financial analysis discussed so far.00. Some variances can be identified to a specific department and it is within that department's control to take corrective action. Variances revealed are historic. and sometimes impossible. Calculate: i) Price variance ii) Usage variance Comment briefly on the results of your calculation. but the proper analysis process takes into account all the changes which should affect the future activities of the company. They show what happened last month or last quarter and no amount of analysis and discussion can alter that. This can cause a severe handicap for the business because the budget should be the first year of the long range plan.50 per day. it will be difficult for the business to make the progress necessary to achieve longer term objectives.It was budgeted that it would take 200 man days at $10. Management action and cost control Producing information in management accounting form is expensive in terms of the time and effort involved. Zero base budgeting (ZBB) After a budgeting system has been in operation for some time. Action(s) that can be taken when a significant variance has been revealed will depend on the nature of the variance itself. Other variances might prove to be much more difficult. being 150 man days at $12. There are five parts to an effective cost control system. and particularly the current level of constraints on resources. and e) taking any appropriate action based on the analysis of the variances in d) above. they can be used to influence managerial action in future periods. there is a tendency for next year's budget to be justified by reference to the actual levels being achieved at present. Even using such an analytical base. It will be very wasteful if the information once produced is not put into effective use. . can inhibit really innovative changes in budgets.

but in that year the business can almost grind to a halt. so that each sector does a zero base budget every five years or so. or a different-sized team.One way of breaking out of this cyclical budgeting problem is to go back to basics and develop the budget from an assumption of no existing resources (that is. The obvious problem of this zero-base budgeting process is the massive amount of managerial time needed to carry out the exercise. Key terms Budgeting Budgetary control Budget preparation Management action and cost control Master budget Price and quantity variance Responsibility centres Zero based budgeting . some companies carry out the full process every five years. Thus. This means all resources will have to be justified and the chosen way of achieving any specified objectives will have to be compared with the alternatives. Hence. and the optimum way of achieving the sales objectives in that particular market for the particular goods or services should be developed. This might not include any field sales force. the current existing field sales force will be ignored. in the sales area. a zero base). an alternative way is to look in depth at one area of the business each year on a rolling basis. and the company then has to plan how to implement this new strategy. For example.

8574/:.3/  39024391443574/:.943.943   0/0503808.70 ./3908.:39  198 85.202439.

-00.0...41  30.2439   .4893 94-05.02-07   7.3894-0 ./1473 .0.24395.0.307..94-07   70..

92.723904.43974 9.80/-90-:/09-:99070.3.3.-4:7 2.3/8:3/708  .7..08  %06:.0893-:/09 .3/941:7907- 3.0893 O%7.399.90/.7.0 O.80.3903.08932.:/014:77084:7.4507.0894-0:80/ .943 9070-0.9.9434190-:/09 .:..:.9.0893 90802.6:..9079005038035705.9478 O.3.20 O.0-:/09147.385479...3/03910/.93-:/09..3939..078 O25020398..0.3.98/43948479075074/8 8.8..250 8:..7.301.4898147.- 9070.7.307:8.0//897.7.3097.81448 O:9..3/2.-4:7 .:993 8:3/7 O%7.4803825479. 4302439479700 24398 %0039415074/.399.0 %0701470  1470  .9434190 7084:7.34507.399.3/705479341.039708 903098905-0942.943 O0/  90.90790.884331:70   :70 ":.943 O77../0.2439  30.3-0007.907.

8-0035705..943 $4204190.3..9.07 70.4898.947 0  1:0.4898 39.489-:/09 902.7.30892.7.074398 4507.8:70/3/11070396:.3/38:7..7010/ 0  /0570.3/4 705.7907  943308  943308  943308  2.90/1:70-.3.7907  3 3 3 3   7/6:.3903-0.8  2.9478 .48988:.43/...88420 .-0   .-:/09147..9478 .4898  0/.3.70 :3570/.9478.3/ /0503/8433/..07  0 390 1789389. &39.9.9478.77.3097..3 4:789070-0:3/07 70.7907  96:.-0-:/090/.7907 3/6:.943.-4:7 :993 $:3/7 %7.943..07.8705./:.308097.33:2  4:78    .3/4  907.0.7907 7/6:.0 /7.9.3/.3041.3/2.943 &397..7907 3/6:.090-:/0936:.4.70/ :39.0.7907 %49..40 7.399.7.9478:80/14724709.4898  0570.90728.0893.884331:70   19097.30 2..489801:0.3903.3.03.489419097.7/70.72.3/.99:80419097./:. 57419 .02.78.0893313.3/.7.8  2.9.-0..947..3/1:80/1470889. 488  :70 %7.89050703..0  :70 .4.48941  5074:7 2..78.0:398 94330841.4898..                                                                    50794330    5074:7   50794330    25  8:3/708  50794330  $4 4.-4:7 :993 $:3/7 %7.0 74.90/94 903/.3.7907 96:.947147900.07474 .3.90       489507.3 4:789039070-0.4507.34.902894.0..93..3/39080.0 .704:9.0 070. .078 896:.339073..078     507/.3//0570.-0 97.8  4:78   4:78  4:78  943308  943308  943308  943308  943308  943308 25  8:3/708 3 .4.0893 .0893 .489 896:.890-089:3994:80  3.:39.80/435.4898.399.30%7.809...3/.902820.3/2..-0..3/38:7.:/0203941.884339.090728.07 ./9.

93 -:/09 984170.814-:/09.09.0  4 414:78:80/ 4895074:7    5072439     507./ 0570880/313...34.0.3-0/430 3.4898:0.0147901.7.7.       .8907-:/09 % 96:.943  0/2.:.0893  %7.943   3.088.489 74888:75:8 088 .70/ 941:7907-:/098.30 0884898  :9.78 ..84890.7.3..72  #0.33:2    5074:7               507 4:78   './8 0957419088  896:.0391:3/8948:55479905.7907 %49.-0.7   .                                                                                                                                                            // 5033.7907 7/6:.93-:/09.88:11.3.943  77.20  .3903. 90728  %..830.8907-:/09147908:.93-:/091478:.301..3/38:7.3.8-0035705.0904507.3/4 ..0  7.385479.:.03.330/ 4507.-0.4-0.3.-0  507. ..070.7948:55479904507.925479.745..99003/41900.08009.943   09.722.3.7.0  .24:3941.-:/09  #054793-.9.884331:70  %0-:/09 7057080398..07 #05.3.7214790400..943.301.943    088483.7907 3/6:.

 .0.7. 31.7907.8.947 190.3.983/.794/.:....7...08-0900357.7089.8831.250 0.3.-4:7  :993  $:3/7 %7.438/07...:2:..1:7907442.3/.86:.:/09'.4:398.4898 . .9..0  %070.39 .0893 ...7.90848.-0:8.0893 4507.4898.4507.08 :899489.79.574/:.3.:/09'.. 49 489.8-.3..250 8.02.9:.3.9.341  :79073.73.0-:9.48943.5.3 0.7.9478 .7.:941  9433083907/6:..0394:43.4898 8490.93..7902410503/9:70/40834970. 90801.9:.48941.1.9433..389.39.438/07...85488-0 ..7.0  470.80/43.07.99003/419097/ 6:.4898705708039.38843-90...550.902039.395705.079.7..4892.702.. .7.48982.0.73.88 .8.4:3981478:. ..02039..4:398.3.078503/3  !7.9:..789.0 .7907  7/6:.3.489 .390889.8 843.0.-08.9:.....4898..4250943.7.09433.2.:.3 -:/090/ 903..20.3..3.9.4507.33.2.425480/41940020398 906:.7.-04.341 9.07.9:.9:.3.9090/110703.19070..7.93.9:.7907.25041.....02039 .-:/0941  3/.4898.9.9982...309433.703982.884331:70   :70 .3.3/.981.0 902./.301.80 %0-:/09.4393:094:7 0.3.6:....9 5072.9904-944 2.. .0 2.70574.0-0900390.3 -:/090/9039080..7.041 190809433.70..943.3.908420831.4:398 .0893.7902.0.9020398 .425038.0-003 .82:.3902.4:7.3..7907 809934:990.0.01:70147900.4898 %889.3/.794/.48941 %0.7..0870.02039..9438.9041   . 90701470300/943.8.301.08.0/-1:7907.3.935074/ 34:70.9 -0.90 .9.3..98-:/090/949.9:.4:39.7.700889.3...902039-08.3097.947 40..72 2.:2:.70/ % ..9:....020392. -:/090/.79-09003-:/090/. 70.07 .8.34.7 190. 8...8.990708.0.078                                                                             25 8:3/708      070 .399.0.70.3/90 .7907 0.3-:/090/.9:.02039.0.3-057080390/.8.3390...3.3/:8..9:.4:7..:73900.399:80/..3/9057.8041 8990. -:/090/  ..94382.0507:39  .3/8.70. 8..089343908:.7.0 $2.9478 55.089.3/..38990-:/090/..909.-057.981.0.

0.90   .3.0/  .907..-4:7..4.3/:8.70.80   07.574/:.90 %0/70.702..:.9434157.-4:7.070.3..7.90/..10/390-:/09 0  .3.-:/090/1079807.9:..0.34.57..3-0859394   .-4:7 474734.907.9.7.990259007.070.0 %8.30  .907474079.9..78434190949.:.399 -:/090/57./4341.425.07.81448 !7..:80.4898..57.0.709..807474079.   .3 4..07.47 902841050380./8 .08 %057.../.7/..7.94341.0./110703.8 /70.24:39850.0.5./0503/9:7080747407 9.70/8.3.9:.. .070.9208503943.3-:/090/.3/:8.9 5070. .3/.-4:7 %0/110703.070.78080390.3.80/0390.3.378094.3.74-80747 4079.070.0 4.00704.08:5507809..:3957.:8.:880/-04  .9:.6:.081472.0 -:/090/6:..0.-4:7011.0.0./8..10798078..90747407 9./8    .9:.9.79.01472..0 .399.007090..78080390.0414:95:9.6:.02.9.3/:8.399 &8.574/:.3...0  .090.780/:094.9:.-8475943414..00020398  .07920.90.7.943 /8.48988343.907.7..3-:/090/ 0  :832470 :380/.3/.:.7.0 -:/090/57.399 ..943 07474079.0.0870.08 .24:39412.907.7.2..3-:/090/  4:/-0/:09431.070.90.78080390.3.6:.7../.70.7.-4:7  0 90.0507:3941.0339490.0.08.48984:/349.390.0.8 %0.. !7.3..80 425:9.9073..070.24:3941.-4:7:80/ 479057.7.489.4:/.070.:80/870..39089.-0 3.10/ 0  -70.0.039708 .3/-:/090/4789..7..3...3-0859394  .3/:8...0390.7.077.9:.0.9:.9:.84-085939457.0-09003.07 47:3/07 .80/47/0.4:398 ..-4:7.-4:74:78850.0.907.489.3..

3/.80.3/5..07.0.:9147 90-:83088942.43974949.741 90437.3..24:3941.305.9.7..03:83 8:...9901:9:70. .970.398437084:7..9 40.489..3-09.0  .9/05.94332.090574708830.0.0430790724-0.9..8.7389.831.9079.09801 $420.514790-:83088-0.994:/9..094-0 2:..90  !7..:8090-:/0984:/-09017890.4893  0390.-:/09388902.0.90.:8843.94331:9:705074/8  074-.4.02039.489.3/ 0114793..9..3-0/03910/94.7.792039 8.943  907.0//0503/4390 3.:.7 -:990574507..7003-:/0989.0.07.94343.422:3.3..425090909.80-:/093   1907.3.9  507/.08394 .4898 / 5705.0 :80  %070.30110.:880/841.7.3/ /8.3/..05.94341-:/098 .70 .43974  '.79.0 2. 5705...88.88574.0.9.9 9885..3.790 .943-.2470/11...083/ .  .3/98 939..9.3.3..331472.308.147309 0.3.4770.489.8901:19031472.0/ 9-0.98947.792039.4:39.9.0303...0/83495:93940110.3083-:/098 %8 ..3.3.70. %084.55030/.3/.3.8-:/090/9.90203989.09490.43974 !74/:.9:....425.3 ..701.3.3.3.:..0574/:.943 8 9.08 .7034989.3/.....08.9:. 0 9.943.708947.03907284190920.0/..0889.0.7.79419013..884190.4:393889029.903/03.-.80 8420-:830880813/9.9:704190.425.4839070. 90708.7.0 2.8-00334507..7.0730/ .8.48989-:/098 843.9 507/.02039.89243947.557457.9:.790/390-:/095074/ 9-0/11.7 8-:/0994-0:8910/-7010703.0..794.07 90.0.79894.08-03.3.3-0:80/9431:03..47/.. ..110.3/34 .:9 .9.9:.3 %:8 1.4397488902 %080..0..3/8420920825488-0 94.08  .3.943  .9.9.95708039 31.0 422039-7014390708:98414:  &8.7907.8438147902 .0829574.8  -03 2.9084190..

310/8.0 8420./1107039 80/90.:.743.2 .9.34:94198.90.80-:/093574.3850.9073.90.78 -:939.094-0:8910/.08 .08.70/990.3.4190-:830880.248973/94.3.80-:/090.38.9 %:8 .8945.9.0-03470/ .4803.:/0..90  %04-.7....08 470.72..039708 074-.074-.084-0...9 5.88 849.3.0.88. 920300/0/94.790-:83088.41.41.709147905.80 %820.774:990007.:.0884:/-0/0.07 1.045 90-:/091742.79.3.894 443/059.43974 :/095705.0...00.074-.399.80/-:/093  .0450/ %829349 3.0 #085438-9.88:25943413408937084:7.10/4- 25020399830897.43974 .425.08 . 90.94-...7.24:39412..943 .3908.-:/093574-028944-.4:8574-024198074 -.9.489.308..250 3908..02039.0.3/6:.8.0888902.0 47. 7084:7.70.:770390893 10/8.7.3903.98 .094-0.8907-:/09 !7.425.3/904592:2.3.743-.80..80 03.70.3/90.9073.0.784784  090728 :/093 :/09.744/847807.08..08147.0.9430..425.0.0880.3/90.

Sign up to vote on this title
UsefulNot useful