Master of Agribusiness / Department of Agricultural Economics / Allen M. Featherstone / For more than 70 years, the Iowa State University Ag 450 Farm has been in operation south of the Iowa State University (ISU) campus located in Ames, Iowa. The Ag 450 farm is currently the only student managed farm at a land grant university in the United States. The idea for the Ag 450 Farm was developed by Dr. William Murray in 1938 and in 1943, the Ag 450 class was first offered by Dr. Murray. At the farm, the core principals of agribusiness and farm management have been taught while adapting to an ever-changing agriculture. The Ag 450 Farm is considered the capstone course for the Iowa State University Agricultural Studies major. ISU Ag 450 is currently under the supervision of farm manager Greg Vogel and the Iowa State University Agriculture and Studies Department. Today, the Iowa State University Ag 450 students manage approximately 275 acres of owned ground, 700 acres of cash rented ground, 80 acres of crop share ground, and 800 acres of custom farmed ground depending on the year. Ag 450 represents a commercial farming enterprise of corn and soybean production as well as housing nursery piglets and custom finishing over 1000 head of feeder pigs. In its current condition, the ISU Ag 450 is looking to expand its operations to meet the demands Agricultural Studies majors at Iowa State University. A focus of the expansion is to increase the amount of custom finished feeder pigs by building another finishing facility. That type of expansion requires the need for another full-time farm manager. This research examines the feasibility of expansion of the swine and management to determine the impact this may have on the future viability of the farm.

The two most common options for post-mining land uses in the southern Appalachians are forestry or hayland/pasture. Hayland/pasture has become the predominant reclamation type due to ease of establishment and strict regulation standards requiring quick and dense erosion control by herbaceous cover. Recently, more landowners have become interested in returning mined land to an economically valuable post-mining land use, such as forestry. Landowners are becoming more aware of the possible future profits from timber stand harvests, as well as other benefits (monetary and aesthetic) derived from a forestry post-mining land use. Although hayland/pasture lands can provide economic returns through forage and grazing rents, many post-mining pasture lands are left fallow, with no economic returns being gained. Current research has provided the biological and technical information needed to reclaim mine lands to productive forest stands and achieve bond release. Cost information though has been lacking, or variable at best. The purpose of this study is to understand the processes of reclamation for both forestry and hayland/pasture, and calculate detailed cost estimates for both reclamation types. Total costs of reclamation are determined using a cost engineering method, in conjunction with Office of Surface Mining Regulation and Enforcement bond calculation worksheets. In Kentucky, Maryland, Pennsylvania, Tennessee, Virginia, and West Virginia, hayland/pasture reclamation is more costly on a per acre basis. The cost of hayland/pasture reclamation is greater than the cost of forestry reclamation by $140 per acre to $350 per acre. In Ohio, forestry reclamation is more expensive by nearly $60 per acre. Grading costs are four times as costly for hayland/pasture reclamation, as compared to forestry reclamation. Pasture reclamation requires more grading passes to prepare the seedbed, requiring four passes. Forestry reclamation typically involves only grading the site with one dozer pass to prevent compaction of minesoils which inhibits tree growth. Hyrdoseeding costs are also higher for hayland/pasture reclamation due to higher application rates of fertilizer and herbaceous seed. The hydroseeding costs make up the largest percentage of the total per acre cost for both forestry and hayland/pasture reclamation. Lime and mulch costs are equal for both reclamation types and are included in the hydroseeding equation. Due to the increased grading costs and higher hydroseeding costs, hayland/pasture reclamation is more expensive for all states analyzed in the Appalachians, other than Ohio. These cost estimates can provide useful tools for mine operators and landowners to determine the most economical and suitable post-mining land use for their individual property. / Master of Science

Master of Agribusiness / Department of Agricultural Economics / Allen M. Featherstone / The landscape of the United States seed industry has changed substantially over the last 100 years. In the mid-1930s, there were 115 active seed corn companies marketing seed in the United States. By the 1980s, there were 303 hybrid seed corn companies and in 2016 there were 140 active hybrid seed corn companies in the United States. As the seed industry continues to evolve, so will the logistics and methods of which seed is sold to farm customers. The purpose of this thesis is to analyze and determine if a seed business expansion provides a positive net present value and rate of return for the management based on the capital costs of the investment and estimated income opportunities. Based on historical information of the existing business and the new market territory opportunities, a ten year projected cash flow was estimated to provide a basis for the net present value and internal rate of return analysis. Sensitivity analysis was applied to different variables in the cash flow model to identify variables of risk and the impact on the projected cash flow and net present value analysis. The projected cash flow model and net present value analysis provides management a basis for the decision to expand their existing business. The conclusion of the net present value and internal rate of return analysis was that the expansion of the seed business was profitable under most sensitivity scenarios. Recommendations were made for additional research that could be performed to maximize and diversify the business’s product offerings and net income.

Master of Agribusiness / Department of Agricultural Economics / Allen M. Featherstone / The oat processing industry is a competitive industry and maintaining a cost advantage is important for the industry supply chain. General Mills continuously looks to maintain a competitive advantage in the oat supply chain because it is important for strategic short and long term planning. The purpose of this thesis is to analyze supply chain scenarios to determine where future investments should be made. The analysis looks at an existing location, a refurbished location and a Greenfield site. The analysis projects income statements and net cash flows to determine the conclusions using Net Present Value. The question answered is "Should the company continue to invest in the existing supply chain or should it look to different alternatives in the form of a refurbished or Greenfield plant site for production of oat flour?" The analysis found important relationships between the variables that can influence net cash flow and ultimately NPV. However, given the information from this analysis, a determination was made that the existing facility is still the best investment. Future analysis should be used and the company should plan to analyze this issue again in a five to ten year time frame to maintain its competitive advantage.

The aim of the diplom thesis is to evaluate systems of different heat sources from economical, environmental and user aspect for modern low-energy construction and classic house from 80 of the 20century.

Today's mortgage industry is constantly changing, with adjustable rate mortgages (ARM), loans originated to the so-called "subprime" market, and volatile interest rates. Amid the changes and controversy, lenders continue to originate loans because the interest paid over the loan lifetime is profitable. Measuring the profitability of those loans, along with return on investment to the lender is assessed using Actuarial Present Value (APV), which incorporates the uncertainty that exists in the mortgage industry today, with many loans defaulting and prepaying. The hazard function, or instantaneous failure rate, is used as a measure of probability of failure to make a payment. Using a logit model, the default and prepayment risks are estimated as a function of interest rate. The "optimal" interest rate can be found where the profitability is maximized to the lender.

In this study, based on the basic theory model ¢wGordon-Schaefer model is used to discuss the equilibrium levels for yellowfin tuna in the Western and Central Pacific of open access (OA) and present value maximization (MPV). And then to compare the catches and the stocks on the two model¡¦s equilibrium value, the result shows the management of yellowfin tuna in the Western and Central Pacific tend to MPV model, the regional fisheries organization (RFMO) to detect the implementation of the measures (MCS) is significant; in addition, use sensitivity analysis and then to understand the changes on the stocks and the effort quantities effected by varying different parameters. In OA, if you want to get effectively maintain the sustainability of the stocks, should be considered to reduce the price and the catch coefficient, increase the cost per unit of effort to control; in MPV, we can understand that the catch coefficient and the intrinsic growth rate have a bigger influence in the effort quantities; Finally, by simulating the catches and the stocks, that if it can continue to effectively manage fishery by MCS in the future, the catches and the stocks of yellowfin tuna will tend to balance the value of MPV, and so on, not only resources effective use of maximum profit and maintaining our fleet of ocean-going business interests, but also resources can be sustainable.

In this research, using the statistic catch data of northwest pacific saury from the Overseas Fisheries Development Council of The Republic of China between 2004 to 2007 to conduct an resource assessment on pacific saury. First of all, calculate and compare the equilibrium level of open access fishery and the net present value maximization fishery. And then, using the northwest pacific saury statistic catch data from the Food and Agriculture Organization of The United Nations between 2005 to 2007 for the simulation analysis of resource of pacific saury, and the results simulated with the two fishing grounds of the equilibrium value for comparison. The results showed that the problem of depletion of the resource does not exist. The final, assumption that the value of parameters are changing in the range of reasonable in order to understand the impact of the changing in the fishery resource of the stock and effort. Collate and analyze the results, and expect that the results can be a management reference for the management of the northwest pacific saury fisheries.

A unique business opportunity has been presented to me. I have been invited to create a small business that would initially offer mechanical design services to two main customer segments: automotive and biomedical device companies. My main responsibility is to help frame the small business and act as an investor partner. I will act as a silent partner once the day to day operations begin. My main focus of this paper is to provide practical information to answer many specific questions about starting this small business. A Net Present Value (NPV) and Profitability Index (PI) analysis will help me determine whether the required initial investment capital will be a good investment for all the parties involved. The legal aspect of managing people in a small business with less than 15 employees will be also reviewed. The conclusions from the Human Capital Framework and the main components of a business plan will be used in the future development of an operating procedure. A business structure will be selected as part of this analysis. Finally, the business values and strategic goals that are most important to all participating parties will be mentioned. / text

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