Financial Management PGDM 2013-14

INSTITUTE FOR INTERNATIONAL MANAGEMENT AND TECHNOLOGY

P56008

Financial Management

Semester – 2

Academic Year 2013-14

Module Leader

CA Sandeep Kapoor

School of Management and Entrepreneurship

P56008: Financial Management

IIMT Module Handbook 2

CONTENTS Page No.

Module Introduction ................................................................................................................. 3

MODULE LEADER contact details ............................................................................................ 3

Semester Plan Synopsis .............................................................................................................. 4

Module Descriptor .................................................................................................................... 5

Learning Outcomes .................................................................................................................... 5

Indicative Content: .................................................................................................................... 6

Indicative Reading: .................................................................................................................... 7

Assessment: .............................................................................................................................. 7

Week 1: Introduction ................................................................................................................. 8

Week 2: Introduction to valuation: The Time Value of Money ..................................................... 10

Week 3: Discounted Cash Flow Valuation ................................................................................. 11

Week 4: Capital Budgeting I-Net Present value and other investment criteria ................................ 12

Week 5-6: Capital Budgeting II: Making Capital Investment Decisions ........................................ 13

Week 7: Review week .............................................................................................................. 14

Week 8: Cost of Capital ........................................................................................................... 15

Week 9-10: Financial Leverage and Capital Structure Policy ....................................................... 16

Week 11: Dividend Policy ........................................................................................................ 17

Week 12: Short Term Finance & Planning ................................................................................. 18

Week 13: Cash Liquidity, Credit and Inventory Management ...................................................... 19

Week 14: Mock Exam .............................................................................................................. 19

Assessment Grid...................................................................................................................... 24

Regulations ........................................................................................................................... 26

Mandatory Turn it in Submission .......................................................................................... 32



Module Introduction

You would often wonder what “financial management” is? Why should you study the same? Well the answer to this is simple. Every decision that a firm makes has a corporate finance component to it. Say in a company, you require money to buy certain things such as land, buildings, machinery …and so on. So questions arise, how should the finances be raised /where the money should come from? Should it be your own money or should it be from outside?. How should the money be put to use or invested productively? Further how will you ensure that you will have sufficient money for your daily requirements? The subject, Corporate Finance thus includes all of a firm’s decision that has financial implications. These broadly include: (i) Investment Decisions, (ii) Financing Decisions & (iii) working capital decisions. These decisions taken have the implications on the firms’ market/share value. Further, with globalisation at its best in the recent times- foreign companies setting base in India and with Indian companies going multinational - it would be worthwhile to understand the impact of globalisation on the conventional corporate finance decisions-for example, what additional criteria the company needs to a company setting up a project abroad or how does the cost of capital change when money is raised from different locations.

As a Finance Manager, you have to take the above decisions. The objective of this Course is to provide you with the conceptual framework necessary to understand above financial issues and the techniques to manage them efficiently and effectively. Whether you choose a career in manufacturing companies, non-governmental or service sector, investment banks or management consultancy, or want to be an entrepreneur, a thorough learning of the art of corporate finance is a must.

MODULE LEADER CONTACT DETAILS Name: CA SandeepKapoor E-mail: [email protected]



Semester Plan Synopsis Week Topics Reading /Activity

1 Introduction and Formative assignment

Ross, Westerfield, and Jordan, Fundamentals of Corporate Finance, 9e, TMH, Chapter 1

Desai, Mihir A. (2008), Finance Function in a Global Corporation, Harvard Business Review, July – August 2008, Vol. 86 Issue 7/8, p108-112,

2 Introduction to valuation: The Time Value of Money


3 Discounted Cash Flow Valuation


Case study: Shyam Lal and Associates 4 Capital Budgeting I-Net

Present value and other investment criteria


Anand, Manoj (2002), “Corporate Finance Practices in India: A Survey”, Vikalpa, Vol. 27, No. 4, October-December 2

Verma, Satish; Gupta, Sanjeev; Batra, Roopali(22009), A survey of capital budgeting techniques in corporate India, Vision (09722629), Jul-Sep, Vol. 13 Issue 3, p1-17, 17p

5&6 Capital Budgeting II: Making Capital Investment Decisions


7 Review week Class exercise from week 1 to week 6

8&9 Cost of Capital Ross, Westerfield, and Jordan, Fundamentals of Corporate Finance, 9e, TMH, Chapter 14

10 Financial Leverage and Capital Structure Policy


Graham, John and Campbell Harvey (2002), “How do CFOs make capital budgeting and capital structure decisions”, Journal of Applied corporate finance, volume 15 , Number 1, Spring.

11 Dividend Policy Ross, Westerfield, and Jordan, Fundamentals of Corporate Finance, 9e, TMH, Chapter 17

12 Short Term Finance & Planning


Kaiser, Kevin and Young, S. David (2009), “Need cash? Look inside your company”, Harvard Business Review, May 2009.

13 Cash Liquidity, Credit and Inventory Management

Ross, Westerfield, and Jordan, Fundamentals of Corporate Finance, 9e, TMH, Chapter 19&20

14 Reflection week and Coursework submission

Mock Exam



Module Descriptor

Module Title: Financial Management

Module Leader: CA Sandeep Kapoor

Module Description:

This module aims to introduce students to fundamentals of corporate finance. These decisions taken have the implications on the firms’ market/share value. The module aims to develop a practical understanding of financial management from the company perspective and build a base for understanding of financial implications of various managerial decisions.

Level 6 Credits: 10

Module Status: Compulsory

Prerequisites: None

Placing: Semester 2

LEARNING OUTCOMES

Having completed this module successfully, students will be able to:

Taught Practised Assessed

Discuss the theoretical models of corporate financial management in the context of company development.

Apply theoretical understanding to real life problems, in order to develop possible solutions.

Critically appraise the value of theoretical models in the light of their practical applicability.

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Professional Skills



Evaluate financial decisions made by company managements using accounting and other financial information, while understanding the limitations of the kinds of information used.

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Transferable Skills



Demonstrate independence and self criticality in thought and action

Engage confidently in academic communication

Demonstrate a facility with selecting and applying appropriate numerical models to problems, and appraising their value

Use a range of learning resources competently and appropriately

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Indicative Content:

1. Finance and the Financial Manager -Introduction to finance; Financial markets & Institutions, Role of finance manager, Agency relationship, Agency costs

2. Time value of money 3. Capital Budgeting 4. Capital structure decisions



5. Working capital management 6. Dividend Decisions

Indicative Reading:

Core texts:

1. Ross, S., Westerfield, R., and Jordan, B. (2009), Fundamentals of Corporate Finance, 9th Ed., Tata McGraw Hill Publishing Limited, New Delhi.

Recommended Readings:

2. Brealey, A. R., Myers, C. S., Allen, F., and Mohanty, P. (2007), Principles of Corporate Finance, 8th ed., Tata McGraw Hill Publishing Ltd, New Delhi.

3. Chandra, P, (2008), Financial Management Theory and Practice, 7th ed., Tata McGraw Hill Publishing, New Delhi.

4. Damodaran , A. (2006), Corporate finance – Theory and Practice, Wiley.

5. Arnold, G. (2008), Corporate financial Management, 3rd edition, Pearson, India.

Journals:

1. Journal of Corporate Finance

2. Finance India

3. ICFAI journal of Applied Finance

Assessment:

Coursework Group Submission 20% (Week 14)

Final Exam 80%



Week 1: Introduction

Session outline Introduction

Overview of the course

Introduction to financial management Role of a finance manager,

The Goal of financial Management

Financial markets and the corporation

Agency relationships

Learning Outcomes

Understand the learning outcomes of this course

Understanding the concept of the three basic financial management decisions

Understand and articulate the nature and role of finance function in an organization

Appreciate the relevance of financial markets and institutions in context of the finance \ Function

Understand the concept of agency relationships

Text Ross, Westerfield, and Jordan, Fundamentals of Corporate Finance, 9e, TMH, Chapter 1

Supplementary readings: Desai, Mihir A. (2008), Finance Function in a Global Corporation, Harvard Business Review, July – August 2008, Vol. 86 Issue 7/8, p108-112,

Formative assignment

Get opinion from five of your friends or faculty members on the following question.

Task: To determine the perception on what should be the goal of an organization.

Question to be addressed: What is the goal of any organization?

Please tick one



Survive

Avoid financial distress and bankruptcy Beat the competition

Maximize sales or market share

Minimize costs

Maximize profits

Maintain steady earnings growth

Wealth maximization

Please read any two research papers to create a brief literature review on the above topic.

Prepare one page report (200 words) on the basis of the guidelines given for the coursework.

This is to be submitted in week 3 to the Module leader



Week 2: Introduction to valuation: The Time Value of Money

Session outline Introduction to valuation: The Time Value of Money

Introduction to valuation : The time value of money

Future value and compounding

Present value and discounting LEARNING OUTCOMES Understand the concept of time value of money

Understand the relevance of discounting as well as compounding over time

Application of time value of money to business problems using simple techniques


Exercises

To be given in class



Week 3: Discounted Cash Flow Valuation

Session outline Discounted Cash flow Valuation Future and present values of multiple cash flows

Valuing level cash flows: Annuities and perpetuities

Comparing rates: The effect of compounding

LEARNING OUTCOMES Understand the application of time value of money on multiple cash flows

Computation of basic problems on annuities and perpetuities

Calculation of the effective annual rate


Exercises




Week 4: Capital Budgeting I-Net Present value and other investment criteria

Session outline

Capital Budgeting I-Net Present value and other investment criteria Overview

Techniques: Payback Period, Net Present Value, Discounted Payback, The internal rate of

return The Profitability index

NPV v/s IRR

LEARNING OUTCOMES Understand the meaning , relevance and application of capital budgeting in the context of

business

Ability to judge the selection or rejection of projects on basis of various criteria Appreciate advantages and disadvantages of techniques used

Problem solving in capital budgeting using various criteria


Readings/ Exercises To be given in class

Supplementary readings

Anand, Manoj (2002), “Corporate Finance Practices in India: A Survey”, Vikalpa, Vol. 27, No. 4, October-December 2

Verma, Satish; Gupta, Sanjeev; Batra, Roopali(22009), A survey of capital budgeting techniques in corporate India, Vision (09722629), Jul-Sep, Vol. 13 Issue 3, p1-17, 17p



Week 5-6: Capital Budgeting II: Making Capital Investment Decisions

Session outline

Capital Budgeting II: Making Capital Investment Decisions Relevant cash flows Incremental cash flows LEARNING OUTCOMES Able to identify the relevant cash flows

Solve business problems in the area of investment decisions


Exercises To be given in class



Week 7: Review week



Week 8: Cost of Capital

Session outline

Cost of Capital

Required return versus the cost of capital

The cost of equity

The cost of debt

The weighted average cost of capital

LEARNING OUTCOMES Appreciation of the terms – Required return and cost of capital

Understand the meaning and computation of the cost of equity

Understand the concept of the cost of debt

Calculation of weighted average cost of capital

Relevance of WACC in determination of the discount rate for a new project


Exercises To be given in class



Week 9-10: Financial Leverage and Capital Structure Policy

Session outline

Financial Leverage and Capital structure Policy Overview of capital structure Policy

Effects of financial leverage

Overview of MM Propositions : I,II,III

Optimal capital structure

LEARNING OUTCOMES Understand the relevance of capital structure policy in context of finance function

Appreciation the effects of financial leverage on the shareholders returns

Discuss and Critique MM Propositions


Exercises


Supplementary Reading:

Graham, John and Campbell Harvey (2002), “How do CFOs make capital budgeting and capital structure decisions”, Journal of Applied corporate finance, volume 15 , Number 1, Spring.



Week 11: Dividend Policy

Session outline

Dividend Policy Cash dividend and dividend payment

Does dividend policy matter?: Relevance v/s irrelevance of Dividend Policy

Real world factors favoring a low or a high payout

LEARNING OUTCOMES Understanding the concept of dividend policy and its relevance in the context of the finance

function

Know the determinants of the dividend policy

Know the alternatives to cash dividends

Appreciate the informational contend of the dividend payout Text Ross, Westerfield, and Jordan, Fundamentals of Corporate Finance, 9e, TMH, Chapter 17

Exercises




Week 12: Short Term Finance & Planning

Session outline

Short Term Finance & Planning Tracing cash and net working capital

The operating cycle and Cash cycles

Cash Budget

LEARNING OUTCOMES Understand the concept of net working capital

Appreciate the importance of operating cycle and cash cycle in the business context

Calculation of cash operating cycle

Preparation of a cash budget


Exercises

To be given in class Readings/ Exercises Kaiser, Kevin and Young, S. David (2009), “Need cash? Look inside your company”, Harvard Business Review, May 2009. A video to be shown on the same topic



Week 13: Cash Liquidity, Credit and Inventory Management

Session outline

Cash, Liquidity, Credit and Inventory Management Reasons for holding cash

Float management

Credit and receivables, terms of sale

Analyzing credit policy, optimal credit policy

Credit policy, collection policy

Inventory management(overview)

LEARNING OUTCOMES Appreciate the reasons of holding cash

Understand meaning and relevance of float management

Understand various aspects of credit management

Understand the application of inventory management using basic techniques

Text

Ross, Westerfield, and Jordan, Fundamentals of Corporate Finance, 9e, TMH, Chapter 19 & 20

Exercises


WEEK 14: MOCK EXAM Reflection week and Coursework submission - Mock Exam



Financial Management COURSEWORK 2011-12

The coursework counts for 20% of the module grade and comprises a group report.

Group Formation

In the Week 2 class session you should organise yourselves into groups of 6 (only) and return the form (attached) to the program office on or before 1600 hrs. After this you may not change this group without written permission from the module leader. This permission will only be given in exceptional circumstances.

You cannot be in a group with people from other classes.

It is your responsibility to ensure the group works effectively together- the tutors will not intervene. We would encourage you to spend some time discussing potential problems at the outset. The most effective groups will be those that meets regularly, kept in touch electronically, discussed how they might work together, shared out tasks carefully around people’s interests and skills and made and kept to deadlines. If you decide to elect a group leader it is a good idea to agree what that role might entail. Observation about the many groups is that the groups regretted leaving all the work until the last minute and not able to complete the required task adequately.

THE REPORT: “Impact of Dividend payout by Indian Public Ltd. Companies on the Earnings per Share and Market Price of the share”. (As approved by OBU-mail dt.20/12/2013).

Task

Each group will be required to investigate, evaluate and report by preparing a report by selecting any 2 Public Ltd. Companies and to work on the dividend policy of the companies and its impact on the

Earnings per share and Market price per share. The project is to be submitted in week 14.

Report

The report should be a word processed formal business-standard report The report should have the following headings: --Executive summary --Introduction to the topic --Survey of Literature --Data analysis --Findings --Conclusions and recommendations --References --Appendix; explanation of new terms



You must include a list of references in Harvard style, but no bibliography. You must refer to at least 10 references. Please get the references approved by the tutor.

The word limit is 2000 words and marks will be deducted if you exceed this limit. Please put the word count clearly on the cover page of the report.

You must attach a group work coversheet signed by all members of the group. The program office will not accept your report without it.

Assessment Criteria

How will the work be marked?

The tutors will look for evidence of the following when grading your work and consider how well you have completed these aspects of the work.

A. USE OF SOURCES: how much wider reading and research has been usefully done on capital budgeting issues ? What is the quality of these sources? Have the ideas been used critically or uncritically? How well are the key issues brought forth from the references used? (10%)

B. EXPLANATION OF NEW TERMS- There are some new terms related to capital budgeting that are mentioned in the questionnaire. How well are you able to explain the meaning of these terms ? (5%)

C. DATA COLLECTION &ANALYSIS : how well is the data collected in the questionnaire? How well is it analysed? (15%)

D. CONCLUSIONS AND RECOMMENDATIONS: do the conclusions follow from earlier discussion and analysis as discussed in text book and the literature reviewed? Are the recommendations reasonable and useful? (10%)

E. REPORT QUALITY: how professional is the report in terms of clarity, structure, references, English, adherence to word count). (10%)

Deadline

The report should be handed in to the program office on or before 1600 hrs on class day in both hard and soft form of the copy in week 14.

GROUP DETAILS

Please complete and hand in to the programme office in week 2 by 1600 hrs.

Module leader’s name …………………………………

Time of class …………………………………

Room …………………………………



Names of Group Members Student Numbers & email IDs

1

1

2

2

3

3

4

4

5

5

We have exchanged emails/telephone numbers and agreed the place and time of our first meeting. Please tick



Financial Management

Group Report Semester 2 (2013-14)

Word Count...................

Name Number Name Number

USE OF SOURCES 10 marks

EXPLANATION OF NEW TERMS 5 marks

DATA COLLECTION &ANALYSIS 15 MARKS

CONCLUSIONS AND RECOMMENDATIONS 10 marks

REPORT QUALITY 10 marks

Total marks /50

Overall comments (if any)

Marker …………………………. ........................................................ Date ………..........……..



Assessment Grid

Grading of Assignments

The marking scheme of your programme is based upon a 0 to 100 percentage scale. The pass mark for each module is 50%. We use learning outcomes and Assessment Criteria to give guidance on how to complete your assignments. Where a module is assessed by using more than one piece of work, the weighting is explained in the Module Guide. The final mark for the module is calculated according to this weighting. The general assessment criteria applied to all postgraduate work is explained below:

70%-100% (Distinction) is:

Outstanding work entirely focused on the assignment question and objectives. The work must show up-to-date, comprehensive and detailed knowledge of the subject area and where appropriate relevant literature that integrates theory with practice. The work must show the student has developed his/her own ideas based on a wide range of evidence that has been thoroughly analysed, applied and discussed. The work must show the student can effectively critically review evidence, draw conclusions and suggest ideas to enhance organisational processes and/or theory whilst recognising contextual limitations. The assignment must be presented professionally, communicate key messages and arguments with convincing substantiation and contain accurate referencing in appropriate format.

60%-69% (Merit) is:

Effective work highly focussed on the assignment question and objectives. The work must show effective knowledge of the subject area and relevant literature. The work must show where appropriate insightful use of theory to illuminate key aspects of practice, showing some development of the student's own ideas applied and discussed and related to a variety of sources of evidence. The work must show the student can critically review and evaluate evidence, draw some conclusions and suggest ideas clearly to improve organisational processes recognising some limiting factors. The assignment must be highly organised with clear messages and arguments that are substantiated with evidence contain accurate referencing in appropriate format.

50%-59% (Pass) is:

Satisfactory work focussed on the main purpose of the assignment question and objectives. The work must show satisfactory knowledge of the subject area and relevant literature. The work must show key themes are used in an appropriate and straightforward manner using appropriate terminology that informs analysis of theory and/or practice where appropriate. Some evidence will have been collected and some ideas have been developed through a mixture of description and criticism that has stimulated evaluation of current practices through which limited ideas are developed. The assignment must be organised to structure material that is relevant with some coherence of message and argument backed by a limited range of references in appropriate format.

30%-49% (Refer) is:

Unsatisfactory work that is not focussed on the main purpose of the assignment question and objectives. The work contains some shortcomings in terms of evidence of the subject area and relevant knowledge. The work shows little evidence of the application of literature to illuminate theory and/or practice where appropriate. Evidence is weak and ideas are underdeveloped through lack of critical edge and a tendency towards description and a failure to appropriately evaluate theoretical and/or practical processes from which the generation of new ideas is unsatisfactory. The assignment may fail to organise ideas coherently, to provide a clear message, argument, or substantiation and is supported by an inadequate range of references.



If your work falls into this category you will be offered a resit. If your resit also falls into this category you will be required to retake the module and pay additional fees.

0%-29% (Fail) is:

Failing work that has not addressed the assignment question or objectives. The work has serious shortcomings in terms of evidence of the subject area and relevant knowledge. The work shows little evidence of the application of literature to illuminate theory or practice where appropriate. Evidence is weak and ideas are underdeveloped through an absence of critical edge, predominance towards description and a failure to make appropriate comparisons of theoretical and practical processes from which generation of new ideas is very unsatisfactory. The assignment fails to organise ideas coherently, to provide a clear message, argument or substantiation and is supported by an inadequate range of references.

If your work falls into this category you will be deemed to have failed the module. You may retake the module once if you pay additional fees.

You will also be deemed to have failed a module if you do not achieve a minimum of 50% in a resubmitted piece of work.



Regulations Late Submission of Work

The penalty for late submission or non submission of work (post 48 hours deadline) is zero marks awarded. Coursework submitted after the deadline, but within two working days (within 48 hours) of that deadline will be awarded only passing marks applicable to that particular module’s component. Submission can only be considered successful if the work is submitted at the time and in the medium required. For example, if you are required to submit work electronically and in hardcopy but only submit a hardcopy then the work will be considered a non-submission even if the hardcopy is submitted by the deadline. All students must submit work not only by the deadline stipulated but also in the medium required. Mitigating circumstances need to be reported as per guidelines shared separately in this handbook. Problems with printing or binding will not normally be accepted as valid reasons for lateness.

Non-submission of Coursework and/or Non-appearance in Exam in the First Attempt

Any student failing to submit the coursework and/or failing to take the exam component (without medical reasons or extenuating circumstances agreed with the Module Leader in advance of the deadline and supported by medical evidence where appropriate) will be awarded a Zero F Grade and no resit in such case will be given and the student will have to retake the module whenever offered next.

Peer Assessment Form

In case of group coursework, it is mandatory to attach peer assessment form which needs to be filled and signed by all group members failing which your coursework may not be assessed. Please get in touch with the programme office to get peer assessment form.

Mitigating Circumstances

Regulations for the Consideration of Mitigating Circumstances

The University has approved the way in which circumstances that may have affected your performance in an assessment will be considered – these are called ‘mitigating circumstances’. These regulations are designed to make the process easier to understand, be more transparent, and to help you appreciate the way in which the University is able respond to your mitigating circumstances.

What are mitigating circumstances?

Mitigating circumstances are circumstances which were beyond your control and which could not be reasonably accommodated by you and which seriously impaired your performance in assessment. All three parts of this definition must be met for the University to agree you were affected by mitigating circumstances. For example, these circumstances could be medical or personal. In all cases you will be required to provide satisfactory documentary evidence to support your claim – if you fail to supply satisfactory documentary evidence your request will be turned down. The only exception is for very short extensions to an assessment deadline (up to one week), where you may be allowed to self-certify your difficulties if there is a valid reason why you cannot provide evidence.

When should I submit my evidence of mitigating circumstances?

In all cases, you should submit your claim and your evidence as soon as possible and in



any case always before an assessment deadline or exam. If you miss a deadline you will not only need to demonstrate that you were affected by mitigating circumstances but you will need to provide evidence that you were unable to submit your claim by the deadline. So don’t delay if you wish to claim mitigating circumstances!

What if I miss a deadline without mitigating circumstances?

If you miss an assessment deadline or an exam without approval for valid mitigating circumstances you will receive zero for that assessment. You must not miss deadlines!

If mitigating circumstances are approved, what will happen?

If your claim for mitigating circumstances is approved then you will be granted an extension to your submission deadline of up to five weeks or allowed to re-sit your examination (or, in certain situations only, an entire module). The University does not increase marks on the basis of mitigating circumstances. This is because the University wants you to demonstrate your full potential in assessments – if it is agreed you were affected by mitigating circumstances then we will give you an extension or a re-sit so you can demonstrate your potential unaffected by such circumstances.

Where can I find out more?

For more information get in touch with the Registrar’s office. The required form can be downloaded from the exam website as well http://results.iimtobu.ac.in.

Turnitin

During your programme you will be asked to use the TURNITIN System.

Turnitin is a web-based tool that supports students in the development of good academic practice when preparing written work for assessment. This text-matching tool allows academic staff to check students' work for improper use of sources or potential plagiarism by comparing it against continuously up-dated databases (including web-pages and student work). Turnitin produces an 'Originality Report' for each submitted piece of work which indicates all the matches in the student assignment to the web-based sources on its database, and thus can provide academic staff with the opportunity to help students develop as well as to safeguard students' academic integrity. The referencing guide can be found in the IIMT learning resource centre.

Turnitin is primarily a student tool and can be used for you to check your work at any stage to ensure you are adhering to best practice. Module Leaders will advise you at the beginning of the semester on using this tool.

This will require you to submit a copy of your work electronically on turnitin and the module leader will explain in the module guide what you have to do.

Detailed information about specific module assessment can be found in each module guide, which is distributed at the beginning of teaching on each module. The module guide will detail:



the type, number and timing of the assessments;

how they will be marked using specific marking criteria;

whether the assessment is formative or summative;

the type and timing of feedback.

Attendance Regulation

Classes are normally scheduled five days a week, Mondays to Fridays from 8.30 a.m. to 4.30 p.m. However, some modules may requires students to stay late in the evening. This is on account of practicals /workshops that have to be conducted in some of the modules. Sometimes a Saturday or a holiday may be utilized for covering up for classes that have not been conducted on account of gazetted holidays/unforeseen circumstances.

Students are required to attend all scheduled classes unless deemed optional by the Module Leader. Module leaders will maintain attendance records. These attendance records are then handed over to the Program Office. The attendance record is compiled by the Program Office after every four weeks and the same is shared with the students through the IT network. Only students, their parents and IIMT faculty have an access to the attendance record. The student would also have access to cumulative attendance for each module at the end of each semester.

All absenteeism, regardless of the circumstances, is recorded and becomes part of a student’s permanent attendance record.

If for any reason a student is unable to attend scheduled classes they must notify the Programme Office in writing either through mail or a written application. In an emergency situation, the student can call the program office/module leader or the HOD as well to convey the reason for non attendance. However, when the student is back, the information must be communicated through mail/written application and the same must be submitted in the program office. The copies of these applications are filed in the personal files of the students.

If absence is due to a medical condition, the student must submit a medical certificate to the Programme Office.

Where a student is absent from a module on more than three (3) occasions without a valid reason, a hearing will be arranged by the Head of School and the student’s parents will be informed of the outcome in writing.

All students are required to maintain a minimum of 60% overall attendance. However, in the

hospitality practical modules in the first year, 100% attendance is compulsory. Any student

who is falling short of the 60% attendance rule cumulatively in all modules in a semester

will be subjected to one or multiple sanctions :

1. The student will not be offered any support for international/ national internship and final

placement.

2. The student would be debarred from participating in cultural and sports activities.

3. The student would be required to offer community service



The attendance will be measured on a cumulative basis for all registered modules. This does not include any retake module. An overall cumulative aggregate of less than 60% attendance will trigger the above stated sanctions.

No additional cantonment or consideration for medical/ mitigating circumstances will be normally allowed. Any such consideration for exemption will require Director’s formal approval.

A student who is more than ten minutes late will not be admitted to the class until such time as there is a scheduled ‘break’ in order to ensure that other students are not disturbed.

Problems, Appeals and Complaints

Studying at University is different from studying at school and requires different study skills. There is a lot of help available, depending on the problem.

Changes in your programme:

These should be discussed with your Head of School.

Problems with a Module:

Specific subject related problems can sometimes be sorted out through discussion with fellow students, or using the other sources of help listed in Appendix 2 of the student handbook. However, if you feel that there is a problem with the module, the right way to deal with it is –

First, talk to your Seminar Leader or Module Leader. They may be unaware of the problem and be pleased to receive feedback, discuss and hopefully resolve it.

You must always try to deal with the Module Leader before taking the matter further. In rare cases where the problem remains unresolved – and you have already spoken to the Module Leader – you should approach your Head of School. He/ She will seek to resolve the problem informally and possibly with reference to relevant colleagues.

If it is decided that the problem is part of a wider issue, the Head of School may decide to discuss the problem more informally at the relevant Subject or School Committee meeting.

Academic Appeals

Requests for reviews of examination committee decisions should follow the format in the University Regulations (A3.8.8) (http://www.brookes.ac.uk/uniregulations/current/core/assessment/examinationcommittees/reviewappeal) and be forwarded immediately to the ACO via the Registrar at IIMT and the Liaison Manager.

Complaints



i. The University’s Regulations (C2) on dealing with student complaints apply.

ii. At IIMT the following procedures will apply:

IIMT operates a student complaint procedure, which is designed to help students to obtain redress, as far as possible, for any disadvantage, damage, injury or distress caused by the acts or omissions of the Institute, the School its staff or agents. It will also enhance the Institute’s awareness of any shortcomings and help it to identify and take remedial actions to improve its practices, procedures and the delivery of the programme.

If you think you have a justified cause for complaint, you should feel able to raise the matter without fear of victimization or undue publicity. Whether or not the complaint is eventually upheld, you as a student have the right to raise it. It is a matter of principle that, whatever the outcome of the complaint, you have a right to get a clear statement as to whether it is accepted as justified and what further courses of action are open to you.

In all cases of complaint you are expected to follow the procedure detailed below.

At all formal and informal stages a student who has a complaint against the Institute or one of its employees, agents or another student has a right to be accompanied by a friend. The friend may speak on behalf of, or otherwise represent the interests of, the student. Matters the complainant wishes to remain confidential should normally remain confidential.

The student should normally first approach the person against whom they have a complaint.

If this does not resolve the matter to the satisfaction of the complainant, or if the nature of the complaint is such that it is inappropriate to approach the person concerned, the student should informally approach the person with superior administrative authority for the area of work. For instance, a student with a complaint about the teaching, administration or resources relating to the programme who is not satisfied by the response to the initial approach should approach the Head of School or, if this was the person first approached, the Director of the Institute.

If still not satisfied with the response or if no response is received within 14 days, the complainant should submit to the Registrar a written statement specifying the complaint and the remedy sought.

If the complaint is an act or omission on the part of the Head of School or a member of his or her staff, this written statement should be submitted to the Director.

If the complaint is an act or omission on the part of the Director, this written statement should be submitted to the Management Board.

The Management Board will, on receipt of the complaint, nominate a member of the Board to investigate the complaint. The nominee may require written amplification or clarification of the statement.

If there has been unreasonable and inordinate delay in raising the complaint or it is otherwise vexatious, the Board nominee may, after appropriate consultation, dismiss it summarily.



If it appears that informal approaches have not been exhausted, the Board nominee concerned may require that they be further pursued before convening a Complaint Committee.

The Complaint Committee shall consist of a member of the Management Board as the Chair, two student representatives, a member of staff nominated by the Chair and the Director of the Institute. The Registrar shall act as Secretary unless the complaint is an act or omission on his or her part.

No one who, in the judgment of the Chair, has too close a personal or professional association with the complainant, or the persons or matter complained of, shall be eligible to serve as a member of the Committee

If the complaint is an act or omission on the part of a member of the Management Board or someone closely associated with it, the Chair of the Committee shall be an independent member of the Governing Council appointed by the Chair of the Council.

The Director shall normally obtain written statements of case and evidence in advance and make them available to all parties involved, so that considered written rejoinders may be submitted.

At the hearing the complainant, any member of the staff whose act or omission is a subject of the complaint and a representative of any school or department against which it lies have the right to attend and hear all the evidence. Each may be accompanied by a friend and may call and examine witnesses.

Having exhausted the complaints procedure a student has the right to appeal any decision made to Oxford Brookes University. This appeal is made through the liaison manager, the contact details of whom are available from the Registrar.

Resit Regulation

If you get a resit in a coursework, you may be given a separate piece of coursework for the resit than the one given in this handbook. Contact the Module Leader to get details of the resit after the declaration of your main result.



Mandatory Turn it in Submission

As a policy that is aimed at supporting academic conduct becoming of an IIMT student, the students are required to submit all ‘coursework’ electronically on the turn it in application before the final submission date. The application is used to identify academic conduct issues like Plagiarism, Collusion, and Falsification etc.

The students are encouraged to use the application to check their work for any such issues that may cause their work to be referred to the ‘Academic Conduct Office’. It is also recommended that you attach the ‘Similarity Index’ report to your hard copy submission.

While the respective module leaders will enable module specific submissions and provide guidance on the process, the Academics office can be contacted for any further support.

Documents

Financial Management PGDM 2013-14