We do not guarantee that our site, or any content on it, will always be available or be uninterrupted. Access to our site is permitted on a temporary basis. We may suspend, withdraw, discontinue or change all or any part of our site without notice. We will not be liable to you if for any reason our site is unavailable at any time or for any period. You are also responsible for ensuring that all persons who access our site through your internet connection are aware of these terms of use and other applicable terms and conditions, and that they comply with them.
Intellectual property rights We are the owner or the licensee of all intellectual property rights in our site, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved. You may print off one copy, and may download extracts, of any page s from our site for your personal use and you may draw the attention of others within your organisation to content posted on our site.
You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text. Our status and that of any identified contributors as the authors of content on our site must always be acknowledged.
You must not use any part of the content on our site for commercial purposes without obtaining a licence to do so from us or our licensors. If you print off, copy or download any part of our site in breach of these terms of use, your right to use our site will cease immediately and you must, at our option, return or destroy any copies of the materials you have made.
No reliance on information The content on our site is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date.
Limitation of our liability Nothing in these terms of use excludes or limits our liability for death or personal injury arising from our negligence, or our fraud or fraudulent misrepresentation, or any other liability that cannot be excluded or limited by New Zealand law. To the extent permitted by law, we exclude all conditions, warranties, representations or other terms which may apply to our site or any content on it, whether express or implied.
We will not be liable to any user for any loss or damage, whether in contract, tort including negligence , breach of statutory duty, or otherwise, even if foreseeable, arising under or in connection with:.
If you are a consumer user, please note that we only provide our site for domestic and private use. You agree not to use our site for any commercial or business purposes, and we have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity. We will not be liable for any loss or damage caused by a virus, distributed denial-of-service attack, or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our site or to your downloading of any content on it, or on any website linked to it.
We assume no responsibility for the content of websites linked on our site. Such links should not be interpreted as endorsement by us of those linked websites. We will not be liable for any loss or damage that may arise from your use of them. Viruses We do not guarantee that our site will be secure or free from bugs or viruses. You are responsible for configuring your information technology, computer programmes and platform in order to access our site. You should use your own virus protection software.
You must not misuse our site by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our site, the server on which our site is stored or any server, computer or database connected to our site. You must not attack our site via a denial-of-service attack or a distributed denial-of service attack.
By breaching this provision, you would commit a criminal offence. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our site will cease immediately. Linking to our site You may not link to our home page without our prior written consent. Where our site contains links to other sites and resources provided by third parties, these links are provided for your information only.
Applicable law These terms of use, its subject matter and its formation and any non-contractual disputes or claims are governed by New Zealand Law. We both agree to the exclusive jurisdiction of the courts of New Zealand. What is spam? In the context of electronic messaging, spam refers to unsolicited, bulk or indiscriminate messages, typically sent for commercial purposes.
Fifo Capital will take all necessary and reasonable steps required under relevant current Spam legislation to ensure that any commercial electronic messages sent to you do not constitute spam. Express consent may come in various ways, including subscribing to our mailing list, filing in a form, ticking a consent box to receive advertising or messages on our website, or consenting over the phone.
Where it is impracticable to obtain your consent before sending electronic commercial message to you, we may infer that you have consented to receiving electronic commercial message. Inferred consent can occur:. Identification Any commercial electronic message sent by Fifo Capital will include a clear and accurate identification information about Fifo Capital, the sender of the message and how we can be contacted. Fifo Capital will take reasonable steps to ensure that the identification information about Fifo Capital is accurate for a period of 30 days after the day on which you receive the electronic commercial message.
This is an electronic address the recipient can use to tell the sender they do not wish to receive messages. If you receive a message from Fifo Capital that is not in accordance with the above, contact us and the matter will be promptly investigated and resolved. Fifo Capital Unsubscribe Process The e-Marketing systems Fifo Capital uses for electronic communication allow recipients the option to automatically unsubscribe from any electronic commercial message.
All manual unsubscribe requests go through the Marketing Manager or Operations Manager as a secondary person. The necessary details for unsubscribing from any electronic commercial message sent by Fifo Capital are as follows:. Fifo Capital Marketing Queries that are made with Fifo Capital through our marketing channels are gathered and kept confidentially.
Fifo Capital may use some of this information to market its current and new products to customers. All marketing sent by Fifo Capital allows the recipient to opt out unsubscribe at no cost. If the recipient chooses to exercise that right they will be removed from any further marketing communication from Fifo Capital. Fifo Capital will not use electronic address harvesting software, or lists which have been generated using software, for the purposes of sending unsolicited commercial electronic messages.
Contact Fifo Capital Please contact our Anti-Spam officer at [email protected] if you have any concerns or complaints about this policy or about our use of personal information or other privacy issues. Our site uses cookies to distinguish you from other users of our site.
This helps us to provide you with a good experience when you browse our site and also allows us to improve our site. By continuing to browse our site, you are agreeing to our use of cookies. A cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer if you agree.
To find out more about cookies, including how to see what cookies have been set and how to manage and delete them, visit www. You block cookies by activating the setting on your browser that allows you to refuse the setting of all or some cookies.
However, if you use your browser settings to block all cookies including essential cookies you may not be able to access all or parts of our site. If you have any questions or comments regarding this Cookies policy, please email [email protected]. This policy together with our terms of use fifocapital. Please read the following carefully to understand our views and practices regarding your personal data and how we will treat it. By visiting fifocapital. Information we may collect from you We may collect and process the following data about you.
Information you give us. You may give us information about you by filling in forms on our site fifocapital. This includes information you provide when you register to use our site, subscribe to our service, enter a competition, promotion or survey and when you report a problem with our site.
The information you give us may include your name, address, e-mail address and phone number, financial capacity and your business intentions. Information we collect about you. With regard to each of your visits to our site we may automatically collect the following information:. Information we receive from other sources. We may receive information about you if you use any of the other websites we operate or the other services we provide. In this case we will have informed you when we collected that data that it may be shared internally and combined with data collected on this site.
We are also working closely with third parties including, for example, business partners, sub-contractors in technical, payment and delivery services, advertising networks, analytics providers, search information providers, credit reference agencies and may receive information about you from them.
Cookies Our website uses cookies to distinguish you from other users of our website. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site. For detailed information on the cookies we use and the purposes for which we use them see our Cookie policy fifocapital.
Information you give to us. We and our franchisees will use this information:. If you are an existing customer, we will only contact you by electronic means e-mail or SMS with information about services similar to those which were the subject of a previous sale or negotiations of a sale to you. If you are a new customer, and where we permit selected third parties to use your data, we or they will contact you by electronic means only if you have consented to this.
If you do not want us to use your data in this way, or to pass your details on to third parties for marketing purposes, please tick the relevant box situated on the form on which we collect your data ; — to notify you about changes to our service; — to ensure that content from our site is presented in the most effective manner for you and for your computer. We may combine this information with information you give to us and information we collect about you.
If a company decides to keep an asset for use in the manufacture of a new product rather than selling it, then its cash flow is affected by the decision to keep the asset, as it will now not benefit from the sale of the asset.
This effect is known as an opportunity cost, which is the value of a benefit foregone when one course of action is chosen in preference to another. In this case, the company has given up its opportunity to have a cash inflow from the asset sale. Types of decision We will now look at some typical examples where you have to decide which costs are relevant to decision-making. We suggest that you try each example yourself before you look at each solution.
In all examples we ignore the time value of money. Always think: what future cash flows are changed by the decision? Changes in future cash flows reliably indicate which amounts are relevant to the decision. Example 1: Relevant cost of materials A company is considering making a new product which requires several types of raw material:.
The material has no use in the company other than for the project under consideration. The material is regularly used in current manufacturing operations. This is a clear cash outflow caused by the decision to make the new product. Material C — This material is regularly used in the company, so if the 50 units in inventory are diverted to the new product then this will mean that inventory will need to be replenished. In order to do this, Material C purchases for existing products will be accelerated by 50 units.
Example 2: Relevant cost of labour A company has a new project which requires the following three types of labour:. The company will hire new staff to meet this additional demand. These employees are difficult to recruit and the company retains a number of permanently employed staff, even if there is no work to do.
There is a severe shortage of employees with these skills and the only way that this labour can be provided for the new project would be for the company to move employees away from making Product X.
Unskilled — 12, hours are required for the project and the company is prepared to hire more staff to meet this need. Semi-skilled - Of the 2, hours needed, are already available and already being paid. There is no incremental cost of using these spare hours on the new project. However, the remaining 1, hours are still required and will need to be fulfilled by hiring temporary workers.
Skilled: Determining the relevant cost of labour if it is diverted from existing activities is tricky and is often done incorrectly. If this is the case, then the relevant cost is the variable cost of the labour plus the contribution foregone from not being able to use the labour for its existing purpose. This is incorrect. As the relevant cost is a net cash outflow, the machine should be sold rather than retained, updated and used.
Only half of the floor space is currently used and the company is considering installing a new machine in the unused part. Solution: Rent — this is not a relevant cost. Irrespective of how the company might use the floor space in the factory to generate a return, there is no change in cash flow relating to the rent as a result of the new machine. Sale proceeds — this is a relevant cost as it is a cash inflow which will occur in 10 years as a result of the decision to invest.
In general, the greater the risk that you lose money on an investment, the higher returns it provides. It can be difficult, then, to compare the opportunity costs of very risky investments, like individual stocks, with virtually risk-free investments, like U.
Treasury bonds. On paper, there might be a huge opportunity cost of opting for Treasuries over stocks, but the security the former provides might make them preferable depending on the situation, like if you needed access to that money in the short term.
Opportunity costs are embedded in the fabric of everyday life. Everyday examples of opportunity costs might include choosing to commute using public transit for 80 minutes instead of driving for 40 minutes. You might save on the cost of gas but double the trip length and miss out on other things you could have done during that time.
When it comes to your finances, opportunity cost works identically. Each choice you make has positive and negative repercussions and may cost you in different ways. Robert Johnson, a professor of finance at Creighton University, points to a classical example of the returns caution-minded investors miss out on when they downplay stocks in favor of more secure investments long term.
Johnson points to historical data on stocks versus bonds to illustrate the missed financial opportunities. Long-term government bonds averaged 5. But once you understand opportunity cost is a factor you should weigh, the amount of opportunities to consider may seem intimidating. Carefully constructed portfolios provide guidelines for the percentage of each type of asset you should hold to help mitigate the uncertainty of any one asset or asset class doing very well or very poorly over time.
These asset allocations are normally based on your investing timeline and desired level of risk. But for longer-term goals, you can introduce increasingly greater percentages of riskier investments, like stocks and stock funds , to position yourself for higher returns. Check out the Forbes Advisor guide to saving for retirement for guidelines for retirement portfolios.
Even making no decision is itself a decision with costs, especially when you consider the sleeper costs of inflation. His work has appeared on TheStreet. John Schmidt is the Assistant Assigning Editor for investing and retirement. Before joining Forbes Advisor, John was a senior writer at Acorns and editor at market research group Corporate Insight.
0コメント