Volleyball

My expectations from the team this year are to be good teammates for one another and everyone on the team. This looks like welcoming, encouraging, and helping each other during workouts, practice, and games. It doesn’t mean that everyone has to be best friends, but Just that the players treat each other as our motto: “It’s a team thing”. My expectations from the coaching staff this year are to watch and correct individual mistakes and not to let bad habits go unnoticed. I like how the coaches will focus on what we are doing and talk to us about how to fix anything.

The personal attention for everyone helps us all to become better players. Skill wise, I bring to the table for this team that I am able to get a good pass to the setter, can play serve receive, and I have a Jump serve. I focus on back row because it all starts with a pass. In terms of attitude and leadership, I bring to the table for this team a positive attitude. If a teammate gets discouraged about what they’re doing, I want to encourage them to play the next ball and not worry about their mistakes.

For adhering, when we are out on the court and come together in the middle to talk, I tell the girls that what we need to focus on or add motivation to finish a game. At this time, I perceive my strengths are that I am a fast learner and work at correcting my mistakes after instruction. I feel that my weaknesses are that I haven’t learned all of the plays. For example, I’m most comfortable with hitting a 4 as an outside, and although Vive been introduced to other hits I’m not as familiar with them.

I see my ole on the team this year as an all-around volleyball player. My role is to be a more efficient hitter/blocker, play defense, and go after every ball as hard as I can. I am to keep the ball in play no matter what. My individual short term goal for the next week at practice is to work on my hitting. I need to get more power and load up on my step-close so I can Jump higher. I also need to time my approach better to the ball (depending on its tempo) because at practice I was either too early or too late.

My worth term goal for our team for the next week at practice is to talk more on the court, because it was pretty much silent last time. We only really talked after coach pointed it out. And even then, we didn’t keep it up. Also, to call for the ball as loud as we can when hitting so the setter can hear us. A lot of confusion can be avoided this way. My individual long term goal for this season is to be able to become a better-rounded volleyball player. I want to improve on my hitting?I am off on my timing and don’t get low on my step-close to Jump higher.

Also, I want to be more accurate on hitting certain areas on the court. I want to be able to set and pass more on target as well, especially on out of system. My long term goal for our team this season is to be a team that other schools don’t want to play because of both our consistency on defense and offense. I want our team to dig up balls that has the other side wondering how we were able to manage to get the ball up and hitting the ball so hard that the other players are hesitant to go after it. Volleyball Expectations

1) Perform a Business Sizeup Spike’s Indoor Beach Volleyball and Rock Climbing Inc. caters to a niche market in the Canadian sports industry. As there were no indoor beach volleyball courts in Canada, Spikes faced little competition. The volleyball crazed locality of London, Ontario provided the perfect geographical location for the operations of Spikes. In addition to indoor beach volleyball courts, Spikes had also added an indoor rock climbing wall, a small restaurant with a bar, and had also upgraded the lighting, heating system, computer servers and had added a big-screen television in the lounge area.

Spikes did face some competition in the rock-climbing wall division as there were 2 other competitors in the vicinity who offered similar services at comparable rates. Holistically speaking, the business was doing immensely well and faced little or no environmental threat apart from the fact that the premises was not owned by the business itself. It was leased from another person and was constantly at risk of zoning laws banning the establishment, as it was labeled as a high intensity residential area.

This meant that the lease owner could cancel Spikes lease at any reasonable notice and construct high-rise apartment buildings in its place however Spikes reasoned that since there was no pressure from the neighborhood he would not face too much risk in this regard. As it is, the cost of a potential lease cancellation cannot be quantified and will affect the going concern of the business. Apart from that the business is in a very healthy condition, having around 130 regular teams per season that feed its main operations i. e. olleyball and Spikes has engineered various complementary services to squeeze more revenue out of its main operations which is mainly the restaurant bar and rock-climbing wall. 2) Analyze the expansion qualitatively. The main aim of Misener was to encourage more people to stay after volleyball matches and games via the outdoor patio. Additionally the outdoor patio would be directly over the new outdoor beach volleyball court hence would create an area for the audience to sit, enjoy a match along with some drinks and refreshments which eventually will increase revenues and popularity.

Having a 200 person capacity will provide enough room for spectators to enjoy a match without any congestion. Additionally, Misener has estimated that there will be 95 good weather days out of 120 days per season during which the patio can be open which implies an efficiency of around 80%. Having an extra court meant that four matches can be conducted per day meaning that Spikes can cater to around 8 more teams on a daily basis which will increase their operating revenues.

The downfall of constructing this patio was that Misener was already facing a risk of his lease being cancelled and if the business were to construct an outdoor patio, residential complaints might increase as it will cause noise disturbance as well as littering from the patio. Spikes was in no position to face residential complaints as it could push his lease towards cancellation and he would have to locate another suitable premises to operate from which could essentially destroy his business.

Lastly, the estimates provided by Misener are very optimistic and would require analysis from different projections to ensure that the expansion does remain viable in all possible scenarios. 3) List all the cash flows associated with the expansion, and classify them as relevant (cash, future and different), recurring or one-time costs. Cash Flow| Relevant| Recurring or one time? | Incremental bar revenue| Yes, Future cash flows| Recurring| Incremental food revenue| Yes, Future cash flows| Recurring| Additional league fees| Yes, Future cash flows| Recurring| Beverage COGS| Not relevant| N/A|

Food COGS| Not relevant| N/A| 5 days food inventory| Only applicable as a change in Net Working Capital which is valid for first year only| One Time| 5 days liquor inventory| | One Time| Accounts payable| | One Time| Accounts receivable| No change in AR| N/A| Servers| Yes, Future cash flows| Recurring| Bartender| Yes, Future cash flows| Recurring| Cooks| No Extra cooks are hired| N/A| Maintenance| Yes, Future cash flows| Recurring| Utilities| Yes, Future cash flows| Recurring| Insurance| Yes, Future cash flows| Recurring|

Nets & Balls| All of these cash flows fall under Capital Expenditure made in the first year, hence only relevant for first year. | One Time| Retaining Wall/Fencing| | One Time| Zoning & Permits| | One Time| Stairway| | One Time| Patio Furniture| | One Time| Washroom| | One Time| Amortization| Yes, till end of useful life| Recurring| Bank Loan| Not relevant| N/A| Interest| Yes, for 2 years| Recurring for 2 years| 4) Perform a differential analysis, with sensitivity analysis where necessary. What is the return on investment?

What is the payback period? In the attached file, there are calculations of relevant cash flows and their different impacts on the expansion analysis. The capital expenditure of the first year comes out to be about $43,500 which is financed via a 6% loan with monthly payments. Amortization of $9,300 per year will be charged to depreciate the capital expenditure which yields a tax shield (20% tax) of $1,860 annually. The per month interest payment comes out to be $1,927. 95 and the entire loan will be paid off in two years.

As a result, the annual interest tax shield comes out to be $4,627. 1 for the two years during which the loan is active. The first incremental revenue will come from 8 additional teams playing per day in the new outdoor court. Charging a per season fee of $650 per team, the total increment in revenue from increased teams is calculated to be $15,600 per year. According to Misener, due to the rooftop patio, liquor sales will increase to $6000 a day implying a $3000 revenue increase per day. Assuming 95 days in a season of 120 days during which the patio will be open and active.

As there are 3 seasons in a year the total incremental revenue comes out to be about $427,500 of profit per year. Applying similar calculations to the increase in food sales of $1000 per day yields Spikes additional profit of $99,750 per year. As these are profits before taxes, the company will need to pay taxes which are a cash outflow. Assuming a 20% tax rate, the annual tax payable from incremental revenue comes out to be $108,570. There will be some incremental operating expenses which are a direct consequence of running the patio.

Firstly 2 additional servers will be hired for 8 hours a day at $8. 5 per hour and another bartender will be hired for 8 hours a day at $10 per hour. This comes out to about $61,560 per year after considering the 95 operating days per season assumption. Maintenance and Utilities will be paid at $500 a month and $200 a month which yields $8,400 for the whole year. Insurance will increase by 10% per year which, after considering last year’s insurance of $12,225, comes out to be $1222. 5.

The bar will have to keep inventory of Liquor and food of 5 days and will pay back the suppliers in 10 days which will decrease our net working capital by $10,750 (calculations in excel). Totaling the above will yield us the differential annual cash flows for the expansion. The cost of equity for Spikes, after searching through comparable entities, comes out to be about 15%. The ratio of debt to value of the expansion is calculated to be 10. 26% which yields equity to value ratio of 89. 74%.

The cost of debt is 6% as stated earlier; after plugging these values into the formula for weighted average cost of capital, the WACC comes out to be 14. 08%. Using the above calculated weighted average cost of capital, the terminal value of cash flows for the expansion calculated is $2,592,710. 76. As a result, cash flows for the entire life of the project are calculated and the NPV of the project comes out to be $2,647,878. 40 indicating the expansion will create value of over $2 million. The payback period is less than a year, around 34 days as incremental revenues are vast and the initial outlay is only $43,500.

The return on investment, more commonly known as internal rate of return or IRR, comes out to be 872%. 5) As Earl Misener, would you go ahead with the expansion? Earl Misener should not go only by the numbers which seem too good to be true. In fact, they are too good to be true as one critical factor has not been quantified i. e. the potential risk of losing the lease due to the expansion. If Misener loses the lease then not only will the expansion be redundant, he will have to locate his business elsewhere which for a business like Spikes will spell certain death.

The location is gold as it is situated away from competitors who lower competitive risk and is located near residential areas making it easier for his customers to commute to Spikes. As Earl Misener, he should analyze his fall-back plans and strategies on how to ensure the lease does not get cancelled. If possible, Earl should also try to buy the premises instead of relying on a lease. In my opinion, it is too soon to expand and Earl should solve the lease problem before expanding.

The History of Volleyball According to (Stengenth and Power of Volleyball), for the first time in the history of volleyball, volleyball was played in the Pan American Games in 1955. In 1957, volleyball was designated as an Olympic team sport by the International Olympic Committee (IOC). In 1959, the International University Sports Federation (FISU) had volleyball be one of the eight competitions held in first University Games in Turin, Italy. In 1960, seven Midwestern institutions formed the Midwest Intercollegiate Volleyball Association (MIVA).

In the 1960’s, new volleyball techniques were developed. Off-speed hits, open hand tips, forearm passing, blocking at the net, and defensive plays such as diving and sprawling become a big part of the game. With the FIVB already having its own world championships, the FIVB directed its attention to the Olympic Games. Thanks to the Bulgarian Volleyball Federation, a tournament took place in Sofia in 1957 during the International Olympic Committee meetings. As a result of this event, volleyball became an Olympic Sport.

In 1964, volleyball was first played in the Olympics in Tokyo. Volleyball became a part of the Olympic Games, which allowed it to grow even more. Also, in the 1964 Olympics, the Japanese used a volleyball that consisted of a rubber casing with leather panels. A similar ball is used in modern volleyball competitions. In 1969, a new international event, the World Cup was introduced. The World Cup would be turned into a qualifying event for the 1991 Olympic Games. In 1974, Japan telecasted a major volleyball event in Mexico, the World Championships.

In 1983, the Association of Volleyball Professionals (AVP) was founded by Leonard Armato. The organization started its own beach volleyball tour in the United States in 1984. By the late 1980’s, the AVP tour was growing fast due to the promotion of the sport by the professional beach players Tim Hovland, Sinjin Smith, Randy Stoklos, and Mike Dodd. In 1986, the Women’s Professional Volleyball Association (WPVA) was formed to administer, govern, and protect the integrity of Women’s Professional Beach Volleyball.

In 1987, the FIVB added a Beach Volleyball World Championship Series 1989 – The FIVB Sports Aid Program was created in 1990, a men’s volleyball competition called the World League was created. The World League is the longest and most flourishing of all the international events organized by the FIVB. The tournament is an annual event. In 2006, prize money became a major deal with $20 million dollars being distributed amongst 16 participating teams from 5 continents. The World League is sometimes confused with the other international volleyball competitions – Volleyball World Cup and Volleyball World Championships.

In 1995, the sport of Volleyball turned 100 years old. In 1996, for the first time in the history of volleyball, beach doubles volleyball is included in the Olympic Games. Major events in the 90’s took place including the establishment of annual competitions for men’s and women’s volleyball (the World League, in 1990, and the Grand Prix, in 1993), the indication of Beach volleyball as an Olympic event (1996). These events and many rule changes in the game were made the purpose of enhancing the popularity and public visibility of the sport.

William G. Morgan (1870-1942), invented volleyball in 1895 in Holyoke, Massachusetts. Morgan, who was born in New York, is known as the inventor of volleyball which he originally named Mintonette. Later, Alfred Halstead re-named Mintonette volleyball because the object of the game was to volley a ball back and forth over a net. Morgan studied at the Springfield College of the YMCA (Young Men’s Christian Association) where he met James Naismith. Naismith, in 1891, had recently invented the game of basketball.

During the summer of 1895, Morgan moved to the YMCA at Holyoke where he became Director of Physical Education. In this role, Morgan had the opportunity to direct a vast program of exercises and sport classes for male adults. His leadership was eagerly accepted, and his classes grew in large numbers. He came to realize he needed a different type of competitive recreational game in order to vary his physical fitness program. Basketball, which sport was beginning to develop, seemed to suit young people, but it was necessary to find a less violent and less intense alternative for the older members.

Morgan took some of the characteristics from tennis and handball along with basketball. Morgan liked the game of tennis, but tennis required rackets, balls, and a net. He didn’t like all the equipment, but he did like the idea of a net. Morgan invented volleyball, which was originally called Mintonette. Mintonette was designed to be an indoor sport. Mintonette was less rough than basketball for older members of the YMCA, while still requiring some athletic ability. The first rules required for a net to be 6 feet 6 inches (1. 98 meters) high, a 25 ? 50 foot (7. ? 15. 2 meter) court. Each team could have as many players as a team wanted. A match was nine innings with three serves for each team in each inning. There was no limit to the number of ball contacts for each team before sending the ball to the other side of the court. (Stengenth and Power of Volleyball)In case of a miss serve, a second try was allowed. Hitting the ball into the net was a fault, with loss of the point or a side-out, except in the case of a first serve attempt. References (n. d. ). Retrieved from Stengenth and Power of Volleyball.