Economic Exposure
F-1603 | Published September 09, 2009 | 8 pages Technical Note
Collection: Darden School of Business
This note describes the economic exposure that arises from changes in currency exchange rates. After illustrating the economic impact of exchange rate changes, including a discussion of real exchange ... Read More
Exchange Rate Models
BP-0496 | Published March 27, 2006 | 15 pages Technical Note
Collection: Darden School of Business
This technical note describes parity conditions (PPP, UIP, and CIP) and develops a model of exchange rate determination.... Read More
A Community for Change: B Lab and Certified B Corps
F-1878 | Published August 27, 2019 | 10 pages Technical Note
Collection: Darden School of Business
Founded in 2006, the B Lab, a nonprofit organization, created the certified B Corporations (B Corps). B Corps are businesses that satisfy a set of standards and benchmarks defined by social and enviro... Read More
Clear, Complete, and Concise: Avoiding the Seven Deadly Sins of Analytic Writing
BC-0221 | Published April 24, 2009 | 11 pages Technical Note
Collection: Darden School of Business
Effective, persuasive analytical writing is a critical management skill. This note trains students to write to the needs and expectations of their readers with objectivity and efficiency, whether they... Read More
Positioning: The Essence of Marketing Strategy
M-0754 | Published March 16, 2007 | 10 pages Technical Note
Collection: Darden School of Business
This note follows the development of a positioning statement for a target market. The exercise includes determining the relevant point of reference (market definition, product category, competitive se... Read More
Entity Choices for a Socially Responsible Business
C-2407 | Published January 09, 2019 | 8 pages Technical Note
Collection: Darden School of Business
One of the fastest-growing areas in business is socially responsible investment (SRI), which incorporates environmental, social, and governance concerns. From 2007 to 2017, SRI increased from $2.71 tr... Read More
Approaches and Resources Supporting Impact Measurement and Management
E-0523 | Published July 29, 2025 | 17 Pages Technical Note
Collection: Darden School of Business
This technical note introduces students and practitioners to the frameworks, methodologies, and tools that support effective impact measurement and management (IMM) within social enterprises and impac... Read More
Impact Theory of Change
E-0522 | Published July 25, 2025 | 7 Pages Technical Note
Collection: Darden School of Business
Organizations often have an idea of how to make a positive social or environmental impact and want to understand the likelihood that launching new programs or interventions will succeed. Managers want... Read More
Moral Theory, Frameworks, and the Language of Ethics and Business
E-0405 | Published January 05, 2016 | 9 pages Technical Note
Collection: Darden School of Business
Since ethics is an integral part of management, it is vital for managers to become comfortable with the language of ethics, and to understand how it is inextricable from the language of business. Stud... Read More
The Seven Questions of Marketing Strategy
M-0779 | Published July 08, 2009 | 4 pages Technical Note
Collection: Darden School of Business
This simple model of marketing strategy can provide keys to creating a sustainable competitive advantage. Suitable for MBA and executive formats, this technical note demonstrates that individual marke... Read More
Private Debt: An Introduction
F-2107 | Published May 27, 2025 | 10 pages Technical Note
Collection: Darden School of Business
Since the global financial crisis (GFC), institutional investors have increasingly included private debt in their broader portfolios. Private debt refers to loans made to companies by nonbank lenders,... Read More
New Venture Performance
ENT-0074 | Published December 17, 2006 | 9 pages Technical Note
Collection: Darden School of Business
This note examines the pros and cons of two ways to build new ventures. The former is called causal or predictive, because it depends on accurate predictions and clear goals. The latter is effectual o... Read More
An Overview of Financial Statement Analysis: The Mechanics
C-2255 | Published August 23, 2007 | 26 pages Technical Note
Collection: Darden School of Business
On September 20, 2000, Jonathan Weill, a Wall Street Journal reporter in Dallas, Texas, published a piece questioning the profitability and accounting of Enron Corporation. He based his article on a s... Read More
Business Valuation: Standard Approaches and Applications
F-1684 | Published January 22, 2013 | 14 pages Technical Note
Collection: Darden School of Business
This note provides an introduction to the standard approaches used to value businesses from the perspective of the investor (e.g., discounted cash flow, market multiples). Each approach is illustrated... Read More
Note to the Student: How to Study and Discuss Cases
G-0561 | Published June 21, 2001 | 6 pages Technical Note
Collection: Darden School of Business
This technical note, written for students, gives a first "how to do it" introduction to studying by the case method. The note argues that success follows from a combination of good attitude, good "inf... Read More
An Introduction to Blockchain
F-1810 | Published October 03, 2017 | 15 pages Technical Note
Collection: Darden School of Business
This technical note explains what blockchain is, what it allows, as well as discusses its advantages and potential issues to consider further. It also provides an example of an application in which bl... Read More
An Introduction to Project Finance: The Partitioning of Cash Flow
F-2106 | Published May 27, 2025 | 5 pages Technical Note
Collection: Darden School of Business
A standard approach to business valuation is to value the total cash flows that the business is expected to provide to all investors, but when the implications of financing decisions take center stage... Read More
Financial Analytics Toolkit: Financial Statement Forecasting
F-1928 | Published December 04, 2019 | 8 pages Technical Note
Collection: Darden School of Business
Managers need to be comfortable with financial statement forecasting. Forecasts allow managers to plan properly by weighing consequences and preparing for outcomes. A less-recognized but equally impor... Read More
Valuing the Early-Stage Company
F-1471 | Published June 08, 2005 | 15 pages Technical Note
Collection: Darden School of Business
This note covers several frequently used methods to value early-stage companies and discusses some of the issues and difficulties encountered more generally in valuing privately held assets. The basic... Read More
Artificial Intelligence in Business: Machines and Management
OM-1778 | Published November 01, 2022 | 10 pages Technical Note
Collection: Darden School of Business
This technical note offers an overview of artificial intelligence (AI) and some ways in which machine learning is leveraged to build this type of intelligence. The note also explores two schools of th... Read More
Understanding Organizational Culture: An Iceberg and a Toolkit
OB-1485 | Published March 12, 2025 | 12 pages Technical Note
Collection: Darden School of Business
This technical note explores the concept of culture within an organizational context—what it is, how it functions, how it shows up, how it differs, and more importantly, how one effectively influences... Read More
Giving Voice to Values Workshop: Introduction for Instructors
OB-1258 | Published August 15, 2012 | 7 pages Technical Note
Collection: Darden School of Business
This technical note is part of the Giving Voice to Values (GVV) curriculum. To see other material in the GVV curriculum, please visit http://store.darden.virginia.edu/giving-voice-to-values. This no... Read More
The Affordable Loss Principle
ENT-0075 | Published March 25, 2006 | 7 pages Technical Note
Collection: Darden School of Business
Ideal for a study of entrepreneurship as a phenomenon, this note explores the difference between causal models and effectuation. Whereas causal models focus on maximizing returns by selecting optimal ... Read More
The Basics of Private Equity Funds
F-1731 | Published May 26, 2015 | 13 pages Technical Note
Collection: Darden School of Business
Private equity (PE) refers to illiquid investments or securities that are not publicly traded on an exchange, such as venture capital, mezzanine or distressed debt, leveraged buyouts, timber, oil and ... Read More
Trade Credit
F-1941 | Published March 26, 2020 | 8 pages Technical Note
Collection: Darden School of Business
When businesses deliver a product or service, they often forgo receiving immediate cash payment and allow their customers to pay later. Such payment terms are called trade credit. While trade credit f... Read More
Convertible Notes in Early-Stage Financing
F-2063 | Published December 11, 2023 | 17 pages Technical Note
Collection: Darden School of Business
This technical note introduces convertible note financing for early-stage start-up companies. These unpriced securities offer significant advantages related to delayed valuation, greater speed, and lo... Read More
Working Capital: A Summary of Ratios by Industry, 2023
C-2471 | Published December 20, 2023 | 11 pages Technical Note
Collection: Darden School of Business
This technical note graphically presents various working capital ratios (days inventory outstanding, days sales outstanding, days payables outstanding, cash conversion cycle, and operating cycle) over... Read More
Credit Analysis Basics
F-1898 | Published March 09, 2020 | 11 pages Technical Note
Collection: Darden School of Business
Capital markets facilitate the appropriate exchange of money. For lenders and borrowers, the interest rate is the primary pricing mechanism that markets use in this exchange. For borrowers deemed to h... Read More
The Entrepreneurial Method: How Expert Entrepreneurs Create New Markets
ENT-0073 | Published December 17, 2006 | 8 pages Technical Note
Collection: Darden School of Business
This note reflects a new focus on "effectuation," the logic behind entrepreneurial expertise, which consists of tacit as well as learnable and teachable aspects of experience that are related to high ... Read More
Geopolitics and the Global Semiconductor Industry
S-0373 | Published April 13, 2022 | 16 pages Technical Note
Collection: Darden School of Business
This note describes the exponential growth of semiconductor technology over the last 40 years, as well as the evolution of the semiconductor value chain. Semiconductor integrated circuits (ICs) are es... Read More
How to Better Frame Problems
G-0630 | Published July 13, 2012 Technical Note
Collection: Darden School of Business
Before managers can solve problems or take advantage of opportunities that may arise in their businesses, they must frame those problems or opportunities. Typically, leaders identify and frame problem... Read More
Storytelling in Business
BC-0278 | Published May 20, 2021 | 4 pages Technical Note
Collection: Darden School of Business
Storytelling is a crucial skill that leaders use in a variety of business situations. Accomplished leaders employ storytelling to improve interpersonal relationships, communicate strategy, and build c... Read More
Discounted Cash Flow Analysis
F-1728 | Published January 16, 2015 | 11 Pages Technical Note
Collection: Darden School of Business
This technical note outlines the principles and application of proper discounted cash flow (DCF) analysis in the context of evaluating business investment projects. The note provides several specific ... Read More
Valuing Late-Stage Companies and Leveraged Buyouts
F-1846 | Published August 23, 2018 | 17 pages Technical Note
Collection: Darden School of Business
This note replaces "Valuation of Late-Stage Companies and Buyouts" (UVA-F-1639). This note focuses on the valuation of late-stage companies with a particular emphasis on leveraged buyouts (LBOs). In ... Read More
An Introduction to Ethics: Framing and Key Themes in Business Ethics
E-0340 | Published January 12, 2009 | 7 pages Technical Note
Collection: Darden School of Business
This technical note provides an introduction to the some of the key concepts of ethics relevant to business.... Read More
Product Line Pricing
M-0813 | Published August 02, 2011 | 10 pages Technical Note
Collection: Darden School of Business
This note discusses the technical and managerial aspects of pricing a product line. Product lines are multiple variants of essentially the same product, where individual products in the line may vary ... Read More
Data Centers: History and Economics
OM-1791 | Published June 21, 2024 | 18 pages Technical Note
Collection: Darden School of Business
Many executives are under pressure to develop successful data center strategies that work for their organization, according to industry-specific criteria. While data centers have been in use for decad... Read More
A General Theory of Coolness
M-0953 | Published August 11, 2017 | 12 pages Technical Note
Collection: Darden School of Business
Coolness is a quality that is widely desired but not widely understood. While many brands seek to establish themselves as "cool," few have a clear idea of how to get there. In this technical note, we ... Read More
Understanding Basic Financial Statements
C-2335 | Published October 02, 2012 | 11 pages Technical Note
Collection: Darden School of Business
This note describes balance sheets, income statements, and statements of owners' equity and serves as an introduction to basic financial statements.... Read More
Coding User Interfaces with AI
OM-1823 | Published November 18, 2024 | 17 pages Technical Note
Collection: Darden School of Business
It’s a great time to be a creatively confident general manager, whether you're a product manager, a team lead, or in some similar role. AI has made it easier than ever to bring new ideas to life and r... Read More
Asset-Backed Securities
F-2116 | Published July 24, 2025 | 13 Pages Technical Note
Collection: Darden School of Business
This technical note examines key considerations involved in the decision of whether to invest in a credit facility backed by underlying assets, such as a fintech's loans to consumers. When evaluating ... Read More
The Bird-in-Hand Principle: Who I Am, What I Know, and Whom I Know
ENT-0090 | Published January 18, 2006 | 8 pages Technical Note
Collection: Darden School of Business
This technical note explores a framework by which entrepreneurs can evaluate their ideas before going forward based on who they are, what they know, and whom they know. Drawing on frameworks presented... Read More
A Step-by-Step Guide to Process Analysis
OM-1797 | Published March 26, 2025 | 3 pages Technical Note
Collection: Darden School of Business
This technical note provides a step-by-step approach to process analysis through an iterative framework. The framework begins with defining a high-level objective that is aligned with competitive stra... Read More
Conflict Management in Teams
OB-1072 | Published March 04, 2015 | 6 pages Technical Note
Collection: Darden School of Business
Successful teams have three things in common: (1) they meet their performance goals, (2) their members feel satisfied that they are learning/benefiting from being a part of the team, and (3) the proce... Read More
Option Contracts and Their Valuation
F-1519 | Published February 01, 2000 | 13 pages Technical Note
Collection: Darden School of Business
This note introduces options (both calls and puts) and their valuation. After covering the history of options and the basic nature of their payoffs, the note provides an intuitive discussion of the de... Read More
Ownership, Control, and the Role of Equity in New Ventures
ENT-0226 | Published September 02, 2020 | 8 pages Technical Note
Collection: Darden School of Business
This technical note discusses how a high-potential start-up entrepreneur should use equity in building and growing a new venture. One of the most crucial things for entrepreneurs to understand is equi... Read More
The Profitability Index
F-1945 | Published March 26, 2020 | 2 pages Technical Note
Collection: Darden School of Business
The well-known net present value (NPV) rule advocates accepting all investment projects that have a positive NPV. The NPV rule makes economic sense since positive-NPV projects are expected to create e... Read More
Portfolio Selection and the Capital Asset Pricing Model
F-1604 | Published September 18, 2009 | 6 pages Technical Note
Collection: Darden School of Business
In the context of determining an optimal portfolio to recommend to two hypothetical investors, this structured analysis leads students through a series of steps examining return data for three stocks.... Read More
A Technical Note on Angel Investing in Emerging Markets
BP-0503 | Published August 03, 2006 | 14 pages Technical Note
Collection: Darden School of Business
This technical note discusses the practice of angel investing, particularly its meaning and suitability to emerging markets. Adapted from a chapter in An Executive Briefing on Angel Investing in Latin... Read More
Behavioral Economics and the Service Organization
OM-1548 | Published December 20, 2017 | 7 pages Technical Note
Collection: Darden School of Business
This note summarizes some important learnings from the study of behavioral economics of which service organizations should be aware in order to enhance customers' emotional experiences and help direct... Read More
What Makes Entrepreneurs Entrepreneurial?
ENT-0065 | Published September 13, 2005 | 9 Pages Technical Note
Collection: Darden School of Business
This case is designed to train students to recognize the characteristics of entrepreneurial thinking. The author studied the problem-solving process of 30 entrepreneurs from a variety of industries wh... Read More
A GLUM Primer: The Risk-Adjusted Expected Value
QA-0849 | Published August 11, 2016 | 9 pages Technical Note
Collection: Darden School of Business
The purpose of this note is to improve on the expected value criterion by incorporating a rational decision-maker's willingness and capability to take on risk. First, this note will review the concept... Read More
The M&A "Pitch Book": Proposed Acquisition of Heller Financial by United Technologies Corporation
F-1338 | Published March 07, 2002 | 56 pages Technical Note
Collection: Darden School of Business
This technical note offers an example of a thoroughly complete "pitch book" for use as a basis of class discussion and learning. Actual pitch books are almost never made available for public use. This... Read More
Using the Equity Residual Approach to Valuation: An Example
F-1267 | Published September 30, 1999 | 7 pages Technical Note
Collection: Darden School of Business
This note provides a detailed explanation of how to apply the equity residual valuation method when the debt/equity mix is changing. An example is provided that works through levering betas. The note ... Read More
Methods of Valuation for Mergers and Acquisitions
F-1274 | Published March 03, 2000 | 18 pages Technical Note
Collection: Darden School of Business
This note addresses the methods used to value companies in an M&A (mergers and acquisitions) setting. It provides a detailed description of the discounted-cash-flow (DCF) approach and reviews other me... Read More
Digital Product Management with Hypothesis-Driven Development
OM-1740 | Published April 13, 2023 | 23 pages Technical Note
Collection: Darden School of Business
This technical note introduces readers to hypothesis-driven design (HDD) in digital product management. HDD operates from the foundation that ideas should be testable and teams should work to minimize... Read More
Introduction to Corporate Governance
S-0356 | Published June 03, 2021 | 13 pages Technical Note
Collection: Darden School of Business
This note provides an introduction to corporate governance from a managerial perspective, covering key aspects of board responsibilities and board composition, the regulatory environment and legal dut... Read More
The Constitutional Roots of Freedom of Speech
E-0460 | Published February 16, 2021 | 3 pages Technical Note
Collection: Darden School of Business
This note, written to accompany "The NBA, China, and Social Media: What Are the Rules of the Game?" (UVA-E-0459) but useful in tandem with other cases, charts the history of freedom of speech in the U... Read More
A Brief Note on Hoshin Kanri: Strategy Deployment
OM-1710 | Published November 30, 2020 | 7 pages Technical Note
Collection: Darden School of Business
Hoshin kanri (HK), or strategy deployment, has been an integral part of the company management practices of some of the most successful Lean-practicing organizations. The purpose of this note is to gi... Read More
An Introduction to Cost Behavior
C-2510 | Published April 14, 2025 | 11 pages Technical Note
Collection: Darden School of Business
This note provides an introduction to cost behavior, or how a cost changes in response to changes in activity. It covers variable costs, fixed costs, mixed costs, and step-fixed costs and discusses s... Read More
How Operations Impacts Financial Performance
OM-1779 | Published October 24, 2022 | 3 pages Technical Note
Collection: Darden School of Business
This note explains the building blocks of common financial performance metrics and show how operations affect those metrics. Return on assets (ROA) and return on equity (ROE) are two key measures of t... Read More
Interest-Rate Swaps
F-2079 | Published May 29, 2024 | 6 pages Technical Note
Collection: Darden School of Business
This note introduces interest-rate swaps, financial contracts wherein two parties agree to exchange interest-rate cash flows, typically in the form of an exchange between fixed-rate payments and float... Read More
Boards for a New Venture: Putting Together Boards and Working with Them
ENT-0071 | Published May 14, 2009 | 6 pages Technical Note
Collection: Darden School of Business
This note teaches students at all levels how to establish a board for a new venture, explaining why it is necessary, how to attract the right members, how to compensate them, how to distinguish adviso... Read More
Monetary Policy and the Federal Reserve
GEM-0193 | Published August 16, 2021 | 19 pages Technical Note
Collection: Darden School of Business
What is monetary policy and what is the Federal Reserve’s (Fed’s) role in determining monetary policy in the United States? How are changes in monetary policy implemented and how do these changes affe... Read More
What Needs to Be True? A Simple Framework for Evaluation
S-0418 | Published December 19, 2023 | 3 pages Technical Note
Collection: Darden School of Business
For strategists, a good hypothesis is invaluable, both as a starting point and as a guide to help structure a good analysis. A hypothesis-driven approach is widely regarded as the gold standard in tac... Read More
Confucian Thinking for Global Leaders: A Primer on the Timeless Wisdom of the Analects
S-0454 | Published May 30, 2025 | 7 Pages Technical Note
Collection: Darden School of Business
Business schools seek to instill fundamental management and leadership skills through courses in disciplines such as finance, accounting, strategy, and economics. While these essential disciplines pre... Read More
An Introduction to Private Equity Secondaries
F-2123 | Published October 20, 2025 | 16 Pages Technical Note
Collection: Darden School of Business
This technical note introduces readers to two types of secondary market transactions in the private equity space: limited-partner-led (LP-led) secondaries and general-partner-led (GP-led) secondaries.... Read More
Project Scoping
QA-0960 | Published November 14, 2023 | 9 pages Technical Note
Collection: Darden School of Business
A project’s scope specifies the work needed to deliver a product, service, or result, given specified features and functions. At its core, scoping a project requires accurately predicting the allocati... Read More
Moral Theory and Frameworks
E-0339 | Published January 12, 2003 | 13 pages Technical Note
Collection: Darden School of Business
This technical note outlines background theories of ethics that are relevant to managerial decision making and develops a framework that managers can use to enhance their ability to make good choices.... Read More
Making Ethics Personal: Character and Your Personal Vision
E-0393 | Published January 09, 2014 | 3 pages Technical Note
Collection: Darden School of Business
Ethics, in addition to being about principles and consequences, is about character: the individual traits and qualities that define what kind of person someone is and who they hope to become. This tec... Read More
Digital Marketing Metrics: Measuring What Matters
M-1049 | Published September 10, 2024 | 8 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of common digital marketing metrics. It includes formulas for calculating the metrics and an explanation of what each metric represents. It also describes the ... Read More
The United States of America: An Annual Report Compilation, 2022
C-2461 | Published June 21, 2023 | 50 pages Technical Note
Collection: Darden School of Business
This technical note provides a compiled 2022 annual report for the United States of America, consolidated for the public and private sectors. It includes financial statements, accompanying notes, disc... Read More
What Kind of Business Case Studies Are We Writing?
PHA-0064 | Published April 13, 2012 Technical Note
Collection: Darden School of Business
What is the difference between a research paper and a business case study? Are all good business cases decision-focused? This note provides a brief description of field-based, research-based, and armc... Read More
Understanding Risk: Systemic versus Idiosyncratic
F-1973 | Published January 21, 2021 | 8 pages Technical Note
Collection: Darden School of Business
Using the fictional situation of two brothers facing the challenge of managing a commodity business in central Africa, this note explores different metrics for risk and related considerations for inve... Read More
Coding for MBAs in the Age of AI
OM-1822 | Published November 19, 2024 | 9 pages Technical Note
Collection: Darden School of Business
In this note, students will learn how to think about the process of going from design to code like both a general manager and an engineer. Designed for use by students of business who are familiar wit... Read More
Ten Tools for Design Thinking
BP-0550 | Published December 17, 2010 | 27 pages Technical Note
Collection: Darden School of Business
This technical note is part of a course module that focuses on teaching design-thinking skills and 10 tools to identify and implement innovation and growth opportunities. It can be taught to MBA, unde... Read More
A Primer on Risk-Free Bonds
F-1861 | Published February 01, 2019 | 14 pages Technical Note
Collection: Darden School of Business
This note explores the first principles of pricing financial contracts. Debt contracts go by many names, but the term bond is used in this note to denote any market-traded debt contract. The note is ... Read More
Moral Disengagement in Decision-Making
OB-1464 | Published July 24, 2024 | 5 pages Technical Note
Collection: Darden School of Business
This technical note describes an important rationalization process called moral disengagement that helps explain why and how people make decisions that stray away from the values they claim to hold. T... Read More
The Art of the Effectual Ask
ENT-0225 | Published September 11, 2020 | 11 pages Technical Note
Collection: Darden School of Business
Entrepreneurs strive to solve problems and create value through partnerships. Studying how they do that led to the hypothesis that "asking" played a critical role in the success of an entrepreneur. Th... Read More
Project Financing: An Economic Overview
F-1035 | Published February 08, 1995 | 11 pages Technical Note
Collection: Darden School of Business
This note intended as an aid in the evaluation of project-financing proposals. It defines project financing, describes its strengths and weaknesses relative to internal financing, explores how project... Read More
Risk, Return, and Modern Portfolio Theory
F-1982 | Published June 11, 2021 | 16 pages Technical Note
Collection: Darden School of Business
In this technical note, we examine the concept of diversification and the tradeoff between risk and return in portfolio theory. The note includes a general introduction to normal distribution, then ap... Read More
Advanced Tableau Tips and Tricks
QA-0972 | Published August 28, 2024 | 24 pages Technical Note
Collection: Darden School of Business
This technical note showcases some of the unique tips and tricks of the Tableau program that can help users further enhance the quality and impact of their presentations to target stakeholders. It ass... Read More
Financial Analytics Toolkit: Weighted Average Cost of Capital
F-1850 | Published July 16, 2019 | 7 pages Technical Note
Collection: Darden School of Business
Central to a firm’s long-term success, is allocating capital so that it generates economic value. The two most common decision rules based on economic value are to (i) accept proposals that have a pos... Read More
A Practical Guide to Conjoint Analysis
M-0675 | Published August 26, 2003 | 8 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of conjoint analysis. It shows how to interpret standard conjoint analysis output and the uses of that output. It provides several examples of how output can b... Read More
A Note on Budgeting and Strategic Profitability Analysis
C-2405 | Published December 12, 2017 | 16 pages Technical Note
Collection: Darden School of Business
A budget is a tool that allows an organization to put its strategy into financial terms. It can be described as the financial plan for the organization. The organization as a whole will prepare a prof... Read More
A Brief Introduction to Macroeconomics
GEM-0125 | Published September 02, 2014 | 16 pages Technical Note
Collection: Darden School of Business
This technical note sets the groundwork for a module on macroeconomics by introducing concepts and definitions that will be revisited in subsequent technical notes. The note begins by introducing nati... Read More
Modeling Discrete Choice: Categorical Dependent Variables, Logistic Regression, and Maximum Likelihood Estimation
QA-0779 | Published November 07, 2011 | 9 pages Technical Note
Collection: Darden School of Business
This technical note introduces business students to the concepts of modeling discrete choice (e.g., a consumer purchasing brand A versus brand B) using logistic regression and maximum-likelihood estim... Read More
Equity Compensation and the US Tax Consequences
C-2385 | Published August 17, 2018 | 13 pages Technical Note
Collection: Darden School of Business
This technical note explores the many different forms of equity compensation. Equity compensation, defined as compensation that provides for the delivery of equity securities, aligns employees’ incent... Read More
Yield Curve Basics
BP-0491 | Published March 15, 2006 | 6 pages Technical Note
Collection: Darden School of Business
This technical note discusses risk and term premiums, prominent theories of the yield curve, and how to construct a yield curve.... Read More
The Cost of Capital: Principles and Practice
F-1710 | Published February 07, 2014 | 9 pages Technical Note
Collection: Darden School of Business
This technical note provides a student primer of firm cost of capital from a conceptual and application perspective. The note provides student intuition on the traditional theory of cost of debt, cost... Read More
Fiscal and Monetary Policy
BP-0453 | Published August 23, 2002 | 2 pages Technical Note
Collection: Darden School of Business
This note provides a summary of the primary fiscal and monetary policies. It also provides a matrix of the expected effects on GDP and interest rates when these policies are enacted simultaneously. Th... Read More
The Dime that Started a Movement: The History and Development of Credit Unions
ENT-0103 | Published December 11, 2008 | 9 pages Technical Note
Collection: Darden School of Business
This note provides students a rich background on the history, evolution, and current challenges in the credit union industry, with a particular focus on community-development credit unions. The case m... Read More
Ethical Decision-Making: A Global Perspective
E-0380 | Published August 14, 2012 | 15 pages Technical Note
Collection: Darden School of Business
This technical note on ethics builds on and further develops the conversation about ethics. It provides background, language, and concepts to identify and analyze managerial problems from an ethics pe... Read More
A Glossary of Lean Terms
OM-1334 | Published February 11, 2007 | 5 pages Technical Note
Collection: Darden School of Business
"Lean" has been defined as the "relentless pursuit of the elimination of waste." This technical note provides a glossary of terms concerning Lean implementation, including muda, muri, nura, kanban, an... Read More
Biomimicry: Using Nature's Models as Sustainability Design Inspiration for Company Strategy and Products
ENT-0154 | Published May 10, 2010 | 9 pages Technical Note
Collection: Darden School of Business
This brief background note provides an explanation and examples of biomimicry as an approach that provides insights into the innovative design of products and corporate strategy framing. Biomimicry us... Read More
The Weighted-Average Cost of Capital
F-1185 | Published June 17, 1997 | 7 pages Technical Note
Collection: Darden School of Business
This note provides a conceptual introduction to the weighted-average cost of capital (WACC). It discusses and provides examples of calculating the WACC and its components. It is useful as a parallel r... Read More
Developing a Superior Strategic Marketing Plan
M-0890 | Published February 11, 2016 | 17 pages Technical Note
Collection: Darden School of Business
While both management and marketing courses detail the importance of having a strategy, there is a dearth of tools available that can help students understand how to create a strategic plan—as well as... Read More
Valuing Companies: An Overview of Analytical Approaches
F-1187 | Published September 10, 1997 | 5 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of a valuation network: multiples, options pricing, specific-asset valuation, and present value. The strengths and philosophies of each approach are discussed ... Read More
The Early-Stage Term Sheet
F-1444 | Published May 17, 2004 | 13 pages Technical Note
Collection: Darden School of Business
An updated version of this note, "Early-Stage Term Sheets" (UVA-F-1730), is available and may be used as a replacement. The typical term sheet for a venture-capital investment contains a host of cont... Read More
Managing Economic Uncertainty
GEM-0244 | Published June 10, 2025 | 17 Pages Technical Note
Collection: Darden School of Business
This technical note examines strategic decision-making frameworks for managing economic uncertainty in business and policymaking contexts. The note presents two primary approaches: the "Wait and See" ... Read More
Methods of Intellectual Property Valuation
F-1401 | Published October 10, 2002 | 13 pages Technical Note
Collection: Darden School of Business
This note addresses the methods used in valuing intellectual property, with a particular focus on patents. The note defines intellectual property and explains its growing importance. It also describes... Read More
Finding Its Niche: Community Development Venture Capital
ENT-0111 | Published May 20, 2009 | 10 pages Technical Note
Collection: Darden School of Business
Underserved urban and rural areas have found venture capital support via U.S. Community Development Venture Capital institutions, which numbered 68 and managed $870 million as of 2008. Suitable for MB... Read More
Binomial Option Pricing
F-0943 | Published March 29, 1990 | 12 pages Technical Note
Collection: Darden School of Business
This note is designed to introduce the binomial option-pricing model. It covers the basic concepts using a one-period model and then provides an example of a two-period model. The note focuses on a co... Read More
Process Fundamentals: Process Flow Diagrams
OM-1643 | Published September 03, 2025 | 7 Pages Technical Note
Collection: Darden School of Business
This technical note is part of a set that focuses on process fundamentals, including process analysis, process flow diagrams, and the process flow unit. While designed to be used together, these three... Read More
Process Fundamentals: Process Analysis and Process Definition
OM-1642 | Published September 03, 2025 | 2 Pages Technical Note
Collection: Darden School of Business
This technical note is part of a set that focuses on process fundamentals, including process analysis, process flow diagrams, and the process flow unit. While designed to be used together, these three... Read More
Cost-Volume-Profit Analysis
C-2509 | Published March 28, 2025 | 8 pages Technical Note
Collection: Darden School of Business
This note discusses cost-volume-profit (CVP) analysis, an analytic took that uses the relationships among compensation of the profit equation—price, volume, cost structure, and profit—to assess the fi... Read More
Process Fundamentals: The Process Flow Unit
OM-1644 | Published September 03, 2025 | 2 Pages Technical Note
Collection: Darden School of Business
This technical note is part of a set that focuses on process fundamentals, including process analysis, process flow diagrams, and the process flow unit. While designed to be used together, these three... Read More
The Production System Frontier
OM-1588 | Published December 07, 2017 | 3 pages Technical Note
Collection: Darden School of Business
This technical note covers the concept of the production system frontier. This includes understanding how best practices influence the production system frontier, and providing some examples of how yo... Read More
RED: A Simple Framework for Smarter Hiring
OB-1493 | Published June 17, 2025 | 2 Pages Technical Note
Collection: Darden School of Business
Hiring is one of the most high-stakes decisions a leader can make, especially in entrepreneurial and high-growth environments where every person matters. Yet most hiring decisions are made quickly, in... Read More
Using AI to Expand Your Leadership Communication Toolkit
BC-0315 | Published January 09, 2025 | 4 Pages Technical Note
Collection: Darden School of Business
This technical note is a simple guide for using generative artificial intelligence (Gen AI or AI) to enhance your leadership voice. The note introduces use of AI to improve communication skills, enabl... Read More
Doing Without the Middleman: A Primer on Funding for Entrepreneurs
ENT-0235 | Published January 07, 2025 | 8 Pages Technical Note
Collection: Darden School of Business
It’s widely believed that entrepreneurs need formal funding to start a venture, but that’s not always the case. In fact, the majority of companies that go public don’t raise any venture capital at all... Read More
Managing Customer Lead Time
OM-1660 | Published September 03, 2025 | 4 Pages Technical Note
Collection: Darden School of Business
This technical note focuses on managing customer lead time, including presenting a basic definition of throughput time and then working in detail through two examples of how to calculate throughput ti... Read More
Cloud Computing
OM-1784 | Published January 17, 2023 | 16 Pages Technical Note
Collection: Darden School of Business
This note provides a general overview of cloud computing and how businesses are using it to achieve their digital goals. Specifically, it outlines the different service models that cloud computing sup... Read More
Valuation of Late-Stage Companies and Buyouts
F-1639 | Published March 15, 2011 | 27 pages Technical Note
Collection: Darden School of Business
This note focuses on the valuation of late-stage companies with a particular emphasis on leveraged buyouts (LBOs). In addition to LBOs, late-stage investments can arise in situations involving growth ... Read More
The Design of Experiments
BP-0564 | Published May 02, 2022 | 22 pages Technical Note
Collection: Darden School of Business
In innovation, experimentation is much talked about in the abstract, but poorly understood in practice. It bridges solution generation and implementation, yet often takes the form of smaller-scale pil... Read More
Production Systems
OM-1587 | Published December 07, 2017 | 3 pages Technical Note
Collection: Darden School of Business
This technical note covers the fundamental issues that deal with production systems. This includes providing a definition of a production system, explaining how production systems work, and reviewing ... Read More
Your New UX Intern Is a Bot? The Promises and Perils of Generative AI–Augmented UX Research and Design
S-0473 | Published July 11, 2025 | 8 Pages Technical Note
Collection: Darden School of Business
Drawing on current industry practices, this technical note explores the integration of generative AI (genAI) into user experience (UX) research and design, as well as genAI's potential to accelerate w... Read More
Why Everything You Think You Know About Growth Is Probably Wrong
S-0172 | Published June 17, 2010 | 20 pages Technical Note
Collection: Darden School of Business
Appropriate for courses in business strategy at the MBA and executive education levels. By searching the disciplines of biology, economics, strategy, finance, and organizational design and behavior, P... Read More
Looking for Muda
OM-1409 | Published March 03, 2010 | 5 pages Technical Note
Collection: Darden School of Business
Using the terminology of Lean management practices, this note addresses muda, or waste, by defining its subtypes and providing a framework for their identification in production and service processes.... Read More
Woolworths: Australia Day Blues
S-0461 | Published November 21, 2024 | 10 pages Technical Note
Collection: Darden School of Business
In January 2024, the Australian retailer Woolworths Group (Woolworths) announced it would no longer stock Australia Day merchandise across its stores for the national summer holiday, following years o... Read More
Equity Considerations in Remote and Hybrid Work Environments
E-0498 | Published December 20, 2023 | 3 pages Technical Note
Collection: Darden School of Business
After the onset of the COVID-19 pandemic in March 2020, companies around the world built and refined models of working in both fully remote and hybrid environments. While many of these policies and pr... Read More
Integrative Analysis of Competitive Dynamics and Multipoint Competition: The Case of "Cat Fight in the Pet Food Industry"
S-0337 | Published August 25, 2021 | 5 pages Technical Note
Collection: Darden School of Business
This technical note aims to guide discussion on three strategic moves that are designed for multipoint competition: thrust, feint, and gambit. It will examine how these moves might be applied for mult... Read More
1923: Hyperinflation in Germany
F-1965 | Published December 18, 2020 | 15 pages Technical Note
Collection: Darden School of Business
In the 1920s, Germany experienced one of the most severe episodes of hyperinflation in history. The episode originated in military defeat and revolution, produced instability that figured prominently ... Read More
Mixed, Virtual, and Augmented Reality in the Real World
OM-1783 | Published January 06, 2023 | 8 pages Technical Note
Collection: Darden School of Business
This technical note details virtual and augmented reality and how these immersive technologies can be used in business. Specifically, this note highlights several business applications of both virtual... Read More
The US–China Trade War: Deal or No Deal?
GEM-0175 | Published March 17, 2020 | 31 pages Technical Note
Collection: Darden School of Business
The US–China trade war in 2019 led to major shifts in global trade and supply chains, highlighting the recent trend in deglobalization. This note discusses the patterns of international trade and capi... Read More
Chinese History and the National Humiliation Narrative
E-0461 | Published January 25, 2021 | 3 pages Technical Note
Collection: Darden School of Business
This note describes how the Chinese Communist Party (CCP), founded in 1949, has attempted to create and maintain an official narrative of the country and regime that tilts toward the favorable and min... Read More
Overview of Credit Ratings
F-1413 | Published August 04, 2004 | 12 pages Technical Note
Collection: Darden School of Business
This note is a brief summary of how credit-rating agencies do their job. It includes historical information on rates and capital spreads. The note serves as useful supplementary reading, for students ... Read More
Moral Relativism
E-0341 | Published January 12, 2008 | 10 pages Technical Note
Collection: Darden School of Business
This note provides an introduction to moral relativism, discusses the various ways it poses fundamental challenges to engaging in ethical reflection, and offers alternative ways of thinking about ethi... Read More
The Great Industrial Revolution in Europe: 1760–1860
F-1926 | Published December 11, 2019 | 18 pages Technical Note
Collection: Darden School of Business
The first (or "Great") Industrial Revolution occurred in Europe from roughly 1760 to 1860, and marked the end of the centuries-long feudal era and the rise of modern capitalism. To understand the mode... Read More
Bank Office Simulation Tutorial and Technical Note
OM-1549 | Published October 26, 2016 | 20 pages Technical Note
Collection: Darden School of Business
Tutorial and tech note combined to introduce students to model building and outputs in AnyLogic.... Read More
To Understand Consumer Behavior, Think Like a Marketplace Scientist
M-0950 | Published July 28, 2017 | 16 pages Technical Note
Collection: Darden School of Business
This technical note outlines the process of proper experimentation in the world of business. This reading begins by describing why organizational experimentation is important and then defines a true e... Read More
Using a Framework to Create Better Choices
E-0407 | Published January 05, 2016 | 6 pages Technical Note
Collection: Darden School of Business
Intuition can be a good guide for decision making when the current situation generally matches the situations in which the intuition was formed. But for novel or ambiguous situations, relying only on ... Read More
Managing for Stakeholders
E-0383 | Published January 07, 2013 | 13 pages Technical Note
Collection: Darden School of Business
Managing for Stakeholders is used in the Darden School's first-year required "Business Ethics" course. This note explains managing for stakeholders, an emerging view that, basically, businesses and th... Read More
Business Process Mapping
OM-1423 | Published September 02, 2011 | 10 pages Technical Note
Collection: Darden School of Business
Appropriate for courses in operations management and process improvement. This technical note explains how to utilize process maps as tools to show workflow steps, clarify process expectations and res... Read More
Logistic Regression
M-0859 | Published November 20, 2013 | 10 pages Technical Note
Collection: Darden School of Business
This technical note presents the reason for using a binomial logic regression in marketing applications. It is used in Darden's "Big Data in Marketing" course elective. The issues surrounding the use ... Read More
Competitive-Cost Analysis: Cost-Driver Framework
OM-1254 | Published March 17, 2006 | 9 pages Technical Note
Collection: Darden School of Business
The first in a five-part series on competitive-cost analysis, this note introduces cost drivers, presents a conceptual framework for organizing them, and explains various applications of competitive-c... Read More
Internationalization Analysis
S-0398 | Published October 05, 2022 | 6 pages Technical Note
Collection: Darden School of Business
How do firms decide where to compete internationally? What challenges arise when competing across borders? What are different ways to enter a new foreign market? How should the firm compete in that ne... Read More
Framing Your Business Issue for Others
OM-1413 | Published April 29, 2010 | 3 pages Technical Note
Collection: Darden School of Business
Appropriate for individuals interested in framing a situation in order to facilitate conversations with colleagues and others not familiar with the situation. To engage others in these conversations, ... Read More
Ethics at the Frontier
E-0392 | Published January 09, 2014 | 3 pages Technical Note
Collection: Darden School of Business
Today's society is characterized by a rapid state of change, and technological innovation plays a significant part in that. So how should one approach ethics at the technological frontier? This techni... Read More
Multiple Regression and Marketing-Mix Models
M-0855 | Published October 07, 2013 | 10 pages Technical Note
Collection: Darden School of Business
In this technical note, the concept of regression using a single independent variable is first introduced and then some of the practical challenges associated with it, including multiple independent v... Read More
A Brief Note on the Theory of Constraints
OM-1105 | Published February 20, 2004 | 4 pages Technical Note
Collection: Darden School of Business
This brief note offers an introduction to Eliyahu M. Goldratt's theory of constraints (TOC), and summarizes the principles outlined in a novel about manufacturing he wrote. TOC is applicable to manufa... Read More
The Internet of Things
OM-1792 | Published July 14, 2023 | 7 pages Technical Note
Collection: Darden School of Business
The Internet of Things (IoT) can be generally explained as a network of objects that collect data regarding their surroundings and transfer it across the internet to various systems. While the additio... Read More
Understanding Consumer Responses to Brand Activism
M-1064 | Published February 25, 2025 | 8 pages Technical Note
Collection: Darden School of Business
This technical note examines how consumers respond to brand activism, the growing phenomenon where brands take public stances on controversial sociopolitical issues. Drawing from recent research in ma... Read More
Budgeting Water Properly
GEM-0173 | Published December 16, 2019 | 3 pages Technical Note
Collection: Darden School of Business
A primary requirement for managing water effectively and sustainably is an accounting framework that registers the water that is available for use (supply) and the water that is being used (demand). A... Read More
Options on Stock Indexes, Currencies, and Futures
F-1433 | Published October 03, 2007 | 17 pages Technical Note
Collection: Darden School of Business
Options on stock indexes, currencies, and futures all have something in common. In each of those cases, the holder of the option does not get the same things that the holder of the underlying asset ge... Read More
Identifying Fragilities in the Global Economy
GEM-0208 | Published February 28, 2024 | 13 pages Technical Note
Collection: Darden School of Business
This note presents frameworks and indicators for identifying fragile economies. It includes an assessment of Morgan Stanley's Fragile Five call in 2012 as well as current fragilities data for a range ... Read More
An Introduction to Equity Residual Cash Flow
F-2070 | Published May 01, 2024 | 9 pages Technical Note
Collection: Darden School of Business
This technical note introduces the concept of equity cash flow or equity residual cash flow. The note provides an explicit comparison between free cash flow and equity residual cash flow in the contex... Read More
Tax-Deferred Acquisitive Reorganizations for C Corporations
F-1863 | Published June 20, 2019 | 15 pages Technical Note
Collection: Darden School of Business
This technical note outlines the general judicial requirements an acquisition must meet to qualify as a tax-deferred reorganization. The variation in the specific requirements that must be met to qual... Read More
Investment Decision And Cash Flows
F-0915 | Published March 29, 1989 | 18 pages Technical Note
Collection: Darden School of Business
A positive net present value (NPV) is a direct estimate of value creation for shareholders and is an operational way of carrying through on the strategy of trying to maximize shareholder wealth. To ca... Read More
Behavioral Risk Preferences
QA-0858 | Published March 24, 2017 | 14 pages Technical Note
Collection: Darden School of Business
MBA students are taught to use the expected monetary value (EV) to evaluate risky opportunities. The reaction of individuals to risk, however, is far more complex. In fact, individuals are rarely foun... Read More
Bond Prices and Interest-Rate Risk
F-2075 | Published May 21, 2024 | 10 pages Technical Note
Collection: Darden School of Business
In this note, we cover how bond prices change as yields change. Students are shown that the price of a bond is a function of its promised payments and the prevailing required rate of return by investo... Read More
The Classic Gold Standard: 1870–1914
F-1921 | Published November 07, 2019 | 8 pages Technical Note
Collection: Darden School of Business
Debates on issues about the economy, growth, inequality, fiscal responsibility, and financial crises frequently reduce to debates about money. Moreover, debates about money often reduce to the soundne... Read More
Note on Valuation of Cash Flows in Different Currencies
F-1080 | Published March 08, 2001 | 10 pages Technical Note
Collection: Darden School of Business
This technical note provides a pedagogical overview of management communication for MBA education.... Read More
Case Studies about Financial Crises and Civic Reactions
F-1975 | Published February 23, 2021 | 16 pages Technical Note
Collection: Darden School of Business
This note describes a collection of 26 teaching case studies and 5 expository notes on the history of financial crises from 1720 to 2008. The note also summarizes a semester-length course design base... Read More
Accounting for Revenues
C-2478 | Published March 06, 2024 | 12 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of accounting for revenues. It discusses the five-step process to revenue recognition outlined in Accounting Standards Codification (ASC) 606 and applies those... Read More
Competitive Dynamics: An Introduction
S-0306 | Published September 15, 2020 | 6 pages Technical Note
Collection: Darden School of Business
This technical note discusses competitive dynamics: the various and evolving actions and reactions of two firms engaged in a rivalrous relationship. By allowing us to analyze interactions at this dyad... Read More
Effects of Economic Policy Under Capital Controls
BP-0439 | Published November 01, 2002 | 9 pages Technical Note
Collection: Darden School of Business
This note provides students with a basic understanding of the Mundell-Fleming model, also known as the IS-LM-BP model. The model is useful in understanding the effects of capital controls (typically i... Read More
The Customer-Focused Growth Project
M-0798 | Published January 20, 2012 | 19 pages Technical Note
Collection: Darden School of Business
This note guides students or Executive Education participants through an exercise to help identify growth opportunities for their business units. The Customer-Focused Growth Project consists of 10 ste... Read More
Buy Now, Pay Later: Disrupting Traditional Consumer Credit
F-2091 | Published September 25, 2024 | 17 pages Technical Note
Collection: Darden School of Business
This technical note discusses the history, competitors, risks and benefits, and economics of Buy Now, Pay Later (BNPL)—a financial product that allows consumers to make purchases and defer payment ove... Read More
Cybersecurity: Managerial Basics
OM-1807 | Published February 22, 2024 | 16 pages Technical Note
Collection: Darden School of Business
This note introduces cybersecurity—what it is, why it is needed, and current practices and solutions. While the broad issue of information security is a concern for governments and individuals, this n... Read More
Growth Is Much More Than Just A Strategy: It's A System
S-0197 | Published October 06, 2011 | 24 pages Technical Note
Collection: Darden School of Business
This note states that growth research demonstrates that growth is much more than a strategy and it happens when the right kind of leadership, internal environment and processes come together to create... Read More
Legal Issues for New Ventures: Choice of Lawyer and Choice of Entity
ENT-0072 | Published August 01, 2006 | 7 pages Technical Note
Collection: Darden School of Business
This note discusses the legal issues entrepreneurs must consider as they form their company as a legal entity. In question-and-answer format, the note concisely defines the types of entity available a... Read More
Implementing Marketing Analytics
M-0869 | Published April 30, 2014 | 8 pages Technical Note
Collection: Darden School of Business
This note supports cases used in Darden's "Marketing Analytics" course elective. Marketing analytics powered by "big data" holds the promise to transform marketing strategy from a discipline based mos... Read More
The Economics of Maturity Transformation
GEM-0191 | Published August 17, 2021 | 12 pages Technical Note
Collection: Darden School of Business
Few concepts are as important as maturity transformation for understanding financial crises. This technical note guides students through the key mechanisms in the theory using a representative investo... Read More
Robust Services: People or Processes?
OM-1607 | Published November 13, 2018 | 9 pages Technical Note
Collection: Darden School of Business
Service systems are inherently subject to variability, whether through customers, service providers, suppliers, or unexpected events. Yet customers demand excellence and consistency regardless of this... Read More
Presenting in Teams
BC-0279 | Published May 25, 2021 | 5 pages Technical Note
Collection: Darden School of Business
Most MBA internships conclude with a presentation where you detail the results of your major summer project. A lot is riding on your performance—namely, whether or not you receive a job offer. The suc... Read More
Fannie and Freddie and Financing the American Dream
F-1402 | Published September 26, 2002 | 20 pages Technical Note
Collection: Darden School of Business
This note presents a short history of mortgage finance in the United States and the two government-sponsored enterprises that dominate the market. Recent debates about their current and future roles a... Read More
Spot and Forward Interest Rates
F-2084 | Published August 08, 2024 | 6 pages Technical Note
Collection: Darden School of Business
Interest rates come in many varieties. The most common interest rates apply from today to some future date and are referred to as spot rates. But what if you agreed to lend money to someone at a 6% ra... Read More
Managing for Stakeholders and the Purpose of Business
E-0415 | Published September 13, 2017 | 10 pages Technical Note
Collection: Darden School of Business
The benefits or harms achieved by a business is determined in part by the choices that business leaders make. One important driver of these choices is a leader’s view of the purpose of business. This ... Read More
A Note on Rights
E-0188 | Published January 10, 2000 | 3 pages Technical Note
Collection: Darden School of Business
This note explains the idea of rights. It examines such distinctions as positive versus negative rights, and fundamental versus derivative rights.... Read More
The Power of One: The Strategy Diamond Framework
S-0237 | Published February 07, 2014 | 11 pages Technical Note
Collection: Darden School of Business
The diamond framework can be used to develop strategies in multibusiness enterprises at all organizational levels and across markets or products. This note demonstrates how the framework yields insigh... Read More
Behavioral Time Discounting
QA-0896 | Published March 08, 2018 | 11 pages Technical Note
Collection: Darden School of Business
Many decisions involve trade-offs between present and future costs and benefits. We procrastinate difficult tasks, and we forgo larger rewards for smaller ones if we can get them sooner. Why do we cha... Read More
Text Analytics: Turning Words into Data
M-0986 | Published December 06, 2019 | 12 pages Technical Note
Collection: Darden School of Business
The searchable internet contains almost 2 billion websites. And new, text-rich sites are being added at a rapid pace: more than 700 million popped up from 2016 to 2017, according to the International ... Read More
Accounting for Owners’ Equity
C-2476 | Published February 26, 2024 | 10 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of accounting for owners’ equity. It discusses the concepts of common stock and preferred stock, as well as authorized, issued, and outstanding shares. It cove... Read More
Valuation Methodology: A Comparison of the Weighted-Average Cost of Capital and Equity-Residual Approaches
F-1007 | Published August 26, 1992 | 10 pages Technical Note
Collection: Darden School of Business
This technical note compares two methods of treating debt usage in discounted-cash-flow valuation of investment projects or companies. The note illustrates that the Weighted Average Cost of Capital ap... Read More
Taxable Acquisitive Deal Structures for C Corporations
F-1875 | Published June 25, 2019 | 13 pages Technical Note
Collection: Darden School of Business
This technical note outlines the consequences to the acquirer, target, and the target’s shareholders from a basic taxable acquisition of C corporations. Specifically, asset acquisitions, stock acquisi... Read More
Assessing Private Equity Performance
F-1895 | Published July 30, 2019 | 18 pages Technical Note
Collection: Darden School of Business
Assessing the performance of private equity (PE) and venture capital (VC) investment vehicles is a challenging task. It starts with the fact that the assets are privately held and illiquid. By contras... Read More
Coding Data Models with AI
OM-1825 | Published December 04, 2024 | 46 pages Technical Note
Collection: Darden School of Business
This note focuses on building models that allow for the effective organization and retrieval of data. It discusses the major steps of designing, creating, and maintaining a model that optimizes user e... Read More
Business Valuation in Mergers and Acquisitions
F-1699 | Published October 02, 2013 | 11 pages Technical Note
Collection: Darden School of Business
This note discusses valuation in the context of business mergers and acquisitions. It builds on standard methods of business valuation to consider the unique questions arising in a merger or acquisiti... Read More
Note on the Insurance Industry in India
ISB034 | Published February 26, 2014 | 22 pages Technical Note
Collection: Indian School of Business
The note traces the evolution of the Insurance Industry in India and looks at its state in the year 2012. It throws light on the size, products, major players and other details of the industry like pe... Read More
Sustainable Competitive Advantage
M-1015 | Published January 12, 2022 | 6 pages Technical Note
Collection: Darden School of Business
This note discusses the sources of competitive advantage for firms, including scale economies, network economies, counter positioning, switching costs, branding, cornered resources, and process power.... Read More
Stock Options and Compensation
F-1521 | Published February 05, 2007 | 5 pages Technical Note
Collection: Darden School of Business
This note is a brief introduction to the logic and practice of using stock options to compensate executives. The Black-Scholes option-pricing model is used to estimate the value of option grants for a... Read More
Using the Equity Residual Approach to Valuation: An Example (Abridged)
F-1609 | Published November 20, 2009 | 5 pages Technical Note
Collection: Darden School of Business
This note provides an example of the equity residual valuation method to a company. The note can be used to accompany cases on private equity acquisitions or other levered transactions. It provides a ... Read More
The TRAIL Model of Talent Management
OB-1451 | Published February 09, 2024 | 2 pages Technical Note
Collection: Darden School of Business
In the evolving landscape of human resources and organizational development, the TRAIL Talent Management Model emerges as a comprehensive framework aimed at maximizing employee engagement and retentio... Read More
Developing a Strategy
S-0232 | Published November 06, 2013 | 6 pages Technical Note
Collection: Darden School of Business
This document provides a step-by-step guide to the sequence of tasks involved in the strategy development process including the eight activities necessary for strategic planning.... Read More
Managing Innovation: A Process Perspective
OM-1805 | Published April 15, 2024 | 6 pages Technical Note
Collection: Darden School of Business
This technical note provides a framework on innovation as a process (“how”), rather than just an outcome (“what”). It explains that innovation is a set of activities, incentives, and metrics that, whe... Read More
The Financial Reporting Process and Annual Report: A Brief Overview
C-2466 | Published January 26, 2024 | 7 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of the financial reporting process. It includes a discussion of key players in the process, financial reporting requirements, the external audit process, and t... Read More
The Solution Shop and Storytelling Process
BC-0294 | Published December 21, 2022 | 6 pages Technical Note
Collection: Darden School of Business
Who doesn’t feel some anxiety when faced with making a presentation to an audience of practitioners and executives? Presentations are often the most stressful part of a job in business or consulting. ... Read More
Option Valuation and Dividend Payments
F-1523 | Published February 05, 2007 | 11 pages Technical Note
Collection: Darden School of Business
This note shows how dividend payments affect option values owing to the effects of dividend payments on share price and resulting investor behavior. In addition to discussing the underlying logic, the... Read More
How to Put More Strategy in Your "Taxes and Business Strategy" Course: A Case-Method Approach
C-2265 | Published August 02, 2007 | 32 pages Technical Note
Collection: Darden School of Business
This technical note provides the design for a case-method course called "Taxation and Management Decisions" taught in Darden's MBA program. The course is a general management course, and is designed s... Read More
Before the Hypothesis: Asking the Right Questions
S-0417 | Published November 02, 2023 | 5 pages Technical Note
Collection: Darden School of Business
This technical note is designed to be used early in a graduate-level elective course on strategic analysis, though it can be used at multiple levels, including advanced undergraduate and Executive Edu... Read More
Fundamentals Of Capital Budgeting
F-0917 | Published March 29, 1989 | 27 pages Technical Note
Collection: Darden School of Business
This note provides an introduction to evaluation of corporate investment projects. Decision criteria such as net present value, internal rate of return, and paybacks are discussed. Specific examples a... Read More
An Introduction to Supplier Diversity
OM-1760 | Published December 16, 2021 | 5 pages Technical Note
Collection: Darden School of Business
Beyond providing increased opportunities to underrepresented businesses for participating in the procurement process, supplier-diversity initiatives offer substantive financial benefits to the buyer o... Read More
Kaizen in Translation: Suggestion Systems Across Cultures
OM-1544 | Published February 04, 2016 | 6 pages Technical Note
Collection: Darden School of Business
Though the world has recently been described as "flat," we contend that it is also "lumpy." Some managerial practices may be universal (i.e., applicable across all cultures), while others may have to ... Read More
Taxation in a Global Economy
C-2328 | Published April 11, 2011 Technical Note
Collection: Darden School of Business
Students can examine how international taxation is a system of global tax rules that apply to transactions between two or more countries. They will see how, given differing tax consequences across cou... Read More
Ought to "Can": Questions for an Entrepreneurial Future
ENT-0132 | Published August 28, 2009 | 11 pages Technical Note
Collection: Darden School of Business
This technical note explores the broadening role of entrepreneurship as both an economic and societal force. Students learn that as a distinct problem-solving method, entrepreneurship is teachable and... Read More
A Note on Virtues and Virtuous Character
E-0186 | Published October 19, 2000 | 3 pages Technical Note
Collection: Darden School of Business
This brief note explains the concept of virtue as it appears in the literature on business ethics. It examines the relationships among virtue, character, and right action.... Read More
Eliciting and Evaluating Expert Forecasts
QA-0734 | Published July 02, 2009 | 9 pages Technical Note
Collection: Darden School of Business
This note emphasizes the idea that managers will often want to ask experts to express their opinions about important business risks using the precise language of probability. Examples are drawn from t... Read More
Decentralized Finance
F-2081 | Published July 29, 2024 | 23 pages Technical Note
Collection: Darden School of Business
This technical note introduces students to decentralized finance (DeFi)—blockchain-based protocols that offer financial services without centralized intermediaries. Advocates herald DeFi as the future... Read More
The Black-Scholes Option-Pricing Model
F-1522 | Published February 05, 2007 | 10 pages Technical Note
Collection: Darden School of Business
This note discusses the Black-Scholes option-pricing model and then applies the model to call options. The underlying logic of the model is emphasized and illustrated through the use of simple example... Read More
Accounting for Contingent Liabilities
C-2467 | Published January 18, 2024 | 3 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of accounting for contingent liabilities. It outlines the decision process management uses to determine the financial statement implications of such liabilitie... Read More
A Concise Guide to Parent Brands and Subbrands
M-0973 | Published August 19, 2021 | 5 pages Technical Note
Collection: Darden School of Business
In the field of branding, terms like parent brands and subbrands are often used in imprecise ways. The general lack of clarity around these terms can lead to poor marketing communication and confusion... Read More
Longer-Term Exchange Rate Anchors
GEM-0170 | Published December 12, 2018 | 12 pages Technical Note
Collection: Darden School of Business
The goal of this technical note is to give students tools for thinking about how exchange rates will move over a period of five years into the future. While forecasting exchange rates is arguably more... Read More
Valuing Assets in Financial Markets
F-1518 | Published February 05, 2007 | 10 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of techniques used to value assets, including multiples, arbitrage pricing, and discounted cash flow. The note emphasizes the basic nature of valuation approac... Read More
Introduction to Carbon Markets
F-2103 | Published March 03, 2025 | 14 pages Technical Note
Collection: Darden School of Business
Carbon markets represent a vibrant development contributing to the economic transition necessary to achieve global climate goals. This technical note delves into the fundamentals of carbon markets, in... Read More
Early-Stage Term Sheets
F-1730 | Published May 08, 2015 | 13 pages Technical Note
Collection: Darden School of Business
This note was written as an updated version of "The Early-Stage Term Sheet" (UVA-F-1444) and may be used in its place. In seeking funding for an early-stage company, the entrepreneur and investor wil... Read More
Relevant Costs and Benefits in Decision-Making: An Introduction
C-2512 | Published April 08, 2025 | 4 pages Technical Note
Collection: Darden School of Business
This note presents an introduction to relevant costs and benefits—those costs and benefits that differ between two alternatives in decision-making. The note provides important terminology around this ... Read More
A Brief Introduction to Managerial Accounting
C-2508 | Published March 20, 2025 | 3 pages Technical Note
Collection: Darden School of Business
This note process a brief overview of managerial accounting, placing it in the context of three sets of books: managerial books, financial books, and tax books. It includes these books’ different audi... Read More
A Note on Ethical Decision-Making
E-0242 | Published February 21, 2003 | 14 pages Technical Note
Collection: Darden School of Business
This technical note provides a framework for the discussion of ethical issues in business and defines some of the key vocabulary and theories used in defining ethical decisions and situations.... Read More
Developing a Superior Brand Essence Statement
M-0892 | Published February 04, 2016 | 12 pages Technical Note
Collection: Darden School of Business
Brands make promises to consumers, but where do these promises come from? How do brand teams decide what promise to make? This is where the brand essence statement (BES) comes in. It is a document, pi... Read More
MBA Writing Diagnostic
BC-0216 | Published January 12, 2008 | 4 pages Technical Note
Collection: Darden School of Business
This note delineates proper writing mechanics (issues of style and organization) in a business-school context. Rather than touch up on the many forms of business writing, it focuses instead on how to ... Read More
Business Processes & Operations
OM-1013 | Published March 08, 2001 | 3 pages Technical Note
Collection: Darden School of Business
This technical note defines and provides example calculations for certain process analysis concepts?capacity, bottleneck, cycle time, throughput time, Little's Law?relating inventory, throughput time,... Read More
Implications of the Macroeconomy for Business and Life
GEM-0218 | Published July 07, 2023 | 3 pages Technical Note
Collection: Darden School of Business
This technical note explores how the macroeconomy affects businesses and individuals in everyday life, from pricing to job prospects to investing. Students of macroeconomics will gain insight into the... Read More
Capital Structure And Firm Value
F-0942 | Published March 29, 1990 | 15 pages Technical Note
Collection: Darden School of Business
This note explores the interaction between the use of debt and firm value and provides a brief perspective on the use of debt. It also introduces the notions of financial and operating leverage. In ad... Read More
Marketing Plan Development
M-0848 | Published August 11, 2013 | 21 pages Technical Note
Collection: Darden School of Business
This note describes in detail the components of a marketing plan and the process by which data are collected and the plan is developed. Its objective is to develop a sense of purpose and discipline in... Read More
Accounting for Inventory and Cost of Goods Sold Expense
C-2474 | Published February 21, 2024 | 11 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of accounting for inventory and cost of goods sold expense. It discusses accounting for the purchase and sale of inventory, periodic and perpetual inventory sy... Read More
Accounting for Property, Plant, and Equipment and Depreciation Expense
C-2477 | Published March 05, 2024 | 12 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of accounting for property, plant, and equipment and depreciation expense. It discusses determining what costs related to the asset should be capitalized and w... Read More
Decoding Fedspeak
GEM-0243 | Published June 11, 2025 | 22 Pages Technical Note
Collection: Darden School of Business
This technical note examines "Fedspeak"—the evolving communications strategy of the US Federal Reserve (the Fed). Once characterized by deliberate opacity, the Fed now actively shares information abou... Read More
Portfolio Techniques for Corporate Strategic Planning
BP-0292 | Published March 03, 1988 | 18 pages Technical Note
Collection: Darden School of Business
This technical note describes, compares, and contrasts the strategic-planning techniques developed by the Boston Consulting Group, McKinsey, and Arthur D. Little consulting firms in the mid-1970s. The... Read More
Leadership and Choice Theory
OB-1052 | Published July 24, 2013 | 6 pages Technical Note
Collection: Darden School of Business
This technical note explores leadership through the framework of choice theory. As human beings, we actively engage in four strongly interconnected domains of choice: our activities, our thinking, our... Read More
The Basics of Multivariate Regressions in Excel
BC-0311 | Published August 26, 2024 | 4 pages Technical Note
Collection: Darden School of Business
This technical note provides a comprehensive guide to conducting multivariate linear regressions using Excel. It covers essential concepts such as setting up the regression model, selecting variables,... Read More
Organizational Use of Decision Analysis
QA-0655 | Published May 13, 2012 | 40 pages Technical Note
Collection: Darden School of Business
We consider three activities that are key to creating value for the organization: making excellent choices, actually bringing about change, and operating effectively with new choices. We recommend a ... Read More
Developing a Superior Creative Brief
M-0891 | Published February 11, 2016 | 21 pages Technical Note
Collection: Darden School of Business
This technical note is designed to introduce the Creative Brief, a document that plays a crucial role in the process of converting marketing strategy into implementation. Many creatives believe that b... Read More
Corporate Crisis and the Long View
BC-0246 | Published March 01, 2013 Technical Note
Collection: Darden School of Business
The public primarily encounters the corporate communications function during a crisis. General rules are a good starting place for dealing with a crisis and handy to know, but a historical perspective... Read More
How to Prototype a Prototype
OM-1837 | Published April 15, 2025 | 2 pages Technical Note
Collection: Darden School of Business
The goal of prototyping is to iterate as much as possible through build-and-learn or problem-solution-experiment cycles. This brief note provides some definitions and a strategy to employ when working... Read More
Narrative Presentation: Telling the Company Story
BC-0163 | Published December 12, 2001 | 2 pages Technical Note
Collection: Darden School of Business
The Narrative Presentation Assignment offers students an opportunity to gain firsthand experience with an essential managerial communication skill: storytelling. The assignment gives guidelines for de... Read More
Management of Financial Policy Decisions: Capital Structure Policy
F-1743 | Published December 04, 2015 | 17 pages Technical Note
Collection: Darden School of Business
This technical note provides an overview of capital structure policy. Through a series of hypothetical situations and real-world examples, students will gain an understanding of the benefits and costs... Read More
Note on Service Excellence
OM-0895 | Published March 08, 2001 | 3 pages Technical Note
Collection: Darden School of Business
This note illustrates and illuminates key concepts in service excellence. It summarizes and highlights key thinking and action in the service industry. It is designed to be used with "Manor" (UVA-OM-0... Read More
Operations and Financial Performance: How Operations Management Drives Performance
OM-1632 | Published September 03, 2025 | 2 Pages Technical Note
Collection: Darden School of Business
This technical note is part of a set that focuses on the links between operations and firm performance, including how operations management decisions impact the financial performance metrics and finan... Read More
Operations and Financial Performance: How Operations Management Decisions Affect the Balance Sheet
OM-1634 | Published September 03, 2025 | 3 Pages Technical Note
Collection: Darden School of Business
This technical note is part of a set that focuses on the links between operations and firm performance, including how operations management decisions impact the financial performance metrics and finan... Read More
Operations and Financial Performance: How Operations Management Affects the Profit-and-Loss Statement
OM-1633 | Published September 03, 2025 | 3 Pages Technical Note
Collection: Darden School of Business
This technical note is part of a set that focuses on the links between operations and firm performance, including how operations management decisions impact the financial performance metrics and finan... Read More
Derivation Of The Black-Scholes Option-Pricing Model
F-0945 | Published March 29, 1991 | 5 pages Technical Note
Collection: Darden School of Business
This note derives the Black-Scholes option-pricing model. It covers the basic assumptions necessary to derive the equation. In addition, it presents the arbitrage conditions used by Black and Scholes ... Read More
Financial Analytics Toolkit: Cash Flow Projections
F-1896 | Published September 24, 2019 | 7 pages Technical Note
Collection: Darden School of Business
This note reviews the basics of projecting cash flows for a typical operating decision. To find the economic consequences of any decision, one needs to project the cash flow effects of that decision a... Read More
Lean Manufacturing
OM-1661 | Published September 04, 2025 | 3 Pages Technical Note
Collection: Darden School of Business
This technical note is part of a set that focuses on Lean manufacturing and just-in-time (JIT) production. While designed to be used together, these two notes can also be used as stand-alone documents... Read More
Just-in-Time Production
OM-1662 | Published September 04, 2025 | 3 Pages Technical Note
Collection: Darden School of Business
This technical note is part of a set that focuses on Lean manufacturing and just-in-time (JIT) production. While designed to be used together, these two notes can also be used as stand-alone documents... Read More
Financial Analytics Toolkit: Ratio Analysis
F-1897 | Published September 30, 2019 | 8 pages Technical Note
Collection: Darden School of Business
This note describes the most common financial ratios and how they provide insight into firm performance. The emphasis is on how ratios summarize operating behaviors and results in ways that facilitate... Read More
Designing Digital User Experiences
OM-1739 | Published June 02, 2023 | 17 Pages Technical Note
Collection: Darden School of Business
Over the last two decades, no design job in tech has grown more than user experience (UX) design, the process of creating increasingly better user interfaces for a particular product experience. The e... Read More
Using Binary Variables to Represent Logical Conditions in Optimization Models
QA-0786 | Published April 11, 2012 | 5 pages Technical Note
Collection: Darden School of Business
Logical conditions that link different elements of a business decision are very common in managerial practice. For example, a firm can ship only to and from warehouses that are open; patients needing ... Read More
Tactical Execution of Corporate Financial Policy
F-0940 | Published March 29, 1991 | 4 pages Technical Note
Collection: Darden School of Business
This note introduces the student to the FRICTO framework for evaluating alternative financial tactics. Elements of the framework are flexibility, risk, income, control, timing, and other. A simple ins... Read More
Growth Is the Dynamic Confluence of Strategy, Entrepreneurship, and Values
S-0196 | Published September 16, 2011 | 21 pages Technical Note
Collection: Darden School of Business
The author has examined common growth beliefs and the U.S. Growth Model and finds no support for them in any area of business research. He offers instead the Organic Growth Index, the result of ten ye... Read More
Accounting Guidance for Stock Awards
C-2514 | Published August 13, 2025 | 3 Pages Technical Note
Collection: Darden School of Business
This technical note introduces the accounting treatment of employee stock-based compensation, with a focus on awards subject to service, performance, and market vesting conditions. It guides students ... Read More
Thinking Strategically About Communication
BC-0158 | Published October 23, 2001 | 5 pages Technical Note
Collection: Darden School of Business
This note offers a four-step framework for writing business letters, reports, and proposals. It advises the writer to consider purpose, audience, channel, and message structure when drafting manageria... Read More
Applying the Capital Asset Pricing Model
F-1456 | Published October 07, 2004 | 10 pages Technical Note
Collection: Darden School of Business
This note discusses how some of the most financially sophisticated companies and financial advisors estimate the cost of equity capital. It focuses on areas where finance theory is silent or ambiguous... Read More
A Theory of GATT/WTO
GEM-0153 | Published February 07, 2018 | 5 pages Technical Note
Collection: Darden School of Business
This note provides a few basic facts about the General Agreement on Tariffs and Trade (GATT) and its successor, the World Trade Organization (WTO). We also investigate why we need those institutions f... Read More
A Leader's Guide to Understanding Complex Organizations: An Expanded "7-S" Perspective
OB-0659 | Published November 23, 1998 | 22 pages Technical Note
Collection: Darden School of Business
An updated version of the classic McKinsey "7-S" Model, this note is designed to help MBA students and practicing managers understand the dynamic relationship among an organization's superordinate goa... Read More
Conjoint Analysis
M-0686 | Published February 11, 2002 | 22 pages Technical Note
Collection: Darden School of Business
This technical note introduces students to the basic techniques of conjoint analysis.... Read More
Resonance, Leadership, and the Purpose of Life
OB-0626 | Published January 23, 1997 | 20 pages Technical Note
Collection: Darden School of Business
This note describes the world-class-performance model developed by Doug Newburg at the U.Va. Medical Center. Newburg's sample includes Olympic athletes, successful CEOs, world-famous musicians, and le... Read More
Reflecting on Multiple Intelligences: Choice or Chance?
OB-0995 | Published November 27, 2009 Technical Note
Collection: Darden School of Business
Thanks to the work of Howard Gardner, the notion of multiple intelligences is better understood. Instead of thinking primarily of IQ, the other intelligences have been well articulated and given great... Read More
Risk Management
QA-0511 | Published February 10, 1997 | 9 pages Technical Note
Collection: Darden School of Business
This note describes how to move beyond the appraisal of risk toward improving the risk characteristics of alternatives that the world offers us. It considers ways to create value and reduce risk throu... Read More
Not Out of Thin Air: A Primer on the Sources and Uses of Cash
F-2114 | Published June 24, 2025 | 7 Pages Technical Note
Collection: Darden School of Business
This note is meant to build understanding of the foundational concept of sources and uses of cash in businesses. It provides some initial conceptual framing with an algebraic decomposition of some sta... Read More
Evaluating Multiperiod Performance
QA-0518 | Published February 24, 1996 | 17 pages Technical Note
Collection: Darden School of Business
This technical note begins with the estimation of cash flows and then introduces the technique of discounted cash flows by first addressing accumulated value and then computing present values. The not... Read More
Coding Algorithms with AI
OM-1824 | Published November 20, 2024 | 16 Pages Technical Note
Collection: Darden School of Business
This note focuses on creating controllers—algorithms, in coding speak. These essentially are the logic that tells the software what to do and how to respond to inputs from the user. This note assumes ... Read More
Developing a Superior Positioning Concept for a Product, Service, Idea, or Experience
M-0919 | Published September 05, 2018 | 12 pages Technical Note
Collection: Darden School of Business
While there are a number of courses focused on helping students create and perfect innovative new products, there remains a gap regarding how to create and perfect the idea—or the positioning behind t... Read More
An Introduction to Cost Allocation
C-2506 | Published March 24, 2025 | 14 pages Technical Note
Collection: Darden School of Business
This note discusses the concept of cost allocation, focusing specifically on allocating overhead, or indirect, costs to products and services. It presents a four-step process to designing cost-allocat... Read More
Diversification
F-1514 | Published November 16, 2006 Technical Note
Collection: Darden School of Business
This note outlines portfolio returns and variance calculations for a portfolio of two risky assets. Particular attention is given to developing understanding of the diversification benefit and emphasi... Read More
Adverse Selection in Businesses
GEM-0248 | Published June 23, 2025 | 3 Pages Technical Note
Collection: Darden School of Business
Adverse selection is a concept in economics and finance that arises from information asymmetry between parties involved in a transaction. It occurs when one party has more or better information than t... Read More