2025 Higher Education Learning Solutions Catalog

2025 Higher Education Learning Solutions for the Business and Accountancy Program 1

LEARNING SOLUTIONS FOR THE GENERAL EDUCATION PROGRAM 2025 HIGHER EDUCATION

2025 Higher Education Learning Solutions for the Business and Accountancy Program 2

TABLE OF CONTENTS

4 About Rex Education 5 Are You an Educator? 6 Are You a College Student? 7 Welcome to Higher Education! 8 Our Learning Solutions for Higher Education

9 Business and Accountancy Program 219 Criminal Justice Education Program 289 Hospitality and Tourism Program

357 Teacher Education Program 491 General Education Program 499 For further information, Scan the QR Code 500 Rex Book Store Branches and Showrooms Nationwide 502 Stop Piracy 503 Our Digital Learning Solutions

504 Unlock Boundless Learning Potential 505 Empower Youth for Global Success 506 Notes

2025 Higher Education Learning Solutions for the Business and Accountancy Program 3

PARA SA BATA, PARA SA MAMAMAYAN, PARA SA BAYAN.

For 75 years, Rex Education has been providing quality learning solutions for Filipino learners.

ABOUT REX EDUCATION

We are Rex Education, guided by our mission to nurture every child for lifelong learning. We thrive in a community of fellow Edukampyons—education partners, learning institutions, educators, professionals, and learners—we listen, engage, and take meaningful action—to contribute to quality education at all levels, from early childhood to basic and senior high school, tertiary to law, and adult or professional education. Our thoughtfully crafted learning solutions and services are designed to enrich teaching and learning experiences. Through our strong partnerships, we create programs and nurture enduring relationships, benefiting teachers and learners today and for generations to come. We respect time-honored traditions, while welcoming the future and embracing technology tools and innovations to enhance human interaction. We create. We innovate. We serve. We are with you, for life. WE ARE REX EDUCATION—PARA SA BATA, PARA SA MAMAMAYAN, PARA SA BAYAN.

2025 Higher Education Learning Solutions for the Business and Accountancy Program 4

2025 Higher Education Learning Solutions for the General Education Program 4

Are You an Educator?

REX IS YOUR TEACHING AND LEARNING PARTNER! We have curated timely and relevant learning solutions to aid your teaching practice, support learner success, and help develop graduate attributes desired by the industry.

2025 Higher Education Learning Solutions for the Business and Accountancy Program 5 2025 Higher Education Learning Solutions for the General Education Program

Are You a College Student?

REX IS WITH YOU ON YOUR JOURNEY! We have created expertly designed learning materials to sharpen your skills and talents and help you gain more knowledge essential to your college education and in the practice of your future profession. Our learning solutions can improve your work readiness, increase your employability, and help you succeed in your chosen field.

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2025 Higher Education Learning Solutions for the General Education Program 6

Welcome to Higher Education!

College education is not only the culmination of every learner’s formal education. It is an essential part of their lifelong learning journey. It is also a life stage that explores early adulthood, individuality, grit, skill, and character. With the world and technology changing rapidly, higher education can help learners prepare for the complexities and challenges of the industry, environment, and society in general. College education presents real opportunities for greater achievements and success beyond classroom instruction. At Rex Education, our printed and digital learning solutions for higher education are OBE-aligned and designed to help learners become career-ready graduates with industry- relevant knowledge. • Our books are consistent with the Commission on Higher Education’s (CHED) policies and guidelines (learning plans) that promote outcomes-based education (OBE). • We follow CHED’s prescribed OBE delivery mode through activities and exercises such as case studies, the use of research methods and practices, and the completion of performance-based outputs. • Our objectives are developed, placing a premium on measurable learning outcomes.

All these strengths point to REX as your reliable learning partner; we have what you need for your college education. So, are you ready to earn your degree?

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Our Learning Solutions for Higher Education

In Higher Education, while we promote lifelong learning, we also help prepare college students for their more significant roles in society as they become part of the local and global workplace. We have expertly designed learning solutions for the following programs:

ACCOUNTANCY

Skillfully crafted learning materials designed to help future accountants develop analytical skills and business acumen, while also fostering integrity and reliability in their professional practice

BUSINESS COURSES

Curated learning solutions to equip future economic leaders with strong foundational entrepreneurship skills and comprehensive understanding of business laws; designed to help learners become business experts

CRIMINAL JUSTICE EDUCATION

Credible learning solutions for future agents of the law; designed to fortify competence and broaden understanding of law enforcement, administration, public safety, and criminal justice

TEACHER EDUCATION

Professional and specialized course materials designed to help future educators comply with the National Competency Standards for Teaching

HOSPITALITY AND TOURISM

Created to match the standards of global competence in Management, Service, and Hospitality

GENERAL EDUCATION COURSES

Learning solutions that implement the 4Cs: collaboration, communication, critical thinking, and creativity

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2025 Higher Education Learning Solutions for the General Education Program 8

Business and Accountancy Program

2025 Higher Education Learning Solutions for the Business and Accountancy Program 9

Project Management: An Introduction

This textbook is positioned to cater to a broad audience. It is written in a more conversational style to benefit individuals who do not intend to become professionals in project management but simply wish to gain enough knowledge about the field to apply it in their own endeavors. Entrepreneurs, event managers, and producers are among the target readers of this textbook. Additionally, it aims to equip learners with more than just basic knowledge of project management. Extensive explanations of the main tools used in handling projects are included. Network diagrams, Gantt charts, and budget consumption graphs are just a few of the tools covered in this introductory text.

ABOUT THE AUTHOR

Also known as Sonny, he is a strategic planning facilitator, corporate trainer, and business consultant. He is the president of LifeQuest Training and Consultancy Corporation, a company he formed with his wife on April 1, 2014. As a strategic planning facilitator, Sonny helps organizations create clear strategies for reaching their long-term goals. As a corporate trainer, he conducts learning and development programs on topics such as strategic thinking and management, human resource development, business planning, business communication, leadership and supervisory development, and project management. Prior to his current role, Sonny worked for over 30 years, holding positions from supervisor to executive in the mining, banking and finance, real estate, agriculture, health care, and education sectors. He was once an academic director of an international design and business college with campuses throughout Asia. He lived for six years in Huizhou City, China, and for four years in Bangkok, Thailand, where he taught business, management, and entrepreneurship. In the Philippines, he teaches at several universities and colleges. In 2016, Sonny completed the Clifton Strengths Coaching Program at Gallup, Inc. in the US. He earned his Master of Business Management from the Asian Institute of Management in 1988 and his Bachelor of Science in Industrial Management Engineering from De La Salle University Manila in 1983. Jose Roberto L. Del Rosario Jr.

2025 04-MT-00042-0 978-621-04-5497-0 BS in Business Administration

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Project Management: An Introduction Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Concept Development and Activities / Content Presentation . . . . . . . 20 The Roles of a Project Manager . . . . . . . . . . . . . . . . . . . . . . . . 20 The Characteristics of Excellent Project Managers . . . . . . . . . . 22 Specific Duties and Responsibilities of a Project Manager ....24 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . . 28 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Connections and Applications / Relevance of the Lesson . . . . . . . . . 31 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . . 32 Connections and Applications / Relevance of the Lesson . . . . . . . . . 18 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . . 19 The Roles and Tasks of a Project Manager . . . . . . . . . . . . . . . . . . . 20 Lesson 3

CONTENTS CONTENTS

Chapter 1 The Nature of Project Management Prepare Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Lesson 1 The Definition of a Project ............ 2 Learning Outcomes .......................................2 Lesson Objectives ........................................2 Concept Development and Activities / Content Presentation .......2 What Is a Project? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Differentiating a Project from Non-project Endeavors . . . . . . . . . 5 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Activities for Intervention and Enrichment .....................7 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Connections and Applications / Relevance of the Lesson . . . . . . . . . . 8 Summary of Key Concepts and Key Takeaways ..................9 Dedication.................................................xiii Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xv Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xvii Features . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xviii

Lesson 4

The Project Management Life Cycle ........................35

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Concept Development and Activities / Content Presentation . . . . . . . 35 Overview of the Project Management Life Cycle . . . . . . . . . . . . 35 Project Initiation Phase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Project Planning Phase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Project Implementation Phase . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Project Monitoring and Control Phase . . . . . . . . . . . . . . . . . . . . 40 Project Closure Phase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . . 44 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Connections and Applications / Relevance of the Lesson . . . . . . . . . 45 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . . 46 Equip Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Assess Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Apply Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Develop Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Chapter 2 Starting a Project Prepare Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Lesson 2

Project Management Work . . . . . . . . . . . 10

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Concept Development and Activities / Content Presentation . . . . . . . 10 The Nature of Project Management Work . . . . . . . . . . . . . . . . . 10 Tasks That Comprise Project Management Work . . . . . . . . . . . 13 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . . 17 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Connections and Applications / Relevance of the Lesson . . . . . . . . . 18 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . . 19 The Roles and Tasks of a Project Manager . . . . . . . . . . . . . . . . . . . 20 Lesson 3 Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Concept Development and Activities / Content Presentation . . . . . . . 20 The Roles of a Project Manager . . . . . . . . . . . . . . . . . . . . . . . . 20 The Characteristics of Excellent Project Managers . . . . . . . . . . 22 Specific Duties and Responsibilities of a Project Manager ....24 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . . 28 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Connections and Applications / Relevance of the Lesson . . . . . . . . . 31 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . . 32

Lesson 1

The Initiation Phase . . . . . . . . . . . . . . . . . 58

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Concept Development and Activities / Content Presentation . . . . . . . 58 What the Initiation Phase Is . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Documenting the Initiation Phase . . . . . . . . . . . . . . . . . . . . . . . 60 OutputoftheInitiationPhase...........................65 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . . 66 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Connections and Applications / Relevance of the Lesson . . . . . . . . . 68 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . . 69

iii

Lesson 2

Understanding the Stakeholders of a Project . . . . . . . . . . . . . . . . . . . . . . . 70

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Concept Development and Activities / Content Presentation . . . . . . . 70 The Stakeholders of a Project and Their Needs . . . . . . . . . . . . 70 Creating the Stakeholder Register . . . . . . . . . . . . . . . . . . . . . . . 72 Understanding and Prioritizing Stakeholders . . . . . . . . . . . . . . . 76 Influencing Stakeholders ..............................80 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

Lesson 4

The Project Management Life Cycle ........................35

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Project Management: An Introduction

Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . 115 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 Connections and Applications / Relevance of the Lesson . . . . . . . . 117 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . 117

Lesson 4

Completing the Project Management Plan ................187

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 Concept Development and Activities / Content Presentation . . . . . . 187 The Resource Management Plan . . . . . . . . . . . . . . . . . . . . . . 187 The Communications Management Plan . . . . . . . . . . . . . . . . . 188 TheRiskManagementPlan...........................190 The Procurement Management Plan . . . . . . . . . . . . . . . . . . . . 192 The Stakeholder Management Plan . . . . . . . . . . . . . . . . . . . . . 195 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . 198 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 Connections and Applications / Relevance of the Lesson . . . . . . . . 200 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . 201

Lesson 2

Project Scope Management ......... 120

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 Concept Development and Activities / Content Presentation . . . . . . 120 The Scope Management Plan . . . . . . . . . . . . . . . . . . . . . . . . . 120 The Requirements Management Plan . . . . . . . . . . . . . . . . . . . 121 Developing the Scope Management Plan . . . . . . . . . . . . . . . . 122 Creating the Work Breakdown Structure . . . . . . . . . . . . . . . . . 130 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . 136 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 Connections and Applications / Relevance of the Lesson . . . . . . . . 137 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . 137

Lesson 5

Assembling the Project Team ....... 205

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 Concept Development and Activities / Content Presentation . . . . . . 205 The Duties and Responsibilities of a Project Team . . . . . . . . . 205 Characteristics of a Strong Project Team . . . . . . . . . . . . . . . . . 206 The Human Resource Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . 214 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 Connections and Applications / Relevance of the Lesson . . . . . . . . 215 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . 216 Equip Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218 Assess Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 Apply Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 Develop Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233

Lesson 3

Project Time, Cost, and Quality Management .............139

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 Concept Development and Activities / Content Presentation . . . . . . 139 The Schedule Management Plan . . . . . . . . . . . . . . . . . . . . . . . 139 The Cost Management Plan . . . . . . . . . . . . . . . . . . . . . . . . . . 165 TheQualityManagementPlan. . . . . . . . . . . . . . . . . . . . . . . . . 174 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . 180 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 Connections and Applications / Relevance of the Lesson . . . . . . . . 181 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . 182

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vii

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Project Management: An Introduction

Lesson 3

Managing the Project Schedule . . . . . . 270

Chapter 4 Executing the Project Prepare Yourself . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 Concept Development and Activities / Content Presentation . . . . . . 270 The Gantt Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 The Jogging Line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271 The Planned vs . Actual Bar Gantt Chart . . . . . . . . . . . . . . . . . 273 Managing Schedule Changes . . . . . . . . . . . . . . . . . . . . . . . . . 274 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . 276 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276 Connections and Applications / Relevance of the Lesson . . . . . . . . 277 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . 277 Managing Costs, Quality, and Resources . . . . . . . . . . . . . . . . . . . 279 Lesson 4 Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279 Concept Development and Activities / Content Presentation . . . . . . 279 The Project Cost Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279 Cost Variance Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281 ManagingProjectQuality.............................284 ManagingHumanResources..........................286 ManagingPhysicalResources. . . . . . . . . . . . . . . . . . . . . . . . . 287 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . 291 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 Connections and Applications / Relevance of the Lesson . . . . . . . . 293 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . 294

Lesson 1

The Implementation Phase . . . . . . . . . . 238

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238 Concept Development and Activities / Content Presentation . . . . . . 238 The Implementation Phase . . . . . . . . . . . . . . . . . . . . . . . . . . . 238 Delegating Tasks Effectively . . . . . . . . . . . . . . . . . . . . . . . . . . 240 Motivating Team Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242 Managing Communication Flows . . . . . . . . . . . . . . . . . . . . . . . 243 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . 246 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 Connections and Applications / Relevance of the Lesson . . . . . . . . 249 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . 250

Lesson 2

The Monitoring and Control Phase ... 252

Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 Lesson Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 Concept Development and Activities / Content Presentation . . . . . . 252 The Monitoring and Control Phase . . . . . . . . . . . . . . . . . . . . . 252 MonitoringProjectProgress...........................254 Monitoring Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258 Managing Changes to the Project Scope . . . . . . . . . . . . . . . . . 262 Activities for Immersion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265 Activities for Intervention and Enrichment . . . . . . . . . . . . . . . . . . . . 266 Activities for Remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267 Connections and Applications / Relevance of the Lesson . . . . . . . . 267 Summary of Key Concepts and Key Takeaways . . . . . . . . . . . . . . . 267

2025 Higher Education Learning Solutions for the Business and Accountancy Program 13

Special Topics in Financial Management

One of the distinctive features of this textbook is its emphasis on simplicity and clarity. Understanding financial concepts can sometimes seem daunting, especially for those encountering them for the first time. Therefore, every effort has been made to present even the most complex ideas in a straightforward and approachable manner. Throughout the chapters, you will find illustrations, mini-cases, and practical exercises geared toward enhancing your understanding and application of financial management principles. The author believes that by combining theory with hands-on exercises, business students will have a comprehensive learning experience. Special Topics in Financial Management covers a wide range of subjects, from financial statement analysis of companies in specialized industries to public finance, and from industry analysis to valuation. The author hopes that this book will not only acquaint you with the necessary knowledge but also spark your curiosity to further explore the exciting world of finance.

ABOUT THE AUTHOR

He is a certified public accountant (CPA) and a certified forensic accountant (CrFA). His fields of specialization include auditing, risk management, and public financial management. In government service, Mr. Meneses previously served as acting Assistant Provincial Budget Officer of the Provincial Government of Tarlac and as Executive Assistant IV to Hon. Gov. Susan A. Yap, assigned to perform public financial management and analysis functions in the planning office. He is currently the LGU’s Internal Audit Head. Mr. Meneses also served as a review coach for the Chartered Institute of Management Accountants (Diploma in Performance Management) examination and as a guest CPA coach for CRC-ACE. In May 2010, he ranked 1st in the Capital Market Institute of the Philippines - ITAP Accreditation examination. He previously lectured in the accountancy, finance, and MBA programs at Tarlac State University and Kingfisher School of Business and Finance, two well-performing schools in the recent CPA licensure examinations. Mr. Meneses is the co-author of the book Corporate Governance, Business Ethics, Risk Management, and Internal Control. He has been invited to lecture on auditing, corporate governance, financial reporting, and analysis at professional conferences, conventions, and training sessions for CPAs. He has also been invited as a resource speaker for entities such as Ayala Land, APMC, Globe, the Asian Institute of Taxation, and the Commission on Audit. In terms of professional affiliations, Mr. Meneses is a member of the Philippine Institute of Certified Public Accountants (PICPA), Institute of Internal Auditors-Philippines (IIA-P), Philippine Association of Management Accountants (PAMA), Association of Government Internal Auditors (AGIA), Philippine Association of Real Estate Boards (PAREB), and the Institute of Certified Forensic Accountants-Philippines. Jesse Rey L. Meneses, CPA, MBA, CrFA

2025 04-BF-00013-0 978-621-04-5459-8 BS in Business Administration

2025 Higher Education Learning Solutions for the Business and Accountancy Program 14

Special Topics in Financial Management

CONTENTS

CHAPTER 3 Public Finance ................................................ 141 Chapter Pretest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Lesson 1 Public Finance Part 1: Principles and Approaches . . . . . . . . . . . . . .143 PublicFinance,Defined ...................................143 Key Components of Public Finance . . . . . . . . . . . . . . . . . . . . . . . . . . 147 Government Agencies with Public Finance and

Preface ............................................................... v Features .............................................................. vii

CHAPTER 1 Financial Statement Analysis: Specialized Industries ............ 1 Chapter Pretest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Lesson 1 Financial Statement Analysis: What Do the Numbers Mean?. . . . . 7 Lesson 2 Analyzing the Performance of Companies in Specialized Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 FS Analysis of a Bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 FS Analysis of an Insurance Company . . . . . . . . . . . . . . . . . . . . . . . . 45 FS Analysis of an Electric Distribution Utility. . . . . . . . . . . . . . . . . . . 49 FS Analysis of a Real Estate Company . . . . . . . . . . . . . . . . . . . . . . . . 53 Chapter Summary .................................................. 65 Chapter Posttest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Chapter Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 Develop Yourself (Industry Career in Focus) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 CHAPTER 2 Industry and Strategic Analysis ................................ 77 Chapter Pretest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 Lesson 1 Key Concepts in Industry and Strategic Analyses. . . . . . . . . . . . . . . 79 Lesson 2 Frameworks for Industry and Strategic Analyses. . . . . . . . . . . . . . . 96 PESTLE Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Porter’s 5-Forces Analyses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 IndustryLifeCycleAnalysis................................. 115 SWOT Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 Chapter Summary .................................................. 130 Chapter Posttest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 Chapter Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 Develop Yourself (Industry Career in Focus) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

Public Financial Management Functions. . . . . . . . . . . . . . . . . . . . . . 152 Fiscal Policy, Defined. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 Government Spending, Resource Allocation, and Fiscal Metrics. . . 161 Public Finance Part 2: Budgeting Process and Taxation. . . . . . . . . .173 Government Budgeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 BasicConceptsofTaxation................................. 180

Lesson 2

Chapter Summary .................................................. 191 Chapter Posttest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 Chapter Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 Develop Yourself (Industry Career in Focus) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 CHAPTER 4 Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 Chapter Pretest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 Lesson 1 Valuation Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 Lesson 2 The Valuation Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 Lesson 3 Valuation Approaches and Methods. . . . . . . . . . . . . . . . . . . . . . . . . 229 Asset-Based Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 Market-Based Approach. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 Income Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234 Discounted Free Cash Flows Method . . . . . . . . . . . . . . . . . . . . . . . . 235 Chapter Summary .................................................. 245 Chapter Posttest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 Chapter Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 Develop Yourself (Industry Career in Focus) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253 Definitions of Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 References ............................................................ 265 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269

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2025 Higher Education Learning Solutions for the Business and Accountancy Program 15

Banking and Financial Institutions

This textbook, titled Banking and Financial Institutions, covers important information related to the policies, procedures, and guidelines implemented in the country. It focuses on the operations of banks and nonbanking institutions in the Philippines to familiarize readers. The textbook provides an overview of the financial environment, types of banks and nonbanking institutions, the Bangko Sentral ng Pilipinas, pension and insurance companies, investment houses, securities brokers and dealers, mutual funds, pawnshops, financing companies, credit cooperatives, government nonbanking financial institutions, and international financial institutions. It outlines various regulations mandated by the government to ensure sound operations of these institutions. The updated charts and figures from the banks and nonbanks offer a comprehensive view of their operations and help readers understand and engage with them. After each chapter, two-part practices are presented: The first part is a chapter test that includes questions and possible answer choices, while the second part consists of cases related to the topic in the Philippine setting, helping readers grasp resolutions and proposals that provide insights.

ABOUT THE AUTHORS

Elizabeth B. Alvior, Ph.D.

She is a professor at leading universities in Manila. She earned her Doctor of Philosophy in Business Management from Pamantasan ng Lungsod ng Marikina. She is knowledgeable in technical analysis and investment and portfolio management subjects. She is a seasoned speaker on financial literacy in various schools and universities. Dr. Alvior is an accredited financial analyst, certified by the American Academy of Financial Management in the Philippines, a recipient of two international certificates from the Chartered Institute for Securities & Investment, and a certified financial market professional accredited by Bloomberg. Her publications and research focus on trading and investment in various financial markets. Her publications and research enable her to apply theories to personal investment and professional teaching.

Rosemarie F. Magno, MBA, LPT, CAP, CPME, AHRP, CB, CSSYB

She serves as the human resource and administrative manager of Rainwater Harvesting System, a company she established in 2016. A banker for 12 years, she is currently a Business Administration faculty member at the following universities and institutions: Institute of Accounts, Business and Finance at Far Eastern University, Manila; College of Business Administration and Accountancy at National University, Manila; and the Department of Education’s senior high school. She is a resource speaker on both administrative and office management and human resource management topics. She is a passionate researcher in human resource management and environmental management. Prof. Magno is completing her dissertation for her Doctor in Business Administration degree at the Polytechnic University of the Philippines. She earned her Master in Business Administration degree from Pamantasan ng Lungsod ng Maynila. She is also a licensed professional teacher, certified administrative professional, associate human resource professional, certified marketing professional in Education, certified bookkeeper, certified Six Sigma Yellow Belt, and an event planner and coordinator. She believes in lifelong learning and continuous improvement.

2025 04-BF-00011-0 978-621-04-5174-0 BS in Business Administration

2025 Higher Education Learning Solutions for the Business and Accountancy Program 16

Banking and Financial Institutions

CONTENTS

Contents Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x Features ............................................. xi UNIT I FOUNDATION OF BANKING AND FINANCIAL INSTITUTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 CHAPTER 1: OVERVIEW OF THE FINANCIAL ENVIRONMENT . . . . . . . . . . . . . . . . 2 Discussion 1.1: The Nature of Financial System. . . . . . . . . . . . . . .3 Discussion 1.2: The Role of Financial Markets. . . . . . . . . . . . . . . .7 Discussion 1.3: Functions of the Financial Institutions . . . . . . . . .11 Discussion 1.4: Global Financial Crisis. . . . . . . . . . . . . . . . . . . . .15 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 CHAPTER 2: PHILIPPINE FINANCIAL SYSTEM . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Discussion 2.1: The Development of Philippine Financial System. . . . . . . . . . . . . . . . . . . . . . . . .20 Discussion 2.2: Structure of the Philippine Financial System. . . . . . . . . . . . . . . . . . . . . . . . .22 Discussion 2.3: The Nature of Philippine Financial System. . . . . . . . . . . . . . . . . . . . . . . . .25 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31

CHAPTER 3: BANGKO SENTRAL NG PILIPINAS . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Discussion 3.1: Introduction to Bangko Sentral ng Pilipinas. . . . .34 Discussion 3.2: Monetary Policy. . . . . . . . . . . . . . . . . . . . . . . . . .37 Discussion 3.3: Determination and Structure of Interest Rates . . . . . . . . . . . . . . . . . . . . . . . . .39 Discussion 3.4: The Role of BSP . . . . . . . . . . . . . . . . . . . . . . . . .43 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 CHAPTER 4: BANKS AND BANKS PERSPECTIVE . . . . . . . . . . . . . . . . . . . . . . . . . 48 Discussion 4.1: Historical Perspective Worldwide. . . . . . . . . . . . .49 Discussion 4.2: Classification and Functions of Banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52 Discussion 4.3: Non-deposit Liabilities . . . . . . . . . . . . . . . . . . . . .57 Discussion 4.4: Bancassurance . . . . . . . . . . . . . . . . . . . . . . . . . .59 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61 UNIT II BANKS AND NONBANKS AND THEIR TYPES . . . . . . . 65 CHAPTER 5: BANK OPERATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Discussion 5.1: Bank Regulation . . . . . . . . . . . . . . . . . . . . . . . . .67 Discussion 5.2: Bank Management and Supervision . . . . . . . . . .72 Discussion 5.3: Banking Risks and Risks Management. . . . . . . .78

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Discussion 5.4: Bank Failures and Bank Crises . . . . . . . . . . . . . .80 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83 CHAPTER 6: GOVERNMENT BANKING INSTITUTIONS AND UNIVERSAL BANK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 Discussion 6.1: Government Banks . . . . . . . . . . . . . . . . . . . . . . .86 Discussion 6.2: Universal Banks. . . . . . . . . . . . . . . . . . . . . . . . . .92 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .95 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 CHAPTER 7: COMMERCIAL BANK, THRIFT BANK, AND RURAL BANK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 Discussion 7.1: About Commercial Bank . . . . . . . . . . . . . . . . . . .99 Discussion 7.2: About Rural Banks. . . . . . . . . . . . . . . . . . . . . . .104 Discussion 7.3: About Thrift Bank. . . . . . . . . . . . . . . . . . . . . . . .108 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .112 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113 CHAPTER 8: PENSION AND INSURANCE COMPANIES . . . . . . . . . . . . . . . . . . . . 115 Discussion 8.1: Introduction to Pension . . . . . . . . . . . . . . . . . . .116 Discussion 8.2: Introduction to Insurance. . . . . . . . . . . . . . . . . .119 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .123 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124

UNIT III OVERVIEW TO NONBANKING INSTITUTION . . . . . 127 CHAPTER 9: INVESTMENT HOUSES AND SECURITIES BROKERS AND DEALERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 Discussion 9.1: About Investment House . . . . . . . . . . . . . . . . . .129 Discussion 9.2: Securities Brokers and Dealers. . . . . . . . . . . . .131 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136 ChapterTest.........................................137 CHAPTER 10: MUTUAL FUNDS AND SECURITIES OPERATION . . . . . . . . . . . . . . 140 Discussion 10.1: Nature of Mutual Fund. . . . . . . . . . . . . . . . . . . .141 Discussion 10.2: Advantages and Disadvantages of Mutual Funds. . . . . . . . . . . . . . . . . . . . . . . . .143 Discussion 10.3: Factors to Consider before Investing in Mutual Funds . . . . . . . . . . . . . . . . .146 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .151 CHAPTER 11: PAWNSHOPS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153 Discussion 11.1: Introduction to Pawnshops. . . . . . . . . . . . . . . . .154 Discussion 11.2: Functions of Pawnshops . . . . . . . . . . . . . . . . . .155 Discussion 11.3: Governing Laws of Pawnshops. . . . . . . . . . . . .156 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .159 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .160

2025 Higher Education Learning Solutions for the Business and Accountancy Program 18

Banking and Financial Institutions

CHAPTER 12: FINANCING COMPANIES AND OTHER

ChapterSummary.....................................198 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .199 CHAPTER 15: GOVERNMENT NONBANK FINANCIAL INSTITUTIONS . . . . . . . . . 201 Discussion 15.1: About Government Service Insurance System (GSIS) . . . . . . . . . . . . . . . . .202 Discussion 15.2: Social Security System . . . . . . . . . . . . . . . . . . .205 Discussion 15.3: Pag-IBIG Fund. . . . . . . . . . . . . . . . . . . . . . . . . .207 Discussion 15.4: PhilHealth . . . . . . . . . . . . . . . . . . . . . . . . . . . . .209 ChapterSummary.....................................210 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .211 CHAPTER 16: INTERNATIONAL FINANCIAL INSTITUTIONS . . . . . . . . . . . . . . . . . 214 Discussion 16.1: About International Finance Institution (IFI) . . . . . . . . . . . . . . . . . . . . . . . . . .215

NONBANK FINANCIAL INSTITUTIONS . . . . . . . . . . . . . . . . . . . . . . 162 Discussion 12.1: Nature of Financing Companies . . . . . . . . . . . .163 Discussion 12.2: Nature of Lending Company . . . . . . . . . . . . . . .166 Discussion 12.3: Nature of Nonbanking Financial Institution . . . .169 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .173 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174 UNIT IV OVERVIEW TO OTHER FINANCIAL AND NONFINANCIAL INSTITUTIONS . . . . . . . . . . . . . . . . 177 CHAPTER 13: CREDIT COOPERATIVES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 Discussion 13.1: History of Cooperatives . . . . . . . . . . . . . . . . . . .179 Discussion 13.2: Principles of Cooperatives. . . . . . . . . . . . . . . . .180 Discussion 13.3: Types of Cooperatives. . . . . . . . . . . . . . . . . . . .182 Discussion 13.4: Operations and Implementation of Credit Cooperatives. . . . . . . . . . . . . . . . . . . .185 Chapter Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .186 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187 CHAPTER 14: BUILDING AND LOAN ASSOCIATIONS, NONSTOCK SAVINGS, AND TRUST COMPANIES . . . . . . . . . . . . . . 190 Discussion 14.1: About Building and Loan Association. . . . . . . . .191 Discussion 14.2: Non-Stock Savings and Loan Association (NSSLA). . . . . . . . . . . . . . . . .194

Discussion 16.2: The World Bank. . . . . . . . . . . . . . . . . . . . . . . . .218 Discussion 16.3: The International Monetary Fund (IMF). . . . . . .220 Discussion 16.4: The Asian Development Bank (ADB). . . . . . . . .222 ChapterSummary.....................................223 Chapter Test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .224 APPENDIXA.........................................227 APPENDIX B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228 APPENDIX C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .229 APPENDIX D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .229 APPENDIX E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .230 APPENDIX F. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234 APPENDIX G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .235 APPENDIX H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .235 Bibliography ........................................ 237 Photo Attributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .239 Index...............................................240

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