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Program Handbook EMBA52

The document is a program handbook for Quantic's Executive MBA program Class of July 2024. It provides an overview of the program including important dates, required courses and concentrations, program goals and learning outcomes. It also outlines the program schedule, requirements, support services available and frequently asked questions. The two-year program includes courses in accounting, finance, economics, leadership and other business subjects, to be completed through online learning. It aims to equip students with an integrated business foundation and executive-level skills.
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0% found this document useful (0 votes)
147 views

Program Handbook EMBA52

The document is a program handbook for Quantic's Executive MBA program Class of July 2024. It provides an overview of the program including important dates, required courses and concentrations, program goals and learning outcomes. It also outlines the program schedule, requirements, support services available and frequently asked questions. The two-year program includes courses in accounting, finance, economics, leadership and other business subjects, to be completed through online learning. It aims to equip students with an integrated business foundation and executive-level skills.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 18

Quantic EMBA

Class of July 2024


Program Handbook

Welcome, and congratulations! On behalf of all of us at Quantic School of Business and


Technology, we are so pleased to welcome you to the Executive MBA program! We’re
proud to have you in our community and excited about the learning, peer connections,
and career advancement you’ll experience! This Program Handbook is designed to be a

🚀
one-stop resource as you complete your Executive MBA program. We can’t wait to see
what you’ll accomplish as part of Quantic.

© 2023 Quantic Holdings, Inc. All rights reserved.


1
EMBA Program Handbook

Table of Contents
Program Goals 3

Program Schedule & Information 4

Program Requirements 9
SMARTCASEs 9
Exams 9
Projects & Presentations 10
Specializations 10

Academic Integrity 11

Program Support 12
Academic Advising 12
Accommodations 12
Billing 12
Career Services 12
Enrollment Services 13
Library Services 13
Additional Support 13

Program Experience 14
EMBA Class of July 2024 Slack Community 14
The Student Network 14
Academic Support and Engagement 15
Virtual Engagement 15
In-Person Engagement 16
Additional Engagement Resources 16
Educational Email Address & Student Discounts 17

Frequently Asked Questions 18


I’ve been accepted! Now what? 18
I need more time. Can you help? 18
Can you tell me more about the program? 18
Can you help me with tuition payments? 18
I’ve graduated! Now what? 18

© 2023 Quantic Holdings, Inc. All rights reserved. 2


EMBA Program Handbook

Program Goals
Executive MBA graduates will gain a strong foundation in all aspects of business and
apply this knowledge to positively influence the business environment.

Additionally, they will identify challenges and opportunities, recommend courses of


action, and communicate outcomes as effective leaders and managers in business.

EMBA graduates will be able to:


● Integrate concepts, theories, and practices across all core subject areas to
address complex business questions.
● Analyze and integrate data to make informed business decisions and help their
firms compete in a dynamic global environment.
● Formulate and execute strategic solutions to vital business issues that integrate
the needs of multiple stakeholders.
● Effectively communicate and collaborate at an executive level.
● Apply modern research skills to evaluate information for accuracy across various
databases, procure innovative sources, and utilize research professionals to offer
business solutions.
● Apply socially responsible leadership skills and adhere to professional ethical
standards.
● Build and lead high-functioning teams.

Required Concentrations
● ACCT 550 Accounting (4 credit hours)
● ECON 550 Markets & Economies (3 credit hours)
● FINC 550 Finance (3 credit hours)
● MGMT 551 Leading Organizations (4 credit hours)
● STRT 543 Strategy (3 credit hours)
● MATH 550 Data & Decisions (5 credit hours)
● MARK 551 Marketing & Pricing (4 credit hours)
● OPER 555 Supply Chain and Operations (2 credit hours)
● BUS 698 Capstone Project (3 credit hours)

For a comprehensive understanding of our institution, accreditation, and program details,


please refer to the Quantic Catalog.

© 2023 Quantic Holdings, Inc. All rights reserved. 3


EMBA Program Handbook

Program Schedule & Information


Important Dates
Starting Date: April 24, 2023
Winter Break: December 25 - January 7, 2024
Capstone Project Kickoff Week: January 29 - February 4, 2024
Capstone Project Check-in Week: March 11-17, 2024
Specialized Capstone Project Check-in Week: May 6-12, 2024
Capstone Project Written Portion Due Date: June 23, 2024 by 11:59 PM PDT/UTC-7 hours
Capstone Project Presentation Due Date: July 8, 2024 by 11:59 PM PDT/UTC-7 hours
Anticipated Graduation Date: July 30, 2024

Individual concentration exam and case study due dates can be found in their respective
sections below. Please note, dates in this document may be subject to change. Please refer
to the online version of this schedule for the latest information. We also have a Google
Calendar link to your course schedule.

April 24 - June 11, 2023: Accounting


Week 1: April 24, 2023 Cultural Intelligence

Accounting I: Debits & Credits


Week 2: May 1, 2023
Accounting II: Revenues and Expenses

Stocks and Bonds


Week 3: May 8, 2023
Accounting III: Financial Statements

Accounting IV: Working with Ratios


Week 4: May 15, 2023
Managerial Accounting

Creating Financial Statements in Excel


Week 5: May 22, 2023 Accounting Exam Week
Last day to begin exam: May 28, 11:59 p.m. PT / UTC-7 hours

Week 6: May 29, 2023 Accounting Case Study (group project)

Accounting Case Study Due


Week 7: June 5, 2023
Submit your case study by June 11, 11:59 p.m. PDT / UTC-7 hours

© 2023 Quantic Holdings, Inc. All rights reserved. 4


EMBA Program Handbook

June 12 - July 23, 2023: Markets and Economies


Microeconomics I: Supply and Demand
Week 8: June 12, 2023
Microeconomics II: Shape Your Economic Worldview

Microeconomics III: Markets and Externalities


Week 9: June 19, 2023
Macroeconomics: Economic Fluctuations

Macroeconomics: US Fiscal and Monetary Policy


Week 10: June 26, 2023
Macroeconomics: International Trade

Markets and Economies Exam Week


Week 11: July 3, 2023
Last day to begin exam: July 9, by 11:59 p.m. PT / UTC-7 hours

Markets and Economies Case Study Presentation (individual)


Week 12: July 10, 2023
Submit your presentation by July 16, 11:59 p.m. PT / UTC-7 hours

Week 13: July 17, 2023 Break Week

July 24 - September 3, 2023: Finance


Finance: Time Value of Money
Week 14: July 24, 2023
Cost of Capital I: Capital Structure

Week 15: July 31, 2023 Cost of Capital II: The Modigliani-Miller Theorem

Capital Budgeting
Week 16: August 7, 2023
Modern Portfolio Theory

Excel for Finance


Week 17: August 14, 2023 Finance Exam Week
Last day to begin exam: August 20, 11:59 p.m. PT / UTC-7 hours

Week 18: August 21, 2023 Corporate Finance Case Study (group project)

Corporate Finance Case Study Due


Week 19: August 28, 2023
Submit your case study by Sept. 3, 11:59 p.m. PT / UTC-7 hours

September 4 - September 24: Specialization Period I


Week 20: September 4, 2023 Specialization Period 1

Week 21: September 11, 2023 Specialization Period 1

Week 22: September 18, 2023 Specialization Period 1

© 2023 Quantic Holdings, Inc. All rights reserved. 5


EMBA Program Handbook

September 25 - November 12: Leading Organizations


Organizational Behavior: Working in Groups and Teams
Week 23: September 25, 2023
Organizational Structure and Culture

Week 24: October 2, 2023 Corporate Governance

Developing a Corporate Philosophy


Week 25: October 9, 2023
Modern Theories of Leadership

Business Ethics and Social Responsibility


Week 26: October 16, 2023
Talent Management

Leading Organizations Exam Week


Week 27: October 23, 2023
Last day to begin exam: October 29, 11:59 p.m. PT / UTC-7 hours

Leading Organizations Presentation (individual project)


Week 28: October 30, 2023
Submit your presentation by Nov. 5, 11:59 p.m. PDT / UTC-7 hours

Week 29: November 6, 2023 Break Week

November 13 - January 7: Strategy, Winter Break


Strategy I: Business-Level Strategy
Week 30: November 13, 2023
Strategy II: Corporate-Level Strategy
Week 31: November 20, 2023 Strategy III: International Strategy
Strategic Frameworks
Week 32: November 27, 2023
Implementing Strategy
Strategy Exam Week
Week 33: December 4, 2023
Last day to begin exam: December 10, 11:59 p.m. PT / UTC-7 hours
Week 34: December 11, 2023 Strategy Case Study Project (group project)
Strategy Project due
Week 35: December 18, 2023
Submit your project by Dec. 24, 11:59 p.m. PDT / UTC-7 hours
Week 36: December 25, 2023 Winter Break
Week 37: January 1, 2024 Winter Break

© 2023 Quantic Holdings, Inc. All rights reserved. 6


EMBA Program Handbook

January 8 - February 4, 2024: Specialization Period II, Capstone Kick-Off


Week 38: January 8, 2023 Specialization Period 2
Week 39: January 15, 2024 Specialization Period 2
Week 40: January 22, 2024 Specialization Period 2
Capstone Kickoff
Week 41: January 29, 2024 Developing a Business Plan
The Art of Presentation (optional)

February 5 - March 24, 2024: Data and Decisions, Capstone Check-In


One-Variable Statistics
Week 42: February 5, 2024
Probability Fundamentals
Week 43: February 12, 2024 Probability Distributions
Two-Variable Statistics
Week 44: February 19, 2024
Regression Analysis
Data Collection
Week 45: February 26, 2024
Statistical Inference: Making Data-Driven Decisions
Data and Decisions Exam Week
Week 46: March 4, 2024
Last day to begin exam: March 10, 11:59 p.m. PT / UTC-7 hours
Week 47: March 11, 2024 Capstone Project Check-In
Week 48: March 18, 2024 Break Week

March 25 - May 12, 2024: Marketing and Pricing, Specialized Capstone Check-In
Marketing Fundamentals
Week 49: March 25, 2024
Marketing Mechanics

Brand Development and Management


Week 50: April 1, 2024
A/B Testing for Marketers

Week 51: April 8, 2024 Digital Marketing Fundamentals

Pricing I: Fundamentals
Week 52: April 15, 2024
Pricing II: Price Segmentation to Maximize Profit

Week 53: April 22, 2024 Pricing III: E-Commerce Pricing

Marketing and Pricing Exam Week


Week 54: April 29, 2024
Last day to begin exam: May 5, 11:59 p.m. PT / UTC-7 hours

Week 55: May 6, 2024 Specialized Capstone Check-In

© 2023 Quantic Holdings, Inc. All rights reserved. 7


EMBA Program Handbook

May 13- June 2, 2024: Supply Chain & Operations


Operations Management Fundamentals
Week 56: May 13, 2024
Project Management

Forecasting Fundamentals
Week 57: May 20, 2024
Supply Chain Management

Supply Chain & Operations Exam Week


Week 58: May 27, 2024
Last day to begin exam: June 2, 11:59 p.m. PT / UTC-7 hours

June 3- July 1, 2024: Specialization Period III


Week 59: June 3, 2024 Specialization Period 3

Week 60: June 10, 2024 Specialization Period 3

Specialization Period 3
Capstone Project and Presentation due:
Week 61: June 17, 2024
*Written portion: by June 23, 11:59 p.m. PT / UTC-7 hours
*Presentation portion: by July 8 by 11:59 p.m. PT / UTC-7 hours

Week 62: June 24, 2024 Specialization Period 3

© 2023 Quantic Holdings, Inc. All rights reserved. 8


EMBA Program Handbook

Program Requirements
To earn your Executive MBA degree, you must:
● Complete all courses in the curriculum within the required time frame.
● Achieve scores of at least 80% in the graded SMARTCASE lessons. (SMARTCASEs
can be taken as many times as you want. Only the best score will be counted
towards your final grade.)
● Complete the exams associated with each concentration and your chosen
specializations. The minimum passing score is 80%.
● Complete the written projects and oral examinations (video presentations.)
● Complete the Capstone Project and Presentation. In order to graduate, you must
submit and pass both your written Capstone project (with a score of 3 or higher)
and your Capstone presentation (with a score of 2 or higher).
● Submit the required documents that confirm your identity, eligibility, and past
academic performance as referenced in your EMBA application.

A final overall score of 80% is the minimum to graduate. The distinction of Honors is
awarded to the top 10% of each cohort upon graduation. Students who graduate behind
schedule are not eligible to receive this distinction. View our grade calculation article for
more on how your grade is weighted.

SMARTCASEs - 10%
As you progress through lessons in Quantic, feel free to explore different answer options
(both correct and incorrect) that trigger helpful feedback. You are not expected to get all
"correct answers" while learning—mistakes are an important part of learning, after all—so,
you aren't graded on regular lessons; however, you are graded on SMARTCASE lessons.
Only your top SMARTCASE score will count towards your final grade, so you can feel free
to take SMARTCASEs as many times as you like.

Exams - 60%
You will take eight Concentration Exams and three Specialization Exams over the course
of your program. These exams are made available after each concentration according to
your schedule, or after you've completed the regular coursework for each specialization.
The exams are all open-book and may consist of more than one lesson. They're similar in
format to SMARTCASEs, meaning there are no open-response questions. For more about
the concentration exams, click here.

© 2023 Quantic Holdings, Inc. All rights reserved. 9


EMBA Program Handbook

Projects & Presentations - 30%


Over the course of this program, you will complete four projects and three oral
examinations in the form of video presentations, including the Capstone project and
presentation. A prompt and grading rubric will accompany each project and presentation.
Learn more about how projects are graded here.

The Capstone Project consists of both a written project and a presentation component.
Over the program's final five months, students can complete either a business plan or an
executive strategy report. Throughout this period, students will conduct research, attend
webinars, and have the opportunity to meet with faculty to discuss their projects.
Submitting and passing both the written plan (with a score of at least 3) and presentation
(with a score of at least 2) is required for graduation.

Specializations
Quantic specializations allow EMBA students to get a deeper understanding of topics
they’re interested in. In order to graduate, each student needs to complete three
specializations, although students can take as many as they'd like. If a student completes
more than three specialization exams, only the top three specialization exam scores will
be counted toward that student's final grade. All completed specializations, along with
the exam score, will be included on the student's Quantic transcript. More information is
available on our specializations support page.

© 2023 Quantic Holdings, Inc. All rights reserved. 10


EMBA Program Handbook

Academic Integrity
Here at Quantic, we believe that learning is best accomplished by “doing”—this ethos
underpinned the design of our active learning platform, and it likewise informs our
approach to the completion of projects and presentations for our degree programs. We
expect that all of our graduates will be able to deploy the concepts and skills they’ve
learned over the course of their degree, whether in the workplace or in pursuit of
personal goals, and so it is in our students’ best interest that these assignments be
completed solely through their own efforts with academic integrity.

Quantic views the use of ChatGPT and other large language models as one acceptable
tool in the research and writing process; however, the text produced through the use of
such tools should not replace the substance of your assignment. There are known issues
with AI-generated text, including inaccuracies and uncited plagiarism of online sources,
and the student will bear the responsibility for errors or code of conduct violations within
submitted works. Quantic requires that all text generated by ChatGPT or another LLM
be cited properly using these conventions.

Quantic takes academic integrity very seriously—we define plagiarism as: “Knowingly
representing the work of others as one’s own, engaging in any acts of plagiarism, or
referencing the works of others without appropriate citation.” This includes both misusing
or not using proper citations for the works referenced, and submitting someone else’s
work as your own. Quantic monitors all submissions for instances of plagiarism and all
plagiarism, even unintentional, is considered a conduct violation. If you’re still not sure
about what constitutes plagiarism, check out this two-minute presentation by our
librarian, Kristina. It is important to be conscientious when citing your sources. When in
doubt, cite! Kristina outlines the basics of best citation practices in this one-minute video.
You can also find more about our plagiarism policy here.

Three tips to keep you on track:


1. Get inspiration, don't imitate. Use information from your sources to clarify your
thinking, but don't copy the exact wording or structure.
2. Quote sparingly. Avoid large quotations. Instead, express the ideas in your own
words with your own context.
3. Cite ALL Sources, including ChatGPT and other AI tools. Images, industry reports,
articles, press releases, internal documents, personal communications, everything.
Quantic's citation method is Chicago Author-Date style, and specifics about citing
Chat GPT sources can be found here.

If you have any questions, feel free to reach out to Library Services.

© 2023 Quantic Holdings, Inc. All rights reserved. 11


EMBA Program Handbook

Program Support
Academic Advising [email protected]
All current students have access to Academic Advising. If you
feel like you have fallen behind schedule, need assistance
planning your studies or want to chat about balancing your
commitments, you can make a 1:1 appointment through Calendly
or reach out to the email above to discuss a plan with our
advisors. Watch this video for more information.

Accommodations [email protected]
Quantic is here to support you and your unique learning needs! If you have
a diagnosed disability and would benefit from learning accommodations,
please submit an accommodations request form! Want to learn more or
discuss accommodations in more detail? Schedule a call with our
Coordinator of Compliance & Student Affairs!

Billing [email protected]
From registration to your final tuition payment, our billing team is
here to help! You can request receipts and invoices, discuss
payment options and inquire about refunds. If your employer
offers tuition reimbursement, we can provide a variety of
documents to assist with this process, such as progress reports.

Career Services [email protected]


From guidance on how to brand yourself and pivot industries to feedback
on how to market your work experience, our Career Services Team has
you covered. Click below to schedule a session, or keep an eye on the
#careers channel in Slack throughout your time in the program.
● Career Consult
● Resume Consult
● LinkedIn Profile Review
● Resume or Cover Letter Review

© 2023 Quantic Holdings, Inc. All rights reserved. 12


EMBA Program Handbook

Enrollment Services [email protected]


The Office of Enrollment Services is here to assist you in completing
all necessary requirements needed for enrollment! Any outstanding
requirements can be viewed from your dashboard on the enrollment
checklist. If you have questions regarding the completion of your
requirements (i.e. identity verification, submitting official transcripts),
please reach out to us via email or schedule a help session with us
and we would love to assist you!

Library Services [email protected]


Our modern MBA deserves a modern library. You’ll get industry-best research
tools, accessible 24/7, efficient, easy-to-follow guides to help you get started,
and librarian-led webinars and 1-1 research consults. We’ll even teach you how
to conduct research. Look for the“Library Services” box on your dashboard.

Additional Support
Aside from Slack, Quantic uses email to communicate with students, and share important
information about your program. Be sure to greenlight the domain “quantic.edu” through
your email provider to ensure you receive our communications. The following email
addresses are used by our staff for students to send questions, comments, or concerns.

● General questions about the program: [email protected]


● Questions about specific projects and project submissions: [email protected]
● Content or platform-related feedback: [email protected]
● Technical troubleshooting: [email protected]
● Engagement and events: [email protected]
● Social media at Quantic: [email protected]

© 2023 Quantic Holdings, Inc. All rights reserved. 13


EMBA Program Handbook

Program Experience
Quantic provides an array of systems and departments to enrich and support your
journey through the program. Read each section below to see the options available to
you, and how to take advantage of them.

EMBA Class of July 2024 Slack Community


Slack is a messaging platform that we use with our students and alumni. It is the primary
means of quick communication with Quantic staff, as well as the starting point for building
your cohort’s community. Through Slack, Engagement Coordinators act as guides
throughout the program, answer questions, moderate discussions, and share helpful
information and academic resources. More importantly, Slack is a convenient space to
exchange ideas, engage in discussions on course materials & concepts, and network
with your peers!

Click the EMBA Class of July 2024 Slack invitation link to join the rest of your cohort. If
you are new or relatively new to Slack as a platform, feel free to look over this Getting
Started page.

The Student Network:


The Student Network allows you to connect with the
Quantic community, and view upcoming events.
You can find it on your student dashboard, and search for
students, alumni, or events by clicking the respective tabs.
The events are updated regularly, so keep an eye out for
new opportunities!

© 2023 Quantic Holdings, Inc. All rights reserved. 14


EMBA Program Handbook

Academic Support and Engagement

We have a stellar faculty of subject matter experts who will enrich and support your
learning experience. At the beginning of each concentration of your curriculum, our team
will email learners with the opportunities for academic support and engagement
available to them. These opportunities will include a range of the options below.
● Office Hours: One-on-one Q&A sessions that allow students to get expert
clarification on concentration and course concepts from our academic team.
*Note, students are limited to two sessions per concentration.
● Ask an Academic on Slack: A weekly touchpoint for our Subject Matter Experts to
interact with students and share answers to questions about the coursework
and/or projects each Monday until the concentration ends.
● Academic Webinars: Real-time instruction and
interaction with Quantic Academic subject
matter experts as they discuss the key
concepts from the curriculum.
● Case Study Analyses: Discussion-based
events focused on applying the course
content to a real business case with their
peers.
● Quantic Headlines: A discussion of a
newsworthy, timely business case followed by an analysis using topics learned in
the Quantic curriculum.

Virtual Engagement

No matter where you are in the world, Quantic’s Engagement team has a wide range of
virtual networking and mingling experiences. Read our Networking & Engagement guide
for a full overview and description of the opportunities we provide.
● Student Organizations: Students have the opportunity to join, create, and lead
Student Organizations around a topic or area of interest to them. To get involved
browse the Directory of Student Organizations.

© 2023 Quantic Holdings, Inc. All rights reserved. 15


EMBA Program Handbook

● LinkedIn and WhatsApp groups: Quantic students and alumni have created
location-based LinkedIn and WhatsApp groups in order to network with nearby
Quantic classmates. Visit the database of social networking groups to find yours!
Quantic staff do not create, oversee, or monitor these groups.
● Peloton: Connect with other Quantic Pelotoners and cheer on your classmates
using the hashtag #ModernMBA!
● Share where you take Quantic lessons by using the hashtag #wheredoyouquantic
and tagging us (@quanticschool) on Facebook, Instagram, and Twitter.

In-Person Engagement
● Conferences: Our global Quantic Conferences are
opportunities to network with fellow classmates and to
partake in live group learning activities. Conference
objectives emphasize connection and learning through
activities such as case studies, workshops, site visits,
and keynote speeches.

● In-Person Meetups: Are you someone who takes


the lead in planning get-togethers with your
friends? Do you want to meet up with your fellow
Quantic classmates? Would you like to work with
Quantic staff to plan and host high-quality events
near you? If you answered yes to any of these
questions, apply to host a location-based meetup
for Quantic students and alumni. Not interested in hosting, but still want to make
connections offline? Keep an eye on the Student Network for a meetup near you!

Additional Engagement Resources


● Quantic Shop: Ready to show your Quantic pride in style? Visit the Quantic Shop
to purchase apparel, merchandise, and accessories featuring the Quantic logo!

© 2023 Quantic Holdings, Inc. All rights reserved. 16


EMBA Program Handbook

● Virtual Backgrounds: We are delighted to share our custom virtual backgrounds,


designed specifically for Quantic students. Feel free to use these in Quantic virtual
meetups, presentations, or other meetings that you attend.

Educational Email Address & Student Discounts


All active Quantic students will receive a students.quantic.edu email address that
forwards to an address of your choosing. This email address remains active while you are
enrolled in a degree program and will be deactivated after graduation.

You can view your Quantic email address and set up a forwarding address in your
account. Simply navigate to the Quantic dashboard, hover over your name and photo in
the top right corner, and click Account. The email options are listed there. Please contact
us at [email protected] if you have any questions regarding your Quantic email
address.

Many discounts are available with this email address. For examples and more information
on key software, media, and consumer goods discounts available to you with an
educational email address, check out the list of Educational Discounts.

Microsoft Office Online

While you are a student, you can have free access to Microsoft Office (web
version only). Check out this Microsoft Office Online Sign-Up document to get
started.

© 2023 Quantic Holdings, Inc. All rights reserved. 17


EMBA Program Handbook

Frequently Asked Questions


The single most important source of information about the program is Quantic’s Support
Site. Here, you can find thorough articles and FAQs on everything from transcripts to
exams to hotkeys. The following is just a short list of articles that answer some of the
most commonly-asked questions:

I’ve been accepted! Now what?


● Enrollment Verification and Documentation
● Transcript Requirements
● ID Verification and IDology

I need more time. Can you help?


● Academic Advising
● Deferral
● Withdrawal/cancellation policy

Can you tell me more about the program?


● Course summaries
● EMBA concentration exams
● How are EMBA projects scored?
● How are EMBA grades calculated?
● How do I achieve honors?
● How do I request an extension?
● Code of Conduct

Can you help me with tuition payments?


● Payment Plans
● Tuition Reimbursement
● Tuition Refund Policy

I’ve graduated! Now what?


● How can I request my Quantic transcript?
● Tuition tax documentation
● Will I retain access to courses after I graduate?

© 2023 Quantic Holdings, Inc. All rights reserved. 18

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