JetBlue Airlines Corporation was founded on the principles of low-cost, refreshingly efficient customer service and no-hassle ticketing. The company's initial purpose was to reduce many of the inefficiencies and difficulties of commercial air travel while also setting a new standard for customer service. Thus far the company has soared past these targets and everyone's outlooks while giving a handsome reward to anybody wishes to invest in this airline sector triumph. Although JetBlue's earnings per share did not change, JetBlue stock was a hazardous investment that may have discouraged investors from investing in JetBlue because of the quantity of earnings per share they would receive. The company should consider covering a wider margin of their clients, not middle class only. Also, it should cut its capital depts.
Abstract
JetBlue Airways Corporation, stylized as JetBlue, is a Newyork hometown airline and a leading carrier in Los Angeles, Boston, Fort Lauderdale-Hollywood, San Juan and Orlando. JetBlue conveys more than 38 million clienteles a year to over 100 cities in the U.S., Latin America, and the Caribbean, with an average of 925 day-to-day flights. JetBlue is an American low-cost hauler and the 6th largest airline in the United States. The corporation is headquartered in the Long Island City vicinity of the New York City area of Queens, with its central base at John F. Kennedy International Airport. Besides it maintains corporate agencies in Cottonwood Heights, Orlando, and Utah, Florida. As of June 2017, JetBlue attends 101destinations in the U.S., the Caribbean, Mexico, South America and Central America. JetBlue was unified in Delaware in August 1998. David Neeleman established the company in February 1999, underneath the name "New Air." It initially began by following Southwest's style of offering low-cost travel but pursued to distinguish itself by its services, such as onboard entertainment, Sirius XM satellite radio and TV at every seat. In Neeleman's words, JetBlue focuses on "to bring humankind back to air travel." In September 1999, the airline was granted 75 first takeoffs at John F. Kennedy International Airport and gained formal U.S. approval in February 2000. It inaugurated operations on February 11, 2000, with amenities in Buffalo and Fort Lauderdale. At present JetBlue still has John F. Kennedy International Airport as its central hub.
Changing role of the CFO
On 21st February 2017, Jetblue announced that, after directing a rigorous internal and external quest, it had endorsed Steve Priest to the executive chief financial officer and vice president immediately. Priest has more than 20 years of know-how leading financial, commercial and operational aspects of the airline industry and most recently worked as the airline’s vice president, structural costs programs. As CFO, Priest will watch over treasury, corporate tax, investor relations, financial planning and analysis, audit, accounting, fuel hedging, insurance, aircraft, and real programs, financial reporting, infrastructure (corporate real estate), risk management and strategic sourcing. He will also function on JetBlue’s executive leadership team and report to President and Chief Executive Officer Robin Hayes. Steves experience at British Airways and his guidance of JetBlue’s on-time performance programs and structural cost, joined with his understanding of our distinctive culture, positions him to supply on our commitments to shareholders, customers, and crewmembers. Priest joined JetBlue in 2015, and his most current role was liable for JetBlue’s strategic finding efforts and for fleet and machine strategy. He led high-priority change initiatives as well as the launch of the airline’s on-time routine program and structural cost initiative, which is set to spawn $250-$300 million in cost savings by 2020. In his new title role, he will remain to oversee the prosperous implementation of the structural cost program. Most recently, Steve served as a high-ranking vice president, North Atlantic joint business where he considerably grew market share and unit revenue with partner airlines. He also functioned in senior roles in strategy and planning; client contact and distribution; and commercial and call center processes. The purpose of the CFO is changing day by day, due to the continuous change of the organizations. CFO requires an understanding and expertise beyond the elementary finance function to recognize areas of growth and operational excellence transversely all business domain (Martelli & Abels 2010).
Leveraging ERP investments to support finance.
Jetblue airline has a broad set of undertakings that help it to manage the central aspects of its business. The information made accessible through an ERP system affords visibility for essential enactment indicators required for meeting corporate goals. Tata Consultancy Services said it would enlarge its three-year arrangement with US Airline JetBlue to take in several new projects. The initial contract covered extents such as developing new platforms, infrastructure services, and quality assurance. Under a different deal, TCS will now offer new services to advance data analytics and operational agility and to improve innovative tools for customers and JetBlue aircrew members, encompassing the modernization of the airline’s IT Foundation policy. TCS will also enlarge its innovation center in India, Pune, over the subsequent two years to support serious JetBlue Digital initiatives, supplementing the U.S.-built JetBlue team, as well as TCS team associates in the U.S. and Mexico. As part of the stretched out relationship, JetBlue can make entree to TCS’ Airline and Digital Innovation Labs, which center on identifying business trials and opportunities in the Hospitality and Travel sector, and how to leverage airline and technology expertise to more swiftly developing solutions.
Risk
Before, airline stocks have delivered outstanding revenues to investors. That hasn't been continuously the case. Airlines are deliberated of the riskiest industries in action, and often for large reasons. JetBlue Airways face a risk of low-cost carriers. By having younger staffs, lower compensation, fewer structures, or all of the above, low-cost carriers can weaken the fares of JetBlue and other airlines placing pressure on passenger revenue per vacant seat mile. JetBlue absences the groups of large corporate financial records found at significant legacy carriers. As a substitute, the airline's policy for business customers has been to hunt more small and mid-size businesses as these businesses regularly do not necessitate the full-size worldwide networks of leading legacy carriers; a fundamental condition since JetBlue does not have this magnitude of the system. Also, JetBlue also faces the problem of aircraft deliveries. Like numerous of its rivals, JetBlue is even violently purchasing the first-hand aircraft with 127 aircraft and ten standby engines on order over 2023 at the cost of $6.67 billion. Although JetBlue has large figures of aircraft on order, its modern average aircraft age is well beneath that of rivals who are collation mostly for fleet modernization.
Cost of capital in a strategic context.
Recent reports indicate that JetBlue Airways Corporation weighted average cost of capital is 3.42%. JetBlue Airways Corporation ROIC % is 16.09% (calculated via TTM income statement data). JetBlue makes higher returns on investment than it costs the corporation to raise the capital necessary for that investment. It is making excess profits. A firm that anticipates continuing engendering positive excess returns on innovative investments in the future will enjoy its value progression as growth increases. The weighted average cost of capital (WACC) is the ratio that a company is likely to pay on average to all its security owners to finance its assets. The WACC is usually denoted as the firm's cost of capital. In general, company's assets are sponsored by debt and equity. Since it costs money to rear capital. A business that produces higher ROIC % than it requires the corporation to raise the capital necessary for that investment is receiving excess returns.
Streamlining the financial supply chain
Ariba, Inc., the prominent spend management solutions provider, has announced that it has extended its relationship with JetBlue Airways Corporation, one of the country’s leading low-cost airlines. In a determination to maintain its competitive advantage and cost structure, JetBlue is widening its portfolio of on-demand use management solutions to comprise Ariba Procure-to-Pay. As suggested by Morrell (2005), Jet Blue will leverage the contribution, along with Ariba’s Sourcing, Supplier Performance, and Contract Management solutions, to reorganize its procurement procedure and drive savings and proficiencies that positively influence its bottom line. Ariba aids JetBlue to have access to results that we can quickly and effortlessly implement to more efficiently manage every dollar that we devote and achieve these goals. Ariba Procure-To-Pay syndicates the functionality of Ariba Buyer, Ariba Settlement, Ariba Invoice and Ariba Analysis in a single, integrated solution, Delivered on demand through the Web, the solution will permit JetBlue to unify its procurement procedure and accelerate the outcomes that it's spent management creativities deliver.
Financial shenanigans and Earning manipulation shenanigans
These are actions that misrepresent the real financial performance of an entity. Financial shenanigans can vary from relatively minor infractions linking creative interpretation of accounting rules to absolute fraud over many years. Financial shenanigans have a noticeable effect on the stock price and prospects. Depending on the scope and scale of the shenanigans, the consequences can range from a steep sell-off in the stock to the company’s dissolution and bankruptcy. Financial shenanigans are classified into two categories, scheme to overestimate revenue and profits and plans to understate the revenues and profits. Earning manipulation shenanigans falls under overestimation and underestimation of the company’s revenue and profits. Schemes that overemphasize revenues and profits tend to be of benefits by Artificially increasing earnings per share (EPS) and growth proportions. This has a positive and direct influence on a company’s evaluation, which recompenses management through greater compensation and profits on stock options while schemes to devalue revenues and profits, aims at smoothening out net income over periods and make it seems less volatile. These shenanigans, while uninvited, are less severe than those that overemphasize revenues and profits.
Establishing the foundation
JetBlue has initiated foundations which are geared towards improving the society. Due to recent statistics of having few women in the industry, JetBlue has ventured into inspiration. As a company, it encourages women to take on the opportunities that arise. The Foundation offers educational opportunities and unique skills to traditionally underserved communities. Also, they ensure there is the future success of the aviation industry by encouraging STEM students in their projects.
Strategic valuation
As of December 31, 2016, $380 million wealth of common shares linger available for repurchase underneath the 2016 Repurchase Authorization. As at December 31, 2016, we had an aggregate of 30.6 million shares of our common stock set aside for issuance. These shares are chiefly related to our equity incentive strategies. As at December 31, 2016, we had an overall of 77.5 million shares of treasury stock, the bulk of which relate to the return of loaned out shares under our share lending agreement. Morgan Staley dismissed our share lending facility in January 2016 and reimbursed the shares outstanding to us. The treasury stock also comprises of shares that were repurchased underneath our share repurchase program.
Shareholder value analysis
The U.S. carrier JetBlue Airways Corporation stated a 16.6 percent upsurge in second-quarter profit, aided partly by refining average fares. Net income hiked to $211 million, or 64 cents per share, in the quarter, from $181 million, or 53 cents per share, a year earlier. Aggregate operating returns rose 12.1 percent to $1.84 billion. According to Thomson, the expected quarterly earnings were 57 cents per share on revenue of $1.83 billion; Shares rose 3 percent to $23.45 in premarket trading. Unit revenue, which equates sales to flight capacity, mounted 7 percent in the quarter, climbing for the first time in eight quarters. For the last several years, JetBlue faced increased competition and the cheaper fares which weighed on the industry. In the most recent period, JetBlue said that eliminating fuel, its operating expenses per available seat mile rose 5.1 percent to 8.16 cents. JetBlue forecast a metric increase of between 1.5 and 3.5 percent for the third quarter. The third quarter capacity is expected to rise between 6.5 and 7.5 percent year over year.
Performance metrics and Managing Intangible assets
At JetBlue, the performance metrics used are majorly involved with the financial performance of the corporation. Pre-Tax Income, operating income, and diluted share price. We also consider the fuel expense hedging, Revenue passengers, Revenue passenger miles, Available seat mile, Load factor, Aircraft utilization, Operating revenue per available seat mile, Operating expense per available seat mile, and the yield per passenger mile. Our intangible assets comprise of landing Slots and acquired take-off at certain domestic airports. Slots are privileges to take-off or land at a specific airport throughout a particular period during the day and are sourced by which airport capacity and crowding are managed. The Federal government panels Slots at four domestic airports beneath the High-Density rule, containing LaGuardia and JFK Airports in New York City, and Reagan National Airport in Washington D.C. In accounting for our Slot-related immaterial assets, we make approximations about their expected valuable lives. Slots at High-Density Airports are unlimited lived intangible assets. Slots at other airports will remain amortized on a straight-line basis on their probable useful lives of up to 15 years. Government regulations, Changes in our operations, or demand for air travel at these airports could effect changes to these estimates. We assess our intangible assets for damage at least annually or when circumstances and events designate they may be impaired. Indicators include cash flow or operating losses as well as significant declines in market value.
Strategic working capital management
JetBlue like other businesses has a task of managing the working capital. The leading airline focusses on achieving an appropriate working capital. JetBlue focuses on the increase in sales by increasing its scope of business. By being able to create a large capacity airline, covering other regions which did not have the airline services and rebranding to introduce human aspect into the business, JetBlue has managed to use its working capital efficiently thus enjoying the vast profits.
Connecting strategy in operation
At JetBlue, we have a strategic intent to serve our customers with a low discount airline hauler with the comforts of home. Agents can work from home, and customers relished coffees, gourmet snacks, in-seat televisions with movie channels and satellite radio. The expansions of the New York JFK airport with 8 am, and 9 am flight appeals to younger customers. Jet Blue has taken a conservative financial strategy in which they upheld high liquid ratios comparative to the other major airlines. Jet Blue was millions after the competitor but settled new equity capital and credit, which was required to keep the company and permit them to maintain high liquidity. JetBlue enjoys a comparative advantage of lower costs. JetBlue's total operating expenses stood at 12.17 per revenue passenger mile in 2016 against $18.18 for Continental, $18.18 for American Airline, $13.85 for Southwest, $20.95 for Delta, $21.45 for US Airways and $19.13 for United. The organization culture of listening to customers aids it to create a bulk of customer.
Real options and intellectual capital
JetBlue has developed several tangible assets over the years. The jet has developed new coach seats (genuine leather seats) in a chief overhaul of its 16-year-old cabin design. Additional 15 seats to the current 150 on each plane. It’s has added living space by relocating galleys that take up less room thus having more legroom. JetBlue has developed the entertainment structures and in-flight connectivity to the point where you might not even caution about the comfort of your seat. Introduction of the mint and premium class has also increased the sales at JetBlue. Intellectual capital includes human capital, organizational capital and customer capital. JetBlue enjoys a favorable intellectual capital, Steve leadership the board of directors ensures they are giving out the best to their customers. Customers appreciate the human aspect brought into the airline industry, and the investors cannot shy away from investing in a leading and growing airline company.
Strategic planning and control, and collaboration through CFO
JetBlue has a way of controlling the formation and execution of strategic plans. Due to the high competition in the airline industry, JetBlue has sought measures of strategic planning and control. Some of the measures include, low prices, caters for the middle class and the human touch in the industry. JetBlue CFO Portal is one of the platforms that bring the collaboration needed in an enterprise. All the portal users learn from using a collaborative application through a portal where there will be user-driven process innovations .thus portal solutions should not be viewed as a one-time deliverable with a fixed design, but as flexible and adaptable solutions to long-term and immediate needs. The CFO collaboration portal acts as a medium of communication between the CFO, the JetBlue Airways, and the public. JetBlue also uses the portal to give a chance for the public to air their views on the airline and relevant recommendations.
Financial shenanigans 11
Financial shenanigans 11 have a noticeable effect on the stock price and prospects. Schemes that understate revenues and profits – this is usually done to smooth out net income over time periods and make it look less volatile. These shenanigans, while unwanted, are less severe than those that overstate revenues and profits. Understating revenues and expenses produce penalties in regards to the net income contingent on which is being understated. If a revenue is inconspicuous, the net income is understated, and if an expense is understated, the net earnings is overstated. JetBlue Airways Corporation should avoid the financial shenanigans 11 to operate normally.
Mergers and acquisition
JetBlue is exposed for a merger. Virgin America would have stood its most excellent candidate. As that is off the block, the following most suitable candidate looks lines to be Hawaiian Airlines. Comparable to VA, Hawaiian Airlines has a substantial West Coast presence that would attractively complement JBLU’s East Coast service.
There have also been rumors about a Southwest-JetBlue merger. Conversely, Southwest Airlines (LUV) just concluded its merger with AirTran and most likely would not become intricate in another complicated deal so soon. Also, it would be tough, if not impossible, to obtain regulatory approval for another Southwest merger. Also, JetBlue is planning a vacation with Utrip, the Seattle startup that chains local experts and machine knowledge to create travel itineraries. The JetBlue Vacations integration will enable travelers to effortlessly plan for trips in the U.S, Latin America, Mexico and the Caribbean.
Financial regulation updates
JetBlue is subject to regulation by the DOT, the TSA, the FAA, and other governmental agencies. The DOT chiefly regulates economic issues affecting air services, such as insurance, certification and fitness, competitive practices and consumer protection. JetBlue operates under the act of parliament, the aviation security act. JetBlue reports their financial statements quarterly. The company also adheres to all the standards required in the preparation of the financial statements and other accounts requirements.
The CFO and ethics
The finance operation of a company is uniquely competent to take a leadership role in implanting ethics through the organization since finance plugged into nearly all facets of the business. JetBlue CFO acts as the ethics ambassador throughout the company. According to Hill (2008), Ethics in an organization offers many benefits since it regulates the staff's behavior and conduct. Ethics foster trust, employee retention, goodwill, and reputation. JetBlue CFO is expected to maintain integrity and transparency as he is the role model for ethics in the company. JetBlue CFO organizes face to face encounters and financial boot camps, making them available to employees at different levels in the organization.
Forensic financial analysis
JetBlue Airways 2016 financial statements have experienced an improvement in value capital due to added revenues by other lines of business. JetBlue Airways Corporation stated a 16.6 percent upsurge in second-quarter profit, aided partly by refining average fares. Net income hiked to $211 million, or 64 cents per share, in the quarter, from $181 million, or 53 cents per share, a year earlier. Aggregate operating returns rose 12.1 percent to $1.84 billion. The profitability ratios hiked compared to previous years. For example, the gross margin stood at 68% while the previous year, it was at 64%. JetBlue CEO is much concerned with the hurricane season which occurs at their normal planning process. Assuming a standard planning, it is evident that JetBlue experiences losses during the hurricane which happens in the third quarter, therefore JetBlue requires a risk management exercise to be able to handle the hurricane. JetBlue predicts that its pro forma earnings will increase by a considerable percentage in the preceding years. Since pro forma earnings do not comply with any standardized rules or regulations, Investors should use caution when using Pro-forma earnings statistics in their fundamental analysis. Pro forma earnings are also a deficit of write-downs, goodwill amortization, restructuring, depreciation, and merger costs, interest, stock-based employee pay, taxes, and other expenses. The company ignores these items with the intention of presenting its figures more clearly to investors. JetBlue can be accused of practicing financial shenanigans, but there is no legal way to charge them as the pro forma details are not exclusively part of the financial statements regulation standards.
Horizontal analysis of the JetBlue recent performance
Financial Risk Ratios and Fraud Models assist in assessing financial risk. The subsequent fraud models and financial risk ratios and have been successfully smeared as investment strategies in a realistic market study: quality of revenues, quality of earnings, the Sloan accrual measure, the Dechow fraud model, the Beneish fraud model as indicated by Platt & Platt (1991). In the year 2016, we reported our entire net income of $759 million, a growth of $82 million compared to 2015. This increase was predominantly driven by a reduction in aircraft fuel expenditures and higher passenger revenue, partly offset by the rise in controllable costs. We engendered over $6.6 billion in operating income, an increase of $216 million compared to 2015 due mainly to a 9.0% increase in revenue customers partially offset by a 6.4% decline in the average fare. Operating margin amplified by 0.8 points to 19.8% and we enhanced our return on invested capital, or ROIC, by 0.6 points to 14.3% principally driven by a fall in aircraft fuel expenses, continued balance sheet improvement, and higher revenue. Our earnings per diluted share were $2.22, the uppermost in our history. We generated $1.6 billion in cash from operations which aided to pay some money for all 2016 aircraft deliveries, reduce existing debt balances, buy out nine aircraft leases, and execute share repurchases.
Operating expenses per presented seat mile declined by 6.0% to 9.92 cents, primarily compelled by a reduction in aircraft fuel costs. Eliminating fuel, related taxes, profit sharing and our cost per available seat mile improved 1.1% in 2016. Company Creativities Strengthening of our Balance Sheet All through 2016 we lingered on strengthening our balance sheet. We ended the year with unobstructed cash, short-term investments and cash equivalents of $971 million and undrawn lines of credit of roughly $600 million. At year-end 2016, cash equivalents, unobstructed cash, and short-term investments were nearly 15% of trailing twelve months revenue. We abridged our overall debt and capital lease requirements by $443 million which comprised the final maturity of our 2004 EETC of $185 million. As an outcome, 15 aircraft became unencumbered, and since then we increased the number of unencumbered aircraft in 2016 conveying total unencumbered aircraft to 97 and standby engines to 32 as of December 31, 2016. In 2016, the owners of our 6.75% Convertible Debentures due 2039 (Series B) transformed their securities into almost 17.6 million shares of our common stock. Through 2016, we assimilated approximately 5.8 million shares of our common stock for about $120 million beneath our share repurchase programme.
The year 2016 paralleled to The year 2015 Overview We stated net income of $759 million, $1,312 million operating income and 19.8% operating margin of for the year ended December 31, 2016. This equates to a net income of $677 million, operating revenue of $1,216 million and 19.0% operating margin for the year ended December 31, 2015. Diluted earnings per share for 2016 were $2.22 paralleled to $1.98 for the same period in 2015. Nearly 77% of our operations are centered on the profoundly populated northeast corridor of the U.S., which experienced a series of winter storms in the 1st quarter of 2015. Despite the hostile weather conditions, our operational performance upgraded over prior years with fewer flight annulments. We estimate that winter storms abridged our operating income by about $10 million in the first quarter of 2015.
Corporate Governance Assessment
The Board of JetBlue Airways Corporation consists of employee and independent directors. The Board has a mainstream of independent directors. There are three permanent Board committees: compensation, audit, nominating and corporate governance. The Board may increase ad hoc committees from time to time. As indicated by Raghupathi (2007), the Board executes a self-assessment annually. JetBlue Corporation and the Board of Directors have approved and adopted the JetBlue Airways Corporation Executive Variation in Control Severance Plan. The plan was taken to ensure stability within the Company throughout uncertainty due to the possibility of a change in control of the Company. The board members must be selected with precision, and their achievements and ability to add value to the corporation evaluated. Shareholders may converse to the Board on an anonymous or private basis. The Chair of the Audit Committee is quickly advised of any communication that asserts management misconduct or raises ethical, legal or compliance worries about Company policies and practices. JetBlue frequent change in leadership structure is a challenge as it affects the company’s integrity. I recommend that the company focuses on the changes in the customer needs as this will help them attract diverse customers.
Areas where the firm is vulnerable to SEC action.
Companies including JetBlue have numerous avenues to participate in financial shenanigans if they so desire. The avenues include recognizing revenues prematurely, capitalizing rather than expensing research, recording sales of unshipped items or recording sales made to an affiliate. Not forgetting development costs, reclassifying balance sheet items to create income, setting up special-purpose vehicles to hide debt or mask ownership, amortizing costs or depreciating assets at a slower pace and so on. In most occurrences of complicated and far-reaching fraud, financial shenanigans were not noticed even by a company’s accountants and auditors (Narver & Slater1990).
Suitable recommendations to ensure compliance with the Sarbanes-Oxley Act of 2002 and new regulations published by the regulatory bodies.
The Sarbanes-Oxley Act of 2002 (SOX) is an act voted for by U.S. Congress in 2002 to guard investors against the likelihood of fraudulent accounting happenings by corporations. The rules supplement the existing legislation dealing with security regulations. Section 302 and Section 404 are the two main provisions of the Sarbanes-Oxley Act. Section 302 is a mandate that necessitates senior management to verify the accuracy of the reported financial statement. Section 404 is an obligation that management and auditors inaugurate internal controls and reporting methods on the competence of those restrictions. Section 404 has very costly suggestions for publicly traded companies as it is expensive to establish and maintain the required internal controls. In addition to the financial side of a corporate, such as accuracy and controls, the audits, the SOX Act also sketches requirements for information technology (IT) departments concerning electronic records. The acts describe which company records necessitate being stored on file and for how long. Section 802 of the Act covers the three rules that disturb record keeping. The first one deals with falsification and destruction of records. The second strictly describes the retention period for keeping records. The third law shapes the specific types of business records that require storage, which includes electronic communications.
Overall recommendations and Conclusions
JetBlue Airways Corporation should ensure they avoid all the financial shenanigans as it can lead it to bankruptcy and a jail term for the board of directors and the audit and accounting staffs. For the corporation to continue making profits, I recommend that it concentrates on all people not only the middle class and the lower class but also consider the high class group. I also suggest that the company focuses on its change of business (customer needs) and not changing the CFO. Lastly, the company should avoid the high debts as it makes it pay high-interest rates. In conclusions, it is evident that, JetBlue is performing well compared to the other airline companies in its line of business. However, they should focus more on increasing their profit margin so as to survive in this competitive industry. Also, JetBlue Corporation enjoys a good management system, led by the board of directors and the company CFO.
References
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Martelli, J., & Abels, P. (2010). The education of a leader: Educational credentials and other characteristics of chief executive officers. Journal of Education for Business, 85(4), 209-217.
Morrell, P. (2005). Airlines within airlines: An analysis of US network airline responses to Low Cost Carriers. Journal of Air Transport Management, 11(5), 303-312.
Narver, J. C., & Slater, S. F. (1990). The effect of a market orientation on business profitability. The Journal of marketing, 20-35.
Platt, H. D., & Platt, M. B. (1991). A note on the use of industry-relative ratios in bankruptcy prediction. Journal of Banking & Finance, 15(6), 1183-1194.
Raghupathi, W. (2007). Corporate governance of IT: A framework for development. Communications of the ACM, 50(8), 94-99.
