Capstone 2.0 Glossary & Guidance

Matthew D. Langenkamp · Isenberg School of Management, UMass Amherst
Prepared in collaboration with Thea · Updated September 17, 2026

This guide defines strategy, financial and operating terms used in MANAGMNT 494BI and Capstone 2.0. It includes formulas, examples and instructions for reading the Courier. Strategy sections cover the Week 1 and Week 2 presentations; terms will be added as the course progresses.

This is an independent teaching guide. For simulation rules and industry-specific figures, consult Capsim’s guides, your Industry Conditions Report and the current Courier.

Two Ways to Compete

Download Two Ways to Compete (PDF)

A MANAGMNT 494BI case and individual exercise contrasting Low End cost leadership with High End differentiation. Includes the Low End ideal-age graphic, forecasting guidance, contribution-margin calculations, and coordinated R&D, marketing, and production decisions.

Revised September 18, 2026. Case figures are hypothetical; use your live Industry Conditions Report and Courier for actual simulation decisions.

Financial Foundations Workbook

Download the Financial Foundations Workbook (PDF, 32 pages)

A classroom workbook to help you prepare for the Capstone 2.0 simulation, the in-class financial foundations exercise, and the final exam. It explains how the income statement, balance sheet, and cash flow statement connect, then follows Andrews’ actual decisions and results through capacity purchases and sales, automation, profit, and cash.

Print it and bring a pencil: the exercises include space for calculations and written answers. You can also read the PDF on screen. Topics include the matching principle, depreciation, EBIT and EBITDA, shareholders’ equity, and step-by-step borrowing and investment examples.

Classroom draft · September 17, 2026. Use the glossary below alongside the workbook. The original financial foundations exercise remains available separately below.

Basic calculations

Sales: price × units sold.
Contribution: sales − variable costs; divide by sales for the percentage.
Depreciation: allocate asset cost over its accounting life; distinguish expense from payment.
Net profit: subtract period costs from contribution to find EBIT; then subtract interest, taxes and profit sharing.
Financial position: assets = liabilities + equity.
Cash: reconcile operating, investing and financing flows.
Performance: ROS, asset turnover, ROA, leverage and ROE.
Planned production: forecast sales + desired ending inventory − beginning inventory. Check the result against capacity.

For class: Download the financial foundations exercise (PDF). Work individually. The figures are hypothetical. Your instructor will specify the deadline and submission method.

Example: from sales to net profit

Suppose a company sells 1 million sensors at $30 each. Its report, in $ thousands, shows:

Line	$000	Calculation
Sales	30,000	1,000 thousand units × $30
Material and labor	16,000	Costs of units sold
Inventory carrying cost	600	Separate from the inventory asset
Contribution	13,400	30,000 − 16,000 − 600
Depreciation	2,000	Non-cash allocation of asset cost
SG&A	5,400	Includes the listed component budgets
EBIT	6,000	13,400 − 2,000 − 5,400; no other operating items
Interest	1,000	Financing expense
Taxes	1,500	Assumed for this example
Net profit	3,500	No profit sharing or other adjustments

Contribution margin is 44.67% of sales. After the remaining expenses, net profit is 11.67% of sales. The cash-flow statement is needed to explain the change in cash. All figures in this example are hypothetical.

Find a term

Search terms and explanations

Read the reports

Capstone Courier

The industry report for a completed round. It lists company results, product data, customer buying criteria and market share.

Industry Conditions Report

A report of the industry’s starting conditions, including customer buying criteria, segment positions and growth rates. Use the report for your assigned industry.

Annual report

A company’s financial statements for a completed year.

Pro forma statements

Financial statements that project the results of proposed decisions and sales forecasts. Actual results may differ from these projections.

Round and reporting date

A round is one simulated year. At the start of Round 2, the Courier reports Round 1 results. Check whether a figure describes a completed round or a forecast.

Units and dollar scaling

The scale in which a report states its figures. Dollars and unit quantities may be reported in thousands, while prices remain dollars per unit. For example, 1,000 thousand units sold at $30 produce $30,000 thousand in revenue ($30 million). Read the labels on each table.

Sales, costs and profit

Revenue / sales

The value of products sold during a period. Sales = price × units sold for a product sold at one price. Company sales equal the sum of product sales. Unsold products remain in inventory; credit sales remain in accounts receivable until collected.

Units sold

The number of products purchased by customers during a period. This may differ from the number produced or forecast to sell.

Price

The amount charged for one unit. Price affects both revenue per unit and customer demand.

Material cost

The cost of materials in a product. Positioning and reliability affect this cost. The income statement records material costs for units sold; material costs for unsold units remain in inventory.

Labor cost

The cost of production labor. Automation reduces labor requirements. Capstone charges 50% more for second-shift labor than for first-shift labor. This premium applies to labor, not to the product’s total cost.

Variable costs

Costs that vary with activity. Capstone groups material, labor and inventory carrying costs under variable costs in its income statement.

Cost of goods sold (COGS)

The cost of products sold during a period. Production costs for unsold goods remain in inventory. Use the material, labor and carrying-cost lines shown in the Capstone report when calculating contribution margin.

Inventory carrying cost

The expense of holding unsold products. Capstone’s guide specifies a 12% carrying-cost rate. Use the reported charge to reconcile the income statement. The inventory asset is recorded at cost; carrying expense is a separate charge.

Unit contribution

The amount each unit contributes toward period costs and profit. Unit contribution = price − variable cost per unit. A $30 price less $16 in material and labor costs leaves $14 before carrying costs and other expenses.

Contribution margin — dollars

Sales remaining after variable costs. Contribution margin = sales − total variable costs. Sales of $30 million less variable costs of $16.6 million leave $13.4 million to cover period costs and profit.

Contribution margin — percentage

Contribution margin expressed as a share of sales. Contribution margin percentage = contribution margin dollars ÷ sales × 100. A contribution of $13.4 million on sales of $30 million gives 44.67%.

Fixed costs / period costs

Period costs are expenses charged to the period rather than to individual units sold. Capstone includes depreciation and SG&A. Fixed costs do not vary directly with unit sales within a given operating range, though managers may change their budgets.

SG&A

Selling, general and administrative expenses. Capstone includes R&D, promotion, sales and administration. SG&A-to-sales = SG&A ÷ sales; multiply by 100 to express the ratio as a percentage. Deduct either the total or its components, not both.

R&D expense

The expense of developing or revising a product. It is separate from investment in production equipment.

Depreciation

The allocation of an asset’s depreciable cost over its useful life. Straight-line depreciation = (cost − residual value) ÷ useful life. Capstone uses a 15-year straight-line life. A $30 million asset with no residual value incurs $2 million of depreciation for a full year. Depreciation reduces reported profit without a current cash payment.

Accumulated depreciation / net plant

Accumulated depreciation is the total depreciation recorded on an asset. Net plant = gross plant and equipment − accumulated depreciation. If the report shows accumulated depreciation as a negative number, add that signed amount. Net plant is a book value, not an estimate of resale value.

Net margin — Capstone product view

Product contribution less product period costs, as defined in Capstone’s product analysis. This dollar amount is not company net profit. Company expenses, interest, taxes and profit sharing may still need to be deducted.

EBIT / operating result

Earnings before interest and taxes. In Capstone’s income statement, EBIT = contribution margin − depreciation − SG&A − other operating expenses. Follow the signs of any adjustments shown in the report.

Interest expense

The expense of borrowing money. Interest reduces profit. Repayment of loan principal reduces cash and debt but is not an expense.

Net profit / net income

Earnings after expenses. Net profit = EBIT − interest − taxes − profit sharing, with any additional adjustments shown in the report. Net profit differs from cash flow because some income and expenses do not involve cash in the same period.

Cumulative profit

The sum of net profits for the rounds included in a report. Retained earnings may differ because they also reflect opening balances and dividends.

Break-even volume

The sales volume at which revenue equals the costs included in the calculation. Break-even units = fixed costs ÷ unit contribution. This formula assumes a positive, constant unit contribution and constant fixed costs. Changes in price, unit costs or capacity require a new calculation.

Assets, financing and cash

Balance sheet

A statement of assets, liabilities and owners’ equity at a particular date. Assets = liabilities + shareholders’ equity.

Cash

Money held by the company. Ending cash = beginning cash + operating cash flow + investing cash flow + financing cash flow.

Accounts receivable (A/R)

Amounts customers owe for credit sales. An increase in receivables reduces operating cash flow relative to reported profit. Longer payment terms delay collection and can affect customer demand.

Inventory

Unsold products recorded as an asset at cost. Without write-offs, ending inventory units = beginning units + units produced − units sold. Producing inventory uses cash before the goods are sold.

Current assets

Assets expected to be used or converted into cash within a year. In Capstone, these generally comprise cash, accounts receivable and inventory.

Plant and equipment / capacity investment

Long-lived assets used in production. Purchases of capacity and automation are investments. Their cost is recorded as an asset and expensed over time through depreciation.

Accounts payable (A/P)

Amounts owed to suppliers. An increase in payables postpones cash payments and increases operating cash flow relative to reported profit.

Current debt

Short-term borrowing. New borrowing increases cash and liabilities. Check Finance for repayment dates and refinancing requirements.

Long-term debt / bonds

Borrowing due beyond the current year. A bond’s face value is its principal, its coupon determines interest payments, and its maturity is the repayment date. Market yield may differ from the coupon rate. Capstone sets limits and charges for borrowing and early repayment.

Emergency loan

An automatic loan issued when a company cannot meet its cash needs under the simulation’s rules. It adds financing costs. Common causes include excess inventory, weak collections, unfunded investment and debt repayments.

Common stock / shares issued

Capital contributed by shareholders. Issuing shares increases cash and equity, not revenue. The common-stock account records contributed capital, not current market value. Additional shares may reduce earnings per share.

Retained earnings

Earnings kept in the business rather than paid as dividends. Ending retained earnings = beginning retained earnings + net profit − dividends, absent other adjustments. Retained earnings are part of equity, not a separate cash account.

Equity

The owners’ book interest in the company. Equity = assets − liabilities. Equity is negative when liabilities exceed recorded assets.

Working capital / current ratio

Net working capital is the excess of current assets over current liabilities. Net working capital = current assets − current liabilities. The current ratio = current assets ÷ current liabilities. Both measure short-term financial position, but neither shows how quickly receivables and inventory can become cash.

Cash flow from operations (CFO)

Cash generated or used by ordinary business operations. A simplified calculation is net profit + depreciation − increase in receivables − increase in inventory + increase in payables. Include other adjustments shown in the report. Depreciation is added back because it reduced profit without a current cash payment.

Investing cash flow / capital expenditure

Cash spent on or received from long-lived assets. Capital expenditure, such as a plant purchase, is an investing cash outflow. Depreciation records the asset’s expense over time rather than its purchase payment.

Financing cash flow

Cash received from borrowing and share issues, less principal repayments, dividends and share repurchases.

Free cash flow

Operating cash flow remaining after capital expenditure. Free cash flow = operating cash flow − capital expenditures under the definition used here. This is a supplementary measure, not necessarily a separate Courier line. A negative amount indicates a funding requirement.

Courier ratios and performance

Return on sales (ROS)

Net profit as a percentage of sales. ROS = net profit ÷ sales × 100. Also called net profit margin. Use company net profit, not EBIT or Capstone’s product net margin.

Asset turnover

Sales generated per dollar of assets. Asset turnover = sales ÷ total assets, expressed as times. The Courier checked for this guide uses year-end assets; some accounting texts use average assets.

Return on assets (ROA)

Net profit as a percentage of assets. ROA = net profit ÷ total assets × 100 under the Courier convention used here. With consistent figures, ROS multiplied by asset turnover equals ROA.

Leverage — Courier

The ratio of assets to equity, also called the equity multiplier. Leverage = total assets ÷ total equity. Assets of $35 million and equity of $15 million give leverage of 2.33 times. This is not the debt-to-equity ratio.

Return on equity (ROE)

Net profit as a percentage of equity. ROE = net profit ÷ equity × 100. With consistent figures, ROE = ROS × asset turnover × leverage. Very small or negative equity can make this ratio misleading; a loss divided by negative equity produces a positive ratio.

Stock price / market capitalization

Stock price is the simulated market value of one share. Market capitalization = stock price × shares outstanding. Market capitalization differs from book equity on the balance sheet.

Balanced Scorecard / scoring

A set of measures used to assess company performance. Capstone groups them into financial results, internal business processes, customers, and learning and growth. Check your course’s measures, weights and targets.

Decision terms you will meet next

Sales forecast

An estimate of the units customers will buy. The forecast informs production plans and pro forma statements. Compare expected results with a lower-sales scenario.

Production schedule

The number of units planned for production. Planned production = forecast sales + desired ending inventory − beginning inventory, subject to capacity and timing constraints.

Capacity / plant utilization

Capacity is the number of units a production line can make in a year on one shift. Capstone allows a second shift, up to twice first-shift capacity. Utilization = production ÷ first-shift capacity × 100, subject to the report’s adjustments. Utilization above 100% indicates second-shift use. Purchased capacity becomes available next round.

Automation

Equipment investment that reduces labor requirements per unit. Higher automation can lengthen R&D repositioning projects. Changes become available the following year.

Positioning / perceptual map

Positioning describes a product’s performance and size. The perceptual map plots these attributes against segment preferences, which move over time. Customers prefer products suited to their segment rather than the smallest or fastest product in every case.

Age / revision date

Perceived age is the time since introduction, adjusted for redesign. A repositioning project halves perceived age when completed; the product then continues to age. An MTBF-only change does not halve age. The revision date is the date the change takes effect.

MTBF / reliability

Mean Time Before Failure, a reliability rating measured in hours. Raising MTBF within a segment’s preferred range can improve its customer score but increases material cost. Reliability above the preferred range provides no further scoring benefit.

Promotion / awareness

Promotion is spending intended to make customers aware of a product. Awareness is the percentage of customers who know it. Awareness declines without support, and additional spending produces diminishing gains.

Sales budget / accessibility

The sales budget funds sales and distribution. Accessibility measures how readily customers in a segment can buy from the company. It differs from awareness, which measures whether customers know the product.

Customer buying criteria / survey score

Buying criteria are price, age, reliability and positioning, weighted by segment. The customer survey score measures how well a product meets customer preferences and also reflects awareness, accessibility and credit terms. A 53% price weight is a scoring weight, not a forecast of market share or price sensitivity.

Segment demand / growth

The number of units customers in a segment demand. Next-year demand = current demand × (1 + growth rate). Check the current Courier for the upcoming growth rate. Company sales also depend on market share and product availability.

Cost leadership / differentiation

Cost leadership is competition based on lower costs while meeting customer requirements. Differentiation is competition based on attributes customers value enough to support a price premium. Each requires coordinated product, marketing, production and financial decisions.

Optional modules: HR, TQM and sustainability

Additional decisions available when the instructor enables Human Resources or TQM/Sustainability. Consult your course settings for their start dates and rules.

TQM investments and diminishing returns

TQM investments can reduce material, labor and administrative costs, shorten R&D projects, or increase demand. Benefits begin in the year of investment and continue in later years. Complementary initiatives can support the same objective. Repeated investment eventually produces smaller gains or none. Check Projected Cumulative Impacts; the stated maximums are cumulative limits, not annual gains.

Strategy foundations — Weeks 1–2

Strategy

A coordinated set of choices and actions for achieving an objective and competing successfully. Business strategy specifies whom a firm serves, what value it offers and which activities support its advantage.

Strategic management

The analysis, formulation and implementation of strategy across an organization. It brings together decisions about customers, products, operations, people and finance.

Goal / objective

A result an organization seeks to achieve. A goal states the desired outcome; a strategy explains the approach. A target market share alone is not a strategy.

Tactics

Specific actions used to carry out a strategy or respond to circumstances. Strategy and tactics differ in scope and purpose, not simply in duration. A price cut is a tactic; whether it helps depends on the strategy and its costs.

Michael E. Porter

A Harvard Business School scholar whose work examines industry competition and competitive advantage. His books include Competitive Strategy (1980) and Competitive Advantage (1985). His frameworks include the Five Forces, generic competitive strategies and the value chain.

Competitive advantage

Performance above that of relevant competitors or the industry average, measured on a stated basis over a stated period. A profit rate or market share needs a comparison before it can establish an advantage.

Sustained competitive advantage

Competitive advantage maintained over an extended period. Also called sustainable competitive advantage. Here, sustainable refers to the persistence of the advantage, not its environmental impact; it does not mean permanent.

Competitive disadvantage

Performance below that of relevant competitors or the industry average on the measure being compared.

Competitive parity

Performance comparable to that of relevant competitors on a stated measure. Parity in profitability does not require identical products or strategies.

Benchmarking

Comparing performance or practices with competitors, an industry average or another relevant standard. Comparisons help identify gaps but do not by themselves determine a strategy. Capstone’s optional TQM initiative named Benchmarking is a specific simulation investment.

Return on invested capital (ROIC)

Operating profit after tax relative to the capital invested in operations. ROIC = net operating profit after tax ÷ invested capital × 100. State whether invested capital uses opening, closing or average balances and how it is defined. ROIC differs from the Courier’s ROA and ROE; a 15% return needs an appropriate comparison.

Competitive positions and industry structure — Weeks 1–2

Value creation

Producing benefits customers value at a cost below their willingness to pay. In a simplified economic model, value created per unit = willingness to pay − cost. Price divides this value between customer benefit and the firm’s margin.

Willingness to pay

The maximum amount a customer would pay for a product or service. It depends on the benefits the customer expects and available alternatives. It is not necessarily the price charged.

Strategic positioning

Choosing the customers to serve, the value to offer and the activities needed to deliver it. In Capstone, strategic positioning includes choices about segments, prices and costs; product positioning on the perceptual map is only one part.

Cost leadership

Competing through a lower cost structure than relevant rivals while meeting customers’ requirements. Low costs can support lower prices or higher margins. In Capstone, automation, material choices and production planning affect costs; a low selling price alone does not establish cost leadership.

Differentiation

Competing by offering distinct benefits that customers value enough to support a price premium. In Capstone, positioning, age, reliability and customer access can support differentiation. The premium must cover the added costs; extra features customers do not value are not an advantage.

Focus / niche strategy

Serving a narrow customer group or market rather than a broad one. A focused firm can compete through lower costs or differentiation. In Capstone, concentrating on selected segments is a focus decision; it does not by itself determine how to compete within them.

Strategic trade-off

A choice that accepts less of one benefit to obtain another, or rules out activities inconsistent with a position. In Capstone, greater automation lowers labor requirements but can lengthen product-repositioning projects.

Strategic fit

Consistency among a firm’s activities so that they support one another and its chosen position. A Capstone strategy needs compatible R&D, marketing, production and financing decisions.

Operational effectiveness

Performing activities more efficiently or reliably. It can improve performance, but rivals may copy the improvement. Strategy also concerns which activities to perform and how they combine.

Economies of scale

Reductions in average cost as the scale of operations increases. Fixed-cost spreading and purchasing efficiencies can contribute. More capacity does not guarantee lower unit costs if the capacity is underused.

Barriers to entry

Conditions that make entry difficult or costly for potential competitors. Examples include scale advantages, large capital requirements, customer switching costs and regulatory restrictions. Capstone’s assigned-company structure does not reproduce every real-world entry barrier.

Industry effects

The influence of an industry’s structure and conditions on firm performance. The strength of rivalry and the bargaining power of buyers or suppliers can affect the profits available to firms in that industry.

Firm effects

Differences in performance attributable to a firm’s resources, capabilities and choices rather than to shared industry conditions. Capstone teams face a common starting environment but make different product, operating and financial decisions.

Porter’s Five Forces

A framework for examining industry competition and profit potential: rivalry among existing competitors, threat of new entrants, threat of substitutes, bargaining power of buyers and bargaining power of suppliers. Substitutes meet a similar need in a different way; they are not simply another brand of the same product.

The strategy process — Week 2

AFI framework

Analysis, Formulation and Implementation: three connected parts of strategic management. Analysis examines the situation; formulation selects an approach; implementation puts it into practice. Results can require changes to any of the three.

Analysis

Examining an organization’s internal resources and external environment to identify the challenge it must address. In Capstone, this includes customer criteria, rival products, production costs and financial constraints.

Competitive challenge

The central problem or opportunity a strategy must address. A useful diagnosis identifies its causes. “Profits are low” describes a result; excess costs, weak customer appeal or idle capacity may explain it.

Formulation

Choosing a strategy in response to the analysis. It includes decisions about where to compete, how to create value and how to allocate resources.

Guiding policy

An overall approach for addressing a diagnosed challenge. It directs choices without prescribing every action. Focusing on reliable, low-cost products for price-sensitive customers is a guiding policy; a sales target is not.

Implementation / coherent actions

Putting strategy into effect through mutually supporting actions, budgets, responsibilities and controls. A Capstone sales forecast, production schedule and financing plan must agree about the resources required.

Corporate strategy

Decisions about the businesses or industries in which an organization participates and how it allocates resources among them. It concerns the scope of the organization.

Business strategy

The approach a firm or business unit uses to compete in a particular market. Cost leadership and differentiation are business-level choices.

Functional strategy

The approach a department or function uses to support the business strategy. R&D, marketing, production and finance each make functional choices; no department’s plan alone constitutes the whole firm’s strategy.

Execution risk

The possibility that a chosen strategy will not be carried out as intended. Delays, inadequate funding and conflicting departmental decisions can prevent an otherwise sound plan from succeeding.

Stakeholders and responsibility — Week 2

Stakeholder

A person, group or organization that can affect or be affected by a firm’s actions. Stakeholders include employees, owners, customers, suppliers, creditors and communities.

Internal and external stakeholders

Internal stakeholders participate in ownership, governance or operations, such as shareholders, directors, managers and employees. External stakeholders include customers, suppliers, creditors, communities and government. These categories describe relationships; they do not rank whose interests matter.

Shareholder / stockholder

An owner of shares in a company. Shareholders are one group of stakeholders. Employees, customers and creditors can have interests in the company without owning shares.

Stakeholder strategy

An approach to managing relationships with stakeholders in support of the firm’s long-term performance. It considers their contributions, claims and potential conflicts rather than treating shareholder returns as the only relevant interest.

Stakeholder impact analysis

A process for identifying stakeholders, their interests and claims, the opportunities and threats they present, the firm’s responsibilities toward them, and appropriate responses. Power, legitimacy and urgency help assess which claims require attention.

Stakeholder power

A stakeholder’s ability to influence a firm’s decisions or actions. Control of funding, essential supplies or regulatory approval can confer power.

Stakeholder legitimacy

The perceived validity or appropriateness of a stakeholder’s claim under laws, norms or accepted expectations. A legitimate claim need not come from a powerful stakeholder.

Stakeholder urgency

The degree to which a stakeholder’s claim requires prompt attention because it is time-sensitive and important. Urgency can change as circumstances change.

Transaction costs

The costs of arranging, monitoring and enforcing exchanges, beyond the price of the goods or services exchanged. Search, negotiation and contract enforcement are examples. Trust can reduce some of these costs.

Before submitting decisions

Check the units and round on the report.
Explain changes in sales, contribution and net profit separately.
Reconcile ending cash; inspect inventory and debt repayments.
Check whether a lower-sales forecast leaves enough cash to meet obligations.
Confirm R&D completion dates and next-round availability of plant changes.
Record the assumptions behind your forecast.

Reading the supplied Industry Conditions Report

The ideal spot is the position customers prefer. Calculate it by adding the segment’s offset to its center. For example, the supplied High End Round 0 center is performance 7.5 / size 12.5. Its offset is +1.4 / −1.4, giving an ideal spot of 8.9 / 11.1. Positions drift monthly.

The supplied Low End criteria weight price at 53%, age at 24%, positioning at 16% and reliability at 7%. High End weights positioning at 43%, age at 29%, reliability at 19% and price at 9%. These percentages are scoring weights. They do not measure market share or the change in demand caused by a price change.

The report labels growth rates as beginning rates and instructs students to check the current Courier for the upcoming year. Its price ranges are Round 0 ranges; the guide specifies a $0.50 annual decrease. Always identify the round before using a number.

Saving decisions as a team

Changes remain in your rough draft until you save them to the team decision file. Assign responsibility for each department and save by department to avoid overwriting a teammate’s work. Use Load Last Decision File to load saved team decisions. Check the Decision Summary to confirm who saved each department and when.

Sources and scope

MANAGMNT 494BI, Week 1, What Is Strategy? (5 slides), and Week 2, Chapter 1: What Is Strategy? (22 slides), Fall 2026. Strategy definitions are teaching summaries, not quotations. Historical company examples in the slides are not treated as current performance claims.
Harvard Business School, Institute for Strategy and Competitiveness: The Five Forces.
Michael E. Porter, Competitive Strategy (1980), Competitive Advantage (1985), and “What Is Strategy?” (1996).
Archie B. Carroll, “The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders” (1991).
Capsim, Capstone 2.0 Team Member Guide: Industry Conditions Report; R&D; Marketing; Production; Finance; and financial statements. Consult especially the guide’s numbered pages 2, 7–12 and 28–29. Accessed September 15, 2026.
Archived class Courier Excel export: financial statement labels and ratio conventions cross-checked for this guide.
Industry Conditions Report supplied September 15, 2026: Round 0 buying criteria, segment positions and initial growth rates. Consult the current Courier for subsequent rounds.

Other Writing · For Students

Return to Dictionary All Entries (A–Z) For Students Other Writing Capstone 2.0