Organizations have an ongoing mandate to achieve continuous improvement as well as to reshape strategies and processes as missions and values change. All living entities redefine themselves daily by what they do and the environment in which they live. Full partnership is not the end of the cycle, but it does represent the ideal culture for organizations. You must dedicate yourself to making your partnerships as full as they can be every day. If you are accountable for your actions—and are intelligent enough to work with others in partnership—you will achieve your brightest future! You will succeed.

Fuel costs represent a big cost block for electric utilities hence their profitability depends to a large extent on raw material costs. Electric utility companies can diversify across the business segments generation, transmission, distribution and trading. The customer base is divided as industrial, commercial and residential.

The business cycle sets the parameters for the sector rotation strategy. Sectors with a high cyclical component will outperform at the early stages of an economic expansion while noncyclical sectors will tend to underperform during an expansion phase relative to the market. The cyclicality of a sector allows predictions about the development of earnings across business cycles. For example, the business of IT hardware companies depends on the capital expenditure (CAPEX) plans of other companies. In an economic slowdown when CAPEX is scaled back or postponed, IT hardware companies run a higher risk of being downgraded due to a deterioration of their credit protection measures. The most recent examples are the telecommunications equipment companies Alcatel and Ericsson. Both suffered from the lack of demand by telecommunications companies in 2002.