Self-imposed budgets typically are:
a. not subject to review by higher levels of management except in specific cases where the input of higher management is required.
b. not critical to the success of a budgeting program.
c. subject to review by higher levels of management in order to prevent the budgets from becoming too loose.
d. not subject to review by higher levels of management since to do so would contradict the participative aspect of the budgeting processing.

What is private equity investing? who participates in it and why? how is palamon positioned in the industry? how does private equity investing compare with public market investing? what are the similarities and differences between the two? why is palamon interested in teamsystem? does it fit with palamon’s investment strategy? how much is 51% of teamsystem’s common equity worth? use both a discounted cash flow and a multiple-based valuation to justify your recommendation. what complexities do cross-border deals introduce? what are the specific risks of this deal? what should louis elson recommend to his partners? is it a go or not? if it is a go, what nonprice terms are important? if it’s not a go, what counterproposal would you make?