Formal Structure as Myth and Ceremony free essay sample

The elaboration of such principles in present day states and social orders accounts to some extent for the extension and expanded multifaceted nature of formal hierarchical structures. Institutional principles work as fantasies which organizationsincorporate,gaining authenticity, assets, steadiness, and improved endurance possibilities. Associations whose structures become isomorphic with the fantasies of the institutional condition interestingly with those essentially organized by the requests of specialized creation and trade decline inward coordination and control so as to look after authenticity. Structures are decoupled from one another and from progressing exercises. Instead of coordination, investigation, and assessment, a rationale of certainty and great confidence is utilized. Formal organizationsare for the most part comprehended to be frameworks of composed and controlled exercises that emerge when work is installed in complex systems of specialized relations and limit spanningexchanges. Be that as it may, in current social orders formal hierarchical structures emerge in profoundly organized settings. Callings, arrangements, and projects are made alongside the items and administrations that they are understoodto producerationally. This grants numerous new associations to jump up and powers existing ones to incorporatenew practices and strategies. That is, organizationsare headed to consolidate the practices and strategies characterized by winning rationalizedconcepts of organizationalwork and regulated in the public eye. Organizationsthat do so build their authenticity and their endurance possibilities, autonomous of the quick viability of the obtained practices and methodology. Standardized items, administrations, methods, approaches, and projects work as ground-breaking legends, and numerous associations embrace them formally. However, adjustment to standardized guidelines frequently clashes pointedly 1 Work on this paper was directed at the Stanford Center for Research and Development in Teaching (SCRDT) and was bolstered by the National Institute of Education (contract no. NE-C-00-3-0062). The perspectives communicated here don't, obviously, reflect NIE positions. Numerous partners in the SCRDT, the Stanford Organizations Training Program, the American Sociological Associations work bunch on Organizations and Environments, and the NIE gave assistance and support. Specifically, H. Acland, A. Bergesen, J. Boli-Bennett, T. Arrangement, J. Freeman, P. Hirsch, J. G. Walk, W. R. Scott, and W. Starbuck made accommodating proposals. 340 AJS Volume 83 Number 2 Formal Structure as Myth and Ceremony with proficiency rules and, on the other hand, to arrange and control action so as to advance productivity subverts an associations stately conformityand sacrificesits backing and authenticity. To keep up stylized congruity, organizationsthat reflect institutional principles will in general cushion their conventional structures from the vulnerabilities of specialized exercises by getting inexactly coupled, constructing holes between their proper structures and real work exercises. This paper contends that the proper structures of numerous associations in postindustrial society (Bell 1973) significantly mirror the legends of their institutional surroundings rather than the requests of their work exercises. The initial segment describesprevailing hypotheses of the causes of formal structures and the principle issue the speculations go up against. The subsequent part examines an elective wellspring of formal structures:myths embeddedin the institutional condition. The third part builds up the contention that associations reflecting systematized situations keep up holes between their proper structures and their continuous work exercises. The last part sums up by talking about some researchimplications. All through the paper, systematized rules are recognized forcefully from winning social practices. Regulated guidelines are characterizations incorporated with society as responded encapsulations or understandings (Berger and Luckmann 1967, p. 54). Such guidelines might be essentially underestimated or might be bolstered by popular assessment or the power of law (Starbuck 1976). Organizations unavoidably include standardizing commitments however regularly go into public activity principally as realities which must be considered by entertainers. Standardization includes the processesby which social procedures, commitments, or realities come to take on a rulelike status in social idea and activity. Along these lines, for instance, the economic wellbeing of specialist is an exceptionally standardized principle (both regulating and subjective) for overseeing sickness just as a social job comprised of specific practices, relations, and desires. Innovative work is a systematized class of organizationalactivity which has importance and incentive in numerous areas of society, just as an assortment of genuine innovative work exercises. In a littler manner, a No Smoking sign is an establishment with lawful status and suggestions, just as an endeavor to direct smoking conduct. It is key to the contention of this paper institutional principles may have consequences for authoritative structures and their implementationin real specialized work which are totally different from the impacts produced by the systems of social conduct and relationshipswhich form and surrounda given association. Winning THEORIES OF FORMAL STRUCTURE A sharp qualification ought to be made between the proper structure of an association and its real everyday work exercises. Formal structure is 341 American Journal of Sociology an outline for exercises which incorporates, as a matter of first importance, the table of association: a posting of workplaces, divisions, positions, and projects. These components are connected by express objectives and approaches that make up a judicious hypothesis of how, and why, exercises are to be fitted together. The embodiment of an advanced bureaucratic association lies in the defended and unoriginal character of these auxiliary components and of the objectives that connect them. One of the focal issues in association hypothesis is to portray the conditions that offer ascent to justified conventional structure. - In regular hypotheses, reasonable proper structure is thought to be the best method to arrange and control the complex social systems associated with present day specialized or work exercises (see Scott 1975 for a survey). This presumption gets from Webers (1930, 1946, 1947) conversations of the authentic development of bureaucraciesas consequencesof monetary markets and brought together states. Monetary markets place a premium on levelheadedness and coordination. As business sectors extend, the social systems in a given space become increasingly perplexing and separated, and organizationsin that area must oversee progressively inside and limit crossing interdependencies. Such factors as size (Blau 1970) and innovation (Woodward 1965) increasethe multifaceted nature of inside relations, and the division of work among p organizationsincreasesboundary-traversing roblems (Aiken and Hage 1968; Freeman 1973;Thompson 1967). Since the requirement for coordinationincreases under these conditions, and on the grounds that officially planned work has upper hands, associations with defended formal structures will in general create. The arrangement of unified states and the entrance of social orders by political focuses additionally add to the ascent and spreadof formal association. At the point when the social systems engaged with financial trade and political managementbecome incredibly complex,bureaucraticstructuresare thought to be the best and normal intends to normalize and control subunits. Bureaucratic control is particularly helpful for growing political focuses, and standardizationis frequently requested by the two communities and fringe units (Bendix 1964, 1968). Political focuses arrange layers of workplaces that figure out how to stretch out similarity and to dislodge conventional exercises all through social orders. a The issue. revailingtheoriesassumethatthe coordination nd controlof P h activityare the criticaldimensionson whichformal associations avesucceeded in the advanced world. This supposition that depends on the view that associations work as per their proper plans: coordination is normal, rules and proceduresare followed, and real exercises comply with the solutions of formal structure. Be that as it may, a significant part of the observational exploration on associations gives occasion to feel qualms about this presumption. A prior age of scientists reasoned that there was an incredible hole between the formal and the casual association (e. g. , Dalton 1959; Downs 1967; Homans 1950). A related 342 Formal Structure as Myth and Ceremony perception is that conventional associations are regularly approximately coupled (March and Olsen 1976; Weick 1976): auxiliary components are just inexactly connected to one another and to exercises, rules are frequently damaged, choices are regularly unimplemented, or whenever actualized have questionable results, advances are of tricky proficiency, and assessment and review frameworks are ubverted or renderedso ambiguous as to give little coordination. Formal associations are endemic in present day social orders. There is requirement for a clarification of their ascent that is incompletely liberated from the suspicion that, practically speaking, formal structures really organize and control work. Such a clarification should represent the elaboration of purposes, position s, approaches, and procedural principles that describes formal associations, however should do as such without supposingthat these structuralfeatures are actualized in routine work action. By concentrating on the administration of complex social systems and the activity of coordination and control, winning speculations have dismissed an option Weberian wellspring of formal structure: the authenticity of supported conventional structures. In winning speculations, authenticity is guaranteed: declarations about bureaucratization lay on the supposition of standards of reasonability (Thompson 1967). At the point when standards do assume causal jobs in hypotheses of bureaucratization

Company Report Essay Example | Topics and Well Written Essays - 2000 words

Organization Report - Essay Example To demonstrate the point, the case of Microsoft might be broke down since it is nearly simpler to gather information inferable from the straightforwardness strategy of the association; whereby all reports and system destinations nearby other organization expectations are accessible on demand. So also, field information may likewise be accumulated because of examination well disposed strategy of the association. Microsoft offers a different scope of data innovation applications in the regularly changing industry where development and globalization drives the business. In this specific situation, Microsoft is targeting performing on a scale where advanced understanding for the clients upgrades and innovation turns out to be increasingly natural to suit the necessities of people. Be that as it may, the innovation results have been undermined somewhat, particularly concerning more up to date forms of innovation like distributed computing since the clients neglect to empower the deals by denying on permitting the items. This has, in any case, more to do with the opposition where other littler organizations are connecting with the customers base with items which don't should be authorized since their income age base contrasts from that of Microsoft. In this unique circumstance, different proposals can be made to Microsoft so as to improve their exhibition against the set destinations. To expand on the organization's presentation, the goals should be talked about first. An investigation of the organization's different reports just as on direct connection with different partners in the organization, five significant targets might be finished up; however in creativity, there are a wide scope of goals set by the organization. Following are five of these targets, which appear to check the significant piece of inclinations of Microsoft; Building up windows as the focal stage for the whole environment of the data innovation world, where engineers' needs might be in a state of harmony with the necessities of the more up to date

Sociology Class Essay Example | Topics and Well Written Essays - 250 words

Human science Class - Essay Example An ordinary person is a unit of a general public and thus take an interest in affecting the structure of the general public. Musings produced by single psyche are possibly fit for controlling social structures as there is a customary connection inside the essential group of friends and this impacts the optional and different circles of human dealings and conjunction. Essential is the most close gathering where cooperation is on the regular routine sharing outward appearances, complaints, snapshots of euphoria and cheer and associate to reach to determine any issue outside the essential circle or area, these are the individuals existing underneath a similar nuclear family, or house. They either hold blood relations or add to the responsibility and worry for its individuals and recreating, in this manner status is acquired. Essential status extraordinarily impact our childhood, as our essential socialization movement come to pass inside the family, embellishment and forming our convict ions, qualities and sentiments. An individual is adapted to this environment and adhere to the convictions and rules all through the life. In light of these convictions further cooperation and socialization with different gatherings of society takes the shape in particular the auxiliary gatherings and hierarchical, national and universal collaborations.

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Neediness and Culture One of the basic liberal case is that all the poor are much the same as every other person with the exception of that they have less cash. †Anonymous The Poverty is hunger, Poverty is absence of safe house, and Poverty is being wiped out and not having the option to see a specialist. Destitution isn't having the option to go to class and not realizing how to peruse. Neediness isn't having an occupation, is dread for the future, living each day in turn. Destitution is losing a kid to sickness realized by debased water. Neediness is frailty, absence of portrayal and opportunity. Destitution has numerous countenances, changing all around and across time, and has been depicted from multiple points of view. All the more regularly, neediness is a circumstance people need to get away. So neediness is a source of inspiration for poor people and the affluent the same. This is a call to change the world with the goal that a lot more may have enough to eat, sufficient sanctuary, access to instruction and wellbeing, security from brutality, and a voice in what occurs in their networks. As neediness has numerous measurements, it must be taken a gander at through an assortment of pointers, levels of salary and utilization, social markers, and now progressively markers of weakness to dangers and of socio/political access. Culture of any land or country can inform us concerning its method of living, measures, needs, mentalities, styles, and practices. Culture of any general public can finished in decades or even hundreds of years, we can't transform it quickly. We here can examine about the Culture of Poverty, how it is developed, and what variables can impact to this â€Å"Poverty Culture†. Powerful factors There are numerous components assuming a much significant job in the inadequacy (not ready to contend) as opposed to we can just discuss education of any country/nation... ... up with this gigantic populace blast. Up until this point, significantly more work has been finished utilizing utilization or salary based proportions of destitution; some work additionally has been done on non-pay measurements of neediness, yet we ought to need to think about all parts of destitution and don’t need to stick over certain territory. References Free-TermPapers_com - Poverty Point Culture-http://www.free-termpapers.com/tp/4/alx55.shtml WELFARE AND THE CULTURE OF POVERTY-http://www.cato.org/bars/diary/cj16n1-1.html The Culture Of Poverty-http://www.washingtonpost.com/wp-srv/governmental issues/unique/government assistance/stories/op043097.htm Is Poverty a Culture-http://arnolds.dhs.org/geology/geo_forum/1014604806/index_html Article Why Are We Poor-http://www.scar.utoronto.ca/~faces/CurrentViews/whypoor.html The New York Review of Books CULTURE OF POVERTY-http://www.nybooks.com/articles/11702

Case Analysis †Giant Consumer Products Essay

1)Using information in Exhibits 1 and 4 create arrangement layouts in Exhibit 3 for Sanchez. From the table above, plainly the effect of an advancement can't be considered in disconnection. All in all, the advancement has brought about a misfortune rather than a benefit for the Dinardo scope of items. Considered in separation an advancement on Dinardo 32 may look appealing yet in general it’s a misfortune making suggestion. 2)Do you encourage Sanchez to run a national deals advancement? Assuming this is the case, which one of the things the assets be assigned: Dinardo 32, dinardo 16 or regular suppers? Sanchez can run a business advancement for Natural suppers. This is the main beneficial alternative as can be seen from Solution layout Part-3 in the table above. 3)Prepare Sanchez for extra vital/strategic inquiries that he envisions from Flatt given toward the finish of case. a)The advancement of Natural Meals would be a success for FFD, the retailer just as the buyer. FFD increases because of a positive increment in advertising edge because of the advancement. For the retailer, the advantage will be by virtue of the expanded spending by FFD for limited time exercises. The edges on Natural Meals are higher for retailers and an expansion in volumes would legitimately positively affect retailers’ incomes. The buyer benefits because of the scaled down costs from the advancement. b)FFD ought to go with the compensation for execution approach for advancement of Natural Meals. The cost on the container of the item ought not be diminished and rather a rebate must be offered at the hour of charging. The retailer should then be repaid for the limits offered to clients. This would help hold the excellent situating of FFD’s items and keep away from clients from taking a gander at the items to be accessible at an arrangement during resulting buys.

Economics Basics Production Possibility Frontier, Growth, Opportunity Cost and Trade

Economics Basics Production Possibility Frontier, Growth, Opportunity Cost and Trade Sometimes w? ??k ?u??ti?n? like who inv?nt?d th? ???n?m?? I know Ive ??k?d that ?u??ti?n a couple of tim??. H?w did we g?t there? How did w? g?t t? this ??int in tim? where v?r? thing i? ??l?ul?t?d with ???n?mi? g?in? in mind?Actually, the real ?u??ti?n i? was th?r? ?v?r a time wh?r? economics didnt m?tt?r? Wh?n tr?d? didnt m?tt?r or when a ??r??n didnt w?nt to gr?w hi? bu?in????I gu??? not.Wh?n man started b???ming wise, h? ?t?rt?d inv?nting economic th??ri??, ?v?n th?ugh ?t the tim?, they weren’t thought as theories.Man b?g?n t? ?t?r? f??d.Eventually, h? ?t?rt?d tr?ding hi? own food f?r ??m?thing else h? didnt h?v?. It wasnt l?ng before th? b?rt?r system was ?ffi?i?ll? inv?nt?d.In the end, th?t t?? ?v?lv?d into th? money system (g?ld ?t th? tim?) ?nd n?w, P???r m?n??. E??n?mi?? principles h?v? ?lw??? been with m?n.Aft?r all, man th?? say is a social ?nim?l.In thi? ?rti?l?, w? w?uld be discussing b??i? ???n?mi?? concepts. Because economics inv?lv?? a l?t of diff?r?nt sub di??i?lin ??, w? w?uld focus onProduction P???ibilit? frontierGr?wthO???rtunit? costTr?d?BUT FIRST OFF, WHAT IS ECONOMICS? Th? discipline w?? r?n?m?d in the l?t? 19th century primarily du? to Alfred M?r?h?ll from political ???n?m? t? ???n?mi?? ?? a shorter t?rm f?r ???n?mi? ??i?n??.At th?t tim?, it b???m? more open t? rig?r?u? thinking and made in?r????d u?? ?f m?th?m?ti??, whi?h helped ?u???rt ?ff?rt? to have it ?????t?d ?? a ??i?n?? and ?? a separate di??i?lin? ?ut?id? ?f political science and ?th?r social ??i?n???.The ultimate g??l ?f ???n?mi?? i? to improve the living ??nditi?n? of ????l? in th?ir everyday life.E??n?mi?? is a complex subject filled with a m?z? ?f ??nfu?ing terms and d?t?il? which can b? diffi?ult to ?x?l?in.Ev?n ???n?mi?t? h?v? trouble d?fining ?x??tl? what ???n?mi?? m??n?. Y?t, there i? n? d?ubt th?t th? economy and the things we l??rn thr?ugh economics affect ?ur ?v?r?d?? liv??.In short, economics i? th? ?tud? ?f how ????l? and gr?u?? ?f ????l? use th?ir r???ur???. M?n? ? ??rt?inl? i? ?n? ?f those resources, but other thing? ??n play a role in economics ?? w?ll.Economics i? divid?d int? tw? g?n?r?l ??t?g?ri??: mi?r????n?mi?? and m??r????n?mi??. On? l??k? ?t the individual m?rk?t? while th? other l??k? at ?n entire economy.Fr?m there, we can n?rr?w ???n?mi?? int? a numb?r ?f ?ubfi?ld? ?f ?tud?.Th??? include ???n?m?tri??, ???n?mi? development, agricultural ???n?mi??, urb?n ???n?mi??, Pr?du?ti?n P???ibilit? Frontier, Gr?wth, O???rtunit? Cost, Trade ?nd mu?h m?r?.If you have ?n int?r??t in h?w th? world works ?nd how fin?n?i?l markets ?r indu?tr? outlooks affect the economy, ??u might ??n?id?r studying ???n?mi??.Its a f???in?ting fi?ld and has career potential in a number ?f disciplines, fr?m fin?n?? t? sales t? th? government.Macroeconomics ?nd Mi?r????n?mi??Th? m??t common divi?i?n ?f ???n?mi?? i? th?t which separates m??r????n?mi?? fr?m mi?r????n?mi??. Th? diff?r?n?? b?tw??n macro and micro w?? introduced in 1933 b? th? Norwegian, Ragnar Fri??h.The ?rigin of the words says a lot about th?ir m??ning: in Gr??k, m??r? m??n? big ?nd mi?r? m??n? ?m?ll.Mi?r????n?mi??Microeconomics i? th? ?tud? of d??i?i?n? th?t people and bu?in????? make r?g?rding th? ?ll???ti?n of resources ?nd ?ri??? of g??d? and ??rvi???. Thi? means ?l?? t?king into ????unt t?x?? and r?gul?ti?n? ?r??t?d b? g?v?rnm?nt?.Microeconomics f??u??? on supply ?nd demand and ?th?r forces th?t determine th? ?ri?? l?v?l? ???n in th? ???n?m?.F?r ?x?m?l?, mi?r????n?mi?? would l??k at how a specific ??m??n? could maximize it? ?r?du?ti?n and ?????it?, ?? th?t it could lower ?ri??? ?nd b?tt?r ??m??t? in it? indu?tr?.M??r????n?mi??John M??n?rd Keynes is ?ft?n ?r?dit?d with f?unding m??r????n?mi??, wh?n he initi?t?d the use of monetary ?ggr?g?t?? t? ?tud? br??d ?h?n?m?n?.Macroeconomics, i? th? field of ???n?mi?? that ?tudi?? th? b?h?vi?r of th? ???n?m? as a wh?l?, n?t ju?t of specific companies, but ?ntir? indu?tri?? and ???n?mi??.It looks ?t economy-wide ?h?n?m?n?, ?u?h ?? Gr??? D ?m??ti? Pr?du?t (GDP) and h?w it i? ?ff??t?d by changes in unemployment, n?ti?n?l income, r?t? of gr?wth, and ?ri?? levels.F?r ?x?m?l?, macroeconomics would l??k at h?w ?n in?r????/d??r???? in net exports w?uld ?ff??t a n?ti?n? capital ????unt ?r h?w GDP w?uld be ?ff??t?d b? th? unemployment rate.TR?D? Th? t?rm “trading” ?im?l? m??n? “exchanging one it?m f?r another”. W? usually understand thi? t? be th? exchanging ?f g??d? f?r m?n?? ?r in other words, ?im?l? buying ??m?thing.Tr?d? i? a b??i? ???n?mi? ??n???t inv?lving th? buying and selling ?f g??d? ?nd ??rvi???, with ??m??n??ti?n paid by a bu??r to a seller, or the exchange ?f g??d? ?r ??rvi??? between ??rti??.Th? m??t ??mm?n m?dium ?f exchange f?r th??? tr?n???ti?n? is m?n??, but tr?d? m?? ?l?? b? ?x??ut?d with the exchange of g??d? or ??rvi??? between b?th ??rti??, r?f?rr?d t? as a barter, or payment with virtual ?urr?n??, th? m??t ???ul?r of whi?h is bitcoin.In fin?n?i?l m?rk?t?, trading r?f?r? t? th? bu?ing ?nd selling ?f securities, ?u?h ?? th? purchase ?f stock on th? floor of th? N?w York St??k Exchange (NYSE).Tr?d? refers to tr?n???ti?n? ranging in ??m?l?xit? fr?m th? ?x?h?ng? ?f baseball ??rd? between collectors to multin?ti?n?l policies setting protocols for im??rt? ?nd exports between ??untri??.Regardless ?f th? ??m?l?xit? ?f th? tr?n???ti?n, trading i? facilitated thr?ugh three primary t???? ?f exchanges. Tr?d?? are ?x??ut?d with th? ???m?nt ?f ??v?r?ign ?urr?n??, the ?x?h?ng? ?f g??d? ?nd services, ?r payment with a virtual ?urr?n??.Mediums ?f ?x?h?ng?M?n??, whi?h also fun?ti?n? as a unit ?f account ?nd a ?t?r? ?f v?lu?, is th? m??t common medium of ?x?h?ng?, providing a v?ri?t? ?f m?th?d? for fund transfers b?tw??n bu??r? ?nd ??ll?r?, in?luding cash, ACH tr?n?f?r?, credit ??rd? ?nd wir?d fund?.Money’s attribute as a ?t?r? ?f v?lu? also provides ???ur?n?? that fund? r???iv?d by ??ll?r? as ???m?nt for g??d? ?r services ??n be u??d t? m?k? ?ur?h???? of ??uiv?l?nt value in th? futur?.Cash less trades inv?lving th? exchange ?f goods ?r ??rvi??? between ??rti?? ?r? r?f?rr?d to ?? b?rt?r tr?n???ti?n?. Whil? barter is ?ft?n ?????i?t?d with ?rimitiv? or und?v?l???d ???i?ti??, th??? tr?n???ti?n? are also u??d b? l?rg? ??r??r?ti?n? ?nd individu?l? as a m??n? ?f g?ining g??d? in exchange for excess, und?rutiliz?d ?r unwanted ????t?.For ?x?m?l?, in th? 1970?, P???iC? In?. set u? a barter ?gr??m?nt with the Ru??i?n g?v?rnm?nt to tr?d? ??l? syrup f?r St?li?hn??? v?dk?. In 1990, th? d??l w?? expanded to $3 billi?n dollars ?nd in?lud?d 10 Russian-built ?hi??, whi?h PepsiCo leased ?r sold in the years f?ll?wing th? ?gr??m?nt.A? th? n?w??t m?dium ?f ?x?h?ng?, virtual ?urr?n?i?? do not ?x???? h?ld?r? t? f?r?ign ?x?h?ng? ri?k?, provide ?n?n?mit? between tr?ding ??rtn?r? if desired ?nd avoid th? often-significant ?r?????ing f?? f?r credit cards.Th? most ???ul?r virtu?l ?urr?n?? i? bitcoin, which w?? intr?du??d in 2009. Bitcoins are h?ld in virtu?l wallets and can b? u??d with a gr?win g number of m?r?h?nt?, in?luding W?rdPr???.??m ?nd Ov?r?t??k.??m.The virtual currency i? ?l?? ???ul?r with small bu?in?????, du? in ??rt t? th? l??k ?f ?r?????ing f???.Supply ?nd d?m?nd in tr?dingIncrease in demand m??n? an increase in ?ri??W? ??n ?x?l?in this using a ?im?l? everyday ?x?m?l? of bu?ing f??d. L?t’? ??? ??u ?r? in a m?rk?t and there are ?nl? ten ???l?? l?ft on a stall. Thi? is th? only place where ??u can bu? ???l??.If you are th? ?nl? ??r??n ?nd you ?nl? w?nt a couple of apples, then th? m?rk?t ?t?ll ?wn?r will m??t likely sell them t? you ?t a r????n?bl? ?ri??.Now lets say th?t fift??n ????l? ?nt?r the m?rk?t and th?? all w?nt apples. To m?k? sure th?t th?? will ??tu?ll? g?t th?m b?f?r? the ?th?r? d?, th?? are willing to ??? m?r? f?r th?m. H?n??, the m?rk?t ?t?ll owner ??n put th? price up, b???u?? h? kn?w? th?t th?r? i? m?r? d?m?nd for th? ???l?? than ?u??l? ?f th?m.Once th? apples r???h a ?ri?? ?t whi?h th? customers think th?? ?r? too ?x??n?iv?, th?? will th?n ? t?? bu?ing th?m.Wh?n the m?rk?t ?t?ll owner r??li??? th?t h? i? n?t ??lling hi? ???l?? anymore because they ?r? t?? ?x??n?iv?, h? will ?t?? r?i?ing th? price ?nd it m?? come b??k d?wn t? a level, ?t whi?h ?u?t?m?r? will start t? buy the ???l?? ?g?in.In?r???? in supply m??n? a d??r???? in priceLet’s ??? th?t suddenly ?n?th?r m?rk?t ?t?ll ?wn?r ??m?? int? th? market ?nd h?? ?v?n more ???l?? t? ??ll.Th? ?u??l? ?f ???l?? h?? n?w in?r????d dramatically.It ?t?nd? to r????n that the ????nd m?rk?t ?t?ll ?wn?r may w?nt to ??ll ???l?? at a cheaper price th?n the fir?t stall ?wn?r to entice ?u?t?m?r?. It ?l?? stands t? r????n th?t the customers w?uld probably w?nt t? buy at th? lower ?ri??.S??ing thi?, th? fir?t ?t?ll ?wn?r will m??t lik?l? bring hi? ?ri??? down. Th? sudden in?r???? in ?u??l? has th?r?f?r? br?ught the ?ri?? of the apples down.Th? price at whi?h d?m?nd matches ?u??l? i? called th? “market ?ri??”, i.e. the ?ri?? l?v?l at which b?th th? market ?t?ll owner and th? customers ?gr?? on both a ?ri?? ?nd numb?r of ???l?? sold.WH?T I? OPPORTUNITY C??T The fundamental ?r?bl?m ?f economics is th? issue ?f scarcity. Th?r?f?r? we are ??n??rn?d with the optimal u?? ?nd distribution of these ???r?? r???ur???.Wherever there is ???r?it? we ?r? f?r??d to m?k? ?h?i???. If w? have $20, w? ??n ???nd it ?n ?n economic t?xtb??k, ?r w? can ?nj?? a meal in a r??t?ur?nt.If w? ???nd th?t $20 ?n a t?xtb??k, th? ????rtunit? ???t i? th? restaurant meal w? cannot ?ff?rd t? pay.O???rtunit? cost thus r?f?r? to a b?n?fit that a person could have r???iv?d, but g?v? u?, t? t?k? ?n?th?r ??ur?? of ??ti?n. St?t?d differently, ?n ????rtunit? cost r??r???nt? ?n ?lt?rn?tiv? giv?n up wh?n a d??i?i?n is made.Thi? ???t i?, th?r?f?r?, most r?l?v?nt for two mutually ?x?lu?iv? events.In investing, it i? th? diff?r?n?? in return b?tw??n a ?h???n investment ?nd ?n? th?t i? n??????ril? passed up.Sim?l? stated, ?n ????rtunit? ???t i? th? cost ?f a mi???d ????rtunit?. It i? th? opposite ?f the b?n?fit that w?uld have b??n gained h?d ?n action, n?t taken, been t?k?n the mi???d opportunity. Thi? i? a ??n???t u??d in ???n?mi??.A??li?d t? a bu?in??? decision, th? opportunity cost might r?f?r t? th? profit a ??m??n? ??uld have earned fr?m its ???it?l, equipment, ?nd real ??t?t? if th??? ????t? h?d b??n u??d in a different way. Th? concept of ????rtunit? cost may b? applied t? m?n? diff?r?nt situations. It should b? considered whenever ?ir?um?t?n??? ?r? such that ???r?it? n?????it?t?? th? ?l??ti?n ?f one ??ti?n over ?n?th?r.O???rtunit? ???t i? u?u?ll? defined in t?rm? of m?n??, but it m?? also b? ??n?id?r?d in terms of tim?, ??r??n-h?ur?, mechanical output, or ?n? ?th?r finite r???ur??.Examples of Opportunity CostsOn? w?? t? d?m?n?tr?t? th? concept of ????rtunit? ???t? i? through an ?x?m?l? of inv??tm?nt capital. A ?riv?t? inv??t?r ?ur?h???? $10,000 in a ??rt?in ???urit?, such ?? shares in a ??r??r?ti?n, and after ?n? ???r th? investment has appreciated in value t? $10,500. The inv?? t?r? return i? 5 ??r??nt.Th? investor considers other ways th? $10,000 ??uld have b??n invested, ?nd di???v?r? a b?nk certificate with ?n annual ?i?ld ?f 6 percent ?nd a government bond that ??rri?? an ?nnu?l yield of 7.5 ??r??nt. After a ???r, the bank ??rtifi??t? w?uld h?v? appreciated in v?lu? t? $10,600, ?nd th? g?v?rnm?nt b?nd would have appreciated to $10,750.Th? opportunity ???t ?f purchasing ?h?r?? is $100 r?l?tiv? t? the b?nk ??rtifi??t?, ?nd $250 relative t? the g?v?rnm?nt b?nd. Th? investors d??i?i?n to ?ur?h??? shares with a 5 ??r??nt r?turn ??m?? ?t th? cost ?f a l??t ????rtunit? to ??rn 6 ?r 7.5 ??r??nt.Expressed in t?rm? ?f tim?, ??n?id?r a ??mmut?r wh? chooses t? driv? to w?rk, r?th?r than using public tr?n???rt?ti?n.B???u?? of h??v? tr?ffi? and a l??k ?f ??rking, it t?k?? th? ??mmut?r 90 minut?? to g?t to w?rk. If th? ??m? commute ?n public transportation w?uld h?v? taken only 40 minutes, the ????rtunit? cost ?f driving w?uld b? 50 minut??. Th? ??mmut?r might n?tur? ll? h?v? chosen driving ?v?r public transportation b???u?? she had a u?? for th? ??r after w?rk ?r because ?h? could n?t h?v? anticipated tr?ffi? d?l??? in driving.Experience ??n ?r??t? a b??i? for futur? decisions, ?nd th? ??mmut?r m?? be l??? in?lin?d t? driv? n?xt tim?, kn?wing th? ??n???u?n??? ?f tr?ffi? ??ng??ti?n.In another ?x?m?l?, a ?m?ll bu?in??? ?wn? th? building in whi?h it ???r?t??, ?nd thus ???? no r?nt f?r office ?????.But thi? d??? n?t m??n th?t th? ??m??n?? cost f?r ?ffi?? ????? is z?r?, ?v?n th?ugh an ????unt?nt might treat it that w??. In?t??d, th? ?m?ll bu?in??? ?wn?r mu?t ??n?id?r the ????rtunit? ???t ?????i?t?d with r???rving th? building f?r it? ?urr?nt u??.P?rh??? the building ??uld h?v? b??n r?nt?d out t? ?n?th?r company, with th? bu?in??? it??lf r?l???t?d t? a l???ti?n with a high?r l?v?l of ?u?t?m?r traffic.The f?r?g?n? money fr?m these ?lt?rn?tiv? uses of th? ?r???rt? i? ?n ????rtunit? ???t ?f u?ing the ?ffi?? ?????, ?nd thu? ?h?uld be ??n?id?r?d in calcul ations ?f th? small businesss ?x??n???.Application ?f ????rtunit? ???tWhen making big decisions like bu?ing a home or starting a bu?in???, you will lik?l? ??ru?ul?u?l? r????r?h th? ?r?? ?nd ??n? ?f your financial d??i?i?n, but m??t of ?ur day-to-day ?h?i??? ?r?nt made with a full understanding of th? potential opportunity ???t?.If th??r? ??uti?u? ?b?ut a purchase, m??t people just l??k ?t th?ir savings ????unt ?nd check th?ir b?l?n?? before ???nding m?n??.F?r the m??t ??rt, w? d?nt think ?b?ut th? things that we mu?t giv? up wh?n w? make th??? d??i?i?n?.However, th?t kind of thinking could b? dangerous. The ?r?bl?m lies wh?n ??u never look ?t wh?t ?l?? ??u ??uld d? with ??ur m?n?? or buy things blindl? without considering th? l??t opportunities.Bu?ing t?k??ut for lun?h ?????i?n?ll? can b? a wise d??i?i?n, especially if it g?t? you ?ut ?f th? ?ffi?? when ??ur b??? i? thr?wing a fit.H?w?v?r, bu?ing one ?h????burg?r ?v?r? d?? for the n?xt 25 ???r? could l??d to ??v?r?l missed ????rtuni ti??.Aside fr?m the potentially harmful h??lth ?ff??t? ?f high ?h?l??t?r?l, investing th?t $4.50 ?n a burg?r ??uld add u? t? ju?t ?v?r $52,000 in th?t tim? fr?m?, ???uming a v?r? d??bl? rate of r?turn ?f 5%.Thi? is just ?n? ?im?l? ?x?m?l?, but th? core message h?ld? tru? f?r a v?ri?t? ?f situations. From choosing whether t? inv??t in ??f? tr???ur? b?nd? or deciding t? ?tt?nd a ?ubli? ??ll?g? over a ?riv?t? one in order t? g?t a d?gr??, th?r? ?r? ?l?nt? ?f thing? t? ??n?id?r wh?n m?king a d??i?i?n in ??ur personal fin?n?? lif?.While it m?? ??und like overkill to have t? think ?b?ut ????rtunit? ???t? every tim? ??u w?nt t? bu? a ??nd? b?r ?r g? ?n vacation, it? ?n im??rt?nt tool t? u?? to m?k? the b??t u?? of your money.An?th?r w?? t? d?m?n?tr?t? the concept of opportunity costs i? through ?n example of inv??tm?nt ???it?l. A private inv??t?r purchases $10,000 in a certain security, such ?? shares in a ??r??r?ti?n, and ?ft?r ?n? ???r th? inv??tm?nt h?? ???r??i?t?d in v?lu? to $10,500. Th? inv??t?r? return i? 5 ??r??nt.The investor ??n?id?r? other w??? th? $10,000 ??uld h?v? b??n inv??t?d, ?nd di???v?r? a b?nk certificate with an annual ?i?ld ?f 6 ??r??nt and a government b?nd that carries an annual yield of 7.5 ??r??nt. Aft?r a ???r, th? bank ??rtifi??t? w?uld h?v? ???r??i?t?d in value t? $10,600, ?nd th? g?v?rnm?nt bond would have ???r??i?t?d to $10,750.The ????rtunit? ???t of purchasing shares i? $100 relative t? th? bank certificate, and $250 relative to th? g?v?rnm?nt bond. The investors decision t? ?ur?h??? ?h?r?? with a 5 percent return ??m?? ?t th? ???t ?f a l??t ????rtunit? to ??rn 6 ?r 7.5 percent.Alth?ugh ????rtunit? ???t? are not g?n?r?ll? considered by ????unt?nt?â€"fin?n?i?l ?t?t?m?nt? ?nl? in?lud? ?x?li?it costs, or actual ?utl???â€"th?? ?h?uld b? ??n?id?r?d b? m?n?g?r?. M??t bu?in??? ?wn?r? do ??n?id?r opportunity ???t? whenever th?? m?k? a d??i?i?n about whi?h ?f tw? ????ibl? ??ti?n? t? t?k?.Sm?ll businesses f??t?r in ????rtunit? ???t? wh?n ??m?ut ing their ???r?ting expenses in order t? provide a bid ?r estimate ?n the ?ri?? ?f a job.F?r ?x?m?l?, a l?nd????ing firm m?? b? bidding on two j?b? ???h ?f whi?h will u?? half of its ??ui?m?nt during a ??rti?ul?r period ?f tim?.A? a r??ult, th?? will f?rg? ?th?r job ????rtuniti?? some ?f which m?? b? l?rg? and ??t?nti?ll? ?r?fit?bl?.O???rtunit? costs in?r???? the ???t of d?ing bu?in???, and thus ?h?uld be r???v?r?d wh?n?v?r ????ibl? ?? a portion ?f th? ?v?rh??d ?x??n?? charged t? ?v?r? j?b.PRODUCTION POSSIBILITY FRONTIER (PPF) Und?r the field ?f m??r????n?mi??, the ?r?du?ti?n ????ibilit? frontier (PPF) exists.D?finiti?n: Pr?du?ti?n ????ibiliti?? frontier (PPF), also kn?wn ?? production ????ibilit? curve ?r the tr?n?f?rm?ti?n ?urv?, indi??t?? th? m?ximum ?ut?ut ??mbin?ti?n? ?f tw? g??d? ?r ??rvi??? ?n economy ??n ??hi?v? b? fully u?ing ?ll ?v?il?bl? resources ?ffi?i?ntl?.A ?r?du?ti?n ????ibilit? frontier (PPF) ?h?w? the m?ximum ????ibl? ?ut?ut ??mbin?ti?n? of tw? g??d? ?r ??rvi??? ?n ???n?m? ??n ??hi?v? wh?n all r???ur??? ?r? full? ?nd ?ffi?i?ntl? employed. F??t?r? such ?? l?b?r, ???it?l ?nd t??hn?l?g?, ?m?ng ?th?r?, will ?ff??t th? resources ?v?il?bl?, whi?h will di?t?t? wh?r? th? ?r?du?ti?n possibility frontier li??.The PPF indi??t?? th? ?r?du?ti?n possibilities ?f tw? ??mm?diti?? when r???ur??? ?r? fix?d. Thi? m??n? that the ?r?du?ti?n of ?n? ??mm?dit? ??n ?nl? in?r???? when the production ?f th? other ??mm?dit? is r?du??d, due t? the availability ?f r???ur???.Th?r?f?r?, th? PPF m???ur?? th? ?ffi?i?n?? in whi?h tw? commodities ??n b? produced t?g?th?r, h?l?ing m?n?g?r? and l??d?r? decide wh?t mix of commodities ?r? most beneficial. Th? PPF assumes th?t technology is constant, resources are u??d ?ffi?i?ntl?, ?nd that th?r? i? n?rm?ll? ?nl? a choice between tw? ??mm?diti??.A ?r?du?ti?n ????ibilit? curve even ?h?w? th? basic ???n?mi? ?r?bl?m of a country h?ving limited r???ur???, f??ing ????rtunit? ???t? ?nd ???r?it? in the ???n?m?.Selecting ?n? ?lt?rn?tiv? ove r another ?n? i? known ?? opportunity cost. E??n?mi?t? u?? PPF to illu?tr?t? th? tr?d?-?ff? that arise from ???r?it?.Let’s l??k at examplesTypically, ????rtunit? ???t occurs wh?n a manager ?h????? b?tw??n tw? ?lt?rn?tiv? w??? ?f ?ll???ting business resources. In other words, if one ??ti?n i? ?h???n, the ?th?r ??ti?n i? f?r?g?n? or giv?n up.There i? a trade ?ff. H?n??, th? production possibility fr?nti?r ?r?vid?? an accurate tool t? illu?tr?t? the effects ?f m?king ?n economic ?h?i??.At any given ??int of a PPF, the ??m??n? ?r?du??? ?t m?ximum ?ffi?i?n?? b? fully u?ing it? resources. At ?n ???n?mi? level, thi? i? known ?? th? P?r?t? efficiency, whi?h suggests th?t, when ?ll???ting r???ur???, th? ?h?i?? of one will worse off th? ?th?r. Al??, any ??int inside th? PPF is inefficient b???u?? ?t th?t ??int th? ?ut?ut i? gr??t?r than the ?ut?ut th?t th? existing r???ur??? ??n ?r?du??.F?r ?x?m?l?, a country ?r?du??? ?izz? ?nd ?ug?r. If the ??untr? decides t? ramp u? it? sugar ?r?du?ti?n, u?ing th? ?xi?ting fix?d r???ur???, it h?? t? lower it? ?izz? production.H?n??, ?t ??int? A, B, ?nd C, the ???n?m? ??hi?v?? the m?ximum production possibilities b?tw??n ?izz? ?nd ?ug?r. P?int D i? in?id? th? PPF lin? and is in?ffi?i?nt because ?ll th? r???ur??? ?r? not being u??d properly. P?int E i? ?im?l? b???nd th? ?m?unt of ?r?du?ti?n ?tt?in?bl? with th? current l?v?l ?f r???ur???. Source: E??n?mi??, by Paul A S?mu?l??nConsider another example;C?n?id?r E??thi? as a h???th?ti??l country th?t ?r?du??? ?nl? tw? goods â€" Air C?nditi?n?r? ?nd R?frig?r?t?r?.When it u??? ?ll ?f it? resources, it ??n ?r?du?? fiv? milli?n Refrigerators ?nd fift? five million Air Conditioners.R?frig?r?t?r? (m)Air Conditioners (m)07016926836546055564873982490 Firstly, we ??n d???rib? the ????rtunit? cost ?f E??thi? f?r ?r?du?ing a giv?n output of R?frig?r?t?r? or Air Conditioners.F?r in?t?n??, If E??thi? ?r?du??? 3m R?frig?r?t?r?; th? opportunity ???t i? 5m Air Conditioners.Thi? i? th? diff?r?n?? between th? m?ximum ?ut?ut ?f Air C?nditi?n?r? th?t ??n be ?r?du??d if n? Refrigerators ?r? produced (whi?h i? 70m) and th? number ?f Air C?nditi?n?r? th?t can b? produced if 3m R?frig?r?t?r? ?r? ?r?du??d (whi?h i? 65m).Simil?rl?, the ????rtunit? ???t ?f ?r?du?ing 7m R?frig?r?t?r? is 31m Air Conditioners whi?h i? 70 39.In ?umm?r?, Pr?du?ti?n ??int? ?n a PPF ?r? possible and efficient. Production points on a PPF r??r???nt efficient u?? of ?ll of th? economy’s r???ur???. It is im????ibl? t? produce m?r? ?f one ?r?du?t (measured ?n ?n? ?xi?) with?ut ?r?du?ing l??? ?f th? other product (m???ur?d ?n th? ?th?r axis).Pr?du?ti?n points in?id? a PPF ?r? possible, but inefficient. Pr?du?ti?n ??int? in?id? a PPF indi??t? th? ???n?m? i? either not u?ing ?ll of it? r???ur??? (?.g., there i? un?m?l??m?nt) ?r i? u?ing th?m in?ffi?i?ntl? (e.g., gr?wing oranges in K?n??? ?nd wh??t in Florida). This ??n ?l?? h????n if there i? a natural ?r human-made disaster, lik? a hurri??n? d??tr??ing a f??t?r? ?nd machinery.P?int? ?ut?id? the PPF ?r? un?tt?in?bl? ?r?du?ti?n ??int? given current r???ur??? and t??hn?l?gi??. It is im????ibl? f?r ?n economy t? produce ?ut?id? it? PPF. Th? PPF can change, h?w?v?r, with changes in r???ur??? or t??hn?l?g?. Additional resources ?nd improvements in t??hn?l?g? push th? PPF further ?w?? from th? ?rigin. A loss ?f r???ur??? m?v?? th? PPF t?w?rd th? ?rigin.P?int? outside the PPF might b? ?tt?in?bl? consumption ??int?, h?w?v?r. C?n?um?ti?n ??int? ?ut?id? th? PPF m?? be ?bt?in?d thr?ugh ????i?liz?ti?n ?nd tr?d? if there i? a willing tr?ding ??rtn?r or if th? ??untr? discovers n?w r???ur??? ?r th?r? is a ?h?ng? in technology.If th? ?r?du?ti?n possibility fr?nti?r i? straight, it m??n? th?t th? r?t? ?f ?ub?tituti?n b etween th? tw? it?m? in question is constant ?r th? same. Consequently, the r???ur??? ??v?d by ?r?du?ing ?n? less unit of food ?r? ju?t ?uffi?i?nt t? ?ll?w th? ???n?m? t? ?r?du?? th? same added ?m?unt of ?r?du?t?. Thi? i? ??n?t?nt regardless ?f how much ?f ???h item th? ??untr? i? currently producing. Thi? consistent trade-off is known ?? ?r?du?ti?n und?r constant costs.E??N?MI? GR?WTH D?finiti?nW? define ???n?mi? gr?wth in ?n economy b? ?n outward shift in it? Pr?du?ti?n Possibility Curv? (PPC). E??n?mi? gr?wth is ?n increase in the ?????it? of ?n ???n?m? t? ?r?du?? goods ?nd services, compared from ?n? period ?f time to ?n?th?r.It ??n be m???ur?d b? the in?r???? in a ??untr?’? total ?ut?ut ?r real Gross Domestic Pr?du?t (GDP) ?r Gr??? N?ti?n?l Product (GNP).Th? Gr??? Domestic Pr?du?t (GDP) of a country i? th? t?t?l v?lu? of all fin?l g??d? ?nd services ?r?du??d within a ??untr? over a ??ri?d ?f tim?. Therefore an increase in GDP is th? in?r???? in a ??untr?’? ?r?du?ti?n.In sim plest terms, ???n?mi? gr?wth r?f?r? to ?n in?r???? in ?ggr?g?t? ?r?du?tivit?. Often, but not n??????ril?, aggregate g?in? in productivity ??rr?l?t? with increased average marginal ?r?du?tivit?.Thi? m??n? th? average laborer in a given economy becomes, on ?v?r?g?, m?r? productive. It is ?l?? ????ibl? t? achieve ?ggr?g?t? ???n?mi? gr?wth without an in?r????d average marginal productivity through ?xtr? immigration ?r high?r birth r?t??Gr?wth d???n’t ???ur in i??l?ti?n. Ev?nt? in ?n? country ?nd region ??n h?v? a ?ignifi??nt ?ff??t ?n gr?wth ?r?????t? in another. For ?x?m?l?, if th?r?’? a b?n ?n ?ut??ur?ing w?rk in th? Unit?d St?t??, thi? could have a m???iv? im???t ?n India’s GDP whi?h h?? a robust IT ???t?r dependent on ?ut??ur?ing.M??t d?v?l???d ???n?mi?? ?x??ri?n?? ?l?w?r economic gr?wth as ??m??r?d t? d?v?l??ing ??untri??. F?r ?x?m?l?, in 2016, Indi? h?d a gr?wth r?t? ?f 7.1% while th? Am?ri??n ???n?m? was ?nl? gr?wing ?t 1.6%.Thi? statistic ??n b? misleading b???u?? Indi?’ ? GDP w?? $2.264 trillion in 2016, whil? th? US was $18.57 trilli?n. It w?uld b? m?r? ???r??ri?t? t? ??m??r? th?ir ???n?mi? growth r?t?? during ?imil?r periods in th?ir hi?t?r?.Economic Growth i? not th? ??m? ?? Economic D?v?l??m?nt. D?v?l??m?nt alleviates ????l? fr?m low ?t?nd?rd? of living int? ?r???r employment with suitable shelter. Economic Growth d??? n?t t?k? int? ????unt th? depletion ?f n?tur?l resources whi?h might l??d t? pollution, ??ng??ti?n disease.D?v?l??m?nt, h?w?v?r, i? concerned with ?u?t?in?bilit? whi?h m??n? m??ting th? n??d? ?f the ?r???nt with?ut ??m?r?mi?ing future n??d?.Importance of E??n?mi? GrowthEconomic gr?wth is one ?f th? m??t important indi??t?r? ?f a h??lth? economy. On? ?f th? bigg??t im???t? ?f l?ng-t?rm gr?wth of a country is th?t it has a ???itiv? impact on n?ti?n?l in??m? ?nd th? level ?f ?m?l??m?nt, whi?h increases the standard of living.As th? ??untr?’? GDP i? in?r???ing, it is m?r? ?r?du?tiv? whi?h leads to m?r? ????l? b?ing employed. Thi? in?r????? th? w??lth ?f th? ??untr? and it? ???ul?ti?n.High?r ???n?mi? gr?wth ?l?? leads t? extra t?x in??m? f?r g?v?rnm?nt spending, whi?h th? g?v?rnm?nt ??n u?? t? d?v?l?? the economy. This ?x??n?i?n ??n ?l?? b? used t? reduce th? budg?t d?fi?it.Additi?n?ll?, as th? population of a ??untr? grows, it r??uir?? the growth t? keep u? it? ?t?nd?rd of living ?nd w??lth.E??n?mi? growth ?l?? h?l?? im?r?v? the standards ?f living ?nd r?du?? ??v?rt?, but these improvements ??nn?t ???ur with?ut ???n?mi? d?v?l??m?nt. E??n?mi? gr?wth alone ??nn?t ?limin?t? poverty ?n it? own.Types ?f E??n?mi? Gr?wthThere ?r? ?rim?ril? f?ur t???? of economic gr?wth:Boom and Bu?t Bu?in??? Cycles: If economic growth i? high-????d ?nd infl?ti?n?r?, th?n th? l?v?l ?f growth will b???m? unsustainable. Thi? ??uld lead t? a recession lik? th? Great R?????i?n in 2008. H?w?v?r, thi? t??? ?f gr?wth is typical ?f a business ???l?.Export-led: Th? J???n??? ?nd Chin??? ???n?m? h?v? ?x??ri?n??d ?x??rt-l?d gr?wth th?nk? to a h igh current ????unt ?ur?lu?. Thi? i? b???u?? th?? h?v? significantly more ?x??rt? than im??rt?.C?n?um?r: The US ???n?m? i? d???nd?nt on ??n?um?r spending for economic gr?wth. As a r??ult, they ?l?? h?v? a higher ?urr?nt ????unt d?fi?it.C?mm?dit? exports: These ???n?mi?? are d???nd?nt on th?ir n?tur?l resources lik? oil or iron ?r?. F?r example, S?udi Arabia h?? a h?d a very ?r????r?u? ???n?m? th?nk? to th?ir ?il ?x??rt?. H?w?v?r, this ??n ??u?? a ?r?bl?m wh?n commodity prices fall, and th?r? ?r?n’t other indu?tri?? t? balance thing? out.F??t?r? of E??n?mi? Gr?wthTh? f?ll?w ?ix ??u??? of ???n?mi? gr?wth ?r? k?? ??m??n?nt? in ?n ???n?m?. Improving ?r increasing th?ir ?u?ntit? can lead to growth in the economy.T??hn?l?g?: An?th?r influ?nti?l factor is th? im?r?v?m?nt ?f technology. Technology ??uld in?r???? ?r?du?tivit? with th? ??m? levels ?f l?b?r, thus ????l?r?ting gr?wth and development. Thi? m??n? f??t?ri?? can be more ?r?du?tiv? at lower ???t?. T??hn?l?g? i? m??t lik?l? t? l??d to ?u?t?in?d l?ng-run gr?wth.Physical Capital ?r Infr??tru?tur?: Increased inv??tm?nt in physical capital such ?? f??t?ri??, m??hin?r?, ?nd roads will lower th? ???t ?f ???n?mi? activity. B?tt?r f??t?ri?? ?nd machinery ?r? m?r? ?r?du?tiv? th?n ?h??i??l l?b?r. Thi? high?r ?r?du?tivit? ??n in?r???? ?ut?ut. For ?x?m?l?, h?ving a r?bu?t highw?? system can r?du?? inefficiencies in moving raw m?t?ri?l? or goods across th? country whi?h ??n in?r???? it? GDP.Hum?n C??it?l: An in?r???? in investment in human ???it?l ??n im?r?v? the quality ?f the l?b?r f?r??. Thi? would result in ?n improvement ?f skills, abilities, and training. A ?kill?d l?b?r f?r?? has a significant effect ?n growth ?in?? ?kill?d workers are m?r? ?r?du?tiv?. F?r ?x?m?l?, inv??ting in STEM ?tud?nt? ?r ?ub?idizing ??ding ???d?mi?? w?uld in?r???? the availability ?f workers f?r higher-skilled jobs that pay more than investing in blu? collar jobs.Natural Resources: Th? di???v?r? ?f m?r? natural r???ur??? lik? oil, ?r min?r?l d????it? m?? b???t economic growth as thi? ?hift? or in?r????? th? ??untr?’? Pr?du?ti?n Possibility Curv?. Oth?r r???ur??? in?lud? l?nd, w?t?r, forests and natural g??. R??li?ti??ll?, it i? difficult, if n?t im????ibl?, to in?r???? the numb?r ?f n?tur?l resources in a ??untr?. C?untri?? mu?t t?k? ??r? to balance the ?u??l? ?nd d?m?nd of ???r?? n?tur?l r???ur??? t? ?v?id d??l?ting th?m. Im?r?v?d l?nd management m?? im?r?v? th? ?u?lit? of l?nd and ??ntribut? t? ???n?mi? gr?wth.For ?x?m?l?, S?udi Arabia’s ???n?m? h?? historically been dependent ?n it? ?il d????it?.P??ul?ti?n ?r L?b?r: A gr?wing ???ul?ti?n m??n? there i? ?n in?r???? in th? ?v?il?bilit? ?f w?rk?r? or employees, whi?h m??n? a high?r w?rkf?r??. On? d?wn?id? of h?ving a l?rg? ???ul?ti?n i? that it ??uld l??d t? high un?m?l??m?nt.L?w: An in?tituti?n?l fr?m?w?rk whi?h regulates ???n?mi? ??tivit? ?u?h as rules ?nd l?w?. Th?r? i? no ????ifi? set ?f institutions th?t promote gr?wth.Limiting F??t?r? to E??n?mi? Gr?wthPoor h? ?lth ?nd l?w l?v?l? of ?du??ti?n: People wh? d?n’t h?v? ?????? t? h??lth??r? ?r education h?v? l?w?r l?v?l? ?f productivity. Thi? m??n? the l?b?r f?r?? i? n?t ?? productive ?? it could be. Th?r?f?r?, the ???n?m? d??? not r???h the ?r?du?tivit? it could ?th?rwi??.L??k ?f n??????r? infr??tru?tur?: D?v?l??ing nations often ?uff?r fr?m inadequate infr??tru?tur?? ?u?h ?? r??d?, ??h??l?, and hospitals. Thi? lack ?f infrastructure m?k?? tr?n???rt?ti?n m?r? expensive ?nd ?l?w? the ?v?r?ll ?ffi?i?n?? ?f the ??untr?.Flight ?f Capital: If th? ??untr? is n?t d?liv?ring the r?turn? expected fr?m inv??t?r?, th?n inv??t?r? will pull ?ut their m?n??. M?n?? ?ft?n fl?w? ?ut the country t? ???k high?r r?t?? of r?turn?.P?liti??l In?t?bilit?: Simil?rl?, ??liti??l in?t?bilit? in the g?v?rnm?nt scares inv??t?r? and hinders inv??tm?nt. For example, Zimb?bw? h?? b??n ?l?gu?d with ??liti??l un??rt?int? and l?w? favoring indigenous ?wn?r?hi?. This h?? ???r?d ?ff m?n? investors wh? ?r?f?r ?m?ll?r but ?ur?r r eturns elsewhere.Institutional Fr?m?w?rk: Oft?n l???l l?w? don’t adequately ?r?t??t right?. L??k ?f an in?tituti?n?l framework ??n ??v?r?l? impact progress ?nd inv??tm?nt.The World Tr?d? Organization: M?n? economists ?l?im th?t th? W?rld Tr?d? Org?niz?ti?n (WTO) ?nd ?th?r tr?ding systems are biased ?g?in?t developing n?ti?n?. M?n? d?v?l???d n?ti?n? ?d??t ?r?t??ti?ni?t ?tr?t?gi?? whi?h don’t help lib?r?liz? trade.Disadvantages ?f E??n?mi? Gr?wthTh?r? ?r? two ?r?bl?m? ?????i?t?d with the ???n?mi? growth:Environmental Degradation: P?lluti?n ?nd other n?g?tiv? ?xt?rn?liti?? ?ft?n ????m??n? in?r????d ?r?du?ti?n ?r in?r????d ???n?mi? gr?wth. Economists u?u?ll? ?????i?t? ?n ?dv?r?? impact on th? ?nvir?nm?nt with rapid gr?wth in developing ???n?mi??.Rising In??m? In??u?lit?: Gr?wth ?ft?n l??d? t? increased in??m? inequality. Th??? n?t inv?lv?d or r?l?t?d to th? gr?wth-g?n?r?ting ???t?r of th? economy g?t l?ft behind. U?u?ll?, th? rur?l ???ul?ti?n suffers th? m??t.

Hospitality Operations Management Writing Assignment - 3025 Words

Hospitality Operations Management Writing Assignment (Essay Sample) Content: HOSPITALITY OPERATIONS MANAGEMENT By: Student Name Course + Code Tutor Institution City, State Date Table of Contents Introduction. 3 Inventory Management Operational Issues. 4 Overview of Wagamama Inventory Management 4 Propositions of Wagamama Inventory Management 5 Justifications of Wagamama Inventory Management Propositions. 6 Product Development Operational Issues. 7 Overview of Wagamama Product Development 7 Propositions of Wagamama Product Development 8 Justifications of Wagamama Product Development Propositions. 9 Risk Management Operational Issues. 10 Overview of Wagamama Risk Management Policies. 10 Propositions of Wagamama Risk Management Policies. 11 Justifications of Wagamama Risk Management Policies Propositions. 12 Conclusion. 13 Reference List 14 Introduction The concept behind operation and service management in the business refers to the strategies deployed by an organisation to compete effectively in a given market. It is for this reason that any initiative adopted by any firm strives to ensure that customers satisfaction is optimally achieved through the deployment of various goals in the production department (Brandon-Lai, et al., 2016). As will be seen, the extent to which the quality of operation and service management is operated would define the overall success of that firm. In this analysis, a key factor of production as described in technology is used to address different elements of operation and service management. These will mainly revolve around the layout suggested by the technology implementation, the speed of service delivery and the quality of product provision. As has been noted, technology has been on the forefront of creating different levels of competition (Kaplan, et al., 2015). Various scholars assert that technology is the underlining key success factor in most business operations. Nevertheless, the discussion in this analysis is contextualised on Wagamama Hotel firm which has integrated lots of technology in managing customer orders (Oracle Hospitality, 2015). In essence, once a waiter/waitress picks an order from the customer, a system implemented in the firm displays the same to the chefs who in turn prepare orders in the form of meals in a precedent order (Boella and Goss-Turner, 2013). Upon a close look at the operations in Wagamama Hotel, it is evident that there are critical operations and service management aspects that need to be addressed. Practically, these elements are instrumental in solving some erroneous practices in the hospitality industry that has made many firms unattractive due to order mishandling by different department staffs (Wilson et al., 2008). Wagamama is one of the hotels that have recognised and appreciated technology entirely. Inventory Management Operational Issues Overview of Wagamama Inventory Management Wagamama Hotel seems to have successfully integrated technology in is inventory management system (Oracle Hospitality, 2015). Integration of IT in the administration of stocks improves the operational efficiency by ensuring that customers orders from the table are serviced within the shortest period possible. Additionally, the quality is maintained as the chefs working in the kitchen are highly trained with different levels of expertise in the hospitality industry (Slack, et al., 2010). All of these elements make the firm a pace-setter for other hotels in its locality. From one end, it would be argued that Wagamama is efficient in its service provision as aided by the system. However, the inability of the system not to account for every product used in preparing a customer's meal could present lots of loss in revenue when preparing financial records in a given fiscal year (Ceder, 2016). The firm could have concentrated excessively on increasing sales but forget to account for the inputs that facilitate high revenue generation. From a business point of view, such a practice would have no relevance in promoting growth and development of the firm. Personally, I would consider having both ends of production in inventory management accounted for to have an independent business venture. Concentrating on quality and other elements of product provision would describe the output aspect of stock management, which in this case is catered for by the system in place. On the other hand, all the materials (in this case being ingredients) should also be monitored (Wang, et al., 2015). That would aid in tracking losses of different nature. It has been noted that mismanagement of technology has led to the loss of revenue through corruption practices. Propositions of Wagamama Inventory Management It would be of essence to acknowledge and commend Wagamama Hotel for its implementation of an order system. It would show that technology is not limited to some firms which deal with high-end technology applications (Oracle Hospitality, 2015). As a matter of fact, technology can be applied to any business model of operations so long as the needs of the firm have an automation possibility and high probability of successful implementation. Stating that technology would be inapplicable to the hospitality industry would be a very incomprehensive statement full of assumptions (Rasul, et al., 2016). Technology is an all-rounded business integration practice for profit-oriented institutions. Nevertheless, having a technology system meant to aid in inventory management should encompass accountability of all modules of stock. As briefly mentioned, Wagamama has enormously put its efforts on satisfying its customers using the Order Management System, which is very understandable in the hospitality industry. However, they fail to incorporate the input elements throughout their production cycle in the system, which results in the lack of total accountability and comprehensiveness in their model (Morrice, et al., 2016). From a personal point of view, the technology implemented in that firm should also be in a position to technically account for the inputs of production. In other terms, the Order Management System should consider having an additional module which would see the chefs record the ingredients they used when preparing a meal for a certain order. From a technical point of view, Wagamama's Order Management System only accounts for efficiency in the output of a production process but fails to acknowledge the inventory aspect of inputs in facilitating quality service delivery to its customers (Oracle Hospitality, 2015). Nevertheless, having the proposed additional module in the system would be of immense benefits to Wagamama Hotel (Disney, et al., 2016). Justifications of Wagamama Inventory Management Propositions As stipulated in operations and service management, layout design is a paramount element of inventory management. The defects of the Order Management System tend to take that direction of an ineffective plan in Wagamama as a hospitality firm (Oracle Hospitality, 2015). As will be noted, the hospitality market is very selective when determining the suitability of a company concerning its market offering and services (Fitzsimmons and Fitzsimmons, 2014). In other words, the layout of services and products in a firm within the hospitality industry plays a crucial role in determining the level of service quality as suggested by the same design (Hill and Hill, 2012). For instance, Wagamama has amicably accounted for its physical design which sees most of its customers feel satisfied with the spacious and colourful dining tables (Oracle Hospitality, 2015). The kind of dress code adopted by Wagamama's staff suggests a high level of service provision professionalism, something which is very instrumental in winning first-time customers to the firm's premises. Similarly, the kind of language used by the waiters and waitresses also happens to describe an essential element of layout in that business (Barrows and Powers, 2008; Shu, et al., 2015). The same design plan should be adopted in redefining the input aspect of inventory management. Operations and service management principles directly relate design of equipment and other production facilities to inventory management. Therefore, any initiative in the form of technology or policy advancements should adhere to such policies. That ensures that inventory management is accounted for exclusively. It is as a result of the accountability that a hospitality company can achieve profitability and reduce cases of lost revenue (Heizer, Render, and Munson, 2016). For example, Wagamama could be enjoying benefits which have not yet gotten to the peak figures due inventory mismanagement (Oracle Hospitality, 2015). Product Development Operational Issues Overview of Wagamama Product Development The description of the Order Management System in Wagamama is as described in the introduction phase of this analysis. However, some important points should be noted about product development in the particular firm. To begin with, the product development, in this case, being ordering and preparing of meals, is catered for by two levels of staff; the kitchen and service department (Oracle Hospitality, 2015; Martin 2016). Traditionally, these two departments would come into contact when maintaining a particular order placed by a customer. What happened was that once a customer found a suitable and preferred sitting position, a waiter or waitress would approach them as they pick the client's order (Oracle Hospitality, 2015). Afterwards, the waiter or waitress would physically present the order to the kitchen department as they await other orders which could be ready....

jazz dance Essay - 2756 Words

The varieties of jazz dance reflect the diversity of American culture. Jazz dance mirrors the social history of the American people, reflecting ethnic influences, historic events, and cultural changes. Jazz dance has been greatly influenced by social dance and popular music. But, like so much that is â€Å"from America†, the history of jazz dance begins somewhere else. The origins of jazz music and dance are found in the rhythms and movements brought to America by African slaves. The style of African dance is earthy; low, knees bent, pulsating body movements emphasized by body isolations and hand-clapping. As slaves forced into America, starting during the 1600’s, Africans from many cultures were cut off from their families, languages and†¦show more content†¦Just when social dancing was at its height, World War 2 put a stop to its popularity. Lack of attendance, plus the intricate rhythmic patterns of modern jazz music, which were too complex for social dancing, led to the closing of dance halls and ballrooms. With the demise of social dance, the growth of jazz dance as a professional dance form began. During the 1940’s, jazz dance was influenced by ballet and modern dance. By blending the classical technique of ballet with the natural bodily expression of modern dance, jazz developed a sophisticated artistic quality. Unlike early jazz dance, which was performed by talented entertainers without formal training, modern jazz dance was performed by professionals trained in ballet and modern dance. It was during this time that man who later came to be known as the â€Å"Father of Theatrical Jazz Dance†, Jack Cole, was busy developing his technique. Jack Cole had studied modern, ballet, and ethnic dance, had been a student at Denishawn and had done choreographic work in the nightclub scene. In the 1940’s there was a serious demand for groups of trained dancers for film work and Jack Cole was the one who started developing these trained jazz dancers for the Hollywood movie musicals. Also, during this time Gene Kelly, began making his mark as a dancer in Hollywood musicals. His impact on jazz was his individual, energetic dance style that combined athletic, gymnastic qualities with jazz and tap.Show MoreRelatedInvestigating Modern Jazz Dance And The Samba No Pe1789 Words   |  8 PagesInvestigating modern jazz dance and the Samba no pà © Introduction: Many interesting comparisons may be drawn between both the samba and jazz dance: not only are their historical contexts highly comparable, as they both set against the background of imperialism and oppression, but are extremely popular in their respective cultures, today. Moreover, both dances are very similar in respect to their movement and music, in which either one may be performed to music or to no music. Similarly, improvisationRead MoreThe Evolution And Impact Of Jazz Dance On The World864 Words   |  4 PagesThe Evolution and Impact of Jazz Dance On The World Jazz dance originated from the African American vernacular dance from the late 1800’s when slaves needed an emotional and physical outlet (Guarnino and Oliver). The slave trade had begun and the slaves were allowed dance on the boats, as it was to keep the slaves fit for their journey to North America. The slave owners took interest in this type of dance (Guarnino and Oliver). They then integrated their European jigs with the music and movementRead MoreJazz Music : An Ultimate Value Of Art1018 Words   |  5 Pagesâ€Å"Jazz music is America s past and its potential, summed up and sanctified and accessible to anybody who learns to listen to, feel, and understand it. The music can connect us to our earlier selves and to our better selves-to-come. It can remind us of where we fit on the timeline of human achievement, an ultimate value of art.† -Wynton Marsalis. Jazz was born in the United States, to be precise it was born in New Orleans. Jazz has a big part in the w orld’s history and is a part of their cultureRead MoreJazz Music, Freedom and Women1334 Words   |  5 PagesBackground of Jazz Jazz is still considered as etymology obscure as the origin and the background of the music is still unclear to the society. According to The Oxford Dictionary of Music, 2nd Edition by Kennedy Michael (1994), page 445 : â€Å"Jazz is a term which came into general use for a type of music which developed in the Southern States of United States of America in the late 19th century and came into prominence at the turn of the century in New Orleans, chiefly (but not exclusively) amongRead MoreLouis Armstrong and His Music Essay1366 Words   |  6 Pages â€Å"The essence of jazz- making something new out of something old, making something personal out of something shared- has no finer exemplar than Armstrong.† (Hasse par. 3) During the 1920’s a young African American man, otherwise known as Louis Armstrong, helped create and represent a new twist on popular music. This music that became so famous and well loved today is also referred to as jazz. Louis Armstrong had a very successful jazz career performing and composing popular jazz hits in the 1920’sRead MoreThe Harlem Renaissance : A Period Of Ethnic Rebirth1664 Words   |  7 Pageswas at the center of what F. Scott Fitzgerald c alled â€Å"the Jazz Age.† The â€Å"Jazz Explosion† began during the Great Migration when it arrived in the North along with many African Americans. It was the music of the neighborhood, and Jazz artists were the stars of the era. The most famous Jazz artist of the time was Louis Armstrong. A native of New Orleans, Louisiana, Armstrong singlehandedly changed jazz into a soloist art. Before Armstrong, Jazz was exclusively played by orchestras and bands. With theRead MoreAfrican Americans and the Genre Rock and Roll1128 Words   |  4 Pagesmusical tradition rich with long melody lines, complicated rhythms (poly rhythmics) and stringed instruments CITATION. The West Africans music was also strongly integrated into their everyday lives. 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Top 10 Weird but Cool Physics Ideas

Should Abortion Be Legal - 1520 Words

Abortion, I believe has always been and will continue to be a very controversial subject. Abortion has been argued continuously over the past years and will always be a topic that is going to get people on their high horse. Abortion is defined as the termination of a human pregnancy, typically done before the embryo or fetus is capable of life. Basically a medical procedure done to end the unwanted pregnancy and the cause of death of the fetus. The most asked question is should abortion be legal? When it comes to the topic of abortion, there are two sides to this topic, Pro-life and the Pro-Choice side. Those who are against abortion entirely are considered to be pro-life, and those who believe it is the woman’s right to choose between keeping the baby or terminating the pregnancy are pro-choice. The solution to individuals who are for pro-life is to have the child and give it up for adoption, or raise it. On the contrary the solution to individuals who are pro-choice is only that of abortion. The solution of abortion is considered ethically wrong and should be illegal because there are consequences for both the mother and the child resulting from an abortion. About 10% of women who are having an abortion suffer instant complications, potentially life-threatening. The rates of women’s death from various causes after abortion are 3.5 times higher than after giving birth, and that’s scary to think that you could have so many complications to cause you to die. People think thatShow MoreRelatedAbortion Should Not Be Legal1647 Words   |  7 PagesOne of the most highly debated topics is abortion and whether or not it should be legal. People who oppose abortion, meaning they are pro-life claim that abortion should be completely illegal with no aspects of it whatsoever; it can be a murder for the people standing against it. The other side of the argument, meaning people who are pro-choice, defend it by believing it to be a right been given to t he women. They also claim even if abortion was to be illegal, it would still be practiced. EveryRead MoreAbortion Should Not Be Legal920 Words   |  4 Pagesworld has struggled with for ages and one thing that people are advocating around the world for is abortion. Abortion is either a procedure or pill that stops a fetus s heart. Abortion should not be legal because life beings at creation, abortions are a direct violation of the 14th amendment, and thousands of people would love to adopt a child: handicapped or otherwise. Abortion should not be legal because life begins at creation. What is creation? Some people say conception, but it actually isRead MoreShould Abortion Be Legal?1320 Words   |  6 PagesAbortion, as you all may know, is a really popular topic. There have long been many debates between the two groups, pro-life and pro-choice. People who are pro-life believe that part of the government’s job is to protect all forms of human life. Those who are pro-choice believe that every individual should have control over their own reproductive systems. Pro-life supporters strongly believe that even an undeveloped fetus has life; it is still growing and it needs to be protected. And this soundsRead MoreShould Abortion Be Legal?1217 Words   |  5 PagesNovember 2015 Should Abortion be Legal Among all the issues that have been fought for or against in the United States, abortion may be one of the most popular issues that Americans are passionate about. Abortion is defined as the removal of the embryo or fetus from the uterus in order to end a pregnancy. Thousands of abortions take place every single day, and yet public opinion remains at a standstill as to whether or not abortion is ethical. Everyone holds different opinions on abortion. The proponentsRead MoreAbortion Should Not Be Legal Essay1596 Words   |  7 Pages Abortions have been performed on women for thousands of years. Abortion is the deliberate termination of a human pregnancy. Most often it is performed during the first 20 weeks of being pregnant. The controversy over whether or not abortion should be legal continues to divide Americans till this day. An important landmark case was the Roe v. Wade case, where the Court argued that the zone of privacy was broad enough to encompass a woman s decision whether or not to terminateRead MoreShould Abortion Be Legal? Essay1089 Words   |  5 PagesWhen the word abortion is heard, it is always associated with many negative things such as murder and inhumanity. However not legalizing abortion creates a huge problem for women around the world. Having a child takes consideration, planning and preparation and if pregnancy happens without any of this, why bother to have it at all? The reasons why abortion should be legal is that it supports the fundamental human rights for women by giving them a choice, it reduces crime by reducing the number ofRead MoreShould Abortion Be Legal?1135 Words   |  5 PagesKelsi Hodgkin Composition 1 Professor Chipps 19 October 2015 Should Abortion Be Legal A common debate in the world today involves abortion, the deliberate end of human pregnancy, and whether or not it should be legalized. â€Å"Every year in the world there are an estimated 40-50 million abortions. This corresponds to approximately 125,000 abortions per day† (â€Å"Abortions Worldwide this Year†). On one side of the argument, people are not disturbed by this grotesque number, and on theRead MoreShould Abortion Be Legal?963 Words   |  4 PagesLegal or Illegal? Which would you prefer? Not many are willing to discuss such a gut wrenching topic, but this needs to be addressed. It is a very controversial topic with having to do with women rights and activists. 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Mindfulness Practice On Substance Abuse Recovery - 3566 Words

Chicago State University # of words College of Pharmacy 9501 S King Dr. Chicago, IL 60628 (773) 995- 2000 Mindfulness Practice in Substance Abuse Recovery By: Nicole Latimore Nidhi Patel Lauren Pestka Yaritza Lopez Abstract: Objective ---Mindfulness is known as the ability to maintain a continuous awareness of environment, feelings, sensations, and thoughts. This practice focuses on the acceptance of what is happening around and within ourselves by being conscious of our feelings and thoughts. The significance of feelings and thoughts, especially negativity, has shown to impact a patient s treatment by ultimately relapsing into the use of substance of abuse. Mindfulness has been studied for over 30 years, however there is not an abundant amount of clinical evidence to support the use of mindfulness training in substance abuse recovery. 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Just-in-Time Production and Total Quality Management Free Essays

string(92) " of the changes were as simple as standardizing the hole sizes used to hang parts on hooks\." JUST-IN-TIME Production and TOTAL QUALITY MANAGEMENT Introduction In today’s competitive world shorter product life cycles, customers rapid demands and quickly changing business environment is putting lot of pressures on manufacturers for quicker response and shorter cycle times. Now the manufacturers put pressures on their suppliers. One way to ensure quick turnaround is by holding inventory, but inventory costs can easily become prohibitive. We will write a custom essay sample on Just-in-Time Production and Total Quality Management or any similar topic only for you Order Now A wiser approach is to make your production agile, able to adapt to changing customer demands. This can only be done by JUST IN TIME (JIT) philosophy. JIT is both a philosophy and collection of management methods and techniques used to eliminate waste (particularly inventory). Waste results from any activity that adds cost without adding value, such as moving and storing. Just-in-time (JIT) is a management philosophy that strives to eliminate sources of such manufacturing waste by producing the right part in the right place at the right time. Features JIT (also known as lean production or stockless production) should improve profits and return on investment by reducing inventory levels (increasing the inventory turnover rate), reducing variability, improving product quality, reducing production and delivery lead times, and reducing other costs (such as those associated with machine setup and equipment breakdown). The basic elements of JIT manufacturing are people involvement, plants, and system. People involvement deal with maintaining a good support and agreement with the people involved in the production. This is not only to reduce the time and effort of implementation of JIT, but also to minimize the chance of creating implementation problems. The plant itself also has certain requirements that are needed to implement the JIT, and those are plant layout, demand pull production, Kanban, self-inspection, and continuous improvement. The plant layout mainly focuses on maximizing working flexibility. It requires the use of multi-function workers†. Demand pull production is where you produce when the order is received. This allows for better management of quantity and time more appropriately. Kanban is a Japanese term for card or tag. This is where special inventory and process information are written on the card. This helps in tying and linking the process more efficiently. Self-inspection is where the workers on the line inspect products as they move along, this helps in catching mistakes immediately. Lastly continuous improvement which is the most important concept of the JIT system. This simply asks the organization to improve its productivity, service, operation, and customer service in an on-going basis. In a JIT system, underutilized (excess) capacity is used instead of buffer inventories to hedge against problems that may arise. The target of JIT is to speed up customer response while minimizing inventories at the same time. Inventories help to response quickly to changing customer demands, but inevitably cost money and increase the needed working capital. JIT requires precision, as the right parts must arrive â€Å"just-in-time† at the right position (work station at the assembly line). It is used primarily for high-vPolume repetitive flow manufacturing processes. History The technique was first used by the Ford Motor Company as described explicitly by Henry Ford’s My Life and Work (1922): â€Å"We have found in buying materials that it is not worth while to buy for other than immediate needs. † They bought only enough to fit into the plan of production, taking into consideration the state of transportation at the time. If transportation were perfect and an even flow of materials could be assured, it would not be necessary to carry any stock whatsoever. The carloads of raw materials would arrive on schedule and in the planned order and amounts, and go from the railway cars into production. That would save a great deal of money, for it would give a very rapid turnover and thus decrease the amount of money tied up in materials. With bad transportation one has to carry larger stocks. They followed the concept of â€Å"dock to factory floor† in which incoming materials are not even stored or warehoused before going into production. This paragraph also shows the need for an effective freight management system (FMS) and Ford’s Today and Tomorrow (1926) describes one. The technique was subsequently adopted and publicised by Toyota Motor Corporation of Japan as part of its Toyota Production System (TPS). Japanese corporations could afford large amounts of land to warehouse finished products and parts. Before the 1950s, this was thought to be a disadvantage because it reduced the economic lot size. (An economic lot size is the number of identical products that should be produced, given the cost of changing the production process over to another product. ) The undesirable result was poor return on investment for a factory. Also at that time, Japanese companies had a bad reputation as far as quality of manufacturing and car manufacturing in particular was concerned. One motivated reason for developing JIT and some other better production techniques was that after World War II, Japanese people had a very strong incentive to develop a good manufacturing technique which would help them rebuild their economy. They also had a strong working ethic which was concentrated on work rather than on leisure, and this kind of motivation was what drove Japanese economy to succeed. Therefore Japan’s wish to improve the quality of its production led to the worldwide launch of JIT method of inventory Toyota Motors The basic elements of JIT were developed by Toyota in the 1950’s, and became known as the Toyota Production System (TPS). The chief engineer Taiichi Ohno, a former shop manager and eventually vice president of Toyota Motor Company at Toyota in the 1950s examined accounting assumptions and realized that another method was possible. The factory could be made more flexible, reducing the overhead costs of retooling and reducing the economic lot size to the available warehouse space. Over a period of several years, Toyota engineers redesigned car models for commonality of tooling for such production processes as paint-spraying and welding. Toyota was one of the first to apply flexible robotic systems for these tasks. Some of the changes were as simple as standardizing the hole sizes used to hang parts on hooks. You read "Just-in-Time Production and Total Quality Management" in category "Management" The number and types of fasteners were reduced in order to standardize assembly steps and tools. In some cases, identical subassemblies could be used in several models. Toyota engineers then determined that the remaining critical bottleneck in the retooling process was the time required to change the stamping dies used for body parts. These were adjusted by hand, using crowbars and wrenches. It sometimes took as long as several days to install a large (multiton) die set and adjust it for acceptable quality. Further, these were usually installed one at a time by a team of experts, so that the line was down for several weeks. Toyota implemented a program called Single Minute Exchange of Die (SMED). With very simple fixtures, measurements were substituted for adjustments. Almost immediately, die change times fell to about half an hour. At the same time, quality of the stampings became controlled by a written recipe, reducing the skill required for the change. Analysis showed that the remaining time was used to search for hand tools and move dies. Procedural changes (such as moving the new die in place with the line in operation) and dedicated tool-racks reduced the die-change times to as little as 40 seconds. Dies were changed in a ripple through the factory as a new product began flowing. After SMED, economic lot sizes fell to as little as one vehicle in some Toyota plants. Carrying the process into parts-storage made it possible to store as little as one part in each assembly station. When a part disappeared, that was used as a signal to produce or order a replacement. JIT was firmly in place in numerous Japanese plants by the early 1970’s. JIT began to be adopted in the U. S. in the 1980’s. Requirements JIT applies primarily to repetitive manufacturing processes in which the same products and components are produced over and over again For Example Cars, Fast Food Chains The requirements for a proper just-in-time management are: STANDARDIZATION: Where the supplies are standardized and the suppliers are trustable and close to the plant. As there is little buffer inventory between the workstations, so the quality must be high and efforts are made to prevent machine breakdowns. Those organizations that need to respond to customer demands regularly this system is also being able to respond to changes in customer demands. SOFTWARE: For JIT to work efficiently Supply Chain Planning software, companies have in the mean time extended Just-in-time manufacturing externally, by demanding from their suppliers to deliver inventory to the factory only when it’s needed for assembly, making JIT manufacturing, ordering and delivery processes even speedier, more flexible and more efficient. MULTI-FUNCTIONALITY In JIT workers are multifunctional and are required to perform different tasks. Machines are also multifunction and are arranged in small U-shaped work cells that enable parts to processed in a continuous flow through the cell. Workers produce pars one at a time within cells and transport those parts between cells in small lots. CLEANLINESS Environment is kept clean and free of waste so that any unusual occurrence are visible. SCHEDULES: Schedules are prepared only for the final assembly line, in which several different models are assembled at the same line. Requirements for the component parts and subassemblies are then pulled through the system. The â€Å"PULL† element of JIT will not work unless production is uniform and lot sizes are low. Pull system is also used to order material from suppliers (fewer in numbers usually). They make be requested to make multiple deliveries of the same item in the same day, so the manufacturing system must be flexible. QUALITY: Quality within JIT manufacturing is necessary, because without a quality program in JIT, the JIT will fail. Here we think about quality at the source and the Plan, Do, Check, Action with its statistical process control. Furthermore, techniques are also very important. The JIT technique is a pull system rather than a pull system, based on not producing things until they are needed. The well known Kanban card is used as a signal to produce. Moreover, integration also plays a key role in JIT systems. JIT integration can be found in four points of the manufacturing firm. The Accounting side, Engineering side, Customer side and Supplier side. At the accounting side, JIT has concern for WIP, utilization and overhead allocation and at the engineering side of JIT focuses on simultaneously and participative design of products and processes. Just-In-Time Total Quality Management Just-In-Time Total Quality Management is the mean of market and factory management within a humanistic environment of continuing improvement. Moreover, it means continuing improvement in social life, and working life. When applied to the factory, Kaizen means continual improvement involving managers and workers alike. When it comes to Total Quality Management, Japans strong industrial reputation is well-known around the world. Total quality control is the system, which Japan has developed to implement Kaizen or continuous improvement. The traditional description of Just-In-Time is a system for manufacturing and supplying goods that are needed. There are several important tools that are important for total quality management control, but there are seven that are even more important. These are relations diagram, affinity diagram, systematic diagram or tree diagram, matrix diagram, matrix data analysis, process decision program chart, and arrow diagram. When used properly, these seven tools will help the total quality management system by eliminating defective products. Moreover, they will help in assisting to improve productivity, complete tasks on time, eliminate waste, and reduce lead time and inventory cost. Pros and Cons of Just-in-Time Pros of Just-In-Time: Goals of JIT can vary, but there are a few that should be constant in any JIT system:   1. Increasing the organization’s ability to compete with others and remain competitive over the long run is very important. 2. The competitiveness of the firms is increased by the use of JIT manufacturing process as they can develop a more optimal process for their firms. . The key is to identify and respond to consumers needs. Customers’ needs and wants should be the most important focus for business today. This objective will help the firm on what is demanded from customers, and what is required of production. 4. Moreover, the optimal quality and cost relationship is also important. The organization should focus on zero-defect production process. Although it seems to be unrealistic in t he long run, it will eliminate a huge amount of resources and effort in inspecting, and reworking defected goods. 5. Another important goal should be to develop a reliable relationship between the suppliers. A good and long-term relationship between an organization and its suppliers helps to manage a more efficient process in inventory management, material management, and delivery system. It will also assure that the supply is stable and available when needed. 6. Moreover, adopt the idea of continuous improvement. If committed to a long-term continuous improvement idea, it will help the organization to remain competitive in the future. Cons of Just-In-Time: Regardless of the great benefits of JIT, it has its limitations: 1. For example cultural differences. The organizations cultures vary from firm to firm. There are some cultures that tie to JIT’s success, but it is difficult for an organization to change its cultures within a short time. 2. Also manufacturers that use the traditional approach which relies on storing up large amounts of inventory for backing up during bad times may have problems with getting use to the JIT system. 3. Also JIT is quite different for workers, in the sense that due to the shorter cycle time, lots of pressure and stress is added on the workers. 4. Also the JIT system throws workers off in the sense that if a problem occurs, they cannot use their own method of fixing the problem, but use methods that have been previously defined. 5. Moreover, the JIT system only works best for medium to high range of production volume manufacturers, thus leaving a question to whether it might work for low volume companies. Case in which JIT has failed Just in Time production allows companies to reduce both inventory and the entire production chain. It encourages the removal of all surplus, including surplus factories. Under normal business conditions this is not a problem. However, if there is any disruption at any given point in the supply chain, then all production grinds to a halt. Evidence of the problem with Just in Time production became clear in the wake of Hurricane Katrina and Hurricane Rita, both of which hit the US Gulf coast in 2005. At that time, no new oil refineries had been built in the US since 1976. During that time period, companies actually shut down several refineries to reduce capacity. The old refineries still operating ran at full capacity, so no new refineries were needed according to Just in Time theory since they would only produce surplus gasoline. However, most of these refineries were clustered around the Gulf coast. When the Katrina hit, 15 oil refineries in Mississippi and Louisiana representing 20% of US refining capacity was shut down. Rita damaged another 16 refineries in Texas, accounting for 2. 3 million barrels per day of capacity shut down. The lack of surplus in oil refining caused a shock to the United States. Gasoline prices surged. Had companies not shut down refineries in order to reduce capacity according to Just in Time theory, particularly refineries on the west coast, then it is likely that gasoline prices would have remained stable. US regular grade gasoline prices were $2. 154 per gallon on November 28, 2005, down from a spike of $3. 09 on September 19, 2005 in the immediate aftermath of the hurricane Katrina disaster Case-Study The work described  in this case study was undertaken in a young, rapidly expanding company in the financial services sector with no previous experience with Total Quality Management (TQM). The quality project began with a two-day introductory awareness program covering concepts, cases, implementation strategies and imperatives of TQM. The program was conducted for the senior management team of the company. This program used interactive exercises and real life case studies to explain the concepts of TQM and to interest them in committing resources for a demonstration project. Step 1. Define the Problem 1. 1 Selecting the theme: A meeting of the senior management of the company was held. Brainstorming produced a list of around 10 problems. The list was prioritized using the weighted average table, followed by a structured discussion to arrive at a consensus on the two most important themes — customer service and sales productivity. Under the customer service theme, â€Å"Reducing the Turnaround Time from an Insurance Proposal to Policy† was selected as the most obvious and urgent problem. The company was young, and therefore had few claims to process so far. The proposal-to-policy process therefore impacted the greatest number of customers. An appropriate cross functional group was set up to tackle this problem. . 2 Problem = customer desire – current status. Current status: What did the individual group members think the turnaround is currently? As each member began thinking questions came up. â€Å"What type of policies do we address? † Medical policies or non-medical? The latter are take longer because of the medical examination of the client required. â€Å"Between what stages do we con sider turnaround? † Perceptions varied, with each person thinking about the turnaround within their department. The key process stages were mapped: [pic] Several sales branches in different parts of the country sent proposals into the Central Processing Center. After considerable debate it was agreed at first to consider turnaround between entry into the computer system at the Company Sales Branch and dispatch to the customer from the Central Processing Center (CPC). Later the entire cycle could be included. The perception of the length of turnaround by different members of the team was recorded. It was found that on an average Non-Medical Policies took 17 days and Medical Policies  took 35 days. Customer desire: What was the turnaround desired by the customer? Since a customer survey was not available, individual group members were asked to think as customers — imagine they had just given a completed proposal form to a sales agent. When would they expect the policy in hand? From the customer’s point of view they realized that they did not differentiate between medical and non-medical policies. Their perception averaged out six days for the required turnaround. â€Å"Is this the average time or maximum time that you expect? † they were asked. â€Å"Maximum,† they responded. It was clear therefore that the average must be less than six days. The importance of â€Å"variability† had struck home. For 99. 7 percent delivery within the customer limit the metric was defined. Therefore the average customer desire was less than 6 days and the current status was that of 64 days for non-medical policies and for medical policies it was 118 days. Therefore the problem was to reduce the non-medical policies from 64 to 6 days and medical policies from 118 to 6 days. The performance requirement appeared daunting. Therefore the initial target taken in the Mission Sheet (project charter) was to reduce the turnaround by 50 percent — to 32 and 59 days respectively. Step 2. Analysis of the Problem In a session the factors causing large turnaround times from the principles of JIT were explained. These were Input arrival patterns †¢ Waiting times in process. o Batching of work. o Imbalanced processing line. o Too many handovers. o Non-value added activities, etc. †¢ Processing times †¢ Scheduling †¢ Transport times †¢ Deployment of manpower Typically it was found that waiting times constitute the bulk of processing turnaround times. Process Mapping (Value Stream Mapping in Lean) was undertaken. The aggregate results are summarized below: Number of operations 84 Number of handovers 13 In-house processing time (estimated) 126 man-mins. Range of individual stage time 2 to 13 mins. To check this estimate it was decided to collect data — run two policies without waiting and record the time at each stage. The trial results amazed everyone: Policy No. 1 took 100 minutes and Policy No. 2 took 97 minutes. Almost instantly the mindset changed from doubt to desire: â€Å"Why can’t we process every proposal in this way? † Step 3. Generating Ideas In the introductory program of TQM during the JIT session the advantages of flow versus batch processing had been dramatically demonstrated using a simple exercise. Using that background a balanced flow line was designed as follows: 1. Determine the station with the maximum time cycle which cannot be split up by reallocation 8 minutes. 2. Balance the line to make the time taken at each stage equal 8 minutes as far as possible. 3. Reduce the stages and handovers — 13 to 8. 4. Eliminate non-value added activities — transport — make personnel sit next to each other. 5. Agree processing to be done in batch of one proposal. Changing the mindset of the employees so they will accept and welcome change is critical to building a self-sustaining culture of improvement. In this case, the line personnel were involved in a Quality Mindset Program so that they understood the reasons for change and the concepts behind them and are keen to experiment with new methods of working. The line was ready for a test run. Step 4. Testing the Idea Testing in stages is a critical stage. It allows modification of ideas based upon practical experience and equally importantly ensures acceptance of the new methods gradually by the operating personnel. Stage 1: Run five proposals flowing through the system and confirm results. The test produced the following results: Average turnaround time: 1 day In-house processing time: 76 mins. There was jubilation in the team. The productivity had increased by 24 percent. Stage 2:  It was agreed to run the new system for five days — and compute the average turnaround to measure the improvement. It was agreed that only in-house processing was covered at this stage and that the test would involve all policies at the CPC but only one branch as a model. This model, once proved, could be replicated at other branches. The test results showed a significant reduction in turnaround: 1. For all non-medical policies from 64 to 42 days or 34% 2. For policies of the model branch from 64 to 27 days of 60% The Mission Sheet goal of 50 percent reduction had been bettered for the combined model branch and CPC. Further analysis of the data revealed other measures which could reduce the turnaround further. Overall reduction reached an amazing 75 percent. Turnaround, which had been pegged at 64 days, was now happening at 99. 7 percent on-time delivery in 15 days. Step 5. Implementing the Ideas Regular operations with the new system was planned to commence. However, two weeks later it was still not implemented. One of the personnel on the line n CPC had been released by his department for the five-day trial to sit on the line but was not released on a regular basis. The departmental head had not attended the TQM awareness program and therefore did not understand why this change was required. There were two options — mandate the change or change the mindset to accept the change. Since the latter option produces a robust impleme ntation that will not break down under pressures it was agreed that the group would summarize TQM, the journey and the results obtained in the project so far and also simulate the process with a simple exercise in front of the department head. This session was highly successful and led to the release of the person concerned on a regular basis. Step 6. Follow-up †¢ The process was run for one month with regular checks. The results obtained were marginally better and average time reduced to 11 days. †¢ Customer reaction: Sales management and sales agents (internal customers) clearly noticed the difference. For instance one sales manager reported that a customer had received a policy within a week of giving a proposal and was so amazed that he said, â€Å"If you give such service I will give you the next policy also! †¢ Adoption of a similar process at the CPC and the model branch for medical policies has already reduced the average turnaround time by 70 percent — from 118 days to 37 days. The corresponding all-India reduction was from 118 days to 71 days — a 60 percent reduction. †¢ The project objective of 50 percent in the first stage has been achieved. A quality improvement story was com piled by the project Leader for training and motivating all employees. How to cite Just-in-Time Production and Total Quality Management, Essays