The former deals with the overall economic issues and later deals with issues related to individuals or consumers.The action of passing costs for the next best choice when planning or making a decision. In other words, if one chooses alternate over others, then the cost of choosing that particular alternate is the opportunity cost. It is one way or the other the benefit which an individual loses in terms of choosing one particular product over others.e) Comparative advantage: It generally refers to the ability of an individual, group, country, etc to produce goods, services, or products at a lower opportunity cost than its rival (competitors). Usually, it is useful in terms of determining what should be acquired and what should be produced through trade.f) Absolute advantage: It deals with the ability or potential of an individual, group, or organization to carry out economic operations more effectively and efficiently than to its competitors using the same available resources.g) Labor force participation rate: It measures the active labor force in the total population. This includes people who are either already working (employed) or is actively searching for a job. However, those people who are not currently looking for work are excluded.i) Cyclical unemployment: Unemployment that has been created because of the changes in the cyclical trends of the business cycle. Whenever the business cycle is experiencing a boom, cyclical unemployment would below and when the economy would be going through recession then it would be experiencing higher cyclical unemployment.The circular flow model is a simple economic model that describes the flow of goods and services throughout the economy. In other words, it is a model that describes how money moves throughout the economy. In this model, firms are the overall producers that supply goods and services. However, households are consumers who basically consume these products and services.
This article is aimed at assisting the reader on how to acquire this basic knowledge to become go-to experts. His article will look at the steps followed by Melissa, a salesperson with goods potentials and would like to become a go-to person of her company. She chose her general manager in the company to be her mind since he is the go-to guy in sales. A rare asset Deep smarts consist of a particular way of thinking and decision-making that leads to their success repeatedly. This rare asset is found in just a few individuals. Deep smarts can be hired right out of school or off the street. These skills are learnt by, consciously thinking the way experts in your institute operate, and learning from them. This means that the learners will see their way of thinking and doing things, copy, and modify the ideas. Deep smarts are always unique and despite the fact that the skills are learnt from others, the learners should be unique in their own ways. Nevertheless, a person cannot rely on mentors and organizations for skills and this necessitates the need to go an extra mile to look for these skills. The right system is obtained from various people who have managed to acquire deep smart skills. Melissa has worked with an international beer company for a period of more than eight years. She started from a small rank and aimed high now she is the sales rep of the company. She has not settled yet and she wants to become the VP of her region. She has been learning from George, her general manager who has also grown from the ranks of sales to his current position. He is now a brilliant decision maker, an exceptional innovator and negotiator as well. He is said to have exceptional abilities to reason both tactically and strategically regarding the business. It should be noted that not everything, which George knows is valuable, and Melissa also has some skills of her own. She wants to add some techniques from George to add to hers and become a deep smart. Fortunately, for her, George is willing to share his deep smarts with her and Melissa is ready to learn from him. She could interview George to get skills that will help her in her venture. She learns by noting down various important points from George in her notebook. She could accompany him as he goes to do various duties and learn how he did. At last, she managed to acquire the skills that she wanted. Conclusion Deep smarts are of great demand since they are a rare asset. Many people in various organizations would like to become the go-to individuals in particular organizations. However, these skills can only be learnt, from those who contain the skills. It takes years of learning and trying to incorporate the borrowed skills and the inborn skills to become the go-to individuals. Work Cited Dorothy Leonard, Gavin Barton, and Michelle Barton, “Make Yourself an Expert”, How to pull knowledge from the smartest people around you.2013, Vol 3 (2013) A dynamic theory of organizational knowledge creation by Nonaka Ikujiro Introduction In this article, Ikujiro aims at processing a paradigm for managing the dynamic features of organization knowhow creating process. Its main premise is that organization knowhow is created via a constant dialogue between tacit and unequivocal knowhow. The nature ofthis conversation is observed and four interaction patterns involving explicit and tacit know-how are acknowledged.
The manufacturing strategy deals with the decisions of the management related to the matter that how will they manufacture the product, how the resources will be deployed in the production process and how will they arrange and organize the necessary infrastructure to support the activities of the manufacturing process.Manufacturing strategy is a broad term that covers a wide range of decisions and policies that the management of the manufacturing sector has to take to assure the conduction of their work in the right direction of the attainment of their objectives. It basically requires the management of the manufacturing firm to take the major decision regarding some of the key issues. The first and most important issue in front of the manufacturing firm is to define their activities, type of manufacturing products and the methods of manufacturing.Along with that the management also has to decide how should they adopt the strategies through which the entire manufacturing process will contribute to the competitive advantage of their business. These issues are resolved by the manufacturing companies under their manufacturing strategy as the core decisions regarding these issues are taken by the management under the manufacturing strategy designing and adaptability (Chase and Aquilano, 2000). The manufacturing strategy plays an integral part in determining the performance and success of a manufacturing sector because the determination of the long term goals, as well as the objectives of manufacturing companies, are based on the manufacturing strategy adopted by the manufacturing firm. (Chen and Small, 1994)The roots of the manufacturing strategy could be traced back to the Harvard Business Review article, "Manufacturing- Missing Link in Corporate Strategy" by Skinner in 1969. In this article, the writer suggested that the supervisors of the manufacturing system must adopt a top-down strategy in their business operations.
On receipt of an application from a person or business of that class of business take account of the following when considering an application for registration :b] Joe has recently applied for registration with BC but his application was turned down. The letter informing him of the decision stated that BC was not satisfied that his business was financially sound, which he disputes, and also that the Council is of the opinion that his style of landscaping is inappropriate for properties in the Council’s area, in particular, his extensive use of garden gnomes.c] Mick applied for registration with BC. When he inquired on the progress of his application, BC’s Trading Standards Department (TDS), which considers all applications before putting them to the Council for a final decision, with a recommendation for approval or rejection, told him they were recommending approval.Mick has subsequently discovered that one of the members of the Council who considered his application, George, has a sister, Felicity, who lives in the area of an adjoining council and who is in dispute with Mick regarding landscaping work he undertook in her garden. She has refused to pay for the work alleging that it is unsatisfactory and does not comply with what was agreed. He has commenced court proceedings against her for? 20,000, the sum originally agreed, and she has promised to defend such action vigorously.Having analysed the problem you are experiencing with regard to the re-registration of your business with the council it is my opinion that you should seek a judicial review of the decision of the council as it could be regarded that they have acted ultra vires in failing to provide you with an explanation as to why your application has been rejected.Claims for judicial review can be brought if it can be established that the actions of the body concerned are either illegal, irrational or there has been procedural impropriety.
While obtaining the understanding of the entity and the environment of the entity, the auditor has to consider various factors in which the entity performs its business. Obtaining the understanding of the entity also involves the understanding of the nature of the business of the entity, its industrial and regulatory requirements, its organizational and business strategies as well as their internal control and performance reviews and measurements.There are various risks that the financial statements of the companies are exposed to, some of which are client-specific while others are auditor specific risk. These risks are discussed in detail below.The auditors don’t 100% guarantee the fairness of the financial statements which works as a shield for the auditors but in the recent past some cases have been identified which pushes the auditors to impair their independence to obtain the fees they charge. This is a risk that should always be kept in mind that the auditors should not obtain fees for the cost of their independence.Interest in the client, whether financial or non-financial, is also a cause of the auditor’s independence impairment. The auditor may hold shares of the client which may cause the auditors to impair the independence and give a positive opinion for their reasons.A long term association with the client builds a relationship with the client which may cause the auditors to get their independence impaired. This risk can be avoided by changing the combination of the team every time the team is sent for the audit of the same client.The audit risk is specific is the risk that tan inappropriate audit opinion may be given on the financial statement by the auditors. This risk arises based on many factors that may or may not be inherent to the entity. It is one of the most fundamental aspects of the auditing process because the audit is that of a test nature.
Moreover, auditors instead of auditing the accounts for errors and fraud only, prepare the accounts too, which is a blunder in itself. Not only this, but Edward also does not take complete responsibility as an owner to run the business, rather, but he also leaves the business activities upon the shoulders of his employees who can mal-perform because of the absence of accountability from the top management.Edward has failed to identify the fact that the management of a business has to set various rules and procedures, which the employees and employers have to remain adhered to. Such policies, rules and procedures lay out the guidelines for carrying out different activities in a business ranging from operational to long–term decisional activities. First all of all, Edward did not focus on the effect of employees’ performance on the overall business activities. He hired part-time employees with lower quality skills and managing abilities. Moreover, the business does not follow specific procedures to keep a check on employees’ weekly performance. instead, employees themselves fill in the sheet and submit it for approval. There is no standard payment procedure as well. they are supposed to get checks for their wages but in case of haste, they are given the salary in cash form too.Most importantly, Edward has ignored the need of having a managed and scrutinized system of keeping records and documentation for his business activities. It is evident from the observation that no records are maintained for inventory and cash management. His employees do not record the amount paid for goods or quantity of goods delivered, rather simply count the goods and ask the accountant to pay for the goods. Such a practice is not only harmful in short-run but also in the long run, because, they can let go theft unchecked in the day to dayactivities, where as in the long run, any strategy regarding inventory management will not be easily devised, because of the absence of prior records.
The very name of the protagonist seems to be the pun. The author presents Willy Loman being somehow predestined to be a “low man”. However the protagonist is likely to have had an alternative. Loman believes whole-heartedly in what he regards as the earnest of the American Dream – that a personally “attractive” and a “well-liked” person in business would surely and deservedly obtain the material comfort proposed by the contemporary American life. Oddly enough, his obsession with such superficial qualities as likeability and attractiveness is at odds with a more rewarding and a more gritty understanding of the American Dream. Contrary to Willy’s delusions, however American Dream identifies with working hard without complaint and passing the buck, as the key to success. Loman’s understanding of attractiveness is superficial. He childishly envies and hates his nephew Bernard because he believes the latter to be a nerd. Willy Loman’s blind faith in such a stunted version of the American Dream leads to prompt psychological decline as soon as eh finds himself unable to accept the discrepancy between the real life and his dreams (Martin 236). Willy Loman’s life is in fact a course from one abandonment to another, making him desperate each time. Willy’s father leaves his brother Ben and him when they are young, leaving the brothers neither money nor any intangible legacy. Ben ultimately leaves for Alaska, leaving his brother to lose himself in his warped version of American Dream. As a result of that early experience, Willy develops his fear of solitude that makes him desire his family to his view of American Dream (Cullen 190) His efforts to bring perfect sons up though reflect his impotence to understand reality. Willy’s elder son Biff, who embodies the promise for Willy, drops his father as well as his fervent ambitions for him as soon as he becomes aware of Willy’s infidelity. Biff’s ongoing impotence to be success in business increases his estrangement from Willy. When at Frank’s Chop House, Willy Loman after all believes that his elder son is on the turning point of greatness. Biff breaks his father’s illusions and eventually abandons babbling and deluded Willy in the lavatory. Throughout the whole play Willy’s primary obsession is what he supposes to be Biff’s betrayal of his ambition for him. Willy thinks that he is entitled to expect Biff to carry out the promise inherent to him. When Biff refuses to fulfill his father’s ambitions for him, Willy takes that rejection as a personal insult, associating Biff’s refusal with “spite”. Furthermore, Willy is a salesman so Biff’s rebuff ultimately crushes his ego for Willy founds himself unable to sell him American dream – the product to which Willy believes himself to be the most faithful. Willy supposes that his son’s betrayal derives from Biff’s discovery of Willy’s betrayal of Linda’s, his wife’s love – an affair with The Woman. Whereas Willy perceives that has betrayed him, Biff becomes aware of his father’s being a “phony little fake”, that has betrayed him with his endless flow of his ego stroking lies (Hurell 74). He often dreams about his late elder brother Ben visiting him. Long ago in his seventeen Ben had left parents’ home for Alaska and eventually found a diamond vein somewhere in Africa and thus became rich. Since then Ben has been an embodiment of American
High turnover rates have caused companies to become stagnant in terms of advancement of knowledge. Knowledge sharpens individuals’ skills, increases association productivity and drives innovation Beazley, H. (2003). Knowledge is highly perishable, increases with sharing and is cumulative Beazley, H. (2003). Retirements of experienced and knowledgeable professionals as well as many employees leaving the organization have caused companies lacking valuable knowledge for advancement. A major consumer products company had to delay the launch of its new products due to technical difficulties and lost a major market share because its competitor had launched the same product during that time period. The agony was that the company had developed the solution to those technical problems, fifteen years ago but those who had developed it and had the knowledge to implement it, had retired. The new professionals did not have the knowledge, nor did they know that the system was in place, Field, A. (2003).Disaster may be termed as a happening or an attack by a malicious attacker or a rival or some mishap that may cause knowledgeable employees to leave the company, O’Sullivan, K. (2010). Such disasters may cause harm to the data that the company possesses or the knowledge that the company has. With competition increasing at such a high pace, complying with ethics is a thing of the past. Disaster may strike in the form of data being corrupted, data being stolen or knowledgeable professionals being lured away. The key question is how a firm may keep itself safe from such disasters and happenings? The first part focuses on the safety of data from disasters. The biggest threat to data security is what the data managers do not know about O’Sullivan, K. (2010). Data storage managers only to cover the basics of security and are exposed to many vulnerabilities. They are exposed to threats from viruses and hackers through their storage web interfaces. In order to avoid this business must have a data recovery plan or DR.
Making profits is a key aspect of any business venture. This understanding has created interest in finding out the real effect of decisions made by club owners and franchise on the structure and regulation of leagues around the world. In order to get better sales in sports, a high level of competition is required unlike in business where monopoly is the ultimate goal. If there are championships or leagues, the participation of more than two clubs will be necessary to ensure better products to the fans. If one club is far better than the rest and keeps on winning all games with ease, the products become so predictable and therefore less marketable to the fans (Wladimir Stefan, 2006:27). Fans will get bored in watching a team that wins with big margins repeatedly and so need some degree of uncertainty for them to enjoy watching the game. This phenomenon of the professional sports as an industry has led to the development of cooperation among clubs and the adoption of governing bodies charged with ensuring that the industry attains its optimal production capacity by way of organising championships and leagues. These leagues are highly competitive and as such have become some of the most profitable enterprises around the globe. For instance, the European champions’ league, the Barclays premier league in England and the La-Liga of Spain are some examples among many leagues in football that are leading income earners for the respective clubs and contribute a considerable amount of the countries’ GDP. Baseball, basketball, indoor sports, golf, athletics, and Olympics, in general, all form a multibillion-dollar economy (Masteralexis and Hums, 2002:295). The graph below shows how revenue from sporting activities has increased over the years. According to some economists, this feature of professional sport is quite favourable as it eradicates monopolies, which are responsible for the poor quality of products or services offered and high non-commensurate prices. In the end, the whole arena of professional sports forms a model of free-market where the competitiveness of the product offered carries the largest share. This competition, however, is not always healthy especially with respect to the labour market (Stefan, 2007:47). Here, the free relocation and transfer of players from one club to the other based on the wages has made the wealthier clubs maintain a grip of the top leagues and championships over the less wealthy clubs. Therefore, wealthy club owners can get all the best talent there is in the market and thereby in a way kill competition, which is the very phenomenon on which the industry thrives (Rodney, 2004:25). This has resulted to the creation of oligopolistic cartels where the higher level of the game is exclusive to the rich clubs whereas the less wealthy clubs play in the lower divisions that are less competitive and less famous among the fans ((Wladimir and Stefan, 2006:64). This means that fans will be flocking the gates only when big teams are playing. This obviously means very high revenues for them whereas the poorer clubs will only have a small number of fans in attendance and will in most cases charge less fee for their matches. Although the leagues as the governing entities have some restriction on the transfer of players from one club to the other, they can only achieve little since the clubs are free to determine the prices for prayers, as well as their buying and disposing of regimes.
Researchers have often assumed that employers are always ethically appreciative to pay fair wages to the employees whenever possible, in order to keep them motivated and satisfied. However, in the practical scenario, the working environment situations have repeatedly been witnessed to depict the authoritarian power led malpractices conducted by employers in terms of employee exploitation. A best example to this context has been the anti-sweatshop movement which resulted in the establishment of certain rules in terms of international “fair wages’ and employment standards with the intention to protect the human rights and welfare of employees along with rendering due significance towards employers’ interests (Miller, “Why Economists Are Wrong about Sweatshops and the Anti-Sweatshop Movement”). The anti-sweatshop rules illustrate that the global payment system is based on three fundamental principles which include paying for the job, paying in accordance with the skills and competencies of the employees or workers and paying in context of the market value. Based on these principles, the concept of international “fair wage” was derived which renders due significance towards the ethical business conduct and also towards the transparency in the employer-employee relationship. Fair wages can be illustrated as the wage rate which is above the minimum wages offered in a particular region for a particular job responsibility, but are below the standard wage required for bearing the living cost in that region. The lower limit of the fair wages is the minimum wages that the company pays and the upper limit of it is the maximum that the company can pay (Deb 303). Hence, it can be stated that the witnessed scenario of slavery could be minimized with the implementation of international “fair wages” by enforcing international guidelines owing to which employers were restricted to exploit labors conducting unethical behavior. It is worth mentioning in this context that the implementation of anti-sweatshop rules concentrating on international “fair wages” and employee standard codes to the employees not only minimized the associated risks of work but also enhanced the loyalty of the workers towards the company which in turn raised significant opportunities for the company to attain sustainable growth. Moreover, the concepts also proved vital for companies in terms of developing a productive work culture.