Gross Domestic Product and the Post-Keynesian Paradigm - 2200 Words

Gross Domestic Product and the Post-Keynesian Paradigm (Coursework Sample) Content: Firstname LastnameInstructorà ¢Ã¢â€š ¬s NameCourse NumberDateEconomics PerspectiveIntroductionEconomy experiences macroeconomic fluctuations over time that affects economic growth. The aggregate output, consumption, investment, net export, and employment may tend to grow over time but then drop suddenly. Economists continue to discern the current condition of the economy and where it is heading so that they can effectively deal with future economic events. Macroeconomic fluctuations mainly involve changes that occur in the demand-side of the economy, which determine the gross domestic product.GDP= C+I+G+NXGross domestic product is never constant, but change due to many reasons like changes in government policies mainly in interest rates and taxes. Different economics theories have evolved with time to explain macroeconomic fluctuations. * Political Business Cycle (Rational partisan political business cycle models)Political economists continue to study and research ho w politician pressures and interest groups within a country can lead to macroeconomic fluctuations. Political business cycle explains business cycles resulting from the manipulation of policy tools (monetary and fiscal policy) by incumbent governments so that they can get re-elected and stay in office (Paldam 342). These governments hope to stimulate the economy just before general elections for them to improve their partiesà ¢Ã¢â€š ¬ re-election chances. The cycle explains the interaction between macroeconomic and political variables in the election of new governments through focusing on the dynamics between the incumbent and the electorate. According to this cycle, the voters maximize their individual utilities, while the incumbent is expected to implement the policies that allowed it to retain power. Expansionary fiscal and monetary policies have many favorable consequences in the short run such as the creation of jobs, fall in interest rates, tax cuts, and increase in governmen t spending to stimulate economic growth. However, the same fiscal and monetary policies have other very unpleasant consequences such as damage to foreign trade balance and accelerating inflation. Others include low rates of savings to support investments and long-term expansion of the government share of the gross domestic product at the citizensà ¢Ã¢â€š ¬ disposable income. After elections, politicians may manipulate powers by raising taxes, allowing interest rates to rise, slowing the growth of the money supply, and by cutting spending. These actions continue until just before the next election. Therefore, holding of elections at regular intervals facilitates macroeconomics fluctuations (a boom and bust pattern).Rational Partisan Business ModelThe model of rational partisan predicts that macroeconomic fluctuations are triggered by any possible change in government policies as a result of elections. In this model, agents face uncertainty regarding the outcome and timing of the ne xt election. It further predicts that the partisan influence on the state of the economy persists throughout the current governmentà ¢Ã¢â€š ¬s rule. The state of the economy is further influenced by the party that ruled before the current one. Moreover, the popularity of the party also has a significant influence on the macroeconomic fluctuation.The rational partisan model involves a two-party political system whereby each of these two parties has its policy platform (Alesina 58). While the left-wing party fights for growth and unemployment, the right-wing party is more concerned with fighting inflation. The left-wing governmentsà ¢Ã¢â€š ¬ core constitutions are composed of blue-collar workers and are more vulnerable to unemployment during economic downturns. The right-wing party is made up of white-collar professionals whereby their employment prospects have been much more stable over time. This group is concerned with retaining the real value of its asset through low inflation. The key parties are the electorate, but not political candidates, where each voter elects the candidate he/she thinks better suits his/her preferences according to party platforms.In this model, the policy is uncertain in the presence of election, because the election winner (and the future controller of policy), is not known with certainty. This uncertainty leads to short-term business cycle effects (macroeconomic fluctuations) as the agents then form inflammatory expectations (as a weighted average) of the partiesà ¢Ã¢â€š ¬ expected policies. In the end, each election held leads to new and different inflation rate from the expected one. If the left-wing party wins, there is a high expectation that inflation will rise, and the economy is to grow more rapidly than normal. However, if the right-wing side is victorious, there is an economic downturn due to unemployment, low government spending, and low inflation. In short, the rational partisan model predicts that regular elections u sually lead to temporally macroeconomic fluctuations due to the existence of uncertainty over elections outcomes. Additionally, the winning party determines the direction of the fluctuation.A rational partisan business model explanation frameworkAs above, rational partisan business model differs from traditional partisan in that a voter forms inflation expectation rationally and that the electionsà ¢Ã¢â€š ¬ outcomes are uncertain. Additionally, politicians in the partisan business model have different preferences. The right-wing party focuses on economic growth and unemployment and the left-wing party fights inflation.Let us consider two political parties N and M. Party N is more concerned about fighting inflation that focusing on growth and unemployment, and party M is more concerned with economic growth and unemployment than inflation.UN = - (YT à ¢Ã¢â€š ¬ XN )2 + BNJT ; XN 0, BN 0UM = - (YT à ¢Ã¢â€š ¬ XM )2 + BMJT ; XM 0, BM 0In the formulas, the subsc ripts N and M denote the two parties (Alesina n. p). In the formulas, XN and XM represent the targets rate of inflation of the parties N and M respectively in their policy platform. Additionally, since the economic rate states that the optimal level of inflation is never zero, the target rate of inflation of the two parties is positive. BN and BM represent the benefits of these two parties. The relative references of these parties (inflation, unemployment and growth) are represented by XM XN 0 and BM BN 0.To interpret the first formulae, party N is more concerned about output and unemployment than party M is. Party M is more willing to utilize inflation into promoting growth and fighting unemployment than partly N is. However, the above representation does not mean that N is not concerned about inflation, or M is not concerned about economic output and unemployment. It is only that each political party has preferences that it is relatively concerned more the others.Since vote rs have different preferences based on unemployment and inflation, they tend to elect the candidate that they think would deliver the highest expected utility. It is the reason voters who prefer low inflation levels would vote party M, and those who are more concerned with unemployment would vote for party N.The model stresses that apart from the winning party, the level of inflation and hence economic growth will much depend on the degree of political polarization. Polarization refers to how different are policy platforms. This argument is backed by Lunati, Alesina, and Rosenthal, who stress that political polarization creates wider economic fluctuation (176).As a summary of the above presentation, if the party N wins, inflation would increase above expectations and also the output would grow above its natural level. On the other side, if M wins, inflation would be below the expected levels, and the output or economic growth would be below its natural rate. The total output will b e expected to return to its natural level in the second period (next election) regardless of the party that will win. This observation is due to the inflation expectation (wages) adjustment in the economy. The cycle between the output, employment and inflation will continue causing macroeconomic fluctuation if the election will continue to be held.Real world example of rational Partisan ModelsResearch prove that over the years, the United States gross domestic product (GDP) growth is substantially lower under Republicans than Democrats in the second and theirs year of their administrations. Between 1949 and 1994, the growth rates during Republican and Democratsà ¢Ã¢â€š ¬ administrations sharply diverge starting from the third quarter after the election. Moreover, the quarterly rate of growth averaged over Democrats administration increases from 3% per annum in the third quarter to 6% by the seventh quarter in the administrationà ¢Ã¢â€š ¬s term of office. However, it falls from the same level to zero by the seventh quarter in the term of administration averaged over the Republican administration. After some time, the economic performance under the two parties becomes identical (Drazen 8). * The post-Keynesian ParadigmThe post-Keynesian paradigm is a collection of emerging schools of economic thoughts that attempt to reflect the basics and the work of John Maynard Keynes. Although these schools are much related to the work done by Keynes, they have introduced new insights and ideas not found in Keynes book, and that can help explain macroeconomic fluctuations. It is the study of the economy carried out after 1936 (Trezzini 10).Effective demand and macroeconomic fluctuationsThe principle of effective demand is the post-Keynesian paradigm primary focus. This theory defines effective demand as the actual quantity of products that buyers are purcha...

Case Study Assignment CJ Industries and Heavy Pumps - 1100 Words

Case Study Assignment: CJ Industries and Heavy Pumps (Essay Sample) Content: CJ Industries and Heavy PumpsNameInstitutionCase study: CJ Industries and Heavy PumpsQuestion one:From CJ industries PerspectivesCJIà ¢Ã¢â€š ¬s main aim is to maintain a contract compliance with Great Lakes because it is the future of the companyà ¢Ã¢â€š ¬s future success and. Keeping that in mind, they need to ensure that the supply of pumps from Heavey will be timely and of high quality. The relationship between CJI and Heavey has been suitable and professional, even it is casual. Nevertheless, CJ Industries had usually placed orders fifty pumps, eight to ten weeks in advance, every four to six months which gave Heavy the opportunity to stay on top of the orders and deliver the products as obliged. Though, the new contract with Great Lakes would require CJI obtain fifty pumps per month, with a prospect that it could increase during the five-year contract. In such a scenario, production capabilities of Heavey would be exceeded and worse off. Therefore, delays in th e supply chain of CJI would be evident, yet they have to abide by their contract with Great Lakes strictly. CJI also have an option of hiring other suppliers rather than Heavey, who are five hundred miles away. Also, CJI has to mandate to analyze its value chain, impacts on the business relationship with Heavey, make critical decisions on if building the pumps in-house would validate the capitalization costs, and whether it would dilute their expertise.From Heavey PerspectivesHeavey is a local company that is dedicated to delivering their products on time. Their relationship with CJI seems to be successful, but they find difficulties to supply their bilge pumps once CJIà ¢Ã¢â€š ¬s demands 50 pumps monthly. Such a situation will prompt them to consider other options like maintain their production level and risk losing CJI as business partners or expand their production level.Since they are not entirely established, they need to consider expanding their production levels for long-ter m benefits. Such a decision will aid them to continue working with CJI, will be risky to invest much capital for expansion when there are possibilities of CJI choosing other suppliers or decide to produce their pumps domestically. The major ambiguity that comes up for Heavey is the absence of an official contract with their client, CJI. Heavy must consider that fact that will they be expanding their business for the sake of delivering to CJI alone or will it help in servicing other clients. Additionally, they will also consider hiring more staff to keep up with CJI demands.Question TwoOption 1: Continue using HeavyCJI have always trusted Heavy with their on-time delivery of quality pumps. As such, CJI did not consider pumps as an issue after signing their contract with Great Lakes. CJI had initially ignored that Heavy would have to expand their manufacturing capabilities for pumps. It seems a lot to expect Heavy to align with CJI requirement since there was no formal agreement betwe en them. Therefore, the most likely move that CJI can make is to discontinue their relationship with Heavy or form a partnership with them. However, they cannot fully rely on Heavey supplying them with pumps as they presently are, as it would guarantee them to failure in meeting Great Lakes requirements.Additionally, as CJI rely on Heaveyà ¢Ã¢â€š ¬s proficiency and product eminence with regards to the production of pumps, formalizing their pump manufacturing has been a short-term plan so far and with their bigger production level it will escalate more costs than in-house manufacturing would. Also, CJI does not gain any advantages regarding cost saving from Heavey utilizing economies of scale since they produce products in batches, and they are a small company.Option 2: In-House ManufacturingIf Heavey asserts to this option, they would assert better quality control, use their existing ability, control, manage their lead time and storage costs, and most likely utilize economies of sc ale and thus save their production costs in a long-run. Currently, CJI produces other parts their engines in-house, therefore, if they start producing the pumps in-house they will be able to allow for the luxury of designing their products to suit clientsà ¢Ã¢â€š ¬ needs. Also, with the free workplace within their facility, manufacturing pumps in-house would help them utilize the floor space and make a better use of their fixed assets. Even though it does not reflect on the financial reports, it allows the firm to improve the efficiency of their preceding capitalization. Control of their manufactured pumps will aid them in gauging when their products are ready for transportation. Such control over lead-time will make them meet Great Lakes deadline requirements. Finally, as they are producing approximately six hundred per year, they will be able to take advantage of the economies of scale since their employees start to get used to pumps production.Disadvantages associated with in-ho use production are employing more capitalization cost, quality issues, and inexperienced labor force. It is evident that there will need to employ more capital in the engaging in a new production process, It is estimated that engaging in in-house production with requiring an initial capital of $500,000, clearing out space and hiring three new employees. As such this will affect the companyà ¢Ã¢â€š ¬s efforts to focus on its core competence of boat engine manufacturing. Also, the new staff will require training. Therefore it will exert more workload on the production manager. Finally, quality issues are eminent since they have to satisfy their clients, Great Lakes, regarding delivery time as well as quality. During the n...

Should the Federal Minimum Wage Be Raised - 900 Words

Our entire society in the United States is complicating whether or not our nation should raise the federal minimum wage. Ranging from researchers who have been studying this incompatible topic throughout their entire lives to amateurs who simply expose their opinions without any logical reasoning to the public are still not able to come to an agreement for a stable minimum wage. Many citizens may assume that increasing the minimum wage, $7.25, an hour, by a couple dollars may not make a significant impact to our economy. However, there still coexists a complex reason behind this whole topic that is currently disabling our society to contemplate on a solution. Generally, most traditionalists who believe that increasing the minimum wage may hurt the young and unskilled workers in an economical perspective. On the other hand, a vast majority of researchers may believe that this opportunity wouldn’t kill jobs and may even give the economy a boost by allowing more low-income worker s to spend more on necessities. This controversial issue may be the only fire that will never die out in the United State’s economical history. There are many valuable reasons why people suppose a raise in minimum wage. One significant claim is how this raise would benefit minimum wage workers. According to the article â€Å"Should We Raise The Minimum Wage? 11 Questions and Answers,† Jordan Weissmann argues that raising the minimum wage would make many families’ lives more financially stable without aShow MoreRelatedFederal Minimum Wage Should Be Raised877 Words   |  4 PagesRecently, the call to raise the Federal minimum wage has gotten stronger. Some states have taken the initiative recently to raise their state minimum wage above the federal guidelines. Currently someone who makes $7.25 an hour working full time under the Federal minimum wage earns $15,080 annually before any taxes are taken out. Critics of the proposal to increase federal minimum wage b elieve that increased labor costs force businesses to cut jobs to make up for the decrease in profit (Mejeur).Read MoreBenefits of Raising the Minimum Wage Essay614 Words   |  3 Pagesemployee who works year-round is less than $16,000 (about $15, 080) according to the current federal minimum wage (Rebuilding). To put into retrospect how out-dated the federal minimum wage is, consider that the minimum wage of 1956 amounted to exactly $7.93 in 2009 (Henderson). How progressive is it that our nation’s workers being paid less today than workers from the 50’s? The federal minimum wage should be raised in order to assist families out of poverty, to ensure the effort and loyalty of workersRead MoreShould Minimum Wage Be Raised?1062 Words   |  5 Pagesever pressing question regarding Minimum wage. Not many subjects can ignite a controversy as quickly as that of whether or not minimum wage should be raised, or by how much should it be raised or if it should remain the sam e. What is minimum wage? By definition, minimum wage is the minimum hourly wage an employer can pay an employee for work. (â€Å"MinimumWage.com†) America’s minimum wage was first introduced by President Franklin D. Roosevelt in 1938. That minimum wage was introduced as part of the FairRead MoreRaising the Minimum Wage, A Speech Outline Essay1465 Words   |  6 PagesRaising the minimum wage Introduction I. Attention Getter: Per capita, Idaho is ranked number one in the nation – Number one, when it comes to paying workers as little as possible. II. Topic Orientation: The U.S. Bureau of Labor estimates that 31,000 or 7.7 percent of all Idaho’s workers are paid the current national minimum wage of $7.25 an hour or less. (Maben) A. Idaho has the highest percentage of minimum-wage workers per capita of any state. (Maben) B. The overall povertyRead MoreMinimum Wage Should Be Raised910 Words   |  4 Pagesmaximize the American Dream on the minimum wage† (Benjamin Todd Jealous). In 1938, minimum wage was created by the federal government in order to protect workers by ensuring a minimum of twenty-five cents per hour worked. Though President Roosevelt had the right idea in protecting the workforce, something needs to be done to ensure that Americans are getting a reasonable amount of money for the amount of hours they have worked. As Benjamin Todd Jealous stated, minimum wage is not enough for the averageRead MoreMinimum Wage Should Be Raised1395 Words   |  6 PagesIn today’s society, minimum wage is an issue. It’s whether or not it should be raised or lowered. This interests almost everyone due to the fact that everyone wants to make money and the amount should reflect the work and skills that are put in. The minimum wage is a major antijobs policy. First things first, the minimum wage buys a lot less than it used to. Only Congress can adjust the federal minimum wage, and it doesn’t necessarily increase with inflation. As a result, its buying power has diminishedRead MoreMinimum Wage During The Great Depression1419 Words   |  6 PagesThe Minimum Wage Battle In the United States, the minimum wage was passed during the Great Depression in 1938 to protect the buying power of normal workers in a period in which the â€Å"unemployment rate was still a very high 19 percent† (Sklar, 2009, p. 1). Since that time, there has been significant debate about the controversial topic of raising the federal minimum wage. The federal minimum wage law was created to eliminate unfair practices of sweat shops and manufacturing companies during this timeRead MoreMinimum Wage Needs A Change1184 Words   |  5 PagesDoherty Ms. Lee English 2 16 May 2017 Minimum Wage Needs A Change According to the U.S. Census Bureau, nearly 14% of the nation lives below the poverty line, the current population is 326,474,013, and 45,706,362 of the population lives in poverty every single day. One of the reasons why such a large chunk of the population is in poverty is because they are not being paid a reasonable salary for them to support themselves and their families. Raising the minimum wage can lead to problems, but gradual increasesRead MoreMinimum Wage Persuasive Essay1106 Words   |  5 Pagesdeserve more than the federal minimum wage? If you said yes then perhaps you are unaware of the many negative effects surrounding a higher minimum wage and after reading this you will be educated on why the minimum wage should not be raised. In the beginning, the minimum wage was created with good intentions. It was originally established in 1938 and was $.25 an hour (Sessions). It was created to make sure that businesses would not take advantage over workers. While the minimum wag e was and still is aRead MoreMinimum Wage and Its Implications763 Words   |  3 PagesMinimum wage affects everyone. The current minimum wage is at $7.25 and President Obama announced that he wished to see a change in the minimum wage, he wants to raise the hourly wage to $10.10. A rise in the income of those who are employed will also raise the cost of hiring unskilled labor and can potentially reduce the number of people hired by businesses. Also, if minimum wage is raised then the price of the products that the companies are making might increase which will continue the cycle of

What to Pack When Coming Home From College

The major breaks in college—like Thanksgiving and Spring Break—can be lifesavers for all kinds of reasons. Besides the break from classes and the festivities that happen, these breaks provide a great opportunity to head home and recharge. But just what should you pack when coming home from college? With so much going on before you leave, it can be easy to not pay attention to what youre going to bring home over the break. Spending a few minutes now, however, to double-check the items on this list can save you many hours of inconvenience later. Laundry While doing your laundry in college isnt logistically complicated, it takes a lot of time—and money. Doing your laundry at home, of course, is an easy way to save some time, cash, and overall inconvenience. Dont forget to grab the things that especially need a good washing at this point in the semester, like your sheets, towels, and blankets. Anything You Need to Do Your Homework Sure, most of your research can be done online, but if you forget your reader for Politics 101 or your notes for Organic Chemistry, you can be up the creek. Given that youre heading home over the break with the hope of getting some rest and relaxation, the last thing you need is to stress over how to get your homework done without the things you need for the assignment(s). Take a few minutes to think through what youll need to do—and what items youll need to finish those projects. Your Laptop/Computer Sometimes, the things that seem the simplest are the easiest to forget. Make sure to pack your laptop/computer as well as its power cord. If youre going through the trouble of schlepping your computer home, itd be a waste not to be able to use it after the battery dies. A Jump Drive You may have things on a school server or be sharing documents with other students for a group project. Consequently, make sure to grab any jump drives you are using. That rough draft of your Shakespeare paper may be awesome but not if you accidentally leave it behind during break. Your Cell Phone and Charger You likely have your cell phone on you 24/7. Which, of course, is great—until you accidentally leave it at school. As you leave, do a quick check to make sure you have your cell phone (and its charger) with you. That last thing you want to worry about is not having a cell phone during your break or wondering where you left it. Seasonal Clothes to Swap at Home When you headed to campus this semester, you likely brought seasonal clothes (e.g., warm winter stuff or cool summer stuff). But Thanksgiving and Spring Break can mark a major change in the weather. Pack an extra bag of things you dont need until you go home again and then fill it with clothes back at home that you know youll need for the rest of the semester. A Nice Outfit If Youre Doing Interviews If your to-do list over the break includes doing interviews for seasonal or summer work, remember to pack that nice business outfit so that you wont be left scrambling (or worse, borrowing something from your parents) on interview day. Even if you think youll just be dropping off applications, looking professional when you do so still matters. Lastly, remember to pack important accessories, like shoes, jewelry, socks, and a nice jacket, that complete your interview outfit.

Essay on Man vs. Environment in To Build a Fire by Jack...

One can express many different types of themes in Jack London’s, â€Å"To Build a Fire†. Though I feel strongly that London’s theme in the story is about that the environment shapes who we are because it shows that the man is not strong enough to live up to his environment. Allowing the environment to kill the man indicates that he is weak both mentally and biologically, while on the other hand the dog is stronger by surviving the same harsh environment. Instinct superior to reason is another theme that is highly portrayal able in London’s story. In order for the dog to survive and the man to die, the dog required instinct, of which the man lacked. The man did acquire reason and observance but not good enough to allow him to reach his goal†¦show more content†¦The man is also weak in the face of nature as nature tortures him with the physical accidents the man suffers. He firstly begins when his cheekbones and nose went numb and becomes worse as h e looses touch and grasp of his hands, finishing off with the freezing of his corpse and sudden stiff death. London exclaims about the accounts the man has suffered, â€Å"This man did not know cold.† (London, 487) and â€Å"He was loosing in his battle with the frost.† (London, 493) I do agree because the man is a new comer, a chechaquo, meaning that it is the man’s first contact with such freezing environment. The man constantly through out the story efforts in combating against the forces of nature that he can not control the reason being because he was inexperienced to such environment, therefore the man is bound to be with the odds and like London exclaims, loose his battle with his environment. The environment shaped him such that it proved he is not fit enough to live in the extreme cold. Alternatively, the dog has a different biology make up than the human. The husky dog has a thick furry coat cuddling his warm body. Even though the dog probably never experienced such climate as the man, its biology make up allows the dog to survive and is therefore fit enough to support such extreme cold. The other difference between the man and the dog isShow MoreRelatedJack London s Observation Of Man s Foolish Confidence1711 Words   |  7 PagesThe man â€Å"was a newcomer to the land, a chechaquo, and this was his first winter.† Ice-bound regions of the world are fascinatingly unique and absolutely forbidding. Air so cold it whistles it’s warning to those who dare brave the hostility of the polar elements. It is a place where boys become men or perish by the unmerciful and unforgiving power of nature. It’s human nature to think wisely and act foolishly for nature itself is full of hidden menaces. It is risky to underestimate the significanceRead MoreJack London s Observation Of Man s Foolish Confidence1780 Words   |  8 Pagesconsequences and even to death. Jack London’s observation of man’s foolish confidence in the face of nature’s power forms the story â€Å"To Build A Fire†. Written in 1908, this mesmerizing masterpiece exemplifies the struggle between nature vs. man and why the icy parts of the earth are natures expressions of the truth that fear leads to wisdom, and that only fools despise such wisdom. The m This story is about a man who decides to travel alone through the harsh environment of the Yukon when the temperatureRead MoreAnalysis Of To Build A Fire By Jack London1006 Words   |  5 PagesThe short story, â€Å"To Build a Fire,† written by Jack London took place on the Yukon trail. Further analysis led to the discovery that the story took place in Alaska. The setting became an important aspect within this story due to how much description was given to how cold it was. The cold weather suggests that the time of year was during the winter months. The setting of the story reminds readers that there are harsh places in the world, where nature becomes overwhelmingly powerful. The short storyRead MoreNaturalism Literary Period2601 Words   |  11 Pagesthe heroine within, when all (environment, opportunities, intuition) seems out of control. This type of literature was found relatable during the rapid urbanization and naturalization after the Civil War, where many in bustling developing cities suffered from poverty and its poorly prevented consequences. The American naturalist movement was important due to the introduction of themes involving popular apprehension during this time period including; man vs. nature, man vs. society, sex trade, wastedRead MoreThe Effect Of Sleep Deprivation On Academic Performance Of College Students Essay2242 Words   |  9 Pagesthoughts from Kevin Morgan, a psychology professor, regarding working through the night. When asked about the possible benefits of staying up all night to work, Morgan responded, â€Å"There are fewer distractions at night †¦ [and] †¦ you can control your environment† (Lawson). Whi le this may be true, the disadvantages of working through the night extremely outweigh the benefits. Scott Geller, an Alumni Distinguished Professor at Virginia Tech, discusses sleep in the textbook entitled, Psychology: The ScienceRead MoreGreat Expectations- Character Analysis Essay10289 Words   |  42 PagesEstella Havisham: Most readers are appalled at the cold-hearted and cruel ways of Estella, but any criticism directed at her is largely undeserved. She was simply raised in a controlled environment where she was, in essence, brainwashed by Miss Havisham. Nonetheless, her demeanor might lead one to suspect that she was a girl with a heart of ice. Estella is scornful from the moment she is introduced, when she remarks on Pips coarse hands and thick boots. However, her beauty soon captivates PipRead MoreAdidas Marketing Plan20768 Words   |  84 PagesTrends†©in†©the†©Marketing†©Environment .................................................................................. 45†© Demographic†©Environment ................................................................................................................................................ 45†© Economic†©Environment................................................................................................ ........................................................ 47†© Natural†©Environment ...............Read MoreAdidas Marketing Plan20779 Words   |  84 PagesTrends†©in†©the†©Marketing†©Environment .................................................................................. 45†© Demographic†©Environment ................................................................................................................................................ 45†© Economic†©Environment........................................................................................................................................................ 47†© Natural†©Environment ...............Read MoreBohlander/Snell-Managing Hr24425 Words   |  98 Pagesfaces. In addition, we briefly describe some of the provides current news updates on environmental factors that also affect the work of managers in a global setissues concerning HRM from ting. Just as with domestic operations, the dimensions of the environment around the world. Go to the form a context in which HRM decisions are made. A major portion of this Student Resources at: chapter deals with the various HR activities involved in the recruitment, http://bohlander.swlearning.com selection, developmentRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 PagesFeigenbaum−Feigenbaum: The Power of Management Capitol 1. New Management for Business Growth in a Demanding Economy Text  © The McGraw−Hill Companies, 2004 4 THE POWER OF MANAGEMENT CAPITAL THE DEMANDS OF SUSTAINING PROFITABLE GROWTH IN A BUSINESS ENVIRONMENT WHERE THE FAST DEVOUR THE SLOW Our work in helping to increase the profitability of many of the world’s major companies (as well as our database surveys of many other companies) has made it clear that all this complexity has been changing the fundamental

Blindness By Jose Saramago s Blindness - 1646 Words

Extensionalism that is Presented in Blindness by Josà © Saramago A person is not just characterized by those particular circumstances that they find themselves in, but by how they respond to those moments. The phenomenal novel, Blindness, written by Jose Saramago, showcases the storyline of a country that encounters a widespread disease that leads to several people catching a type of blindness where they can only see white. The unfortunate people who have received the terribly contagious disease spreading around are to be isolated in an abandoned mental hospital to avoid the spreading of the blindness. Existentialism is the philosophy that one can be influenced tremendously from the external factors surrounding them. This is portrayed†¦show more content†¦She replied by saying, â€Å"My affection†¦ I m remaining to help you and the other people who may come here, however don t reveal to them I can see† (Saramago, 40). This quote proves that she is a very nice an d kind person who is always there for the people she loves and cares about. She would take the possibility of catching a disease where one can only see white in order to remain with her husband who is ill. By staying with her husband while he is in desperate need of help, she proves that she is one of the kindest characters in the novel. However, as the book progresses, her trait of kindness quickly fades away after experiencing an atrocious situation. A group of people, formed in the hospital, were collecting all the food from the patients, and the only way the people had a chance of retrieving it was by making the women have intercourse with the men of the group. When the doctor’s wife was forced to have intercourse, she was traumatized, and knew that she needed to find a way to end the catastrophe. In order to do this, she decided to kill the leader of the group, and stabbed him in the throat with a pair of scissors. The author describes the wife at that moment by writing, â€Å"she had blood on her hands and clothes†¦but she knew that if it were necessary, she would kill again† (Saramago, 192). This quote shows the readers how much the wife has changed because of one event that occurred. She went fromShow MoreRelatedCritique Of Blindness In Jose Saramagos Blindness1387 Words   |  6 Pages Critique of Blindness Human nature is defined by emotional expression, the desire to learn, individuality, and freedom of will. It enables people to make decisions on how they will conduct their daily interactions and, therefore, dictates how society will be run. Josà © Saramago’s novel, Blindness, tells the grim tale of a society devastated by a blindness epidemic known as the â€Å"white evil.† Without their sight, people are no longer able to act in a civilized manner and become aggressive towardsRead MorePlot and Literary Style Must Interact in an Effective Way838 Words   |  4 Pagestrying to communicate in the piece. Both â€Å"Blindness† by Josà © Saramago and â€Å"The New York Trilogy† by Paul Auster are novels in which the literary style used enhances the plot of the story. Similarly, the storyline justifies the reasons behind the use of that author’s particular style. Saramago’s style of writing reinforces the plot because it represents and explains the events and psychological struggles endured by each individual in the novel. In Blindness, the narrator does not reveal the characters’Read MorePhilip Zimbardo’S Famous Quote Was Inspired From His Stanford1861 Words   |  8 Pageswho live there and they must continue with it as it is tradition although many would like to get rid of it. The last piece which won a nobel prize written in 1995 called â€Å"Blindness† originally written in portuguese by Jose Saramago. The story is about a sudden blindness that strikes the city and becomes epidemic and the blindness is actually white not black. The two pieces of literature along with Zimbardo’s Stanford experiment help support the argument that humans will activate their animalistic

Guide to Manufacturing and Service Operations †MyAssignmenthelp.com

Question: Discuss about the Guide to Manufacturing and Service Operations. Answer: Introduction: Operation management is the function of the business which is responsible for managing the process of creation of the goods and services. It includes various functions such as planning, organizing, coordinating, and controlling all the resources of the organization which are required for the purpose of producing goods and services of the organization. Operation management can be considered as management function which involves managing of people, equipment, information, technology, and resources which are required in the production chain. It can be said that operation management is the central core function of every organization, regardless of companys size, industry, etc. This can be understood through an example of a pharmaceutical company such as Merck. Operation functions of this company is responsible to design all the functions which plans and coordinates all the resources needed to design, produce, and deliver the various pharmaceuticals to hospitals, pharmacies, and other locations where needed. Operation management is the key to the business because it is not possible to produce the goods for selling the consumers. This report states various components of operation managementin different organizations and how these components are related to the decision making and value chain. Evaluate, apply, and state the principles and quantitative methodologies which help in decision making in operations process planning, scheduling and inventory management. Also critically evaluate the role played by operations management in the strategic management of organizations and supply chains Output/Deliverable and parameters of the assessment. Lastly, paper is concluded with brief conclusion. Operations Management is considered as an activity of managing the resources which help in delivering and producing the products and services. The operations function is the part of the organization, and this function is responsible for production activity. Operation function is embedded in every kind of organization which is engaged in production and manufacturing. However, it must be noted that not every organization called this function as operations management. Managers of operations functions are those people who own specific responsibility for managing some or all kind of resources which are related to production and manufacturing. In some organizations operations managers are also known as fleet manager in a distribution company, the administrative manager in a hospital, or the store manager in a supermarket (Sanders, 2013). Operations related to organization: Operation functions are considered as most important function in the organization because it produces the goods and services, and because of these goods and services organization exists. It must be noted that operation management includes other functions also, and these functions are stated below: Marketing function: this function also includes sales, and marketing function is responsible to communicate the products and services of the organization to the market for the purpose of creating the request of consumers in terms of products and services. As stated above, there are number of Pharmaceuticals Company which tries to introduce their products to the consumers through different ways. The main marketing function of Merck is to provide appropriate and balanced information of the product to physicians and other health care providers (Merck, 2017). Product/service development function: this function is responsible for creating the new and modified products for the purpose of meeting the future expectations of consumer. Merck ensures various innovations in its products such as changes made in the density and formula of the medicines. Merck also make different innovations for the purpose of fighting with the new diseases and health care problems. Operations function: this function is responsible for fulfilling the request made by consumers in terms of services by producing and delivered the products and services. Operational plan of Merck includes various actions such as conversion of products, assemble of products, packaging of products and maintenance (INC, n.d.). The basic three components of operation management are inputs, transformation processes and outputs. Operation management involves the systematic process and control which help in transforming the resources into finished goods and services for consumers and clients. This process is known as input-transformation-output process which is used by every organization for producing goods and services by changing inputs into outputs. This process is also known as general transformation process model. Operation management is the process which takes set of resources for the purpose of transforming something or transformed themselves into the outputs which are products and services. Therefore, all the operations are directly related to this general inputtransformationoutput model, but they are differing in the nature of their specific inputs and outputs. Basic components in detail are stated below: Inputs: inputs are considered as transformed resources, and these resources are treated, transformed, and converted in process. It includes materials, information, and consumers. It must be noted that input resources area always dominant in position. The most important resources for Merck are Research development cost which results in successful output of drug. Output resources: it must be noted that products and services are different in nature, and the most obvious different is the tangibility which means products are tangible in nature but services are intangible in nature. It must be noted that services are shorter in nature and for particular time period, and products can usually be stored at least for particular time. Components are related to the decision making and value chain: How do you change the input resources of the business in the outputs in such manner that it has greater value as compared to the original cost occurred at the time of creating those outputs? This question is considered to the fundamental importance of the companies as it address the logic related to economic as it describes the reason of existence of the organization (Google, n.d.). It must be noted that manufacturing companies create the value by getting the raw materials and then converted those raw materials in some useful product. Then such products are bring by the retailer for the purpose of presenting them in such manner that it becomes convenient for customers to purchase it, and sometimes these products are supported by services also such as fitting, free advice, etc. value created and captured by the company is known as the profit margin, and it is stated as follows: Value Created and Captured Cost of Creating that Value = Margin. If organization creates more value then it becomes more profitable, and if organization provides more value to the consumers then in such case it builds competitive advantage. Understanding the process through which company can create the value and looking for other ways to add more value are the critical elements while developing the competitive strategy. Michael Porter discusses the relation between operations and value chain in his influential 1985 book "Competitive Advantage. This was the book in which Porter first introduced the concept related to value chain (IFM, 2017; Hariss, 2015). As per Porter, value chain is considered as set of activities that was carried out by the organization for the purpose of creating vales for customers. Porter also stated that main aim of value chain is to examine all the activities of the company, and the connection between those activities. The manner in which activities related to value chain are performed directly affects the cost and profit of the company. Therefore, this tool helps the organization in understanding the sources through which value can be created. Porter also states the primary activities which are directly related to the physical creation, sale, maintenance and support of a product or service. Primary activities include inbound logistics, operations, outbound logistics, marketing sales, and lastly services. As stated operation is one of the primary activities of the value chain, and it includes transformational activities which transform the inputs into outputs, and these outputs are sell to consumers. It must be noted that operations systems create the value for the organization. In case of Merck Pharmacy, value chain includes various important steps and these steps are stated below: Manufacturing- first step of Pharmaceuticals value chain includes the production of medicine, and it includes the research development and also regulatory approval which allowed the medicine to be sold in the market for the purpose of final commercial transaction. Distribution- second step of value chain includes the transportation and handling of the medicine from the door step of manufacturer to the door step of end user. It must be noted that complexity related to transportation completely depends on the location of the manufacturing unit. It also includes handling requirements of the product, geographic requirement of the end user, etc. Dispensing- providing the correct medicine dosage and form to the right patient in a convenient and timely manner is the final step of the value chain of Merck Pharma (IMS, 2014). Evaluate the principles related to operations planning process: Operation process planning states the procedure through which product is to be manufactured and because of this it is considered as key element in the process of manufacturing. It play important role in determining the cost of components and also affects the activities related to factory, competitiveness of company, planning related to production, production efficiency, and product quality. Process planning is considered as link between the design and manufacturing, and it includes various level of process planning activities. It must be noted that few years back in product engineering and development, process planning mainly aims to determine the general method of production, and this selected general method directly affects the design constraint. In the last stages related to design, it is necessary for designer to consider the ease of manufacturing for making the product economic in nature. It must be noted that only part of design data is transferred from engineering to manufactu ring and in this process planners develop the package of detailed work for manufacturing a part. Dimension and tolerations are also determined at each stage while processing the workpiece (WWF, 2007). Process planning also considers the sequence related to operation and how to utilize the tools of machine. It also specified the cutting tools, fixtures, gauges and other accessory tooling. Various organizations wants to become leaner and more productive, and for thee organizations it is necessary that they must make adjustments in their operations and to avoid the repetitive and unnecessary steps. However, mangers of operations department must consider that changes made in process planning affects all the employees such as customer service representative to the picker on a production line. It is clear from the above scenario that decision taken by operation managers affects day to day performance of the organization either in negative way or positive way. Following are the principles and quntitative methodologies which assist in decision making in operation process planning: Checking resources- while making changes in the operation process planning and while taking the decision, it is necessary to check the availability of resources. In other words, while taking the decision related to process planning, mangers of operation department must check that required tools, resources, products are available for the purpose of facilitating the change. During this decision making step, budgetary consideration is provided and initial cost estimates are made. It can be said that, this step related to the decision-making process involves research and reconnaissance. Merck must Scheduling changes- operation manager must determine the time which is suitable for applying the proposed change and this can be understood through example which states a small business that ships products from central warehouse must not overhaul the equipment of warehouse during a peak sales season, like the holidays. It is necessary for decision makers must schedule changes during low production periods and also assign realistic timelines for the proposed changes. Managers of operation department must verify that schedule is realistic in nature with a start and finish date. Asking analytical questions: managers must ask analytical questions at the beginning stage of the decision-making process. Answer related to these questions either qualify or disqualify a proposed change in operation process. It is the duty of the person who proposed the changes to organize and quantify the information, and present their findings to the group. While discussing with the group leaders must ask what if questions and must present the scenarios that deal with potential issues and problems. Managers must evaluate the questions and answers compared the current system with the system after proposed changes. This step also helps in increasing the awareness of the weakness and strength which are associated with proposed changes. Assigning duties- operational decisions often involve changes in staffing. When operations are altered, it is necessary to provide cross training to some employees for the purpose of preparing the employees to work with new equipment or in new roles. During the process of decision making managers must consider the qualifications and also the abilities of the candidates, and also assigned the new duties to the new roles created. While assessing the employees who are affected by the proposed change managers considered education, experience and leadership. Training and Partnership- it is the job of employer to sell the proposed changes to the team by providing them training. It involves engagement of employees at early stage in decision making process, and it also helps the mangers by creating the sense of ownership in the upcoming changes. There are some cases in which operation leadership cancel the changes which are already implemented if they believe that employees of the organization are not prepared for new equipment or software. Operational leaders may provide the facility related to training workshops or hire a new employee which has knowledge related to these aspects so that he/she can provide training to others for the purpose of implementing the new process. Role of operation management in the strategic management and supply chain: The operations management is the most important tool of the organization. Presently, methods and procedures related to operation management must react in appropriate manner to every change which occurred internally and externally. It increases the need of strategic objectives in the organization which help in maximizing the market value of the organization, competitiveness maintaining or increasing, profitability, or in the survival of the organization. It must be noted that activities related to operation process are heterogeneous in nature, and these activities must be conducted in effective and efficient manner for the purpose of reducing its impact on environment. In other words, operation management activities must be conduct in such manner as it does not damage and distress the environment. Environment protection in context of operation management is complex in nature, and because of this it requires effective and efficient method for conducting the activities related to operation management. A rapid process of product innovation in todays market provides the impression that this process is messy in nature and also risky in context of environment. Organization rapidly deals with the changing expectations of the consumer and for providing innovative products to the consumer; organizations rapidly neglect the impact of their activities on the environment. Innovations scared the organizations because there is pressure from top level to meet the quarterly numbers present promised by management and this lead to negative impact on environments because for meeting these numbers experts opt such ways which are not friendly with the environment. All such activities result in higher failure in terms of innovation initiative calls because organization fails to examine the concepts stated by strategic management. It must be noted that strategic process is the most important part of the organization and by adopting the approach related to the strategic management organization can gain various competitive advantages. Therefore, there is need that organization must frame such process which helps in innovating the products and services of the organization by ensuring sustainability (Horvathova, Davidova, 2011).Merck Pharm consider all these points while ensuring strategic management through its operation plan process: Innovation is considered as result of the desire of organization to change, improve, and characterize its own structure for the purpose of meeting the expectations of the customer. Innovation has various side effects such as uncertainty and risk. Merck also ensure innovation in its medicines for the purpose of providing best medicine to its consumers at time. It must be noted that desire to bring change can also be related to internal environment of organization and these changes are associated with the individual or the organization system. It also includes external changes such as changes with are related to products and services offered by organization to the consumer. Therefore, organization ensures that its research and development process become more strong and reliable. Therefore, it can be said that innovation has capacity to change different things in different manner. As stated above, innovation must be sustainable in nature which means changes made by organization must affect the environment in positive manner. If innovation effects the environment in negative manner then it is harmful for society to make such changes (Farova, 2011). Various organizations adopt numerous business improvements methodologies for the purpose of improving their business performance. In this context Logistics as well as supply chain management is considered as crucial factors for the organizations to obtain the competitive advantage in the market. However, it must be noted that these factors get the attention from the early period of 1980. It must be noted that concept related to supply chain is not well understood and various experts stated that there is need of clear definition and conceptual frameworks on supply chain management. Supply chain management practices are defined as set of activities which are conducted by the organization to promote the effective management in supply chain. Supply chain of Merck Pharm for supplying the medicines are stated below: First step of this chain focus on raw material and packaging material, which means input resources are converted into output resources. Second step of supply chain includes material warehouses, which means store the input resources in the warehouse for using them in manufacturing the medicines. Third step of this chain includes the manufacturing units through which stored inputs are transported to the manufacturing units for the purpose of making final goods. Fourth step of supply chain of finished goods warehouses which includes storing the output resources (medicines) in the warehouse. Fifth step of supply chain includes distribute the final product to retailers and distributors. Lastly, products reached the consumers (Benson, 2015). It can be said that SCM practices is very much related with the operation management and competitive advantage, as it help in examining the following questions: Whether organizations which have high level of SCM practices got high level of competitive advantage. Whether organizations which have high level of SCM practices got high level of organization performance. After considering above facts, it is clear that operational planning process effects the strategic management and supply chain in negative manner also. Conclusion: After considering the above facts it is clear that operations management is the most important tool of the organization. Presently, methods and procedures related to operation management must react in appropriate manner to every change which occurred internally and externally. Operation functions are considered as most important function in the organization because it produces the goods and services, and because of these goods and services organization exists. It is an activity of managing the resources which help in delivering and producing the products and services. The operations function is the part of the organization, and this function is responsible for production activity. Operation function is embedded in every kind of organization which is engaged in production and manufacturing. A rapid process of product innovation in todays market provides the impression that this process is messy in nature and also risky in context of environment. Organization rapidly deals with the changing expectations of the consumer and for providing innovative products to the consumer; organizations rapidly neglect the impact of their activities on the environment. Innovation must be sustainable in nature which means changes made by organization must affect the environment in positive manner. Therefore, it is necessary that managers of operation management must consider this process seriously and effectively manage this program. References: Brown, J. (2016). Operating Systems That Enhance The Transferable Value Of Your Company. Retrieved on 3rd October 2017 from: https://www.forbes.com/sites/johnbrown/2016/07/15/operating-systems-that-enhance-the-transferable-value-of-your-company/#5120785140db. Case of the pharmaceutical industry, Working Paper, Centre for Research on Innovation. Cigolini R, Cozzi M, Perona M. (2004). A new framework for supplychain management: conceptual model and empirical test. International Journal of Operations and Production Management;24(1):714. Environment. Retrieved on 3rd October 2017 from: https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.462.5678rep=rep1type=pdf. Google. Value Chain Management. Retrieved on 3rd October 2017 from: https://www.google.co.in/url?sa=trct=jq=esrc=ssource=webcd=3cad=rjauact=8ved=0ahUKEwiYwM39vKTXAhUDQY8KHWaEA38QFggyMAIurl=htt(p%3A%2F%2Fwww.springer.com%2Fcda%2Fcontent%2Fdocument%2Fcda_downloaddocument%2F9783790820317-c1.pdf%3FSGWID%3D0-0-45-563611-p173805023usg=AOvVaw0kNOqeMlxqYWU4f_6IsJ3v. Horvathova, P. davidova, M. (2011). Operations Management as Practice of Organizations' Strategic Management in Relation to the Environment. Retrieved on 3rd October 2017 from: https://www.ipedr.com/vol11/2-R00005.pdf. IFM. Porter's Value Chain. Retrieved on 3rd October 2017 from: https://www.ifm.eng.cam.ac.uk/research/dstools/value-chain-/. INC. Operations Management. Retrieved on 3rd October 2017 from: https://www.inc.com/encyclopedia/operations-management.html. Sanderson, R. (2013). Definitive Guide to Manufacturing and Service Operations, The: Master the Strategies and Tactics for Planning, Organizing, and Managing How Products and Services Are Produced. Pearson ft Press. IMS, (2014). Understanding the pharmaceutical value chain. Retrieved on 3rd October 2017 from: https://www.imshealth.com/files/web/IMSH%20Institute/Healthcare%20Briefs/Understanding_Pharmaceutical_Value_Chain.pdf. Merck, (2017). Sales And Marketing. Retrieved on 3rd October 2017 from: https://www.merck.com/about/views-and-positions/sales-and-marketing/home.html. Harris, J. (2015). Value Chain Outreach Pharmaceutical Sector. Retrieved on 3rd October 2017 from: https://www.google.co.in/url?sa=trct=jq=esrc=ssource=webcd=3cad=rjauact=8ved=0ahUKEwjtvp_pzKzXAhVBr48KHfKHCFUQFggtMAIurl=https%3A%2F%2Fwww.productstewards.org%2FResources%2FDocuments%2FValue-Chain-Outreach-Pharmaceutical-Sector-John-Harris.pdfusg=AOvVaw14tPnvNkyH_4iUoc5Fl4_j. WWF, (2007). Design Operational Plan. Retrieved on 3rd October 2017 from: https://www.google.co.in/url?sa=trct=jq=esrc=ssource=webcd=5cad=rjauact=8ved=0ahUKEwjDmLrO06zXAhWLNI8KHeY2BBQQFgg5MAQurl=http%3A%2F%2Fwww.panda.org%2Fstandards%2F2_3_operational_planusg=AOvVaw354DnF21GgaxFqDDpSTTxy. Farova, K. (2011). Strategic management of Pharmaceutical company. Retrieved on 3rd October 2017 from: https://www.google.co.in/url?sa=trct=jq=esrc=ssource=webcd=1cad=rjauact=8ved=0ahUKEwiWsKPj2azXAhVJvI8KHYZNAJQQFgglMAAurl=http%3A%2F%2Fis.mendelu.cz%2Fzp%2Fportal_zp.pl%3Fprehled%3Dvyhledavani%3Bpodrobnosti%3D37499%3Bdownload_prace%3D1usg=AOvVaw1Ige4KJcHgjwRi7TrDre6n. Benson, M. (2015). Pharmaceutical industry supply chain. Retrieved on 3rd October 2017 from: https://marketrealist.com/2015/01/pharmaceutical-industry-supply-chain/