Saturday, August 31, 2019

Social-Ecological Model Theory

A behavior I would like to modify or change would be the sexual activity of today’s youth. Focusing more on using protection, being safe, or abstinence if possible. We know that if you aren’t careful and using protection it is very easy to attain a sexually transmitted infection (STI) or a sexually transmitted disease (STD). I would use the social-ecological model theory to accomplish a prevention and promotional change in behaviors. The social-ecological model provides a framework for understanding the different influences and their relationships to one another. In the social-ecological model theory there are different stages or levels to your prevention or promotional program. The five stages or levels are: Individual, Relationship, Community, Societal, and Policy. Individual would be intrapersonal. Relationship would be interpersonal. Community would have institutional factors. Societal would have community factors. And Policy would local, state, and national laws and policies that contribute to the prevention of your program. The first level of the social-ecological model (SEM) theory is Individual or intrapersonal stage. It represents the individual who might be affected by a sexually transmitted infection. And the sexual prevention program aims to increase the individual's knowledge and influence his or her attitudes. You do so by providing, the need for STD testing, the intention to be tested, the risks and benefits of being tested, and access to affordable and convenient STD testing, diagnosis, and treatment. Centers for Disease Control and Prevention, 2009) The second level of the SEM behavior theory is Relationship or interpersonal level. It represents STD prevention activities implemented at the interpersonal level. These activities are intended to facilitate individual behavior change by affecting social and cultural norms and overcoming individual-level barriers. Friends, family, health care providers, community health workers or promoters, and patient navigators represent potential sources of in terpersonal messages and support. Activities included are: providers making STD testing recommendations to their patients, patients receiving reminders about the need of regular STD testing, patient navigators helping to remove logistical and other barriers to screening. (Centers for Disease Control and Prevention, 2009) The third level of the SEM behavior theory is Community which has institutional factors. It represents STD prevention activities implemented at the organization level. These activities are intended to facilitate individual behavior change by influencing organizational systems and policies. Health care systems, employers or worksites, health care plans, local health departments, tribal urban health clinics, and professional organizations represent potential sources of organizational messages and support. At this level you would; promote the use of client and provider reminder systems, provide provider assessment and feedback on their performance, encourage the coverage and expansion of benefits for screening, adopt worksite policies that support preventive care. Centers for Disease Control and Prevention, 2009) The fourth level of the SEM theory is Societal which has community factors. It represents STD prevention activities implemented at the community level. These activities are intended to facilitate individual behavior change by leveraging resources and participation of society-level institutions such as comprehensive abstinence coalitions, tribal health departments, media, and community advocacy groups, which represent potential sources of societal communication an d support. Several interventions appropriate for this level, includes: working with coalitions and collaborates to promote STD testing and expand resources, conducting public awareness and educational campaigns, collaborating with tribal health departments to expand STD screening. (Centers for Disease Control and Prevention, 2009) The final level is Policy. It represents STD prevention activities at the policy level. These activities involve interpreting and implementing existing policy. Federal, state, local, and tribal government agencies may support policies that promote healthy behavior, including screening. Some examples include: collaborating with coalitions to communicate policy decisions to the public (i. g. insurance mandates for STD testing), and translating local policies for community members (i. g. proclamation of a STD prevention awareness month). (Centers for Disease Control and Prevention, 2009) Works Cited Centers for Disease Control and Prevention. (2009, September 9). The Social-Ecological Model: A Framework for Prevention. Atlanta, Georgia, United States. Washington Coalition of Sexual Assault Programs. (2012, November 16). The Social Ecological Model. Olympia, Washington, United States.

Friday, August 30, 2019

“Ode to a Nightingale” and “To Autumn” by John Keats. Essay

Romanticism is a movement in literature that came as a result of a revolt against the previous period â€Å"Classicism†. John Keats was an English poet who became one of the most important Romantic poets. William Wordsworth, another significant figure during Romanticism, described it as â€Å"liberalism in literature’, meaning the artist was free from restraints and rules, and was encouraged to write about his/her own experiences, rather than being a passive narrator praising an event or person. Romanticism emphasizes on passion rather than reason, imagination rather than logic, and intuition rather than science. The Romantics were drawn to the medieval past, myths and legends, supernatural being, and nature. Keats led a very tragic life. His poems can often be related back to his bitter and sad experiences in life. Many of the ideas in Keats’s works are quintessentially of Romantic nature: imagination and creativity, the beauty of nature, magical creatures or experience, and the true sufferings of human life. â€Å"Ode to a Nightingale† and â€Å"To Autumn† are two well known odes by Keats. They both reflect some of the concerns in its context. â€Å"Ode to a Nightingale† explores the sufferings of mortal life and ways of escape including alcohol, imagination and poetry, and death. The nightingale represents transcendence to a better world and its song is the means by which the narrator reaches this state. Other Romantic poets often used this type of escape. In stanza I the narrator hears the song of a nightingale and he expresses his â€Å"drowsy numbness pains† which are not the effects of alcohol, but rather, from being so happy in hearing the song that his heart aches and his senses numbs. In stanza II, the narrator longs for alcohol, so he can forget his troubles and â€Å"leave the world unseen† with the bird. This leads to stanza III, with a sombre description of the human life that the nightingale has never known: â€Å"The weariness, the fever, and the fret†, â€Å"Where youth grows pale, and spectre-thin, and dies†, â€Å"Where Beauty cannot keep her lustrous eyes†. Miseri es and the true conditions of mortal life were popular themes in Romantic poems. In stanza IV the narrator feels a great desire to fly away with the bird, away from grim mortal life and into an ideal world not through alcohol, but  through imagination and the â€Å"viewless wings of Poesy† or poetry. In stanza VI, the narrator contemplates the idea of death. The narrator is attracted to the state of dying amongst ecstatic music, flowers, perfume and the soft darkness. At the end of stanza VII, the nightingale’s song portrays a completely magical and imaginary world. However, it is not like a paradise, instead, it is more like a destructive world of illusions â€Å"perilous seas, in faery lands forlorn†. Romantic poems often contained the fantasy element. In stanza VIII, the narrator is jolted back to his reality world by the word â€Å"forlorn†. He realizes the bird has deceived him by convincing him he can escape into the ideal, but temporary world, but in the end, he will always have to come back to reality. The narrator is left with one last question to ponder – â€Å"Was it a vision, or a waking dream? Fled is that music: – Do I wake or sleep?† After the music of the nightingale is finally gone, he is unable to distinguish whether he heard the bird in his dream, or whether he was awake then, and asleep now. The end relates back to his drowsy state of being in stanza I. This circular structure can be found in a number of Romantic poems eg. Wordsworth’s â€Å"Tintern Abbey†, Keat’s â€Å"La Belle Dame Sans Merci†, and a number of his other odes. Circularity gives a sense of completeness without giving precise explanation to this experience. This poem has many characteristics in a Romantic ode including the poet’s involvement in the poem, the seriousness of the issue being discussed, and a further insight into life. Also many language techniques used by Keats, including alliteration, rhythm, rhyme, onomatopoeia, synaethesia, and personification, were commonly used by other Romantic poets. Like most other Romantic odes, â€Å"Ode to a Nightingale† is written in ten line stanzas. However, this ode is different in rhyme and rhythm. The first seven and the last two lines of each stanza are written in iambic pentameter, the eighth line of each stanza has only three accented syllables instead of five. The  rhyme scheme is the same in every stanza: ABABCDECDE. Synaesthesia is a poetic device where a thing associated with one sense is described in terms of another. It can be found in stanza II: wine is being described as â€Å"draught of vintage†, it tastes of flowers and the country green (normally associated with sight and smell), dance (movement), song (sound), and sunburn and mirth (feel and touch). Synaesthesia can also be found in stanza V where the â€Å"coming musk-rose† (touch and smell) is associated with â€Å"dewy wine† (taste). Keats uses alliteration to convey the tone and personification to dramatize the poem. Hippocrene (wine of poetic inspiration) is described as blushful, with â€Å"beaded bubbles winking at the brim†. The alliteration of ‘b’ sounds conveys energy and suggests fuzzy champagne. The repetition of soft sounds in â€Å"fade away into the forest dim† leads us to stanza III where the first three words â€Å"Fade far away† has the repetition of ‘a’ sounds, this lengthens and makes the tone subdued and melancholy. The alliteration of â€Å"fever and the fret† is followed by a series of phrases beginning with â€Å"Where†, this emphasizes the fact all these problems are associated with the mortal world. Beauty is personified here with having â€Å"lustrous eyes†. The first two words in stanza IV: â€Å"Away! Away!† renews energy after a grim stanza III. â€Å"Already with thee!† also quickens the pace. In stanza V , there are a lot of ‘s’ and ‘c’ sounds, which reflects the quiet mood. Death is personified in stanza VI, and the nightingale is personified in stanza VII. The bird is described as â€Å"not born for death†. The poem finishes in a regretful, quiet tone. The narrator and the reader are left to ponder the experience of they’ve just gone through. It ends with a mysterious note that many Romantic poems including many of Keats’s other poems also have. â€Å"To Autumn† is an ode about the real world of harvest, maturity, and fruitfulness, transfigured by the imagination. This poem was one of the last poems Keats wrote before his death. In this, Keats acknowledges his life is near the end and he accepts that beauty is in all things. The theme of this ode is one of the most popular themes used by Romantic poets. The narrator opens the poem and stanza I by addressing Autumn as a dear friend of the sun  Ã¢â‚¬Å"Close bosom-friend of the maturing sun†. They plot to load the vines with fruit, bend trees with apples, fill all fruit with ripeness, plump the pumpkins and fill flowers with honey for the bees. In stanza II, the narrator describes Autumn as a woman sitting on a granary floor, or on a half reaped grain field, watching juice from apples being squeezed by a cider press. Stanza III associates Autumn as the season on the brink of desolated winter, the songs and sounds of summer are sad and quiet. Our lives can be desc ribed in terms of seasons: spring is the beginning, summer is the peak, autumn is the maturing years and winter is the final stage in life. The form of this ode follows the same structure as other Romantic odes but it is varied. It is in eleven line stanzas, each in relatively precise iambic pentameter. The rhyme scheme divides each stanza to two parts, the first four lines follows ABAB, while the last seven lines either follow CDEDCCE (first stanza) or CDECDDE (second and third stanza). This poem takes up the themes of other odes including temporality, mortality and change, but it is full of warm, rich and calm images. Keats establishes the serene tone by use of enjambment (where an idea is carried over into a new line), onomatopoeia and personification. In stanza I, Autumn and the sun are given human qualities. The sun is personified by its maturity. A feeling of plentiful and abundance is created by what Autumn and the sun are conspiring to do. In stanza II, Autumn is completely personified, it is being described as a woman, sitting, sleeping, doing the things we humans do. This creates a feeling of warmth and familiarity. In stanza III, the day is personified as the â€Å"soft-dying day†, small gnats â€Å"mourn† in a â€Å"wailful choir† and the light wind â€Å"lives or dies†. These images convey a quiet, peaceful sleep (death). Keats demonstrates that in nature, there is the constant cycle of life and death and death is a perfectly normal, peaceful process. From this poem, we can learn that accepting our fate, destiny and our mortality does not affect our ability to appreciate beauty in our mortal world. Romanticism was a period that focused on emotions, the imagination, the  mortal world, myths and legends, supernatural beings and the place of the individual in this world. â€Å"Ode to a Nightingale† and â€Å"To Autumn† are typical Romantic poems. Their structure, language features, and themes reflects those typical during Romanticism. â€Å"Ode to a Nightingale† is about transcending to an ideal world, while â€Å"To Autumn† is about the real world changed by imagination. The moral of both is that there may be temporary escape from grimness of human life, but in the end everyone has to return to reality and accept our mortality, and this acceptance won’t affect our capability to appreciate beauty.

Thursday, August 29, 2019

Big Data and Supply Chain Management Essay

Big Data and Supply Chain Management Essay Introduction Big data has become one of the most important aspects of supply chain management. The concept of big data refers to the massive data sets that are generated when millions of individual activities are tracked. These data sets are processed to yield insights that help inform managerial decision-making. Supply chains in particular have leveraged big data because companies have been able to develop technology to not only capture hundreds of millions of data points, but to process them in meaningful ways to eliminate waste and promote efficiency in the supply chain systems. This paper will examine the concept of big data, how it has arisen and come to dominate supply chain management, and look at the different ways big data is transforming the supply chain function. Lastly, the paper will take a closer look at the future for big data with respect to supply chain management. As it becomes easier to gather data, and as there are diminishing returns to statistical robustness as the number of data points increases, are the competitive advantages of big data going to diminish? The Evolution of Supply Chain Management The field of logistics management was focused on controlling the flow of materials, in-process inventory and finished goods through a companys system from the time that it enters the system until the time that it leaves the system (Cooper, Lambert Pagh, 1997). As the field became more strategic in nature, it came to encompass other issues, such as sourcing materials and building in redundancy (Cooper Ellram,1993). More than simply moving things from point A to point B, the field became holistic in nature, where the quality and price of goods were factored into purchasing decisions as well as the logistics of getting those goods to the right place at the right time. Driving this change was the move towards a globalized marketplace. Globalization increased the complexity of the supply chain, adding longer transportation routes, border wait times, currency exchange, duties and tariffs, and a host of other variables that now had to be taken into consideration – logistics has rem ained important but it always viewed in context with the rest of the supply chain. Big Data The concept of big data really began to arise in the 1990s but has become increasingly important since that point. Big Data refers to the use of very large data sets to enhance managerial decision-making. The concept of big data arose as technology has developed to allow businesses to capture enormous data sets, and process them relatively easily (Boyd Crawford, 2012). Companies have long collected data at a rudimentary level. Loyalty programs and credit cards represented an evolution in the ability of companies to collect data and distill that data into consumer spending habits. This information is then made actionable by letting companies understand more about buying patterns. Big data is similar, but with a lot more data. One of the major advantages of big data is that it allows for complex problems to be solved. A modern supply chain can be exceptionally complex, and one of the important things about this complexity is that no one person can effectively make all the decisions â €“ decision-making tools are needed that can ensure not only consistent decision-making across the company but coordinated decision-making as well (Hult, Ketchen Slater, 2004). It is these coordinating mechanisms where the true power of big data lies – being able to identify things and make decisions that an entire team of humans working without big data would probably never be able to identify (Fugate, Sahin Mentzer,2005). Once big data gets to that point, a company can generate true competitive advantage. And when a company is large enough that is has a data advantage, it will be able to sustain that advantage, which is why there has been such a rush in recent years with respect to big data. As the concept was being fleshed out in academia, businesses were just starting to learn what they could do with all of the information that they were collecting – and one of the applications was to move away from marketing and use data to make decisions about the supply chain (McAfee Bryjolfsson, 2012). One of the first steps that companies needed to make was to hire data scientists – the sort of people who could process these data sets and derive useful information about them. Data scientists suddenly became popular, for their ability to take vast quantities of data, and derive actionable findings from that data (Provost Fawcett, 2013). At the heart of the drive to adopt big data is competitive advantage. Companies have invested in their data programs because they can derive significant advantage from big data under two conditions. The first is that larger companies have access to more data than smaller companies. The incremental cost of data acquisition is lower, and the companys ability to use that data in decision-making is theoretically better. The second is that even among larger companies, there are first-mover advantages to be had. This is evident in the supply chain, especially among companies that are competing on price. Using the classic example of Wal-Mart, one o f the leaders of data-driven supply chains, the company competes on offering the lowest prices, as do most of its competitors. Thus, if it can lower the cost of getting goods to its stores, it can pass those savings along to customers. There is opportunity for competitive advantage under that scenario, if cost leadership is the chosen strategy. Even when cost leadership is not the strategy, making the groundbreaking decision early puts a company in a better competitive position than its competitors (LaValle, et al, 2010). Big Data in the Supply Chain As the largest non-oil company in the world, Wal-Mart is looked to as a leader, so the fact that they were first movers on the use of big data in supply chain management has ensured that the rest of retail – and other industries as well – have followed. Some of the technologies that Wal-Mart has adopted allow the company to track its inventory from when it leaves the supplier –if not before – all the way through the logistics channel. Once Wal-Mart takes possession of the good, that good is scanned regularly through the process. The companys trucks are tracked via satellite. Stores use automatic re-ordering triggers to ensure that goods can be received as soon as they are needed. The goals of all this are to lower inventory holding costs by reducing the amount of inventory that stores have. Goods are turned over more quickly, because Wal-Mart receives them only days before it expects to sell them. Big data plays a significant role in ensuring that this pro cess can be achieved. There are a couple of key areas highlighted for big data in supply chain management. Demirkan Delen (2013) note that data, and how a company uses its data, is one of the ways it can truly differentiate from its competitors. It can be difficult to truly and consistently attract superior talent, and it can take time to move the needle on brand image, but data has become a popular means of finding competitive advantage largely because it is new, and firms in many industries are basically in a data arms race to find innovative ways to use their data to extract competitive advantage. The first is predictive analytics. Data science often focuses on using past events to predict future ones, and that is one of the main uses for big data in supply chain management. For example, if Wal-Mart in Smalltown, OH is running out of shovels at the end of February, and it takes twenty days to order new ones from China, including manufacturing and shipping times, three things can happen. The company can order a lot of shovels and ensure that they have supply. If spring comes, those shovels will sit in a warehouse until next November. They could also run out of shovels, but a late-season snow could leave demand on the table if the store lacks inventory. Modelling both weather patterns and local buying patterns can help the company to settle on demand. Even when weather is not a factor, the company can examine past purchasing patterns to set order quantities. The earlier it can set these quantities, the better response it can get from suppliers. Wal-Mart knows already what the no rmal amount of hot dogs it sells on the 4th of July, for example, so it can feed that information to its suppliers to ensure that they have those dogs at the Wal-Mart warehouse, exactly in the quantity Wal-Mart needs. Predictive analytics is used in supply chain management to take the variability out of the system as much as possible. Inventory usage is reduced, as is the potential for waste, especially with perishable goods. The chances of disappointed customers is also reduced. It is almost impossible – and certainly it is impossible for a company like Wal-Mart – to have exactly everything delivered exactly when the customer needs it. That means that there is always room for improvement. The pathway to improvement lies with bigger data sets, better analytics, and at scale even small incremental gains in the robustness of data or the ability of the company to analyze the data can yield meaningful financial gains (Waller Fawcett, 2013). But using data for something like predictive analytics – managerial decision-making, essentially – requires having good data, lots of it, and the means by which to process it. This is where larger companies enjoy scale advantages in big data. First, the technology to track events is not necessarily cheap. It can involve scanners, and certain involves large amounts of servers, routers, cloud storage – a lot of hardware. Larger companies are at an advantage in buying this hardware but they also have advantage in that they have many more data points. Wal-Mart can estimate sales because it has several years worth of sales, and can break these down by product, store, day, or even time of day. And instead of guessing for decision-making, the companys managers can look at the data and make the decision that on average delivers the greatest outcome. Data replaces decision-making heuristics when the data is sufficiently robust. Because the transference of big data relies on the Internet and communications technology infrastructure, that ICT infrastructure becomes a risk point for many companies but it also becomes a critical point of investment for companies that work with big data – how fast can the data collected on-site make its way to the decision-making tools matters in many businesses where time is of the essence in decision-making (Lu, et al, 2013). Predictive analytics has more than just value in ordering; it can help businesses to identify trends more quickly. This can be critical to advantage in some industries. Think of a fast fashion retailer – it needs to identify trends as soon as possible to get its knock-off clothes onto the market while the fashions are still fresh. Instead of anticipating, which is fraught with error, it can react to trends that have been verified with data. By understanding buying patterns and market cycles, companies can make better choices about what they make and when. This, in turn, is important to the supply chain, because companies also need to know what they need to produce their goods, and when. If there are fluctuations in availability, of if there is any variability among suppliers, then big data has the ability to point these factors out, and give the company an opportunity to deal with them proactively (Wang et al, 2016). Impact of Big Data When the concept of big data was first being elaborated, it promised major impact on business. Instead of guessing, firms would be able to make data-driven decisions that would reduce error, reduce waste and improve speed. As firms understand how to gather the data that they need, and to process it, they become more adept at this, big data has a bigger impact. Some leading firms have used the predictive powers of big data to help with their marketing. Amazon, for example, will recommend products to its customers based on what they have viewed and what they have purchased. Netflix does the same thing – and thereby encourages binge-watching of its shows. Both of these companies have become leaders in their respective businesses, and Netflix has done this specifically in the era of big data, by using that data to foster brand loyalty (Chen, Chiang Storey, 2012). If a company ends up as a first mover in big data, it will be able to gain advantage, and in many cases will make market share gains. Amazon faced a challenge from Wal-Mart a few years, ago, but has made use of big data to driver a high level of brand loyalty, while Wal-Mart fell short on its ability to use big data on the marketing side of its business. Netflix faced threat when major studios wanted to charge more for their content – so it created its own content and even more importantly used big data to improve the information architecture of its platform, allowing people to find content they want to consume. This increased the value of Netflix for many customers, thereby driving business value. Google uses data to target ads better, and charge its customers a premium. Customers are willing to pay more for a Google ad because they know that they will get more traction. So it is important that companies understand data on a conceptual level. One of the reasons that this is so important is that data today comes from a variety of different sources. This ties back to the concept of supply chain management, where the supply chain is a highly-integrated system with many parts from one end to the other. Understanding how the different variables within this system interact so that supply chain systems can be redesign in a more optimal way. Consider the way FedEx used the hub-and-spoke model before passenger airlines thought to do so. Consider how Wal-Mart designed its entire logistics network around lowering the amount of time that it takes for stores to restock. There are different approaches, but the innovations should derive from analysis of the data that identifies areas where the company might potentially perform better. Maybe sourcing goods from a certain country is no longer the lowest cost method, given how long it takes to get those goods to marke t. There are different ways of conceptualizing a supply chain, and now that companies are able to use data analytics to make those decisions, it is likely that many firms will start to restructure their supply chain (Tan et al, 2015). Total cost will become more important, but so too will overall responsiveness. Sourcing locally might provide a company with the responsiveness it needs for certain products that have higher variability in demand, for example. Future Directions While there is presently a shortage of people who have strong data analysis skills, these skills are becoming increasingly in demand, and schools are starting to train more students in the use of big data. One of the important factors here is that data has become much cheaper – big data arises because the cost of acquiring any given data point is very small, and continuing to shrink. Retailers in particular have been able to reduce their cost of data acquisition dramatically (Chen, Chiang Storey, 2012). Key to learning about the use of data is how to identify the problems that can be solved with data, how to match the data you have with the problems that you want to solve, and then developing systems to acquire the data that you do not have. At this high level of understanding, a company that thinks a good data game is in a much better position because having the right data matters just as much as knowing what to do with that data (Hazen, et al, 2014). The cloud and the Internet of Things (IoT) are driving a lot of changes in the way companies do business, and big data is playing a significant role in this restructuring of business. Zaslavsky, Perera and Georgakopoulos (n.d.) note that data is becoming a service function, with companies preparing to offer the means by which data can be acquired as a service, and the same for data analytics. We know that data is cheap to acquire, but combine that with lowering costs of processing data and there is a business model here, as well as one that focuses on using data to enhance business. The IoT will be more engaged in the data gathering process. For example, while convention supply chain data gathering might involve devices at the store level, the IoT might drill down further, to the individual level. Ovens could know how many people are cooking a frozen pizza and this information could be sold to frozen pizza makers, so that they can get a better sense of not only the performance of the ir products but of their competitors as well. This is the example a hungry person thinks up, but with more devices having some internet capability, it seems likely that type of application will emerge. Tesla is already a leader in gathering data about driving from its cars (Edelstein, 2016 Hull, 2016). Another progressive idea is that of big data benchmarking. If it is possible to buy and sell data to the point where a company can learn about the best practices at all levels for multiple companies in an industry, that would be incredibly valuable information to any firm in that industry. With the data explosion has come a rapid pace of innovation in the gathering and use of data. With this will come firms that buy and sell data, without actually gathering their own. Until now, data has largely been proprietary in nature, as a key source of sustainable competitive advantage, but as the cost of data acquisition declines, this might not be the case much longer. Secondary markets for data are already emerging and ultimately data will become commoditized – this process might take many years but it will happen and that will make for interesting analysis about the future of data , in particular the extent to which data can continue to be a driver of competitive advantage going forw ard (Ghazal et al, 2013). Finally, big data is also becoming a competitive weapon, which makes security of big data a major issue. Companies that gather and own data sets, and in particular the usable intelligence that has been gathered from those data sets, are increasingly going to be targeted with hacks. Security of big data is going to be an issue going forward. This is especially true of supply chain data, because that is powerful business intelligence. So it will be necessary, especially when using remote or cloud solutions, that data security is paid attention to, as the more that data becomes a source of competitive advantage the more at risk it will likely be. Conclusion Supply chain management had already emerged as a force in business, a holistic view of the supply chain that started with logistics but incorporated purchasing, product design and marketing as well, in order that supply chain decisions were not just based on a simply understanding of cost, but a complex one that took into account a number of different variables. Ultimately, supply chain management required significant amounts of data to be effective, and this realization occurred at just the time that managers realized they had the ability to gather, store and process data much more cheaply and easily than before. The transactional value of data grew at precisely the time that the acquisition cost declined. Data is typically used to aid in managerial decision making. Some companies have focused on the low-level decision where they seek out incremental gains on repeatable processes, knowing that those processes and other companies have sought insight that will allow them to completely transform their supply chains. Big data has become so important because the companies that are using it tend to be the market leaders. It is apparent that there is a scale value to data, which means that the largest companies, ones that have more data and lower data acquisition costs, are going to have sustainable competitive advantage. This has driven demand for data experts, such that there is a shortage of such individuals. Big data is going to continue to influence supply chain decision-making. There will be more points at which data is gathered, and the cost of processing data will continue to drop. There will still be a strong need, however, for talent that can conceptualize how that data should be used – after all, companies need to ask the right questions to get the most out of their data. If they can do that, they can sustain competitive advantage. In addition to there being an increasing ability to gather data, another reality is that many companies are going to be in the business of selling data. A company like Google sells data by proxy with its advertising, but as data becomes commoditized, the market for data will become more developed. An interesting aspect of this is that competitive benchmarking will be more common with respect to data practices. Firms will need to be careful to ensure that their proprietary data is secure so that they can maintain the competitive advantages that their data is giving them. If they can, then they can gain first mover advantage for tactics that deliver incremental gains, or the complete overhaul of a system to take advantage of something gleaned from the data. References / Works Cited Boyd, D. Crawford, K. (2012). Critical questions for big data: Provocations for a cultural, technological, and scholarly phenomenon. Information, Communication and Society. 15 (5) 662-679. Chen, H., Chiang, R. Storey, V. (2012) Business intelligence and analytics: From big data to big impact. MIS Quarterly 36 (4) 1165-1188. Cooper, M. Ellram, L. (1993). Characteristics of supply chain management and the implications for purchasing and logistics strategy. International Journal of Logistics Management 4 (2) 13-24. Cooper, M., Lambert, D., Pagh, J. (1997). Supply chain management: More than a new name for logistics. The International Journal of Logistics Management. 8 (1) 1-14. Demirkan, H. Delen, D. (2013) Leveraging the capabilities of service-oriented decision support systems: Putting analytics and big data in cloud. Decision Support Systems. 55 (2013) 412-421. Edelstein, S. (2016) Teslas autonomous-car efforts use big data no other carmaker has. Green Car Reports. Retrieved April 1, 2017 from http://www.greencarreports.com/news/1108065_teslas-autonomous-car-efforts-use-big-data-no-other-carmaker-has Fugate, B, Sahin, F. Mentzer, J. (2005) Supply chain management coordination mechanisms. University of Tennessee. https://www.researchgate.net/profile/Brian_Fugate/publication/228349679_Supply_Chain_Management_Coordination_Mechanisms/links/0c96051e3eaaa0280f000000/Supply-Chain-Management-Coordination-Mechanisms.pdf Hull, D. (2016) The Tesla advantage: 1.3 billion miles of data. Bloomberg. Retrieved April 1, 2017 from https://www.bloomberg.com/news/articles/2016-12-20/the-tesla-advantage-1-3-billion-miles-of-data Hult, G., Ketchen, D. Slater, S. (2004). Information processing, knowledge development and strategic supply chain performance. Academy of Management Journal. 47 (2) 241-253. LaValle, S., Lesser, E., Shockley, R., Hopkins, M. Kruschwitz, N. (2010). Big data, analytics and the path from insights to value. MIT Sloan Management Review. http://sloanreview.mit.edu/article/big-data-analytics-and-the-path-from-insights-to-value/ Lu, T., Guo, X., Xu, B., Zhao, L., Peng, Y., Yang, H. (2013). Next big thing in big data: The security of the ICT supply chain. IEEE Computer Society. Retrieved April 1, 2017 from http://diyhpl.us/~nmz787/pdf/Next_Big_Think_in_Big_Data__the_Security_of_the_ICT_Supply_Chain.pdf McAfee, A. Brynjolfsson, E. (2012). Big data: The management revolution. Harvard Business Review. Retrieved April 1, 2017 from http://www.rosebt.com/uploads/8/1/8/1/8181762/big_data_the_management_revolution.pdf Provost, F. Fawcett, T. (2013) Data science and its relationship to big data and data-driven decision-making. Big Data. 1 (1) 51-59. Tan, K., Zhan, Y., Ji, G., Ye, F. Chang, C. (2015) Harvesting big data to enhance supply chain innovation capabilities: An analytic infrastructure based on deduction graph. International Journal of Economics. 165 (2015) 223-233. Waller, M. Fawcett, S. (2013). Data science, predictive analytics, and big data: A revolution that will transform supply chain design and management. Journal of Business Logistics. 34 (2) 77-84. Wang, G., Gunasekaran, A., Ngai, E. Papadopoulos, T. (2016). Big data analytics in logistics and supply chain management: Certain investigations for research and applications. International Journal of Production Economics. 176 (June 2016) 98-110. Zaslavsky, A., Perera, C. Georgakopoulos, D. (no date). Sensing as a service and big data. https://arxiv.org/ftp/arxiv/papers/1301/1301.0159.pdf

Wednesday, August 28, 2019

Pay for Performance Research Paper Example | Topics and Well Written Essays - 500 words

Pay for Performance - Research Paper Example Therefore, effectiveness of pay for performance can be measured with surveys aims at findings about employee satisfaction and motivation levels (Gomez-Mejia, 2010). Furthermore, their on job performances and achievement of their goals may also help in knowing that whether or not certain pay for performance program is effective. Lastly, financial numbers and ratios, such as revenues, sales, expenses, profitability, operating income, profit margins, return on investment and others remain as major tool to measure their effectiveness. If any pay for performance plan is motivating employees but not adding to the financial success of the company then it is better for the company to revisit the plan and the processes (Schuler & Jackson, 2007). There are many advantages of pay for performance programs for the employees and that is why many companies opt for it. First, by paying employees for their efforts and performances, employers motivate them to improve their performances in order to ear n more (Gerhart & Rynes, 2003). Despite the fact that money is not the only motivator, it is biggest motivator, which means that employees are highly likely to work harder and bring more profits to the company to earn more.

Tuesday, August 27, 2019

Capital Structure and Dividend Policy Theory Essay

Capital Structure and Dividend Policy Theory - Essay Example instance Sainsbury's being a retailer basically having a huge presence in the UK, has been described as one of the least leveraged firms with 1.6 billion in debt capital and 8.4 billion in equity. Its total capital value has been estimated at 10 billion (www.j-sainsbury.co.uk). The dividend payout for the financial year 2007/08 was 12.0p per share. Sainsbury's retails sales made profits of 543m on sales of 20.4 billion in 2009 (ending May). This shows an 11% rise over the previous year. Dividend cover is calculated by suing the formula (after tax profits/total dividend paid out). For example if a company made an after tax profit of 75 million and paid out 25 million in dividends in the same period, then (75 m/25 m) 3 is a better dividend cover. Any dividend cover less than 1.5 is considered to be a sign of future trouble for shareholders because there is more likely to be a cut in dividends. In fact Sainsbury's dividend cover for the three years - 2006, 2007 and 2008 - was 1.3, 1.5 a nd 1.63 respectively (Friedrich, 2007).This demonstrates that Sainsbury's is having a difficult time because of its lower leveraged position in the capital/financial markets. Though the company has been making efforts to keep the dividend cover between 1.5 and 1.75, right now its dividend cover is coming down due to the lower leverage. The company has been advised to increase its debt capital by borrowing in financial markets against debentures and bonds rather than issuing ordinary shares. This is where the agency problem plays a pivotal role. Theoretically agency problem arises when managers (agents) have more information about investment related outcomes as against shareholders or owners (principals). This principal agent problem is very strongly seen at Sainsbury's. 2.... The capital structure of the firm refers o the ratio of debt to equity and therefore it’s relevant to know how the dividend policy of the firm is influenced by the theoretical underpinnings of the firm’s capital structure determination process. For example, Sainsbury’s as the retailer in the UK has been seeking to raise more equity as against debt. Next, its inability to increase dividend cover in the recent years to match with its expectations between 1.50 to 1.75 shows that the company has depended on the less risky way of equity financing its capital rather than adopting the riskier way of debt financing. Thus the dividend policy at Sainsbury has run into difficulty. On the other hand, Easyjet has adopted a policy of non-payment of dividends to its ordinary shareholders since its launch in 1995. Just now under pressure from its principal shareholder, Stelios, the Board has agreed to pay dividends from next year. Currently, the company has a debt ratio of 53.72 % thus achieving a marginally higher debt financing ratio. However, its position is no better than that of Sainsbury though the company has made good profits.

Monday, August 26, 2019

Business to business marketing final exam questions Term Paper

Business to business marketing final exam questions - Term Paper Example (B) Business marketing is also known as business to business marketing. The characteristics of business marketing have been described below. Organizations in business marketing target fewer customers who are geographically concentrated and have limited accounting for the majority of the sales of the organizations. The organizations in business marketing adopt longer decision cycle as the organizations always try to maintain strong relationship with their potential business clients for a longer period of time. In this type of marketing, the business organizations strongly depend upon the personal selling process comparing to several mass media advertising or promotional strategy. The promotional cost in this business marketing process is quite lower comparing to the traditional consumer marketing process. The organizations in business marketing process used to focus on more rigid product standards for the potential business clients as it is important for the organizations to maintain an effective long term relationship with the business clients. ... at are used by the managers of a firm to monitor and control the execution of several activities by the employees within the organizations and the consequence of the execution. (B) Financial, internal business process, customer, and learning and growth are the four perspectives of application of the balance scorecard. It is always important for the organizations to identify several relevant high level financial measures in the business marketing strategy development6 model. Application of balance scorecard will help the organization to influence the shareholders of the organization and improve the financial stability. Customers or clients are the key growth drivers for an organization. It is highly important for the organization to develop effective relationship with business clients in order to enhance the developed business marketing strategy. Considering the perspective of internal business process can help the organizations to improve their business marketing strategies. It will help them to develop more unique business operation process and develop strong relationship with several external and internal stakeholders. Considering the perspective of learning and growth under the balance scorecard will help the organization to develop more unique business marketing strategies in near future to foster the growth rate. Several leading organizations used to review and monitor the executed strategy. It is true that the organizations need to develop effective internal business operation process in order to maintain the sustainability in business operation processes. Effective and valuable strategies will help the organizations to gain potential competitive advantages. On the other hand, monitoring the performance of developed strategies can help the organizations to

Organizational Philosophies and Technology Paper Essay - 1

Organizational Philosophies and Technology Paper - Essay Example Setting and Managing Ethical Standards with Technology Technology is a body of knowledge organizations can use to create tools and develop skills using scientific method and material to meet an objective or solve a problem (National Institute of Health, 2011). The Diagram below illustrates the flow of technology and its use in solving problems within the organization: Diagram 1: Retrieved from http://science.education.nih.gov/supplements/nih4/technology/guide/lesson1.htmeferences Ethical issues such as trust, privacy, and the reliability of information formerly were the primary focus in discussions about ethics, however with the introduction of emerging technologies into the organizational culture new ethical issues are evolving. The discussion of ethics and technology is not merely one in which human beings are susceptible or tempted to act unethical or illegally, but is one focused on the new organizational environment emerging between human beings and robots that is creating conce rn (Santana, Vaccaro & Wood, 2010, pp. 662-663). Santana et al. make the observation that the new informational virtual environments are creating new kinds of interaction resulting in the possibility of higher risks of ethical breaches within the organization. The process of networking systems of technologies into the organizational culture directly affects behavior influencing organizational design (Santana et al., 2010). Organizations philosophies now must take into account macro-ethics that include animate, inanimate, and informational entities (Santana, Vaccaro & Wood, 2010, pp. 661-663). The new ethical environmental dimensions created by technology are changing. The environments of living and physical things including informational objects such as intelligent software, artificial agents, and robots are requiring leaders to analyze their organizational structural design and internal processes. Santana et al. uses the example of the informational exchange between human beings an d robots or â€Å"virtual entities† in which human behavior and activities are affected by decisions made by machines. As an example take for instance a supply chain system in which a machines make the decision to order supplies or materials then issues instructions to human workers to process the request (Santana et al., 2010, p. 662); the ethical issue is not that a machine made the decision but one of who should take responsibility for making the decision in the event the order is incorrect. The human response is one in which he or she simply was following the instructions and therein is the ethical issue. Scholars question how to draw the lines of responsibility in the new environments and who should make the decision to implement the boundaries created that are affecting the relational interaction between humans and machines. Shaping Organizational Culture with Technology One of the primary challenges of implementing a technology strategy into a culture is how to network the various work units, systems, and communication processes within the organizational structure. The use of technology requires a system of networks to enable organizations to connect multiple layers of knowledge and information for vertical alignment and horizontal consistency (Barrette, 2005, pp. 221-223). As a noun, â€Å"

Sunday, August 25, 2019

Critically appraise the contribution of Michael Power's audit Essay

Critically appraise the contribution of Michael Power's audit explosion argument to our understanding of accountability - Essay Example However the arguments go further to claim that these assumed causes need further support and research to express that the audit expansion is not a UK phenomenon (Power, 2002:183). This paper will review the basic arguments of the of The Audit Society and reconsider the causes and consequences of the audit society. Introduction Financial auditing is a statistical practice which seeks to draw conclusions from a limited inspection of documents. These documents can be written representations or budgets. More so, the inspections can be on oral testimony and direct observation. Prior to the past traditional methods of auditing in the UK, auditing began to modify by acquiring a new broader context. This was the reason because, audit began to play a new task in both the political and the economic sector. From this point, auditing became broader and a more significant tool in the society (Reuchars, 2004:76). Causes of Audit Explosion During the 1980s, the public sector institutions were chara cterized by financial constraints. Due to this factor, auditing and inspection became highly valued and important tool of change. National Audit Office and The Audit Commission became outstanding forces in government by playing an evolving and intricate constitutional role in different ways. In the late 1990s, the pressure for change increased as well as the demand for inspection and monitoring finances (Power, 2002:183). In another word audit explosion was driven by political demands on behalf of the citizens, patients, taxpayers, students and others. The reason behind this force was to provide greater accountability and transparency of service by both the public a and the private sector. The other pressure that forced the explosion of auditing was the rise of quality assurance practices and related transformations in regulatory style. Consequences of Auditing The introduction of auditing as an agency of organizational change has no measured consideration of benefits as well as pos sible dysfunctional effects. Although cost compliance has been introduced, audit and related monitoring ideas continue to be understood critically. In this respect, it is reasonable to suggest that auditing is an ideology driven for disciplining and controlling both the public and the private sector, yet it is not because auditing is not an instrument of genuine accountability. Therefore, to analyze the consequences of auditing, it is important to focus on the development of understanding auditing deeply (Powe, 2004:27). This broader understanding of auditing is the performance measures and other forms of accounting which provide an auditable front stage of an organization. The first consequence of auditing is that many performance indicators are produced but are not edited. Such facts are evident, and the UK Audit Commission is actively shaping these performance measures to enable genuine audit and inspection. However, just because a performance measure is not audited does not mean that it was not designed with potential audibility in mind. Another consequence is the growing population of auditees. This fact brings out the evidence that shows how different games of compliance creativity are played around the audit

Saturday, August 24, 2019

Addressing goals for the DNP program Essay Example | Topics and Well Written Essays - 250 words

Addressing goals for the DNP program - Essay Example Every person pursuing a career needs to increase his or her skills in order to give better output. In a nursing career it is no different. However, the advancement of studies plays an important role not just in additional skills or knowledge, but also for the nurse to be able to provide better care to patients within a population, as well as to be able to function as a leader or one of the leaders within health and nursing organizations. To be able to achieve these end results, the Doctorate of Nursing Practice (DNP) Program created goals that would be teaching nurses knowledge that give more emphasis to: acquiring an advanced degree of skills used in a multitude of situations; being able to use the results of nursing research in applications as needed; playing an active role in leadership of an organization; and being proactive in the implementation as well as creation of health policies that would be inclusive to all patients. At present, I plan to pursue higher education as an adv anced nurse practitioner (ANP) in the DNP program, and with these goals of DNP in mind, I plan to become fully equipped in advancing my skills and knowledge for my nursing career, and share my knowledge with students if given the chance. In the course of nursing duties, it is required that a nurse be fully prepared in all situations, and to act according to the best course of action, especially when the patient’s life is at stake.

Friday, August 23, 2019

State Laws versus National supremacy Essay Example | Topics and Well Written Essays - 1500 words

State Laws versus National supremacy - Essay Example This research will begin with the statement that federalism is a structure of government with one central government and other smaller units such as states in the United States of America. It is a system of government in which the sovereignty is sub divided into the central government and other constituent units such as provinces or states. State rights refer to the political supremacy set aside for the American state governments other than the federal government in line with the American Constitution. Supremacy Clause is available in Article six of the American national constitution. It states that federal treaties and statutes form the supreme laws of the land and provides that these are the supreme and highest forms of law in the legal system of U.S. and mandates that all state statutes must follow the Federal law whenever a conflict occurs between the state law and federal law. The architects of the New Federalism, a program that permitted states to decisions concerning local iss ues, were George Bush and Ronald Reagan. For 200 years, the relationship between the two governments has shifted more towards the national supremacy, though several observers today believe that the power balance is beginning to stretch out back to the states. One major sign that the national government was growing in the 1960s was the great number of categorical grants that existed during that time. There has been a debate on power distribution between the national government and the U.S. States began as early as 1787 with the founding of the Republic and continues up to today.

Thursday, August 22, 2019

The Benefits of Social Media Essay Example for Free

The Benefits of Social Media Essay Computers have been around since the 1950’s, and now, they play an important role in what we do on a day to day basis. They help us connect to the internet, which enables us to see almost anything we can think of. Social media, such as Facebook and Twitter, are growing trends on the internet that people cannot seem to get their hands off of. According to Statistic Brain (2014), 58% of people use at least one source of social media, and around 1. 4 billion people worldwide use Facebook. It was also calculated that the average amount of minutes spent on a social media site in one month is 700 billion minutes (Statistic Brain, 2014). Social media has been around since the 1970’s, and has increases substantially, and continues to do so as well (Golbe, 2012). Social media is a way for us to contact and stay in touch with old and new friends. Even though social media is mostly seen as just a communication factor, many do not realize that it also has many benefits that it provides to everyone that has the capability of using it. In Andrew Keen’s (2012) article, he talks about social media being a trap to us humans who are involved in taking part in it (p. 429). He talks about how we are able to share every single bit of information about ourselves to anyone at any time we are shown the opportunity too. He believes that we should not be able to have the ability to share almost everything about ourselves to other people. He mentioned that you will only be able to find pure happiness if you are being left alone, and not having the capability to share our life with other people (p. 429). In this case, that is not true. Pure happiness does not come from being alone, and not being able to share anything with anyone. PBS (2011) mentioned that Psychologist researches have come to a conclusion that â€Å"happiness is made up of pleasure, engagement, and  meaning†. Engagement involves other people that you surround yourself with or may come in contact with, and so can pleasure. Therefore being alone does not create pure happiness. Parent Further (2013) also proves this point wrong, by mentioning that â€Å"kids can gain social confidence from interacting with other people online,† which will help them with new situations that involve social interaction that they will face in their later on lives. Social media can also help with improving relationships and making new friends, and what are relationships and friendships without being able to share things with those people? Friendships and relationships are all about knowing the other persons you are surrounding yourself with. In order to do that, one has to be able to communicate and be capable to share things. So, as you can see, just because we share things with other people, does not mean we will not be happy. Sharing things can help us with many areas in our day to day lives. Schools, teachers and students also benefit from the use of social media as well. Social media helps teachers and students to be able to connect outside of school with academic questions, and help when they need it. Parent Further (2013) mentions how social media, such as Moodle, Digg, and other sights have become increasingly important in school for communication between the students and teachers. With the use of the social media that the teachers are using, to have outside of school conversations, it helps children build stronger school communities. They also mention how students are also able to explore their interests more through social media, by getting in contact with others and being able to exchange their knowledge, along with learning from the others knowledge as well (Parent Further, 2013). According to Ritu Pant (2013), 96% of students, that are allowed access to internet, use at least one social media piece. Out of that 96%, 59% of them talk about educational topics on their social media page, and 50% of those students talk specifically about schoolwork that they are participating in. ProCons (2014) talks about how social media helps students do better in school as well. They mention that â€Å"after George Middle School in Portland, Organ introduced a social media program to engage students, grades went up by 50%, chronic absenteeism went down by 33%, and 20% of students school-wide voluntarily completed extra-credit assignments†Ã‚  (ProCons, 2014). Therefore, social media helps teachers and students increase their involvement with the school and their education. Social media also has many other benefits. It can help companies in multiple ways. Madhur Chaturvedi (2014) mentions how â€Å"social media websites have become an important platform for businesses to engage with customers, prospects, employees, and candidates†. ProCons (2014) mentioned how large chain businesses use social media to quickly disperse new information with all their managers and employees. It also helps businesses create a faster and more efficient way of looking for new employees. Most business uses social media to target and reach out to employees through advertising the job openings to the community. According to ProCons (2014), â€Å"64% of companies are on two or more social networks for recruiting because of the wider pool of applicants and more efficient searching capabilities. 89% of job recruiters have hired employees through LinkedIn, 26% through Facebook, and 15% through Twitter. One in six job-seekers credit social media for helping find their current job. 52% of job-seekers use Facebook for the job search, 38% use LinkedIn, and 34% use Twitter†. Social Media also allows companies to reach out to and interact with their customers. Companies use social media to get immediate customer feedback on certain items or things dealing with the company, so if it is disliked, they can make quick changes to ensure that their customers will be satisfied (ProCons, 2014). Companies also include a tab on their social media content that is just for their customers, allowing customers to interact with the company and give feed as well (Chaturvedi, 2014). That last thing that it helps companies out with, is being able to advertise their products in a fast, easy and efficient way. According to Chaturvedi (2014), sale leads generate from social media, because of the capability that companies have to advertise through social media. Social media also helps protect our society in many ways. It can helps us to become more aware with our surroundings, by informing us of any situations that may put us through any harm. According MPA Degree (2006-2014), â€Å"government leaders and agencies are increasingly harnessing the powers of social media to both connect with the public and extract  information†. They use social media to help defuse riots, by following â€Å"rabble-rousers† on Twitter, and using hints and clues to pinpoint where the riots exact location and time will be. They are also using it to prepare for disasters as well. They share posts on social media that inform the society what to do in case of an emergency, and how to always be prepared. MPA Degree also mentions how the government uses social media to warn the society of weather tragedies, like earthquakes and hurricanes for example. They mentioned how the 5.9 earthquake that hit the Northwest in the 2011, was broadcasted on Twitter b efore the earthquake even happened, in order to get the word out to many people (MPADegree, 2006-2014). According to ProCons (2014), the US Military uses social media to help prevent suicides from occurring. Health clinics also use social media to tell patients when vaccines are in, and why they should get that certain vaccine. The Boston Health Commission used Twitter to help inform their followers of the vaccine available for the H1N1 breakout that occurred. The law enforcement also uses social media to catch and prosecute criminals. It was surveyed that 67% of â€Å"federal, state, and local law enforcement professionals . . . think ‘social media helps solve crimes more quickly’† (ProCons, 2014). They also mention how NYPD uses a tracking device that helps catch criminals who talk about the crimes they committed online (ProCons, 2014). ProCons also talks about how a nine-year old student, Martha Payne, shared a blog about her schools lunch, and how it was exposed everywhere. This blog led to the creating of the â€Å"Friends of Never Seconds† charity to he lp feed children globally. Social media helps protect us citizens from harm and discomfort that the world will see. Social media is used everywhere across the world. About 58% of the world uses social media is some sort of way, whether it is through Facebook, Twitter, Moodle, etc., people are always using it (Statistics Brain, 2014). Just by listening to stories and hearing about them, social media really does not have a good reputation. Social media is seen as useless or a hurtful factor that we should not give as much recognition too that we do. People find it hurtful to our society and children, but that is not the case. Social media is very beneficial in many positive ways. Instead of hurting us, like a lot of people think, it helps us in very important ways. It helps students and teachers become more engaged in their education, and it with helps raise grades and participation rates in the students themselves. It also helps our society in multiple ways. When businesses use social media, they are benefiting from it by excelling in their performance, and the community benefits as well by being able to give feedback on what is good and what isn’t. Lastly, it helps with protecting the communities. Weather it is through emergency warnings, or tracking devices, social media is a factor that plays a great role in protecting us. Overall, social media plays more of a beneficial factor than a harmful one, so therefore, we should continue to use it to our advantages. References Chaturvedu, M. (2014). Effective social media strategies – four tips, four benefits. Oracle. Retrieved from http://www.oracle.com Globe, G. (2012, September 6). The history of social networking. Digital Trends. Retrieved from http://www.digitaltrends.com Keen, A. (2012). Sharing is a trap. In K. A. Ackley (Ed.), Perspectives on contemporary issues (pp. 425-429). Boston: Wadsworth MPA Degree (2006-2014). How social media is being used by the government. MPADegree.org. Retrieved from http://mpadegree.org Pant, R. (2013, July 18). The use of social media in schools. Socialmedia Today. Retrieved from http://socialmediatoday.com ParentFurther (2013). Benefits of online social networking. ParentFurther. Retrieved from http://parentfurther.com PBS (2011). What is happiness?. This Emotional Life. Retrieved from http://www.pbs.org ProCon (2014). Social networking. ProCon.org. Retrieved from http://socialnetworking.porcon.org Statistic Brain (2014). Social networking statistics. Statist ic Brain. Retrieved from http://statisticbrain.com

Wednesday, August 21, 2019

Marketing Sop Example Essay Example for Free

Marketing Sop Example Essay India is said to be the growing economical superpower, which will open a huge opportunity in the Management of Science and Business at the same time making a rational decision of where to land after getting higher education. What kind of a higher education will enhance my knowledge, skill and capabilities to the best? To place myself according to the growing economy of India and to gain the maximum out of it I came to a decision of doing MBA in UK. As UK has always been a good source of in providing world class education, I am eager do my MBA from London School of Business and Finance in UK. I was always been supported by my family for doing something big. They provoked me in dreaming big. My career was taking shape when I was about to complete my Bachelors degree in Commerce. I was always interested in this field. I took a decision of doing MBA in Finance and Marketing. My short-term goal is to place myself as an efficient manager of a renowned organization where I can give a better shape to my skills and capabilities and to be in a process of continuous learning. However, my long-term goal is to set up a firm of my own, where I can put all the innovative ideas that I have. Before that I will have to prepare my self for being efficient in implementing those ideas, which is, indeed, not easy. When it comes of doing MBA in UK it always makes me feel proud. Doing MBA from there will not only provide me with lots of experience but I will also give an international exposure which will be a big plus point for attaining my career goals. It will help me learning things in a diverse environment. It will have positive impact on my life and values. MBA in UK is the best and it gives exposures to new avenues. I am looking forward to join London School of Business and finance (LSBF) and it will be great getting the degree from University of Wales from UK.

Tuesday, August 20, 2019

Theodore Levitts Theory of Globalization

Theodore Levitts Theory of Globalization To most of us, globalization—as a political, economic, social, and technological force—appears all but unstoppable. The ever-faster flow of information across the globe has made people aware of the tastes, preferences, and lifestyles of citizens in other countries. Through this information flow, we are all becoming—at varying speeds and at least in economic terms—global citizens. This convergence is controversial, even offensive, to some who consider globalization a threat to their identity and way of life. It is not surprising, therefore, that globalization has evoked counter forces aimed at preserving differences and deepening a sense of local identity. Yet, at the same time, we increasingly take advantage of what a global economy has to offer—we drive BMWs and Toyotas, work with an Apple or IBM notebook, communicate with a Nokia phone or BlackBerry, wear Zara clothes or Nike sneakers, drink Coca-Cola, eat McDonald’s hamburgers, entertain t he kids with a Sony PlayStation, and travel with designer luggage. This is equally true for the buying habits of businesses. The market boundaries for IBM global services, Hewlett-Packard computers, General Electric (GE) aircraft engines, or PricewaterhouseCoopers consulting are no longer defined in political or geographic terms. Rather, it is the intrinsic value of the products and services that defines their appeal. Like it or not, we are living in a global economy. Levitt’s argument was about new technology has â€Å"proletarianized† communication, transport, and travel, a new commercial reality-the emergence of global markets for standardized consumer products, Converging Consumption Pattern: Almost everyone, everywhere wants global products, wish of modernity, Prefer low prices to supposed national characteristics and the Earth is flat. He also argued about Global Corporation vs Multinational Corporation and further more over Multinational corporations knows a lot about great many countries and adapts to supposed differences. Now while doing the critical evaluation of his arguments, he proposed strategies that companies should move from multinational to global corporation because in his view the market for multinationals was sinking. He found much more scope when it comes to operate over the Global market. He also proposed that not to adapt the superficial differences but force suitably standardized products globally. Which mean s that the market for standardized products should be kept global. He urged over making the standardized products global in order to maintain their market worth and image. Another concept given by Levitt was about offering everyone simultaneously high-quality, more or less standardized products at optimally low prices. This idea was basically approved to satisfy the needs of everyone as the products will be available at optimal prices. People tend to prefer more standardized products so this was the best deal for them. He also wanted few standardized markets instead of many customized markets. Because of this the customization of products was ended and with formulation of few standardized markets the Global corporations maintained a better worth instead of going through the customized markets form. The most important strategy proposed by Levitt was, there is no other appeal like price. People like money, and they want to spread it over as many goods as they can. So if the prices of commodities will be available at low and it will be standardized as well then people will definitely prefer to spend money and the most motivational factor for people to buy something is its good quality on low prices. Levitt quoted about the concept of Standardization that â€Å"If a company forces costs and prices down and pushed quality and reliability up while maintaining reasonable concern for suitability –customers will prefer world standardized products†. This statement has got clear linkage with the above strategies evaluated by Levitt’s views. Now if we put a light over the marketing concepts he proposed, in his opinion the company should know more about what customers wants than the customer himself or herself knows, or at least more than the customer can articulate. The successful global corporation does not abjure customization or differentiation for the requirements of markets that differ in product preferences, spending patterns, shopping preferences and institutional or legal arrangement. But global corporations accepts and adjusts to these differences only reluctantly, only after relentlessly testing their immutability, after trying in various ways to circumvent and reshape them. Global strategy and organization has been strong in the last two decades. Numerous perspectives have been proposed to examine the issue, and so have numerous prescriptions for businesses facing global competition. On the one hand, these perspectives have enriched our understanding of the complexity of competing globally. On the other hand, the diversity of perspectives creates a great deal of ambiguity and confusion about how to compete worldwide, about the definition of a global strategy, about why a business chooses a global strategy, and about the implications of that choice. Without a unified framework to integrate these diverse perspectives, ambiguity and confusion are likely to persist, leading to contradicting theories and discouraging practical application of knowledge. Levitt (1983) argues forcefully that advances in communication and transportation technologies and increased worldwide travel have homogenized world markets. Increasingly, consumers in different parts of the world tend to demand the same products and have the same preferences. In this new era, the strategic imperative for businesses competing globally is to achieve the economies of scale which the global market affords. Thus, multinational corporations which treat individual country markets separately are likely to disappear and be replaced by global corporations which sell standardized products the same way everywhere in the world. A major source of competitive advantage has become the ability to produce high-quality products at lowest cost, since global consumers will sacrifice their idiosyncratic preferences for the high-quality but low-priced products. Instead of a single standardized product, they recommend a broad product portfolio, with many product varieties, so that investments on technologies and distribution channels can be shared. Cross subsidization across products and markets, and the development of a strong world-wide distribution system, are the two moves that find the pride of place in these authors views on how to succeed in the game of global chess. When the global producer offers his lower costs internationally, his patronage expands exponentially. He not only reaches into distant markets, but also attracts customers who previously held to local preferences and now capitulate to the attractions of lower prices. The strategy of standardization not only responds to worldwide homogenized markets but also expands those markets with aggressive low pricing. According to Levitt (1983), the optimum global strategy is to produce a single standardized product and sell it through a standardized marketing program. The essays argument is that the emergence of global markets for standardized consumer products† of a hitherto undreamed-of magnitude. The era of the â€Å"multinational corporation† was drawing to a close, Levitt asserted. The future belonged to the â€Å"global corporation.† The global corporation did not cater to local differences in taste. Those differences were being overwhelmed by the ability of the global corporation to market standardized products of high quality at a cost lower than that of competitors due to â€Å"enormous economies of scale in production, distribution, marketing, and management.† The global corporation was being called forth by a new era of â€Å"homogenized demand.† A few years ago, globalization was the new paradigm in international business, however from a branding pers pective it has lost its initial efficiency giving the fact that consumers do not seem to feel a connection anymore with the standardized products of global corporations, catered to them in mass marketing communication programs. With their centralized decision making, most companies simply stopped having a connection with the new global marketplace and neglected its emergence. There are arguments for and against the idea of the globalization of markets. On the one hand, people are gradually seeking high quality/low cost products due to the advancement of technology and communication (Levitt, 1983). Levitt both overestimated and underestimated globalization. He did not anticipate that some markets would react against globalization, especially against Western globalization. He also underestimated the power of globalization to transform entire nations to actually embrace elements of global capitalism, as is happening in the former Soviet Union, China, and other parts of the world. He was right, however, about the importance of branding and its role in forging the convergence of consumer preferences on a global scale. Think of Coca-Cola, Starbucks, McDonald’s, or Google. A global product is an important element of a global marketing strategy. A product can be defined as global if it can be marketed in different markets, with minimal or virtually no modification or adaptation. The focus of an enterprise is on serving global markets with global products. A global product does not have to sell in every market. For some types of products, the U.S., Japan, and Europe can represen t 70% (or even 90%) of the world market demand. And within this increasingly homogeneous triad, many manufacturers can benefit from universal product designs. A global product brings benefits to the producer and the consumer. The advantages to the producer are lower costs and economies of scale in production and management. The consumer benefits through lower prices, better serviceability, increased quality and consistent reliability. However, not all products can become global products. Studies have found that the ability of a product to be global significantly depends on whether the product is regarded as being essential and without close substitutes. Globalization which essentially refers to growth of trade and investment, accompanied by the growth in international businesses, and the integration of economies around the world, advanced in 1990’s and in the twenty first century. The globalization of business is easy to recognize in the spread of many brands and services spr eads around the world. Forexample, Japanese electronics and automobiles are common in large part of the world. Moreover, companies have become transnational or multinational those are based in one country but have operations in others. For example, Japan/based automaker Honda operates the largest single factory in the United States, while U.S. based Coca-Cola operates plants in other countries including France and Belgium with about 80% percent ofthat company’s profits come from overseas sales. Nevertheless, the rapid growth of globalization that was considered as a success particularly due to the rapid economic growth and success of Asian Tigers and Taiwan in early 1990’s, was undermined by these countries major economic setbacks in the late 90’s. A number of rallies of anti-globalization forces attempted to portrait that globalization is not a panacea for the worlds problems. Their demonstration in all fronts during the Seattle meetings of the World Trade Orga nization that turned into a fiasco is an example. Thus, globalization continues through its agents, i.e. MNE by changing strategies to internationalize theirbusinesses. Prof Ghemawat, (2007) believed that the above definition of Levitt still reign the world, he however, challenges it and redefined globalization as it will be explained later. Multinational enterprises (MNEs) are the key drivers of globalization, as they fosterincreased economic interdependence among national markets. The ultimate test to assess whether these MNEs are global themselves is their actual penetration level of markets across the globe, especially in the broad triad markets of NAFTA, the European Union andAsia. A powerful force drives the world toward a converging commonality, and that force is technology. It has proletarianized communication, transport, and travel. It has made isolated places and impoverished peoples eager for modernity’s allurements. Almost everyone everywhere wants all the things they have heard about, seen, or experienced via the new technologies. The result is a new commercial reality—the emergence of global markets for standardized consumer products on a previously unimagined scale of magnitude. Corporations geared to this new reality benefit from enormous economies of scale in production, distribution, marketing, and management. By translating these benefits into reduced world prices, they can decimate competitors that still live in the disabling grip of old assumptions about how the world works. Gone are accustomed differences in national or regional preference. Gone are the days when a company could sell last year’s models—or lesser versions of advanced products—in the less-developed world. And gone are the days when prices, margins, and profits abroad were generally higher than at home. The globalization of markets is at hand. With that, the multinational commercial world nears its end, and so does the multinational corporation. The multinational and the global corporation are not the same thing. The multinational corporation operates in a number of countries, and adjusts its products and practices in each—at high relative costs. The global corporation operates with resolute constancy—at low relative cost—as if the entire world (or major regions of it) were a single entity; it sells the same things in the same way everywhere. Which strategy is better is not a matter of opinion but of necessity. Worldwide communications carry everyw here the constant drumbeat of modern possibilities to lighten and enhance work, raise living standards, divert, and entertain. The same countries that ask the world to recognize and respect the individuality of their cultures insist on the wholesale transfer to them of modern goods, services, and technologies. Modernity is not just a wish but also a widespread practice among those who cling, with unyielding passion or religious fervor, to ancient attitudes and heritages. Companies may enter the global market through various kinds of international investments. Companies may choose to make foreign direct investments, (FDI) which allow them to control companies and assets in other countries. Indeed, the largest 500 MNEs account forover 90% of the world stock of foreign direct investment (FDI) and they, themselves, conduct about half the world’s trade, (Rugman, 2004). In addition, companies may elect to make portfolio investments, by acquiring the stock of companies in other countries in order to gain control of these companies. They may participate in the international market by eitherlicensing or franchising. Another way companies tap into the global market is by forming strategic alliances with companies in other countries. While strategic alliances come in many forms, some enable each company to access the home market of the other and there by market their products as being affiliated with the well-known host company. This method ofinternational business also enables a company to bypass some of the difficulties associated with inte rnationalization such as different political, regulatory, and social conditions. The home company can help the multinational company address and overcome these difficulties because it is accustomed to them. Multinational enterprises (MNEs) largely operate within their home region of the triad, or, at best, are bi-regional (competing only across two of the triads of the EU, NAFTA and Asia. Most of the largest 500 MNEs are interested in the deepening of regional trade and investment agreements in Europe, the Americas and Asia. This is a high end  ³niche ´ of the commonality viewpoint in which they argue that the world’s clearly becoming more unified and homogeneous ´. However, basically every aspect oftheir arguments wrong. Instead of one language, one thirst, one food, one car, etc. there are strong regional differences within each part of the triad. Despite their global nature, some argues that companies must customize their products orservices to meet the needs of vari ous international markets, and hence must use a multi-domestic strategy at least in part. For example, a US fast food companies such as KFC, McDonalds although have a standard approach globally, they adapted their strategy to the preference of regions or countries like in China, Japan, Middle-East. KFC introduced smallerpieces of foods to cater to a Japanese preference, and located restaurants in crowded are as along with other restaurants, moving away from independent sites. As a result of these changes, the fast-food restaurant experienced stronger demand in Japan. As Grant, 2008, indicated, for instance McDonald carefully blends of global standardization and local adaptation in most countries. Its menus feature an increasing number of locally developed items like McVeggie Burger in India, McArabia in Kofta in Saudi Arabia, Kosher food in Israel by still maintaining globally standardized items, i.e. the big Mac and potato fries. Carindustries like Toyota adapt their product also as per region. Product for the US market and other part of the world is different. As the rising tide of globalization, some companies may lost the way or make mistakes to set out to create a worldwide strategy. In fact, better results come from strong regional strategies, which is the bridge that connect the local and global initiatives, and can significantly boost a company’s performance. As indicated earlier, an increasing number ofcompanies regard regions as enabler o f cross-border integration because high level ofcross-border integration usually accompany with high level of regionalization. Besides the geographic proximity, the cultural, administrative and economic proximity also become an important competitive advantage in regionalization and contribute a significant weight ofsales. Embracing regional strategies requires flexibility and creativity. Managers must be conscious that markets, supplies, investors, locations, partners, and competitors can be anywhere in the world. Successful businesses will take advantage of opportunities wherever they are and will be prepared for downfalls. Successful managers, in this environment, need to understand the similarities and differences across national boundaries, in order to utilize the opportunities and deal with the potential downfalls. Once this analysis is complete, managers must establish strategic goals, which are the significant goals a company seeks to achieve through a particular pursuit such as entering a new regional market through considering the above five regional strategy model. International strategies refer to those that address competition in each country or region on an individual basis, whereas global strategy refers to addressing competition in an integrated and holistic manner across country and regional boundaries. Hence, multi-domestic international strategies attempt to appeal to the needs of customers in different countries or regions, while global strategies attempt to standardize products and marketing to work across boundaries. Levitt will be remembered by the world as the man who coined the word â€Å"globalization,† but for his former students, his colleagues, and his loved ones, he was above all a man who could bestow down-to-earth advice as well as ground-breaking theory.

Monday, August 19, 2019

Beowulf is an Epic Hero Essay example -- Epic of Beowulf Essays

In the epic poem Beowulf, the protagonist Beowulf is shown as a hero with extrodinary strength. This is not what makes him a hero. By definition, a hero is a man of exceptional quality. However this term does not do Beowulf justice. His self-imposed purpose in life is to help others, and eventually sacrifices his own life in doing so. Beowulf’s battle with the dragon serves as a critique of the notion that Beowulf is a hero. The Dragon section displays many of Beowulf’s heoric characteristics. Beowulf establishes himself as a hero by fighting the dragon, exemplifing strength and courage when fighting the dragon, and sacrificing himself so that others can live. Beowulf’s fight against the dragon shows Beowulf as a hero. Although Beowulf had previously defeated two other foes, he stands fast and fights his most formidable foe yet, the dragon. Dragons were notoriously difficult to kill, and the poem states that it was a great man, who could kill a dragon, even if it meant losing one's life. While others cower away Beowulf fights the dragon. Beowulf defeats the dragon but loses his life in the same instance. Like the classical hero Beowulf loses his special status in death. Beowulf sought no compensation for his services; the mere satisfaction of helping others was pay enough. Like his two previous battles Beowulf fights for those who could not fight for themselves. While fighting the Dragon Beowulf shows feats of strength and courage that define him as a hero. The classical...

Dreams and Dream Deffered by Langston Hughes :: essays research papers

â€Å"Dreams Deferred† and â€Å"Dreams† In the poems â€Å"Dreams Deferred† and â€Å"Dreams† by Langston Hughes the author talks about how important dreams are. The author uses many different types of figurative languages such as similes and metaphors and shows how they are alike and different in many ways. In the poem â€Å"Dreams† the author writes â€Å"Hold fast to your dreams/for if dreams die †(Hughes 1-2 poem 1). The theme of this poem is to try to achieve your dreams and not let them die . In the poem â€Å"Dream Deferred † also by Langston Hughes the author writes about the theme being how a person could basically not be sane without dreams and how important they are to a person. As the author writes â€Å"Does it dry up like a raisin in the sun† ( Hughes 2-3 poem 2). The author is referring how dreams die when not pursued and dry up like raisins when not used or reached. The author used figurative language in the form of metaphors in these two poems in the first poem â€Å"Dreams† . The author writes â€Å"For when dreams go/Life is like a barren field/ of frozen snow † (Hughes 6-8 poem 1) . Which he feels hopelessness and the author expresses hopelessness in the lines †For it dreams die / Life is a broken winged-bird / that cannot fly †(Hughes - poem 2). The author is trying to explain to the reader to not let go of your dreams which is basically the whole poem is about your dreams and how important and I don’t think that Langston Hughes could stress that anymore than he already has. As the author writes â€Å"Does it dry up like a raisin in the sun?† Langston Hughes argues about how readers should never let our hopes, dreams, and aspirations.

Sunday, August 18, 2019

Essay on the Use of Third Person and Innocence of Language in Ake

Use of Third Person and Innocence of Language in Aké The Nigerian novelist Wole Soyinka's memoir, Aké, is a story told through the eyes of a child. Many incidents and the dialogues within these incidents are written in a tone which is suggestive of the innocence and actions which would only be performed by someone in a child-like state of mind. Soyinka's masterful use of this tone, and the primary use of first person in story telling combine to form a realistic childhood picture. In the third chapter we find young Wole describing a sort of parade which is passing before the walls of his home compound. This point in time seems to be when Wole first discovers the world beyond his front door. This realization can be likened to the destruction of the geocentric theory in which man comes to the realization that he is not the center of the universe. We see this realization in this quote from page 37: "It became clear then that we in the parsonage were living in a separate town by ourselves, and that Aké was the rest of what I could see." Another example of childlike thinking can be found in the description of a tuba. In the parade there is a man walking with a tuba. Wole makes the association of the bell of the tuba and the bell part of a gramophone. Young Wole says, "Tinu and I had long rejected the story that the music which came from the gramophone was made by a special singing dog locked in the machine. We never saw it fed, so it would have long starved to death. I had not yet found the means of opening up the machine, so the mystery remained" (41). Here we find child-like reasoning at its finest. At the end of Wole's story of his exploration of the world outside of his familial com... ...wo places," (187-188) Wole, along with his comrades, expresses this belief in bad magic. Another example of child-like rationality can be seen in the quick belief in a conspiracy theory seen in this line from page 188: "...they had come to 'spoil the ground' for others!" Child-like actions are found in the notions of justice, also found on page 188, when the children become judge, jury, and executioner of their peers with the line "Someone proposed that we search their luggage...and was vociferously cheered." The writing of a memoir through the eyes of a child can produce a highly entertaining work, as proved by Wole Soyinka. Through the use of third person and the masterful use of the innocence and language of childhood, Soyinka has written a memoir that can make us remember what is was like to see the world through the eyes of a child. Essay on the Use of Third Person and Innocence of Language in Ake Use of Third Person and Innocence of Language in Aké The Nigerian novelist Wole Soyinka's memoir, Aké, is a story told through the eyes of a child. Many incidents and the dialogues within these incidents are written in a tone which is suggestive of the innocence and actions which would only be performed by someone in a child-like state of mind. Soyinka's masterful use of this tone, and the primary use of first person in story telling combine to form a realistic childhood picture. In the third chapter we find young Wole describing a sort of parade which is passing before the walls of his home compound. This point in time seems to be when Wole first discovers the world beyond his front door. This realization can be likened to the destruction of the geocentric theory in which man comes to the realization that he is not the center of the universe. We see this realization in this quote from page 37: "It became clear then that we in the parsonage were living in a separate town by ourselves, and that Aké was the rest of what I could see." Another example of childlike thinking can be found in the description of a tuba. In the parade there is a man walking with a tuba. Wole makes the association of the bell of the tuba and the bell part of a gramophone. Young Wole says, "Tinu and I had long rejected the story that the music which came from the gramophone was made by a special singing dog locked in the machine. We never saw it fed, so it would have long starved to death. I had not yet found the means of opening up the machine, so the mystery remained" (41). Here we find child-like reasoning at its finest. At the end of Wole's story of his exploration of the world outside of his familial com... ...wo places," (187-188) Wole, along with his comrades, expresses this belief in bad magic. Another example of child-like rationality can be seen in the quick belief in a conspiracy theory seen in this line from page 188: "...they had come to 'spoil the ground' for others!" Child-like actions are found in the notions of justice, also found on page 188, when the children become judge, jury, and executioner of their peers with the line "Someone proposed that we search their luggage...and was vociferously cheered." The writing of a memoir through the eyes of a child can produce a highly entertaining work, as proved by Wole Soyinka. Through the use of third person and the masterful use of the innocence and language of childhood, Soyinka has written a memoir that can make us remember what is was like to see the world through the eyes of a child.

Saturday, August 17, 2019

Just in Time Inventory Management Essay

Just In Time Inventory Management Definition: Just-in-Time (JIT) inventory management is the process of ordering and receiving inventory for production and customer sales only as it is needed and not before. This means that the company does not hold safety stock and operates with low inventory levels. This strategy helps companies lower their inventory carrying costs. Just-in-time inventory management is a cost-cutting inventory management strategy though it can lead to stock-outs. The goal of JIT is to improve return on investment by reducing non-essential costs. http://bizfinance.about.com/od/glossaryj/g/Just-In-Time-Jit-Inventory-Management.htm http://smallbusiness.chron.com/advantages-disadvantages-justintime-inventory-21407.html Advantages & Disadvantages of Just-in-Time Inventory by Neil Kokemuller, Demand Media Companies turnover significant inventory control to suppliers with just-in-time inventory. Related Articles * The Advantages of Just-in-Time Inventory Systems†¨ * Advantages & Disadvantages of Excess Inventory†¨ * Examples of Just-in-Time Inventory * Just in Time Inventory Definition * Advantages & Disadvantages of Matrix Organizational Structures in Business Organizations†¨ * The Disadvantages of Buy-Hold-Sell Inventory Just-in-time (JIT) inventory refers to an inventory management system with objectives of having inventory readily available to meet demand, but not to a point of excess where you must stockpile extra products. Maintaining inventory takes time and has costs, which is what motivates companies to implement JIT programs. Ads by Google Production management Comprehensive SCM, SRM & WMS Suite from Epicor. Learn More.Epicor.com / Distribution Customer Needs Balancing the goals of avoiding stock outs while minimizing inventory costs is at the heart of just-in-time inventory. One of the main benefits of automated and efficient inventory replenishment systems is that you can quickly respond to reduced inventory levels. Companies are now equipped to pull back on stock in a given product category and ramp up inventory in another as customer needs and interests change. Inventory Costs Minimization of inventory management costs is a primary driver and benefit of just-in-time practices. Inventory management has costs, and when you reduce the amount of holding space and staff required with JIT, the company can invest the savings in business growth and other opportunities, points out the Accounting for Management website. You also have less likelihood of throwing out product that gets old or expires, meaning reduced waste. Coordination A disadvantage of managing a just-in-time inventory system is that it requires significant coordination between retailers and suppliers in the distribution channel. Retailers often put major trust in suppliers by syncing their computer systems with suppliers so they can more directly monitor inventory levels at stores or in distribution centers to initiate rapid response to low stock levels. This usually means build up of technology infrastructure, which is costly. This coordinated effort is more involving on the whole than less time intensive inventory management systems. Risks Just-in-time inventory is not without risks. By nature of what it is, companies using JIT intend to walk a fine line between having too much and too little inventory. If company buyers fail to adjust quickly to increased demand or if suppliers have distribution problems, the business risks  upsetting customers with stock outs. If buyers over compensate and buy extra inventory to avoid stock outs, the company could experience higher inventory costs and the potential for waste. Sponsored Links MYOB Accounting Software Simple, Reliable & Secure Solutions Call Now for a Free Demonstration! www.globalbiz.com.sg Web Database App Software Deploy data-driven web applications straight from your database! Try it www.ironspeed.com Primavera P6 PPM Software Software | Consultation | Implementation | Support | www.crownsys.com.sg / Primavera IT Help Desk Software Web-based IT Help Desk with Asset Mgmt. Free version too. Try Now! www.ManageEngine.com / Help_Desk References (2) About the Author Neil Kokemuller has been an active writer and content media website developer since 2007. He wrote regular feature articles for LiveCharts for three years and has been a college marketing professor since 2004. He has four years of additional professional experience in marketing, retail and small business, and he holds a Master of Business Administration from Iowa State University. http://smallbusiness.chron.com/disadvantages-inflating-inventory-38062.html The Disadvantages of Inflating Inventory by Cynthia Myers, Demand Media Carrying a large inventory incurs certain costs. Related Articles * Disadvantages of Buying Inventory in December * Advantages & Disadvantages to a Manual Inventory Control System†¨ * The Disadvantages of Buy-Hold-Sell Inventory * Disadvantages of High Inventory Levels * Advantages & Disadvantages of Excess Inventory†¨ * The Disadvantages of the Continuous Inventory System Increasing inventory in times of rising costs allows you to take advantage of lower prices now, which can result in increased profits as you sell off the inventory. But inflating inventory also carries significant disadvantages. The right inventory strategy for you depends on the business you’re in, your profits and losses and your ability to comfortably carry an inflated inventory. Analyzing your individual situation will tell you if the disadvantages of inflated inventory apply to you. Ads by Google Excel Spreadsheet Templates Fill-in the blanks & easily create any business document! Download NowBiztree.com Increased Costs The costs of inventory go beyond the purchase price of the goods or materials in your inventory. You must pay for space in which to store your inventory. If the inventory is perishable, you’ll rack up utility bills to heat and cool the space. You may need additional personnel to handle the inventory. If you buy materials or goods at a steep enough discount, your savings may be enough to offset these additional costs, but in many cases the cost of adding to your inventory cancel out your savings. Increased Taxes The Internal Revenue Service considers your inventory to be an asset, and you’re required to pay taxes on the inventory in stock at the end of the year. This is the reason you see many businesses hold Inventory Reduction Sales at year’s end. These businesses are looking to reduce their tax burden by selling off excess inventory. If, instead of selling off inventory, you’re focused on accumulating it, you could find yourself with a bigger tax bill. Before you build up your inventory, you should consider the possible tax implications of doing so. Spoilage Losses Most goods have a shelf life — a period after which they begin to deteriorate and spoil. For perishables such as food this can be a relatively short period. Durable goods have a longer shelf life, but even these can lose value over time. Fashions or household goods go out of style, fabrics fade  or are susceptible to damage from dust, insects or fire. If you build up too much inventory, you could be left with a quantity of useless goods on hand, resulting in a loss. Other Considerations When you increase your inventory because you come across a good deal on goods or materials, or because you think the prices will increase in the future, you’re gambling that your predictions about the future will come true. If, for example, the price of the goods and materials falls, you’re left holding an inventory of items for which you paid more than the current market rate. If you decide to inflate your inventory, double and triple check the information that led you to believe doing so was a good idea, and consider all the implications to your bottom line. What Is the Purpose of Just-in-Time Inventory Systems? by Luanne Kelchner, Demand Media Just in Time reduces stored inventory. Related Articles * Inventory & Work Order Systems * An Introduction to Inventory Management Systems * The Advantages of Just-in-Time Inventory Systems†¨ * Examples of Just-in-Time Inventory * Just in Time Inventory Definition * Advantages & Disadvantages of Just-in-Time Inventory Companies use a Just-in-Time manufacturing and inventory management system to improve the efficiency of the company and reduce costs. The system requires manufacturers to purchase only when customer orders create a demand. Companies must develop a relationship with vendors to ensure parts reach the facility in time to manufacture products for the customer request. Businesses only produce inventory when there is a customer order in place. The system does not allow the business to produce or store excess inventory. Just-in-Time systems work in large and small organizations and those that produce products or services. With adjustments, the principles of Just-in-Time inventory management and manufacturing can work in any business. Ads by Google Systems engineering Production & Process Manager Jobs Submit Resume to Apply Now!Monster.com.sg / Systems+engineering Reduce Inventory Costs Using a Just-in-Time inventory system reduces the amount of material on hand in the production facility. Companies can reduce the cost to store and maintain excess inventory and eliminate the risk of materials becoming obsolete while in storage. High inventory quantities tie up company funds, which could otherwise benefit other areas of the business such as the research and development of new products. With the reduction in inventory costs, companies can expand and grow their businesses. Lead Time Reduction Just-in-Time manufacturing also uses a pull system to move materials through the production cycle. For example, in a manufacturing business, materials do not move to the next step on an assembly line until that step or station is ready. This reduces the stockpiling of unfinished product at any stage in the production process. When the company eliminates bottlenecks, production speed or lead-time is faster. Process engineers must determine the maximum quantity any station in the production process can have waiting. While workers may sit idle waiting to move production to the next step, the process is more efficient. Efficient Manufacturing Layout Companies must create a layout on the production floor to move materials through the process efficiently. Some companies must move workstations closer together to eliminate steps in the work process. This leads to a more efficient manufacturing layout that can significantly reduce lead tIme. Building products efficiently is a primary focus for a company implementing a lean manufacturing system. Improve Customer Satisfaction Companies implement a Just-in-Time system or lean manufacturing to satisfy the demands of customers. The voice of the customer is always present in a Just-in-Time manufacturing environment. Reductions in lead time and costs can help a company deliver a product to the customer faster and for a lower price.