Production Course Works Samples For Students

Introduction

Opportunity cost can be defined as the cost related to any activity calculated in respect of the worth of the subsequent alternative given up. The opportunity cost, associated with the second top choice, is a sacrifice that a group or someone makes, who has selected one of the choices among many. Opportunity cost, a "cost" of the scarified goods or commodity after a choice is made. Opportunity cost in economics is an important concept, and has also been explained as "the fundamental relationship between choice and scarcity ". The idea of the opportunity cost in business plays a vital role in order ...

Question One

- You should then summarize, in a short paragraph, which parts of the business you need to strengthen.

The business needs to strengthen its use of the website. They should try to make it an easy method of selling directly to customers. This will enable it to compete with their competitors in a better way. People love to visit the business -a business heritage-, however, it is costly to maintain and thus they need to break away from it. In addition, the business needs to uses technologically advanced production methods since, it still uses labour intensive methods of production. The business ...

Managerial Accounting helps in the provision of important information that supports the internal management processes of an organization. In so doing, Managerial Accounting greatly helps the organization’s management to achieve the set goals. This is realized through planning and control, and appropriate decision making. Both standard costing and budgeting techniques help in planning and control, while direct costing and capital budgeting, among other techniques, help in decision making. In general terms, Managerial Accounting is all about the methods and ideas that provide accounting information aimed at supporting directly the managerial roles in an organization.
On the other ...

According to Gygi and Williams (2012), Lean refers to creating value to customers using fewer resources. The main idea behind the concept of lean is maximising customer’s value and minimise wastes. Manufacturing refers to the process of production of goods. Therefore, lean manufacturing refers to the production of superior quality goods for the customers at significantly affordable prices. Some of the importance of the lean manufacturing to the business organization includes:

- Building quality in the production process
- Elimination of waste in the production process
- Developing a unique approach towards corporate management.
- Developing ...

Change Management and continuous improvement are essential parts of a process and therefore in order to ensure that the quality of delivery is optimum, a technique is always required to manage the shortcomings and to improve the quality of production and service. Project management has been widely used in order to create flawless execution systems to achieve any desired output within a specific period of time. Although, project management is a single concept however there are various methodologies that are used in order to cater to multiple organizations, businesses and domains. Apart from project management there are other techniques to improve process performance ...

Management

In supply chain management, the role of manager plays an important role in the success of the business. The job vacancy of ‘supply chain manager’ is a very demanding and dedicated job, which covers almost every important aspect of the supply chain management. The main requirement for the job is to create and maintain a good supply chain process for the company’s new office. It includes the responsibilities regarding purchases, shipping, production planning, and relation with the suppliers and receiving of goods. The job for the manager post requires special skills to manage all different production departments in an ...

Executive Summary

The aluminum manufacturing company faces many operational challenges. They have to analyze the performance of different sections. To do that they have at data from previous year about main inputs that go into aluminum production. In addition, they use other chemicals as a part of manufacturing process. In terms of output they produce four grades of metal. They have also to account for some about of production loss and level of impurities. Finally, as a measure of ultimate performance, they have to take into account power consumption and percentage efficiency.

As a part of efficiency improvement exercise, statistical analysis of various ...

Management of both employees and production has been an epochal subject in a global world. The fact is the managers of various organizations need the performance of workers to boost the organizational production. The perturbing questions to most of the managers are the effective management styles that endeavor to embrace both the employees and the production. In early 1960s, Robert Blake and Jane Mouton developed a Managerial Grid Model. Blake and Mouton realized the imperativeness of the employees and production in the organization. In view of the aforementioned, the two innovators included the two factors, the concern for people and the ...

Executive Summary

This report is intended to give a critical overview of the strategic position of Essar Energy by making an analysis of the current position of the company by the use the balanced score card. An analysis is made on the three non financial aspects; the customer perspectives, the internal process perspectives and the learning and growth perspectives in relation to the financial performance and position of the company to draw a conclusion on the strategic direction that the company ought to make so as to successfully achieve its stated strategic vision. Essar Energy’s financial performance in the financial period ending ...

Introduction

Operation management importance has played a key role in the establishment of competitive advantage of many organizations. The importance of this field has, therefore, gained attention from managers in a bid to steer their organization in the path of continued growth in market share and consequent profitability (Slack, 2012). As a result, academician and managers have developed various strategies in order to improve the profitability of the organization. As such, there are three main improvement methodologies have been developed in relation to operation management and process control. Therefore, as the global competition continuously grows, the pressure to adopt the most workable approach ...

International Business – Outsourcing or Reshoring?

Introduction

Companies outsource their key processes to third parties for many years, but, perhaps, at the turn of the 21st century, the term “outsourcing” began to gain momentum. Around this time, the companies began to engage third parties to perform the work in other countries – a process known as offshoring – in large emerging markets. The process of offshoring has attracted political and public attention because of concerns that it is destructive to the internal labor market. In this regard, a process of reshoring (the return of production from abroad), but such factors as cost and efficiency of business ...

The law of comparative advantage has, for a long time, been used as the basis of international trade. The law is one of the main potential explanations for income growth rates and higher incomes of open economies. International trade currently accounts for about 25% of the worlds GDP, thanks to the liberalization of trade and the increase in foreign direct investment. Countries and companies trade with each other because of the gains or benefits that accrue from the exchange of goods and services to the trading countries. According to the law of comparative advantage, countries should produce the goods in ...

The cost which the organization incurs the production and acquisition of products and services which it intends to sell is very important. The pricing strategy of the organization is significantly affected by costs. Therefore, costs designed to tackle the challenges of the economic and the noneconomic factors very efficiently. The objective of the costing models is to categorize the factors of the marketing objectives of the company and the mission of the company (Gitman, 2003).

Accurately determination of cost is important in organization to remain profitable. Costing does not only require including direct and indirect cost associated with business ...

David Ricardo argued that all factors held constant a country should specialize in production of goods it enjoys comparative advantage. Then it should engage in trade for import it has lower comparative advantage so as to enjoy the benefits from trade. The theory of international trade has for long been dominated by comparative advantage principle developed by David Ricardo based on labor law of values. Absolute difference in costs of production is the basis for trade but comparative advantage is the main reason according to Ricardo. Ricardo was one of the founding authors of the free international trade agendas through ...

Part 1: Production Planning and Quality Management

Setting up of a production plant requires elaborate planning in terms of the location, raw material supply, production schedules, inventory, and transport. Creation of proper plans improves the efficiency in supply chain logistics, which in turn lowers the production costs while increasing the profits. In production planning, supply chain decisions involve both the strategic and operational plans. While strategic plans address the overall long-term goals of the firm, operational decisions focus on the routine functions of the firm.

Location decisions determine the geographic positioning of the production plant. It takes into consideration the suitability of the stocking and sourcing points ...

Impacts of Petroleum Exploration, Extraction and Transport

Oil shale may be defined as those rocks that usually contain a high proportion and percentage of organic matter such as kerogen. Oil shale is mainly characterized by the low calorific value as well high ash and even mineral content. Oil usually produces energy, which serves a very crucial purpose to our planet. Energy is regarded as the lifeblood of the planet earth and its occupants, thereby, being categorized as among the essential commodities that normally powers the intentions to expand the global economy (Burnham, Stubblefield, & Campbell, 1980). In the 1950s, natural gas and oil became the primary sources of liveliness ...

Introduction

Riordan Manufacturing is a principal global manufacturer dealing with parts, fan parts and plastic containers. It is entirely possessed by Riordan. However, in the year 1992, Riordan manufacturing plant was procured from Michigan. Later in the year 2000, Riordan was moved to China (Chase et al., 2011). The fan parts manufacturing are scheduled based on the forecasted production using the average records obtained from sales conducted in three years. Its strategy is centered on making stocks that benefit customers who urgently need products with most orders filled immediately received from inventory (Soares et al., 2009).

Riordan often analyze its strategies ...

- Explain how supply chains may benefit from economies of scale?

In the market for goods and services, a supply chain refers to the processes that link together all the parties and prior processes involved, directly or indirectly, in ensuring the delivery of these goods and services to the ultimate consumer (Chopra and Meindl, 2004). Supply chains involve producers and manufacturers, suppliers, transporters, retailers, warehouses and customers. The functions and processes include product development, operations, distribution, marketing and customer service (Chopra and Meindl, 2004) .
Economies of scale refer to the ability of a production process to lower average costs in the face of increasing production levels, until resources are fully utilized ( ...

Question 1

The terminology business cycle is used to denote the fluctuations in the economy in production or any other economic activities over a given period of time. These fluctuations occur around a long-term expansion trend and often involve changes over time between periods of high and vigorous growth and periods of relative stagnation (Tvede, 2006, p 7). The components of a business cycle include boom, recession and recovery. Boom refers to the economic period where businesses are experiencing large sales which results in high profit margins. During this period, the levels of employment are relatively high (Freiber, J. & Freiberg, K., 2007, p 41). Business ...

- It takes 1,000 hours of labor to complete one batch of sandals
- Production reaches a cost effective level of 283.83 hours per batch, this highlights the fact that the greater the number of units produced, the lower the overall production cost becomes
I used the excel spreadsheet module in POM for windows to calculate all the data for this particular product. I extended the production timeline by another four months to determine projected levels of revenue and profitability. Using this tool is highly credible since the accuracy of the method, as reflected in the calculations, ...

The organic industry is amongst the fastest ever growing sectors in the United States. Organics have increased at a rate of almost twenty percent in the last couple of years and it is expected to maintain a steady growth. The following aspects constitute the trends of organic farming in detailed perspective.

Production

The amount of organic production has increased over the previous years. The Organic Production Survey of 2008 points that 4.1 million acres in the United States are used for organic production. This acreage divided into 1.8 million acres for organic pasture and 1.6 million acres for organic crops. In 2008, ...

1. Project management is often defined as a process of applying managerial tools, knowledge and skills in order to achieve the project goal and to fulfil the requirements set by the customer within a predefined schedule and at a preset cost. The main benefit of the project management is customer satisfaction. It is achieved through the completion of a project in full, on time, in a quality manner and within a predefined budget (Gido, & Clements, 2009). In my career I have often relied on project management in order to define project objectives and to design a plan for project implementation. As pharmaceutical industry is time ...

1. Critically evaluate the following suggestion: “If the price elasticity of demand for food is low, therefore if you own a restaurant, you can charge higher price to increase revenue”.

Consumers’ sensitivity to price is known as the price elasticity of demand. Simply put, it measures the degree of responsiveness of consumers to a given change in price. A good with an elastic demand will have a value greater than 1 and will experience that people are very sensitive to a given change in price. Products with an inelastic demand will find that even if price increases by a small amount, the quantity ...

Section One

Design for manufacturing a concept that seeks to minimize the cost involved in manufacturing an item. As a concept in engineering, design for manufacturing also seeks to reduce the difficulty when manufacturing a product. The design for manufacturing concept is concerned with the reduction of the overall cost of production that results from parts that are used in the manufacturing process. In order to achieve this, the design for manufacturing concept seeks to minimize the complexities in the processes that might impede manufacturing operations by using common primary axes and datum features (Porter 2).

On the other hand, the design for assembly ...

Question one

The objective of every business entity regardless of their size to maximize profits and minimize costs. This is achieved by either maximizing their revenue and cutting down on expenses hence; the gap between costs and revenue increases. Businesses can achieve profitability by ensuring that they are economical on how they spend their resources and maximize the capacity of their productive apparatus. For example, they maximize the productivity rate of a machine by producing at the level where it is functioning optimally. The costs are cut down by ensuring that the unnecessary resources are preserved until the time they are needed ...

Innovation is one of the most confused words by many people. However, it is important to note that innovation is a common thing in business organizations and in technological sector. Those who have attempted to define innovation agree with the fact that innovation brings to the world a new idea, a product or a new way of doing something. To organizations, innovation is an important thing for the survival in the market. It is therefore important that the planners in the organization have different and unique ideas, processes, and goods that are to distinguish them from other organizations in the market. This research ...

The two concepts of accounting are very vital when it comes to the realization of the ones profit in a given business premise. They enable the manager to come up with the best policy in realizing the best profit for a given sale. They depend on the ability of the sales being on a fixed cost or at some points it can rely on some factors like the case of the absorption costing which is believed to be an absorption that is based on all issues dealing with the manufacturing costs into the issue of the inventory rating.

The various costs that ...

Unions in the auto industries started emerging in the mid-1930s. The unions were mainly formed due to the production speeds in the production lines as well as the health and safety concerns that arose from the production(Bardou & James, 2009). The main union formed in the auto industries is the Union for the American Auto Workers. For over 70 years, the Union for Americas Auto Workers has set the pace in advocating for proper wages and working conditions for the employees in the American Auto industry. It also provides and fights for the pensions of the retired as ...

Diversification is a development strategy that involves businesses entering into additional operation lines different from the current production. This is considered a powerful tool of business due to the reduction of business risks and increased levels of competitive advantage associated (Hitt, Ireland and Hoskisson, 2010). While diversification may not guarantee performance, it eliminates the risks of investment loss and mitigates loss on the downward side. Different diversification strategies include; horizontal, vertical, concentric, conglomerate and corporate diversification. The determining factor on the diversification measure to adapt usually depends on the size of a business and expected growth.
The whole concept of diversification ...

Introduction

There is a price war in the industries of the mobile phone and the supermarket, which is advantageous for the consumers and the respective industries. This price war is advantageous for the consumers and the industries from the demand, supply, and opportunity cost point of view. The cost of the mobile phone has declined; the continuation of this trend will make the mobile telephony affordable for huge population of the emerging markets. It also facilitates the consumers by providing more employment opportunities, increase the growth of the economy by increasing the GDP, allow the consumers not to become the victim ...

Emerging markets refers to markets that are in a transition from developing to developed markets. They are as a result of rapid growth in the economy which results from heavy industrialization. This rapid growth leads to their economies growing at double digits thus their increase in revenue and resources. A good example is China which has surpassed the growth rate of the United States of America. Cavusgil’s (2013) study found the following: embracing of new technology by emerging markets has led to rapid growth of production (p.332).
Technology strategy will work effectively in emerging markets by making businesses to ...

Categories of Risks in Supply Chains and the Common Management Tactics

The blooming demand of goods with very short life cycles, the increased global competition in the market, and the increased customer expectations, become some of the major factors that continuously compel businesses to increase their investments and concentration towards their supply chains. Additionally, supply chains depict a continued growth in the recent past, due to the increased need to satisfy the heightened demand of goods in the global markets. Often, complexities commonly found in integrated supply chains form the major reason as to why their smooth control becomes difficult due to reduced visibility into the process. Consequently, the supply ...

Quote ‘one man’s trash is another man’s treasure’ aptly suits Canada’s asbestos exports and its support for asbestos industry in developing countries. Canada is a country of ten provinces and three territories out of which only Quebec has asbestos mines. Quebec was the world’s first province to start a commercial mine in 1879 whose mines are still operational today. 97% of their production is exported to developing countries. Canadian citizens want asbestos banned due to its cancer causing factors but the government is dragging its feet on the policy. Within the country if closing these mines ...

PepsiCo Company is one of the leading food and beverage companies in the global market. It holds the significant market share in snack and beverage industry worldwide with brands such as Pepsi, Doritos and Tropicana among others. PepsiCo Company will be interesting for the economic analysis because there are both macroeconomic and macroeconomic factors that influence the company value in the global market. The general economic condition of the PepsiCo affects the prices to varying degrees and economic recession has a great impact on the prices of its products that in turn affects the profit. Thus, in the economic analysis ...

8)Using Marxist categories, fully explain the problem of the transformation of values into prices of production, mention the role of capitalist competition and the organic composition of capital in explaining the deviation of values from prices of production.

Marxist theory of transformation of values into prices of production is generally the view that labor is the inherent amount of value. Marx explains that a determination of prices by quantitative methods compatibly fits with the theory of labor considered as imminent amount or measure of value. This is a factual view that it is about the nature of exchange value and ...

Postnote Briefing Paper

The Issue: To achieve balance between agricultural intensification associated with production of food and environmental protection.

Objective: Assess the implications of land sparing and agricultural intensification. Develop comprehensive strategy for land and biodiversity protection in the framework of two approaches outlined.

Executive Summary:

The current postnote briefing paper addresses the topical issue of biodiversity protection when effectuating agricultural activity in the UK. For the purposes of the current paper, a conceptual model demonstrating detailed structure of the paper was outlined. Two agricultural approaches were considered: land sparing and agricultural intensification. The two approaches were evaluated; potential costs and benefits of these approaches ...

Externality is when one agent’s actions directly affect another agent at the same time not altering the price of the good or service. Two types of externalities are known, negative and positive externality. Negative externality is the case when one agent’s actions cause the second agent to lose welfare, and the second agent is not compensated for that. The opposite takes place with positive externalities. When one agent’s actions cause the second agent’s welfare to increase, and if he/she is not compensated for that, then it is known to be a positive externality.

One example of ...

The product that I have chosen is Oil. Oil is a natural product that is found in oil wells in large quantities. The nature of oil found in these wells is crude and it has to pass through several refining processes, before the final product is obtained. Crude oil is used to create Jet Fuels, Motor Lubes, Petrol, Diesel, and other important products that are used by both the household consumers, as well as the industrial consumers. According to Economicsonline (2014), the use of Oil by the industrial organizations dates back to 18th century.

Source: Infomine, 2014

The graph above shows the trend ...

Introduction

The objective of any firm is to maximise profits and increase shareholders’ wealth. This objective can only be attained if the market structure is favourable for the operations of the firm. The market for low-calorie microwavable food has changed from perfect to imperfect competition. This paper discusses the effectiveness of the new market structure to the operations of the company. It also assesses the profitability of the firm based on the cost functions and the demand function from assignment. In addition, the paper explores was in which the company can improve its profitability as well as the circumstances under ...

Question one

Many firms’ prefers using cost-plus pricing for most of their supply contracts because it gives an opportunity to develop a large project whose capital or start up amount is hard to determine or predict. It simply means that using the cost-plus pricing assist the firms in doing the estimates of the amount of task that is required to be completed with a stipulated period of time. It is also a convenient way to price their products by determining the break-even – point of the goods in question. The entire process takes place through the calculation of the production, distribution along with the ...

OIL AND GAS SUPPLY CHAIN

Supply-chain links involved in the oil and gas enterprise include; exploration, production, refining, marketing and consumption. Various operations are involved in each of these stages. To begin with, the exploration stage involves geological seismic and geophysical procedures. Production involves engineering facilities, reservoir and drilling operations. On the other hand refining involves complex processing procedures resulting products for the market. The consumption stage refers to when the oil and gas products have reached the end user. All the above stages are carried out as separate segments in a company or as specialized companies dealing with a single stage of the supply chain. ...

Strategy is the method through which an organization or an individual will conduct his actions in order to achieve the desired results. Organizations employ unique strategies in order to beat their competitor and also in order to gain competitive advantage. In most cases companies normally keep their strategies as a secret that is known to a few individuals who are responsible for implementing the strategy (Burke 2011, p.45). Strategies are normally kept as a secret because if an organization’s strategy is known by a competitor, the competitor may commence employing measures to counter the effectiveness of the strategy thus the business may ...

The question “why countries that do not have that much natural resources to boast of often appear more progressive and financially stable than countries that are staggeringly abundant in natural resources?” has been common among citizens of both resource-rich and non-resource-rich countries for a very long time. It is actually logical to think that a country rich in natural resources, especially the point-source and non-renewable ones such as oil, diamonds, and other ores, would outperform those that are less blessed because they already have an edge to begin with. However, according to Sachs & Warner (2001), the opposite happens. Sachs ...

Diversification implies business measures that allow companies to have additional products or services. The added products act as conditions that improve on the dynamics of a business and strengthen the competition. Successful implementation of diversification requires intense market knowledge and pre-assessments of the business with its environs (Hoskisson and Hoskisson, 2008). Discussed below are the different types of diversification, how they add to the competitive package of a business and real examples of how they can be applied.

(i) Horizontal Diversification.

This involves acquisition of new products or services that appeal to the current groups of customers by improving on the technology involved in ...

In determining the price of a commodity, a cost/management accountant must rely on valid cost information so as to arrive at a price that will incorporate all the relevant costs. Not all costs that are involved in the production of a commodity will have a direct impact on the price of such commodity, it’s with this understanding that management rely on cost information in making pricing decisions.

Organizations need to decide the prices that are acceptable for their goods and services. However, sometimes the prices are determined by the market forces of demand and supply and thus a firm will have little or no ...

There are several quality management certification institutions in the world. The most famous of these institutions is the International Organization for Standards. The ISO 9000: a global benchmark for quality management is a collection of standards that are generally useful in quality management in organizations. It’s maintained by the International Standards for Organization while the administration is done by accreditation and certification bodies. These standards are updated with time. Amongst the ISO family, there are many standards dealing with several aspects of business (http://www.iso.org/iso/survey2008.pdf). Some of the most common are the ISO 22000:2005 (Food Safety in Supply Chains) and the ...

Comparative Advantage:

It is referred as the advantage of a party to be capable of producing any given commodity at an opportunity cost lesser than other entities. In economic terms it can also be referred to be as the ability of one person or party to produce a particular service or good at a lower opportunity and marginal cost over another service or good (Stern, 2011).

Major sources of Comparative Advantage:

- Technology Differences:
Firms or countries with more enhanced machinery and equipments may provide more production when compared to the firms or countries using the old method and machineries.
- Differences in factors of production as ...

There are different external factors which influence competitiveness of a business. The business has direct control over the internal factors, and cannot control such external factors. Such external factors include political environment, technological environment, international environment and socio-cultural environment which are beyond a firm’s control. Business environment are constantly changing and carries with them uncertainties, risks and opportunities which businesses need to adopt. Success of a business enterprise may depend on the adaptability and alertness of a business to change in the environment.

PEST Analysis for Starbucks

PEST is a reference to a tool used in analyzing the business environment, which refers to Political, Economic, Social and Technological ...

M. Fatih Akkaya, an under-secretariat of foreign trade expert, has an article titled “Global Marketing Strategies” that talks about what organizations should do to achieve global success. The article identifies that the world is shaped up by globalization and technology. In matters concerning marketing, production and finance, it is important to assess economic realities and human preferences. This means that an international organization needs to study various markets and determine what people would prefer. The organization should then determine the how well a product will perform in both local and international markets. According to Akkaya (2011), Global Corporation and Multinational ...

Hershey Company Costing system

First we need to analyze the Production stages for Hershey’s Chocolate. At Hershey several sequential stages for production of chocolate are:

Fermentation; In this stage Cocoa beans are put in heaps for around a week to make the cocoa flavor.

Roasting; in this stage cocoa beans are roasted.
Hulling; In this stage a machine is used to separates the shell from the bean.
Milling; the nibs are mixed with chocolate liquor.
Mixing; Cocoa butter, milk and sugar are mixed with chocolate liquor. Then the mixture is dried into a powder that is known as chocolate crumb.

Molding; Heavy ...

A multinational oil company is faced with the dilemma of either investing in a new oil rig which is currently open for bidding, or refurbishing its existing oil rigs. For the company to make the right decision, it must first start by computing the Expected Value of each of the available options. According to Hardman (2013, pg. 56), the Expected Value of a given variable is defined as the weighted-probability average of its possible outcomes. This definition implies that the Expected Value of a variable is the total product of the variable and the given probability of a specified outcome taking place at a ...

It is the aim of any company to expand its commercial activities across its national borders despite the many risks associated with the same. The main risk may be changes in political systems, which mainly occur when the party in power loses the elections. For example, in 1977 in India when the opposition party won the elections, there were some changes in policies, and this action negatively affected the Coca-Cola company operations in the country. Other risks include the loss of assets due to fighting or nationalizations and financial factors that may affect wages, commodity prices, exchange rates and ...

- Describe two features that make all enzymes catalysts.

Enzymes are catalysts that increase the rate of reaction between substances and remain unchanged in the reaction. Enzymes are vital to several bodily functions and make possible such processes like metabolism and catabolism. Two features that make enzymes catalysts is their ability to lower the activation energy and their inherent tendency to combine with coenzymes and cofactors. Activation energy is the minimum energy required to activate the molecules of reactants in order to initiate a chemical reaction. Some substrates have high activation energies that would need very high temperatures to activate ...

South Africa

South Africa is one of the esteemed and has been projected for growth in the African continent. The Republic of South Africa is geographically located at the southern part of the vast Africa content neighbored by Swaziland and Mozambique to the east and Zimbabwe Namibia and Botswana to the north. Its coastline extends along the Indian oceans and the south Atlantic. On estimation, it measures approximately 2798 kilometers. The country measures an area of about 1,221,037 square kilometers (Feinstein, 2005). According to the national statistics, the country had a population of 52,981,991 citizens and ranked as ...

Career Background

I hold 10 years of experience in the areas of change and release management based tiers in addition to full support and problem management at the service level including available reporting of workloads as batch scheduling. Career was started as a human resource assistant manager from where I gained several opportunities that propelled me to new opportunities that provided me with a sense of purpose and a solid desire of achievement. This has allowed me to have leverage of my experience in highly disciplined environments that have added on my knowledge and methodologies in distributed workflow systems. I have gained the skills ...

A business process management IT analyst constantly evaluates the production process of a company to ensure that it is up to the required level. He formulates new strategies to improve production and profits and develop the required processes and production procedures to ensure that the company cuts on production costs. Constant evaluation makes sure ineffective processes; equipments and members of staff are changed to improve profitability. He also leads and guides the team on the best production processes. This makes a business process management IT analyst an important part of the company as they directly impact on the profitability of the ...

Managers as well as accountants need financial information to help them make managerial and accounting decision that are very crucial for both internal and external consumers of this information (Drury 2008). To be successful in this area both managers and accountants need to have full understanding on the different types of cost and their calculations. There are different ways of classifying cost for example, manufacturing costs verses Non-manufacturing costs, fixed costs versus variable cost and finally product cost versus period costs. The most important thing that managers and accountants need to know is how to treat variable costs and ...

The concepts learned in this week were both challenging and fascinating. One of the concepts that I found rather interesting is the law of diminishing marginal productivity. According to this law, the additional of extra units of a variable such as labor to fixed inputs may increase the total marginal utility up to a certain level when the output becomes constant and further addition of the units leads to a reduction in the marginal productivity (Colander, 2010). This is interesting due to how the increase in marginal units of an input affects both the average fixed cost and total variable fixed cost ...

In the context of modern internal system, the history of relations between countries was basically based on the dependence of countries on the agriculture as a tool of wealth creation. The countries therefore depended on each other for production of specific agricultural commodities in order to sustain their economic activities. In the end of eighteenth century, certain distinct prominent features of modern international system were clearly elaborated with help of alternate groups of peace among people. Over the years war has been prevalent all through making it a prominent feature of the modern international system. The characteristics of this system have ...

The comparative advantage is a theory that explains how the world economy is affected by availability of productive resources within a country. It is simply the situation where a country cannot provide everything for itself hence import them from the other countries that have the required resources in large amount. Therefore, it gave rise to the opportunity cost, which is among the fundamental aspects of production. This means that when the opportunity cost is low the country is said to have a comparative advantages in the production sector.

There is an assumption that the comparative advantage of a country takes place in a one-factor economy. ...