Essays on Foregone

Production of goods and services is one of the core and fundamental aspects that relates to companies and organization. Organizations aim at making profit and this would only be achieved through proper production of goods and services. It is the wish of every organization to produce as much as possible in order to meet the demand that exist in the market but several factors act as obstacles to wards this. One of the major things that deter effective production is the scarcity of resources for production such as raw materials that are essential for the production process. When we ...

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 ...

Part 1

1. The opportunity cost principle stems from the fact that resources are scarce, effectively necessitating tradeoffs between different alternatives, and it represents the value of the next best alternative that is foregone. Pursuing one’s post graduate studies in lieu of a taking up a job, makes the potential earnings and benefits of the foregone job, coupled with the cost of education, the opportunity cost of postgraduate studies.

2. The Marginal principle is used to in the assessment of the efficiency, satisfaction and cost etc, by the value of an increase in the total value resulting from one additional unit. The ...

When making procurement decisions, the opportunity cost must be evaluated. Resources are scarce while human needs are unlimited. Economists continue to face the problem of scarcity and choice. One thing is bought at the expense of another. Since resources are limited and needs are unlimited, persons habitually purchase products that will give them the maximum value. Opportunity cost is the loss of probable gain from the 2nd best forfeited alternative when one alternative is picked. For example, one has $9500 which they can use to buy a bungalow or a Prado as those needs are at the topmost of his priority ...

Introduction

Airline companies charge different prices for different classes of passengers. A passenger who wishes to have higher quality services during the flight must pay a higher price for their tickets than those who travel in a different class. The airlines differentiate the prices of customers by having different features in the categories. However, there are other instances when the customers’ ability to travel in the business class is limited by their level of income. Pricing is one of the strategies used in maximizing revenues for the airline companies. The companies, therefore, must take into account the factors that affect demand for ...

Part 1: Candy in Canada

1. Which 6-digit SIC code was the most relevant? 206401 Candy & Confectionery-Manufacturers 2. How many leads did you generate? a) With all Candy and Confectionery Manufacturers? 93 b. Once you limited to <100 employees? (Using all sales) 0 c. Once you limited to 5-10 million in Sales Volume? (Using all employees) 0 d. Limiting to BOTH less than 100 employees AND sales of $5-$10 million? 0 3. Discuss some of the specific issues you may face in expanding into the Canadian market. I am looking specifically for issues in expanding into a global ...

Introduction

I agree that Standard Costing and Variance Analysis are vital and crucial for any kind of business. I will support this position by showing the importance of standard costing and variance analysis for businesses. In light of this statement, I will also show that standard costing and variance analysis are as important to small businesses as they are to large organizations. Variance analysis is the comparison of standard costs and actual costs hence it is important for any type of organization. This is because controlling costs helps in identifying ways in which costs can be controlled thus enhancing efficiency ...

The Sleipner A is an oil and gas production platform in the North Sea. The platform has some concrete-filled cells which support it to the seabed as at a height of 82 meters. Occupying a total base area of 16000m squared. An accident occurred when the base structure developed a leak and sank during the preparation process for deck mating in Gandsfjorden in 1991 (Sinteff, 1997). Based on the investigation that was conducted it may be concluded that the extensive loss was as a result of failure of a cell wall. The wall developed an extensive crack and leakage that developed an extremely ...

Human motivation is one of the complex subjects studied by researchers’ intensely. Denhardt, Aristigueta and Denhardt (146) define motivation as an emotion not directly observable; not same as satisfaction; not always conscious and something directly uncontrollable. The two types of motivation broadly categorized are intrinsic and extrinsic motivation (Ott. Parks and Simpsons; 132-133) When choosing a college major intrinsic motivation towards a field or subject is more evident and implemented than the extrinsic motivation. This means that it has been seen that a passion, enthusiasm and zeal towards a specific subject outweighs the cash for the career foregone. Studying a specific subject ...

The “Standards for Privacy of Individually Identifiable Health Information” otherwise known as the “Privacy Rule” was issued by the US Department of Health and Human Services in 2002 based on the requirement of the Health Insurance Portability and Accountability Act of 1996 to protect health information. This new rule contains clauses for the protection of minors, who may or may not opt to disclose their health information to their parents or personal representative.

According to English and Ford (2012), concerns about privacy can prevent adolescent from seeking healthcare. In a national survey conducted by Ford, Bearman and Moody (as cited ...

Executive Summary Sheraton Hotel also referred under the name Le Centre Sheraton is a well-established hotel chain located in downtown Montreal. Sheraton hotel, as of 1987, had received a ‘Four Diamond Award’ and subsequently given a ‘Four Staraccolade’ by Mobil Travel Guide and thus its four star status to date. Sheraton hotel boasts of its prestigious 824 rooms that also entail the Sheraton Towers, an acclaimed five-story hotel, independent check-in facilities, special amenities and lounge, 131 rooms that included 16 suites. Of these rooms, there was a balance between king, queen as well as double beds,in addition to 24 suites and6 ...

Introduction

Economics is a social science that examines and describes the results of the choices made using scare resources (Black, 1997). It analyzes how individuals and organizations, such as health care, choose to utilize the scarce resources to achieve quality and at the most minimum cost. The health care sector uses economics to assign its scarce resources to various departments. The allocation of resources through economics in turn enables the health care sector to cut on costs and achieve quality in its services. Therefore, health care and economics are two inseparable areas that share different terms. This paper describes the similarities ...

Introduction

Various economic principles are applicable in purchasing of assets. When purchasing a house economic principle influence the choice made regarding the deal. This includes principles such as the principle of trade offs, opportunity cost, thinking at margin rationally and the principle of response to incentive. One ought to carry out a cost benefit consideration to gauge whether the net benefit of making the decision to purchase a new house is positive. The strength of the economy will influence the marginal costs and marginal benefits associated with an investment decision. A strong economy offers stable conditions for making a decision. Several factors in the ...