Fall in Love with Writing Essay

Fall in Love with Writing When I was a little girl, I always loved listening to my parents telling me wonderful fairy tales before going to bed, and reading suspense storiesï ¼Å'which had surprising endings that I could never guess right . On my sixth birthday, my mother gave me a lovely notebook with delicate packaging and told me that I could write anything on it, even create my own stories. I was so exciting about it. I stayed up all night trying to write an interesting story. Amazingly, I found myself enjoy writing so much and I couldn’t stop. That’s when I fall in love with writing. When I grew older, writing became one of my favorite things. Writing brings me not only joy, but also a lot of help in my life. When I feel bad, I write my feelings down, and put it away. This is my way of letting go of my negative emotions. I like creating a world that I can breathe in, a world full of imagination, a world with no pain and sadness, a world where I can escape from real life for a fleeting moment, relax and just be myself. Writing helps me think calmly as well. Sometimes it is more logical than speaking. It gives me a chance to clear my thoughts and make my mind organized. When I start writing, unbelievably, the whole world seems to become quiet where new ideas keep jumping out from my mind to my fingers. I can express myself and my beliefs better through writing. Most importantly, I can get to know so many beautiful words. I love the way the words come together when I write, how they can flow effortlessly, and how they can submerse me. After learning about the great writers in history such as Victor Hugo, Hemingway and Scott Fitzgerald, I started to realize how powerful words can be and how writing can represent our society and redefine the world. I love writing for the reasons above. Sometimes I just enjoy writing by the way my pen hits the paper, or the way my fingers tap the keyboard. I think writing makes me know more about the world and myself. It gives me a hand when I lost myself and stimulates me to see the truth, to discover both the beauty and how unpleasant our world can be.

Many MNEs may want to start operations in some foreign country Essay

Establishment manner means that the MNE starts its operations from abrasion in the foreign state normally through a entirely owned subordinate where as in entry manner ; this can be accomplished by a subordinate or through partnership with a local party which involves shared ownership. In this survey the writers examine the consequence of same variables on both these picks available to a company. They do it through a series of hypotheses. The first hypothesis measures the positive consequence of greater institutional promotion on the pick that the company makes. Institutional promotion is defined in the survey as refering to alterations in formal establishments over a period of clip. It is argued that regulative forces are likely to be a large influence on a determination that an MNE makes with respect to its constitution or entry pick. Regulative forces or instead Regulative forces as described in the survey are non limited to Torahs and ordinances merely but besides include political and other societal factors. The writers conclude that institutional promotion has a positive consequence on the pick to set up a subordinate with shared ownership. The 2nd hypothesis postulated by the authors’ measures the chairing consequence of institutional promotion on the inclination of a technologically intense house to either travel for constitution manner or entry manner. It is argued that houses which are engineering intense should travel for constitution manner because their competitory advantages are embedded in their labour force accomplishments and organisational patterns so it is more efficient for them to get down from abrasion. They should engage and develop the local labour force. Furthermore in instance of a joint venture or portion ownership of the subordinate. protecting the rational rights can be an issue. Protection of such rights is dependent on the judicial system. In passage economic sciences where the bench is corrupt and rational belongings rights are non respected. an MNE would be loath to reassign its engineering. Therefore writers conclude that house with advanced proprietary engineering are likely to prefer establishment manner but degree of institutional promotion has a positive moderating consequence on such a house traveling for entry manner. The 3rd hypothesis measures the chairing consequence of institutional promotion on a multidomestic MNE to either travel for constitution of entry manner. Multidomestic houses are defined as those which pursue multidomestic scheme and want to set up a sustainable local market presence. For such MNEs geting a local company is a more attractive option because such acquisition can supply them with local trade names. market cognition. distribution channels and web relationships with the host country’s other concerns and authorities. How the restructuring and realignment of the acquired entity can be really ambitious. The houses in the host state are likely to be following a different paradigm. But on the other manus if an MNE goes for shared ownership or entry manner. it can carry through more without confronting these troubles. It is argues that a multidomestic MNE requires lesser control on the subordinate. If this is so so subordinates in the host state can hold considerable freedom and run on their ain to the full leveraging their local expertness. Hence it is concluded institutional promotion has a positive moderating consequence on a multidomestic MNE to travel for entry manner. Finally the writers have used an international study to garner the information to back up their findings. The study consists of a questionnaire with 33 unfastened and near complete inquiries. Furthermore the MNE’s latest constitution manner pick or entry manner pick has been taken as the dependant variable. Review This survey is no uncertainty a valuable plus for directors and pupils likewise in analyzing the behaviour of MNEs in doing their picks when it comes to Foreign Direct Investment but however it has a few defects and failings. But the biggest defect of this survey is the range. The writers have chiefly taken a sample of European MNEs. And the so called economic systems in passage are fundamentally east European states which were one time under the Fe drape. First we need to see the fact that Europeans MNEs may be really different from Nipponese or American MNEs and so forth. The constitution or entry manner pick for Nipponese houses may be dependent on or moderated by variables other than the 1s discussed here. Similarly an MNE whether European or Nipponese may make up one's mind to put in some state in Central Asia or North Africa or even South Asia. The market conditions in these states are really different from those of the passage economic systems discussed by the writers. This means that the findings in this survey are non universally applicable. Nevertheless it is a valuable add-on to our cognition sing MNE behaviour in doing Foreign Direct Investment determinations. But for any research worker seeking to confer with this survey. it is really of import to maintain the above mentioned restrictions in head.

Learnings from Goal

SBM, NMIMS, MUMBAI Goal by Eliyahu M. Goldratt: Learnings Assignment Submitted by: Triparna Chakravorty (E013) Shalini Chhabra (E014) Shirshendu Datta (E015) Darshi Dixit (E016) Abhishek Gambhir (E017) Shivam Garg (E018) 2013 Submitted to: Prof. Pradeep Owalekar, NMIMS, Mumbai MANAGING BUSINESS OPERATIONS Goal by Eliyahu M. Goldratt: Learnings Table of Contents â€Å"Bowl and Stick† Game Description †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 Analogy with a production set up †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Defining Dependency and Variability †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5 Statistical fluctuations †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 Statistical fluctuation in the Bowl & Stick game †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5 Relation between dependent events and Statistical fluctuations †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Effect of statistical fluctuations on Inventory levels †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 Implications of statistical fluctuations for organizations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 Challenges that statistical fluctuations present in front of organizations †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 How to make more reliable predictions about projects? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 How to improve the development process itself? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Perils of high statis tical fluctuations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 7 Poor Turnover †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 High Costs †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 Carrying Costs†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Loss or Damage †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Shifts in Demand †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 8 Strategic Planning Time †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 Lost Sales†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Higher Expenses †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 Obsolete Merchandise†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 Concept of Balanced Plant †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 Impact of Dependency and Variability on Balanced Plants †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Unbalanced Processes †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 Fastest to slowest †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 Result: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 10 Slowest to fastest †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 0 Result: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 10 Randomly distributed capacity†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 Result: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 10 Developing a balanced and synchronized plant†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 0 To design a process with the minimum idle time and maximum through put †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 11 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 2|Page Goal by Eliyahu M. Goldratt: Learnings â€Å"Bowl and Stick† Game Description The bowl and stick game highlights the importance of statistical fluctuations in a process with dependent events and its impact on throughput of the process. Mr. Alex Rogo, the protagonist of the book â€Å"Goal† invents a game wherein there are five bowls on a table and some match sticks.Each bowl is given to a kid who has to manage it. Now every child has to move a number of matchsticks through each of the bowls in succession. The number of sticks each child can move will be determined by the number that tu rns up on a dice that the child has to throw before moving the sticks. For example if a child gets a three upon throwing the dice, he can move at most three sticks ahead. Hence each bowl will move sticks which will fluctuate between one and six based on the number that turns up on the die. Depending on the average number of sticks passed through by each bowl, the average output of the entire process varies.During the course of the game, ? Matches represent the inventory or work in process. ? Bowls represent the different workstations ? Dice is used to determine the Statistical fluctuations Alex reserved a standard quota of 3. 5 which he arrived at by calculating the average of those six numbers on the dice. In order to measure statistical fluctuations, Alex recorded the number appearing on the dice each time the boys threw dice and recorded deviation from the 3. 5 quota. Every player of the game started from zero. If the roll of the die is 4, 5 or 6, then respective gains of 0. 5, 1 . 5 or 2. 5 are recorded.If the outcome from the throw of die comes out to be 1, 2, 3 respective gains of -2. 5, -1. 5 or -0. 5 are recorded. The deviations were taken to be cumulative wherein if somebody recorded a gain of say 2. 5, his starting point on the next turn will be 2. 5 and not zero. According to a mathematical principle, the fluctuations of the variable down the line will fluctuate around the maximum deviation established in the preceding operation. Analogy with a production set up The Bowl and stick game models a simple production process where material is processed sequentially through several workstations.In a typical manufacturing setup, several independent production lines with several workstations exist. An operator usually runs one workstation. A similar setup with six workstations is illustrated in the figure below. Except for the first workstation, each workstation maintains work-in-process inventory. The first workstation takes material from raw material store s, processes the material, and passes it to the work-in-process inventory storage area for station two. Workshop station two eventually 3|Page Goal by Eliyahu M. Goldratt: Learnings processes and moves the material to station three, etc.When a unit of material has been processed by the last workstation, it becomes the system output. Raw materials Station 1 Station 2 Station 3 Station 3 Finished Goods In the game, the roll of a dice is used to simulate actual production capacity of each individual workstation. The potential cycle capacity of the process varies from one to six units, with an average of 3. 5 units. Each child is allowed to process (move) the number of match sticks determined by the roll of the dice, subject to the availability of work-in -process inventory at that station at the beginning of the cycle.No child is permitted to use sticks that were not available at the station at the beginning of the day – those units become part of the next cycle? s work queue. T hus, it often happened that an individual workstation (Bowl in this case) was not able to produce to its capability due to a lack of available materials. The bowls here represent work stations of a manufacturing unit or an organisation and the matches represent production output as well as work in process inventory. Rolling of a die helps to simulate the statistical fluctuations (variation) in performance at each work station or operation.The bowls are set up as a production line representing dependent events where each operation has the same capacity, i. e. , six products per day with a range of variation from one to six. Rolling of the die and determining how many matches to move from one bowl to the next represents one cycle of production run. Each operation is dependent on the upstream operation for input. For e. g. if a scout rolls a five, he can only move four from his bowl if there are only four available to him from the previous bowl (upstream operation) in the process.The p revious operation hence becomes the bottleneck operation. If another player downstream rolls less than a four, then he becomes the bottleneck. Rolling the die several times in sequence represents several cycles of production runs and each time the bottleneck nearly always appears at a different operation or scout. Demonstration through „Bowl and Stick? game is to show that where each operation in a sequence of dependent events has the same amount of capacity (a balanced plant), the variation and dependent events will cause the bottleneck to move from operation to operation, i. . , floating bottlenecks occur. Hence it is difficult for Manager to determine where the bottleneck will show up next and manage the system. 4|Page Goal by Eliyahu M. Goldratt: Learnings Defining Dependency and Variability Dependency is said to exist when certain operations or activities cannot begin until certain other operations or activities have been completed, whereas variability is manifested in th e form of random events and statistical fluctuations. Random events are those events that occur at irregular intervals and have a disruptive effect on the process.Statistical fluctuation refers to the idea that all processes are characterized by some degree of inherent variability. Dependency is manifested in the dice game by the requirement that units of sticks cannot be moved by a workstation until first being passed by all previous workstations. Variability is manifested by the different numbers that may occur when the dice are rolled. Statistical fluctuations Statistical fluctuations occur when one is unable to precisely predict events and quantities and which can only be specified within a certain range.The book gives very good illustrations to explain this principle – Alex and Jonah were sitting in a restaurant and Jonah says that they are able to precisely predict the capacity of the restaurant by counting the available seats. While on the other hand, they are unable t o predict how long the waiter will need to fulfil their order. This uncertainty is referred to as statistical fluctuations. Even if one gets fairly accurate estimates for each stage in the development project, it is still possible, and quite probable, that a project will come in later than expected due to the effects of statistical variation.Statistical fluctuation in the Bowl & Stick game In stick and bowl game Every time the dice is rolled, a random number is generated that is predictable only within a certain range, specifically numbers one to six on each die. This is an example of statistical fluctuations. Relation between dependent events and Statistical fluctuations Dependent events are processes that must first take place before other ones can begin, For example a product has to be assembled before it can be transported.The relation between the statistical fluctuations and the dependent events is expressed as â€Å"Maximum deviation of a preceding operation becomes the start ing point of a subsequent operation. † 5|Page Goal by Eliyahu M. Goldratt: Learnings Effect of statistical fluctuations on Inventory levels The Author predicted that on an average in each round the throughput (No. of matches coming out of the final bowl) should be 3. 5, which is the average of all the possibilities that is, 1 to 6. But after he carried out the experiment 10 times he found that the throughput was significantly lower (21) instead of 35 as predicted.As the process goes on it can be seen that the forecasted throughput is never reached. This happened as the six sided die was causing the variance (statistical fluctuations) by changing the production capacity of each of the stages. Thus, due to the relation between dependent events and Statistical fluctuation each time some step in the process was working as a bottleneck for the capacity of the whole process meaning many sticks were stuck in the intermediate bowls. Hence, statistical fluctuations increase the invento ry (stock) of the system. Implications of statistical fluctuations for organizationsThis in organization setup means: ? The system wastes money by stocking excess inventory that is not immediately converted to throughput, yet raises operational expense in the form of carrying cost. ? Some areas have lower capacity than others and in turn work as a bottleneck for the whole system. In General, Running areas of the factory that have higher capacities will not increase the overall throughput of the system. The measure that the increase is inventory, as the factory produces parts that cannot be assembled into finished goods that will ultimately result into sales until the area of lowest capacity produces enough parts.Inventory is an investment of money and thus subtracts from the bottom-line. Keeping large amounts of inventory is not desirable, because warehouse space is costly. Challenges that statistical fluctuations present in front of organizations How to make more reliable predictio ns about projects? This is one of the major challenges an organization faces. Statistical fluctuations hinder the management to accurately predict the output they can produce as they are unable to gauge the maximum potential of each station.Due to the fluctuations they end up getting lower throughput than predicted which ultimately leads in the late delivery of the orders. 6|Page Goal by Eliyahu M. Goldratt: Learnings How to improve the development process itself? Due to statistical fluctuations, an unregulated development process will be slower than the slowest of the process steps. Therefore, it is impossible to accurately estimate the time required by adding together the time estimates for individual process steps and thus it is difficult to improve the development process. Perils of high statistical fluctuationsOne of the outcomes of high statistical fluctuations is excess inventory. The major disadvantages of the same are: Poor Turnover Companies typically want to produce or ma intain only enough inventories to meet immediate demands and to avoid stock outs. When companies have excessive amounts of inventory, they are generally not selling enough to prevent inventory build-up. This is not a good situation as businesses need to turn over inventory efficiently to maintain reasonably high profit margins and to avoid the costs and other disadvantages that come with high levels of inventory. High CostsCarrying excess inventory has significant costs. One of the highest costs for many companies is financing the purchase and holding of inventory. Also, the more inventories you hold, the more you have to spend on labour to manage it, space to hold it, and in some cases, insurance to protect against its loss or damage. Physically counting and monitoring the levels of inventory you hold also takes time and has costs. Carrying Costs Low inventory turnover can result in higher carrying costs. Inventory needs to be stored, handled and insured, all of which represent cos ts to the business.Stored inventory is also susceptible to shrinkage, which is loss due to occurrences like damage and theft. As with obsolete merchandise, carrying a large volume of slow-moving products also results in lost opportunities due to not being having the storage space for more rapidly turning items. Loss or Damage Related to the high costs of high inventory, some inventory can also go bad after a certain amount of time and go to waste. When retailers buy excess inventory of perishable food items, for instance, they may have to throw out inventory that spoils or becomes rotten.When you carry high inventory, you also have greater exposure to lost or damaged product. Thieves have more products to choose from and you have greater potential for product to turn up missing or broken when you count inventory. 7|Page Goal by Eliyahu M. Goldratt: Learnings Shifts in Demand Another disadvantage of keeping a large amount inventory on hand is that certain goods might not sell due to shifts in market demand. For example, a clothing store that stocks too many tank tops during the summer may find tself unable to get rid of the tank tops before fall. During the fall, consumers might demand different types of clothing, like T -shirts or sweatshirts, leaving the company with a large quantity of goods on hand that simply take up space. Strategic Planning Time Company leaders typically have to spend more time in strategic planning meetings when the company has high inventory levels. Management must figure out how to communicate with suppliers, how to improve ordering processes or how to increase market demand to reduce the high levels of inventory.This problem takes away from the ability of these managers to focus on other proactive or more important strategic decisions to move the company forward. Dealing with inventory problems is a more reactive strategy to resolve the issue at hand. On the other end of spectrum is the problem that arises due to inventory levels get ting too low are: Lost Sales If inventory turns over too quickly, it could negatively affect sales. Merchants may elect to limit the variety of products they carry to prevent a backlog of inventory and keep goods moving through the operation.While merchants might quickly sell the stock they have on hand, they may have difficulty keeping shelves full or may not offer a broad enough selection to meet customer needs. Customers who cannot find what they're looking for or are not impressed with the product mix will look elsewhere and may not return to the establishment. Higher Expenses Merchants who purchase in small quantities to keep inventory turnover high typically incur greater costs. They may not be eligible for volume discounts or special deals available to those who buy in bulk.Transportation costs may also be higher, as manufacturers and distributors often charge higher shipping prices for small orders. In some cases, merchants may have to resort to expensive express delivery me thods to prevent out-of-stock situations. Merchants may need to place orders more frequently, resulting in greater processing expenses. Obsolete Merchandise In operations where inventory turnover is low, merchants run the risk of being stuck with merchandise that becomes unsalable due to obsolescence. This can be a major problem in industries where consumer tastes constantly change or technology rapidly evolves.Carrying obsolete merchandise means the merchant may not have adequate storage space to carry items currently in demand, resulting in lost sales. The merchant may have to resort to selling the merchandise at greatly reduced prices, which reduces its profits. 8|Page Goal by Eliyahu M. Goldratt: Learnings When allocating time for each activity project managers and planners often introduce buffer times. These buffer times might be small numbers for each activity that might be added to guard against statistical fluctuations that normally occur in each activity.While these numbers are small they add up over the entire project activities to a significant time frame. When the workers realize that they have the necessary time built in as buffers they are more likely to push out the start of the job and concentrate their efforts on other task at hand. Concept of Balanced Plant One of the learnings from the bowl and stick game is that dependency and variability will combine to degrade overall plant performance. Several balanced plant models has been proposed to test the hypothesis that increasing (decreasing) levels of dependency and variability will increasingly degrade (improve) plant performance.A balanced plant requires that every workstation have identical capacity. In the context of the game every workstation will have an average capacity of 3. 5 units of matchsticks. Impact of Dependency and Variability on Balanced Plants After understanding the basic dice game setup, the key learning is that in the long run the average number of units of output a plant sh ould be able to produce in every cycle is the mean of the range of outputs that each station can produce which is 3. 5 units in the game.But the plant may not actually achieve the theoretically expected results because of the variations that occur in the output of each workstation which may disturb the balance of the plant. Unbalanced Processes In virtually all processes, the capacities of the various workstations are unbalanced. Goldratt initially developed the production dice game to illustrate the combined effects of dependency and variability on flow processes. Moreover, he combines insights derived from the basic production dice game to provide the foundation for understanding the dynamics in unbalanced plants.Statistical fluctuations disturb the balance of plant which in turn leads to increase in work in process inventory. 9|Page Goal by Eliyahu M. Goldratt: Learnings In The Goal, Goldratt describes three general unbalanced models which are described as follows: Fastest to slo west This occurs when the workstations are arranged according to the fastest producing to the slowest producing. In this model, the first worker transfers the highest output, the second worker lesser, and so on.The average cycle capacities for all the workstations are in order. Result: High output and high inventory Slowest to fastest In this model, the workstations are distributed in order of increasing capacity. That is, the first worker receives transfers the smallest output, the second worker transfers a higher output and so on. Result: low inventory Randomly distributed capacity In this model, different workstations producing at different capacities are randomly distributed in the process line. Result: High output and high

Asking for Extensive Time Off by Employees Essay

Asking for Extensive Time Off by Employees - Essay Example to identify and implement required programs and policies in the organization providing equal employment opportunity, filling the current openings through interviews, training, resolving safety problems and providing benefits in wages and other increments. As a strategic human resource consultant for 1995 Auto Corporation based in Central Colorado, a company manufacturing emerging lighting systems for first responder vehicles, a HR policy needs to be put in place to resolve the issues of human resource and employee grievances need to be addressed with regard to extensive time off by employees and to develop a leave policy in consideration to employer and to extend harmonious relationship between employer and employees. R. Shaffer has been operating as the sole proprietor of 1995 Auto Corporation for 18 months and used the services of her family members to help her operate in the business, because of which she didn’t felt it important to apply for unemployment insurance, purchase a general liability insurance policy or workers compensation policy. However with increase in the business operations, the company opted for aggressive hiring strategy due to which the company now has 88 unionized and 22 non unionized employees. Despite the growth in business operations and employee strength, the company does not has dedicated human resource cell and the activities pertaining to HR are managed by Production Operations Manager who has limited knowledge with regard to HR policies, practice and regulation which over the time resulted in employee grievances. The present issue is concerned with extended time off from work by most of the employees and the owner expresses inability to sanction the same due to effects on productivity. However, it is not known whether the employees who requested for the extensive time off, are unionized or non-unionized. Every employer within US has to abide by the rules and regulations set in the Family and Medical Leave Act of 1993. The FMLA

Buying Decision Making Process Essay Example | Topics and Well Written Essays - 1250 words

Buying Decision Making Process - Essay Example Of those self-purchases, nearly 20 percent would likely buy diamond stud earrings, right-hand rings and other diamond fashion rings for themselves. Jewellery purchase is primarily by women and most of them are self-purchased and this makes the women a prime target segment required to be convinced to make the purchase. This has served as an eye-opener for the industry that sidelined women in their target advertising. The power of the female consumer has changed the way many companies are branding and positioning their products in the marketplace. Recognising the purchasing power of women has changed consumer marketing into a revolution that even traditionally male consumers in areas such as financial services, home improvement and automotive are wooing women buyers. In order to reach their target segment, companies are starting to seriously examine the lifestyles of women and come up with solutions that cater to their desires and needs. Today, it's all about individualism and personal style, wearing what works for you. It's an attitude of casualness, instead of looking too polished or too studied. Women do cater their cultural originalities and like subtle deviations from it rather than complete diversifications. Similarly, a trend is set and becomes popular and those designs and specifications reign until something else becomes the norm and the whole cyclic process is repeated. Jewellery trade is all about catering to current demands and trends, vintage designs come and go in seasons and demands are cyclical and move with the times. Jewellery purchase is a very personal decision by an individual consumer. The consumers may be of three buying types. The Impulsive Buyer who purchases products quickly, often the purchase is not premeditated and there is little or no analysis involved. Impulsive purchases are generally lower in value compared to premeditated ones. The easiest way to conclude them will be to make available products where they visually catch the eye. Point-of-service displays that attract the eye, instant discounts, sale prices and mass advertising often help in the sale of these products. This is probably attuned to the less-than-J500 impulsive shopper for whom it is an on-the-spot decision to make a purchase and does not involve too much analysis. The Patient Buyer purchases the product after some comparisons and has put in some thought to the purchase. Analytical Buyers do substantial research before buying and the purchase is definitely premeditated. The shopping done may be Utilitarian, meaning with a purpose or Hedonic, for just fun purposes. In the case of jewellery, the patient and analytical buyers who are mostly by women, mostly for self and, a good percentage of them end in high-end sales. This makes it important for the jewellery shops to lure the women into making purchases at their store by using the right marketing gimmick. The major process in decision-making would primarily begin with need identification. This may be a genuine demand for a special occasion like weddings etc, or a simple need for indulgence, a gift or a simply an impulsive buy. This may vary depending on age, ethnicity, education, and purchasing power and price of the product. It could also be influenced by word-of mouth, by friends and family, by the advertising campaigns, branding, social or economical

OPERATION MANAGEMENT Essay Example | Topics and Well Written Essays - 2000 words - 1

OPERATION MANAGEMENT - Essay Example Conclusively, it can be stated that operations management or management of operations is dependent on not just the production process but also the internal process that take place within an organization, thereby, including the various processes and their structures (Heizer and Render, 2004). In order to define the term Operations Management at Intel, we can consider the two words separately; Operation, at the most basic level at Intel, is all about the transformation or conversion of inputs into different kinds of outputs. Inputs can be the traditional resources such as equipment, labor, various facilities, the raw materials, all the processed components, time, and also the non-traditional resources in the form of skills, knowledge and customer relationships and also the Intels reputation. Where as the outputs can be the services, products, information and also the experiences. Where as the term management means that how the work is done. Intel is a leading company which produces goods and services in order to make their customers happy. If their managing style is good, then only they can produce better outcomes. Management means how to manage things, how to manage production and also how to manage development. Intels managing power is much strong, because the aim is to generate better results. Various strategies are being implemented in this company in order to conduct or to take implementing, drafting and also the evaluating cross-functional decisions which really help this company in order to achieve their long-term objectives. With the help of various strategies Intels mission, objectives, vision, various developing policies and different plans which are either in terms of programs or projects can be very easily specified. (Heizer and Render, 2004) Intels strategic management is basically a level of managing various activities under setting different tactics and goals. It also provides an overall direction to the company and it is

Monopoly, Oligopoly, Monopolistic competition, or Perfect competition Essay

Monopoly, Oligopoly, Monopolistic competition, or Perfect competition - Essay Example These barriers discourage new entrants in the oil industry as the existing firms can also take them down in price wars. The market for crude oil refining is an example of an oligopoly. Another significant feature of an oligopoly is that it is dominated by a few large firms which also holds true for the crude oil industry. It is dominated by major players like Kuwait Petroleum Corporation and BP (British Petroleum) Corporation etc. Firms in an oligopoly can decide to collude and act as a monopoly or stay as rivals and compete. When firms in an oligopoly collude, they may agree on prices, market share, advertising expenditure etc. Collusion reduces uncertainty in market regarding prices and since firms do not go for price competition, the total industry profits are not reduced. A cartel like OPEC acts as a single firm or a monopoly and diagrammatically a profit-maximizing cartel can be explained as follows: Since there are few major players, each player exerts significant market power and the bargaining power of suppliers is more than the bargaining power of buyers due to this. Also because of the interdependency feature, there is a lot of scope for collusion among the firms in an oligopoly. ... Each firm’s demand curve is relatively elastic below the existing price line. This entices firms to cut their prices and win over their rival’s customers and increase the total revenue. However the rival’s response to the price cut can act as a hindrance because if rivals match the price cut, there will be very less room for increased total revenue. If a firm raises its price, then its rivals might not copy the price increase and a significant portion of sales will be lost to rivals. Oil is a commodity that is used as a fuel for transportation, electricity generation, in industries as well as domestically. The world economy at large is dependent on oil and that is how large the demand for oil is. Since there is a cartel in the oil industry, OPEC, the world oil prices have shown an upward trend because OPEC has substantial power to drive up prices. Price elasticity is different in the presence of a cartel because the supply of oil is in the control of OPEC. Under a cartel such as OPEC, the producers try to fix the price and quantity. The output in an oil industry just like any other oligopoly is allocated as per a quota system (Geoff Riley). The aim of this cartel strategy is to maximize profits. Each individual oil firm is given an output quota. But the output quota allotted to an individual firm might not be at its profit maximizing level (Geoff Riley). The only way an individual firm can make profit out of it is through cheating and going against the cartel. It can supply oil at a price lower than the cartel price. The demand for oil under a cartel is not that responsive or elastic to a price change because oil is an important raw material in many industries and also an essential fuel

See Below Research Paper Example | Topics and Well Written Essays - 500 words - 1

See Below - Research Paper Example the politics/administration dichotomy 1900-1926; the principles of administration, 1927-1937; public administration as political science, 1950-1970 and public administration administrative science. The article will offer relevant information on the differences before and after implementation of scientific approach. Holzer, Marc and Gabrielian Vatche. â€Å"Five Great ideas in American public administration.† Principles and Practices of Public Administration. Ed. Jack Rabin, Robert F. Munzenrider and Sherrie M. Bartell. New Jersey: Marcel Dekker, Inc., 2003. 1-55. Books a million. Web. 25 Mar. 2013. The author reveals that public administration in America is concerned with application of social and other sciences to public problems. Through acting as a bridge between sciences and public problems, public administration has constantly been able to adapt to the changing nature of government of the twenty first century both in practice and in theory. The article defines public administration as one of the fields responsible for the shaping of the American political association. Kettl reveals that the role of controlling government is left to the public administrators and managers in America and they are also responsible for the effective functioning of the government. In this case, public administration is responsible for finding solutions to governance problems in order to resolve public performance and citizen confidence. From the article, public administration should remain sharply separated from politics in America and so should public management remain separated from private management. The distinction of public administration practice is essential for the establishment of well-organized bureaucracies that can cope with formidable issues generated by ethnic diversity, globalization and industrialization. When compared to other international Bureaucracies, the scientific approach to public administration has enabled the political system in the United States to

Corporate Group Structure Essay Example | Topics and Well Written Essays - 4000 words

Corporate Group Structure - Essay Example The existence of the limited liability principle further serves as a means whereby such parent companies may be able to legally escape the consequences of their risk taking and where there is additional scope provided for financial manipulation of accounts. The doctrine of limited liability allows a parent company's responsibility to be limited to its own liabilities and thereby increases the scope for risk taking and profit enhancing behavior, which are generally beneficial for the economy. In the wake of the corporate scandals, reforms have been introduced in most countries, with increased focus on corporate governance and accountability. There have also been further proposals to introduce a more comprehensive regime dealing with corporate liability, wherein parent corporations would also be held responsible for tortuous claims arising out of the actions of their subsidiaries. But such reforms have been opposed on the grounds that they would limit corporate flexibility and function as a deterrent to economic growth because they would hinder risk taking behavior. The analysis below examines the pros and cons of reducing the scope of limited liability and corporate flexibility. The limited liability basis of C... In this case, the Court held that a corporation has a separate and distinct legal personality apart from its owners and/or shareholders. Irrespective of the extent to which a shareholder has an interest in the Company, even if such an individual is the director in complete control of the Company's affairs, the acts and liabilities of the Company are held to be separate and not his/her acts or liabilities. The corporate body as an entity is impersonal and individuals may function in different capacities within an organization3, with their financial activities being shielded from the public eye, by virtue of the corporate veil. The corporation as a legal entity propagates itself and individuals associated with it are able to be exempted from liability for the debts of the Company. The limited liability aspect has been deemed beneficial for the improved efficiency of the securities markets.4 . Limited liability has been deemed to promote "innovation, investment and risk taking by the corporation."5 Limited liability is deemed to have a positive effect in terms of providing incentives for investment, diversification of portfolios and for the efficient operation of security markets. Corporate structure and limited liability: The significance of the Salomon case is that it established (a) a corporation as a separate legal entity and (b) the principle that the debts of a corporation are not the debts of its members, officers or directors. This decision establishing the independent legal personality of the corporation in relation to a single company that was rendered in the Salomon v Salomon6 case was extended to groups of companies by the decision rendered in the case of Adams v Cape Industries Plc7. Extension of

History Essay Example | Topics and Well Written Essays - 3000 words - 3

History - Essay Example Even though well documented sources for this time period are lacking and a lot of the available information is believed to have a mythical and folktale nature, nevertheless, the Vikings were present and have managed to leave their mark on Scotland during this historical period. Also- called the era of the Dark Ages in Europe Vikings were often called Scandinavian warriors or Norse, due to their primary origins. The Vikings nation was known with its polygamy meaning that men had more than one wife (Flow of History, 2007). Thus plenty of children were born and soon enough the nation had to expand. The younger ones were determined to find new lands, in far better and warmer places. Adventure was in their blood. Soon Northern Europe had plenty of Vikings in their lands (Flow of History, 2007). In the early ninth century Vikings occupied, Italy, France and England, later on even Byzantium, they were so brave to travel that even reached North America. Having the best sailing ships, fearless Vikings soon invaded many lands. A remarkable body of Scottish Gaelic oral tradition has survived into the twentieth century, some part of which relates to the Vikings and other Norse themes. Its content cannot, however, be taken at face value as a straightforward form of historical sources material. For instances, the heroic ballads and legends containing a ‘Viking’ element are set within a marvelous and magical world. (Graham-Campbell & Batey 2005, p. 46) In the late 8th century huge ships arrived at the coast of North Britain and Scotland. Viking warriors were said to raid and plunder what is now Edinburgh in the 793 AD (Barett, 2003). Many of the associations with the Vikings include terror and savage. Many preserved paintings from this period depict Vikings and their horrible invasions and attacks which still carry a significant

Write a 4 page essay based on the question provided

Write a 4 page based on the question provided - Essay Example There are many in the â€Å"hard† scientific communities that argue that philosophy is obsolete as a whole and has been essentially unchanged for 2000 years (Andersen 1). They feel the considerations of philosophy as a science are rendered useless in the face of modern scientific awareness and technological advancements. They no longer see a place for philosophers like, Machiavelli, Socrates, Locke, and Hobbes. However, there are others who feel quite differently. Philosophy is still relevant and perhaps even more relevant in this modern technological age. Each of the philosophers mentioned has contributed greatly to the discussion of the human experience and remains relevant today. Machiavelli, for example, was a reluctant philosopher, perceiving himself as a historian and an academic. All the same his writings, concepts, perspectives, and ideas have sparked many a philosophical debate, be it to support his perspectives or to refute them. The term â€Å"Machiavellian† was coined in his honor to reference someone who cleverly excels in Machiavelli’s preferred areas; ethics, politics, and psychological phenomena (Nederman ). Socrates is a fascinating character of philosophical history; he remains somewhat of a mystery to scholars. He was an oral philosopher who wrote nothing in his lifetime, but developed and changed philosophy forever. Socrates was the first to openly discuss the possibility that the pantheon of Grecian deities might not be responsible for all of the events that occur in the world. This non-theological a pproach to philosophy was considered heretical to the Athenian courts. Socrates was found guilty of crimes against Greece and sentenced to death for his philosophies. It was this sacrifice in the name of free thinking that spawned much philosophical debate and discussion over the years (Nails). John Locke focused much of his

Data Preprocessing Essay Example for Free

Data Preprocessing Essay Data Preprocessing 3 Today’s real-world databases are highly susceptible to noisy, missing, and inconsistent data due to their typically huge size (often several gigabytes or more) and their likely origin from multiple, heterogenous sources. Low-quality data will lead to low-quality mining results. â€Å"How can the data be preprocessed in order to help improve the quality of the data and, consequently, of the mining results? How can the data be preprocessed so as to improve the ef? ciency and ease of the mining process? † There are several data preprocessing techniques. Data cleaning can be applied to remove noise and correct inconsistencies in data. Data integration merges data from multiple sources into a coherent data store such as a data warehouse. Data reduction can reduce data size by, for instance, aggregating, eliminating redundant features, or clustering. Data transformations (e. g. , normalization) may be applied, where data are scaled to fall within a smaller range like 0. 0 to 1. 0. This can improve the accuracy and ef? ciency of mining algorithms involving distance measurements. These techniques are not mutually exclusive; they may work together. For example, data cleaning can involve transformations to correct wrong data, such as by transforming all entries for a date ? eld to a common format. In Chapter 2, we learned about the different attribute types and how to use basic statistical descriptions to study data characteristics. These can help identify erroneous values and outliers, which will be useful in the data cleaning and integration steps. Data processing techniques, when applied before mining, can substantially improve the overall quality of the patterns mined and/or the time required for the actual mining.

Al-Amanah Islamic Investment Bank Of The Philippines

Al-Amanah Islamic Investment Bank Of The Philippines Republic Act No. 6848, otherwise known as The Charter of the Al-Amanah Islamic Investment Bank of the Philippines outlines that the primary purpose of the Islamic bank is to promote and accelerate the socio-economic development of the Autonomous Region by performing banking, financing and investment operations and to establish and participate in agricultural, commercial and industrial ventures based on the Islamic concept of banking. In addition to allowing the bank to act as a universal bank capable of offering both conventional and Islamic banking products and services, the Sections No. 10 11 of the charter respectively provide incentives in the form of investor protection, and grant the bank the ability to accept grants and donations (Congress of the Philippines, 1989). Dimapunong (2006) provides background information and commentary on the rules and regulations governing the Al-Amanah Islamic Bank. A founding chairman of the bank, the author also wrote about the role of former senator Mamintal A. Tamanos role in the establishment of the original Philippine Amanah Bank, the precursor of the current Al-Amanah Islamic Investment Bank of the Philippines. A rare representative from Muslim Mindanao, the late senator was supposedly the first to envision a Muslim bank in the Philippines, at a time when modern Islamic banking was at its infancy. According to the author, the original PAB was not properly Shariah-compliant leading Ulama counsels to complain about the institution misleading the public. By 1988 it had been deemed a complete failure having already gone bankrupt (Dimapunong A. A.). Sandra Isnaji (2003) conducted a SWOT (Strength-Weakness-Opportunity-Threat) analysis of the Amanah Bank and prescribes a rehabilitation plan for the institution involving infusions of capital from the government in order to get rid of the banks debt and to invest in new infrastructure. Her paper was aimed at answering three questions with regard to the beleaguered banks status: (1) Where are we now? (2) Where do we want to be? and (3) How do we get there? To that extent, Isnaji looked at the state of Islamic banking industry as a whole, the state of the Philippine financial system, and the state of the Amanah bank itself. With regard to the Amanah Banks operations, Isnaji (2003) states that (at the time of writing) it operates on a two-window system in which it offers both Islamic and conventional financial products and services. And while the institution faced no competition from other Islamic banks, it faced stiff competition from the countrys conventional financial institutions, both formal and informal. With regard to the Philippine banking sector, the author used Porters Five Forces framework to analyze the ABs competition within it. The author findings are as follows: (1) With regard to the bargaining power of suppliers: the tight control of the Bangko Sentral affords it high bargaining power, to the advantage of state-owned banks such as the Amanah Bank; the bargaining power of multilateral and bilateral aid organizations(USTDA, WB, ADB, JBIC) is high due to their involvement with micro-finance and development banks; the large size and unorganized nature of the labor sector affords it little ba rgaining power; bargaining power among depositors is highly skewed towards the higher income deciles whos deposits account for 88.3% of the savings in banks, with the lower deciles having nor bargaining power. (2) With regard to the bargaining power of buyers, the higher income deciles belonging to the middle and upper classes resided and/or did business in the National Capital Region (NCR) and demand services such as à ¢Ã¢â€š ¬Ã‚ ¦electronic banking, payroll services, and bill payments.; The power portions of the population find it difficult to obtain financing from formal banks due to their situation, and thus do not have much bargaining power, but their sheer numbers offer a potentially large market. (3) With regard to the threat of new entrants, any new Islamic banks allowed by the BSP could actually benefit the Amanah Bank by providing much needed visibility for the beleaguered Philippine Islamic banking sector. (4) With regard to the threat of substitute, notable alternatives that customers may opt for are informal financial institutions, employers that provide loan programs, or complete abstinence from banking entirely. Another threat is the outflow of capital from the country. (5) With regard to rivalry among existing players, the tendency of banks to be large tends to lead them to avoid small borrowers and savers, as such the government has had to develop the banking system so as to include such institutions as thrift and rural banks which cater to the needs of small borrowers and savers who would otherwise resort to informal institutions. In order to counter the threat of oligopoly the government competes in the financial sector via the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines (LBP). (Isnaji, 2003) As a requirement of the Development Bank of the Philippines (DBP) acquisition of the Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP), the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) required the DBP to submit a 5-year rehabilitation plan for the bank. The initial plan, submitted on 23 April 2008, was deemed inadequate by the BSP. As such a draft of the revised plan was submitted on 18 March 2009. The revised plan was divided into four parts: (1) a brief background elaborating on the institutions legal basis, purpose, and present situation, (2) a summary of its business plans, (3) details on the implementation of said business plans, (4) and five-year financial projections. (Panganiban, 2009) The revised rehabilitation plan of the Amanah Bank centers around 4Rs, specifically: Recapitalization via capital infusions from the DBP and domestic and foreign investors; this is aimed at covering the expenses of the banks rehabilitation Restoration of financial viability focused on à ¢Ã¢â€š ¬Ã‚ ¦aggressive marketing efforts to introduce AAIIBPs new products and services, liquidation of non-performing assets and the sourcing of contingent fundsà ¢Ã¢â€š ¬Ã‚ ¦ Reorganization focused on building up institutional capacity, particularly with regard to Sharia compliance; involves organizational restructuring, relocation and refurbishing of bank offices, expansion and automation. Reforms institutionalization involves strengthening of corporate culture and governance, monitoring system, risk management and audit system, and review of product and operating manuals. Particular emphasis has been given to the recapitalization strategy which would provide the funds needed for the other three points of the rehabilitation. (Development Bank of the Philippines, March 2009) Islamic Banking Chong and Liu (2006) attempted to determine how different Islamic banking is from conventional banking by examining Islamic banking practice in Malaysia using the Engle-Granger error-correction methodology. In their study they find that despite being theoretically different, in practice Islamic banking in Malaysia is not very different from conventional banking. According to their study, only a negligible portion of Islamic bank financing in Malaysia is based on the profit-and-loss (PLS) sharing paradigm and that Islamic deposits are not interest-free, but are based on non-PLS modes that are permitted under Sharia law, but ignore the spirit of the usury prohibition. This parallels Islamic banking experience in other countries. The authors conclude that Islamic banking practices cannot differ too greatly from conventional banking practice due to stiff competition that makes interest-free Islamic deposits closely pegged to conventional deposits. This conclusion can have implications fo r the brand is Islamic banking, particularly with regard to its often touted non-interest-based character. However, it also has analytical and regulatory implications; the similarity of Islamic banking practices to conventional banking practices would simplify the task of both studying and regulating Islamic banking. The findings of this study mirror an earlier paper by Movassaghi and Zamans (2002). In it, they attempt to re-examine the concept of riba in light of Islamic jurisprudence. In that paper they compare Islamic banking practices with conventional banking practices in order to highlight that neither all conventional practices are usurious, nor are modern Islamic banking practices significantly different from those of conventional banks. They also assert that many differences between the profit/loss sharing paradigm of Islamic banking and conventional interest-based merely superficial. In addition to questions of practice, Chong and Lius study also asked the question of whether or not the growth of Islamic banking over the past several years was due to the comparative advantages of the Islamic banking paradigm, or to the Islamic resurgence that began in the 1960s. Based on their findings, the authors are inclined to adopt the latter view. This view is also compatible with the findings of a study cited by Isnaji (2003), done by the Meezan Bank of Pakistan which identified several key success factors in the experience of Islamic banks in other countries: (1) strong religious consciousness among the Muslim population, (2) support from the government in the form of financial infrastructure and favorable regulations, (3) promotion, (4) [increases] in individual wealth, and (5) a wide variety of financial products and services. Public Enterprises/Public Enterprise Reform Basu (2005) gives an overview of the background and concept of public enterprise, highlighting the particular experience of India in this matter. distinguishing it from the broader term public sector by adopting the definition adopted by the International Centre of Public Enterprises (ICPE): Any commercial, financial, industrial, agricultural or promotional undertaking owned by public authority, either wholly or through majority share holding which is engaged in the sale of goods and services and whose affairs are capable of being recorded in balance sheets and profit and loss accounts. Such undertakings may have diverse legal and corporate forms, such as departmental undertakings, public corporations, statutory agencies, established by Acts of Parliament or Joint Stock Companies registered under the Company Law. The author then goes on to elaborate these three categories. Basu further elaborates on the theory of public enterprises by elaborating on four types of economic activity based on the concept of remuneration as well as that of natural monopoly. (Basu, 2005) Basu highlights the equal importance of accountability and efficiency in the management of public enterprises, stating the important role of institutional arrangements in this matter. The author then elaborates on the creation of public enterprises with regard to government policy in terms of the strategies of nationalization or introduction of a new activity and states that most post-independence cases consisted of the latter. Basu emphasizes the idea that neither the state nor the market is immune to failure and that current emphasis should be on the idea of public-private synergy, and that attention should be put on both on public-private partnership and competition to achieve the objectives of efficiency and welfare. He then highlights the link between public finance and public enterprise, stating that shortsighted approaches of several developing countries including India to reduce fiscal deficit by selling public enterprises- which follow from inadequacies of public finance man agement could be disastrous in the long run (Basu, 2005). Stiglitz (2000) identifies two major categories in which public enterprises may systematically be more inefficient than private enterprises: organizational and individual. Under the former are sub-categories regarding organizational incentives, personnel restrictions, procurement restrictions, and budget restrictions. These pertain to public enterprises organizational rules and procedures which may hamper those enterprises efficiency and performance. The nature of public firms can mean that they may not necessarily need worry about incurring losses in their operations since any such losses may be covered by public funding. The bureaucratic nature of these enterprises may also entail strict procedures with regard to the hiring and firing of employees and the appropriation of needed materials, increasing transaction costs for both the demanding firm and possible suppliers (private forms and individuals). Lastly, there is the issue of budget restrictions due to governments having to all ocate limited financial resources among various agencies and projects. (Stiglitz, 2000) The latter category pertains to the behavior of individual bureaucrats under the incentive structure of public enterprises. Low wages and security of tenure may provide disincentives for bureaucrats to perform efficiently. Bureaucrats are also argued to be budget maximizers in that they seek to maximize the size of their bureaucracies by encouraging increased expenditures on their respective agencies. Stiglitz cites Niskanen with regard to principal-agent problems in bureaucracies wherein government bureaucrats act in their own interests and not necessarily in the interests of the citizens whom they are supposed to serve. (Stiglitz, 2000) Chang (2007) presents a discussion of the issue of state enterprise reform. Chang argues that theoretically there is no clear case with for or against state-owned enterprises (SOEs) by citing arguments for (natural monopoly, capital market failure, externalities, equity) and against (principal-agent problem, free-rider problem, soft budget restrains), the author also points out that large SOEs and large private sector firms often face similar (principal-agent) problems. This mirrors Stiglitzs statement that Principal-agent problems arise in all organization, whether public or private and are particularly acute in large organizations. In both private and public cases, managers often have large amounts of discretion allowing them to pursue their own interests. (Stiglitz, 2000) In citing the issues of public enterprises in comparison to private enterprises, many often assume away the agency problems of private firms, thus comparing idealized private firms with real-life SOEs, the former of which would obviously come out on top (Chang, 2007). Chang 92007) points out that privatization is not the only solution to the problems of many SOEs, and that many intermediate third way solutions exist. The author elaborates that privatization as an option has its costs and limitations and should only be taken on certain conditions, many of which are not met in reality leading to many failed attempts at privatization that cause more problems than they solve. As such, the third way options (organizational reform, increasing competition, political and administrative reforms) ought to be considered before privatization. (Chang, 2007) Rational Choice Theory/Institutional Economics Rational/Public Choice Theory Rational Choice Theory refers to those theories of the social sciences which utilize the analytical tools of neoclassical economics, particularly, the core assumption of rational (utility-maximizing) and self-interested individuals. (Hindmoor, 2006) Hindmoor (2002) states that rational choice theorists employ an instrumental conception of rationality in which actions are judged as being rational to the extent that they constitute the best way of achieving some goal. He identifies two conceptualizations of rationality: The first (the axiomatic approach) conceives a rational person as someone whos preference-ordering over bundles of goods and services is reflexive, complete, transitive and continuous. The second (the optimizing approach) conceives the rational person as one who possesses optimal beliefs and acts in optimal ways given those beliefs and desires. (Hindmoor, 2006) Hindmoor writes that rationality is a controversial assumption in political science, particularly in light of the concept of bounded rationality. As such, he says that such an assumption must be justified and looks at the two approaches in order to determine which is more defensible. Under the umbrella heading of rational choice theory can be found the sub-theories of public choice, which, in turn, constituted transplanting the general analytical framework of economics into political science. (Tullock, 2002) Tullocks primary contribution to rational/public choice theory is his theories on rent-seeking, which he defines as the use of resources for the purpose of obtaining rents for people where the rents themselves come from some activity that has negative social value. Tullock continues: The concept of rent seeking as popularly perceived refers to legal and illegal activities to obtain special privileges such as seeking monopoly status, special zoning, quantitative restrictions on imports, protective tariffs, bribes, threats, and smuggling. (Tullock, 2002) Indeed, rent-seeking has actually come to dominate the literature of rational choice theory. Hindmoor (2006) cites the plethora of studies done on various countries, on various topics to emphasize this point. He looks to three possible explanations for this: (1) the name-recognition of the term rent-seeking itself, (2) the adaptability and extendibility of Tullocks argument which à ¢Ã¢â€š ¬Ã‚ ¦can be extended to cover the analysis of any and all special economic privilegesà ¢Ã¢â€š ¬Ã‚ ¦, and (3) the fact that it offered a hostile theory of state, which could be used to counter welfare economists arguments for government intervention. On the second reason, Hindmoor supplements Tullocks original argument by pointing out that interest groups also spend resources to prevent rivals from obtaining rents and to secure their own and that governments may also practice rent-extraction. (Hindmoor, 2006) Tullock (2002) identifies several costs involved in rent seeking: The first being the actual cost of obtaining the special privilege. Of which the author provides the example of the costs of lobbying in Washington D.C. Greater costs are incurred from the distortion of the voting process, wherein public officials who are elected to pursue certain policies or projects often also pursue other less beneficial projects of which the true cost cannot be typically counted due to those politicians not disclosing the details of deals they have made. The greatest costs, however, are the indirect costs caused by rent seeking behavior. In particular, the involvement of intelligent and energetic people in an activity that contributes either nothing or negatively to society. The opportunity cost of such activities, he argues, far exceed their direct costs. (Tullock, 2002) Tullock (2002) argues that the development of rent seeking activities is influenced by many factors, in particular the structure and design of government. In general, he argues, any rule that complicates and makes the functioning of the government government decisionmaking process less smooth will lower the amount of rent seeking. He concludes his discussion on the topic by emphasizing that there are as of yet no good measures of the costs of rent-seeking (Tullock, 2002). Hindmoor (2006) cites Von Mises in defining bureaucracy as à ¢Ã¢â€š ¬Ã‚ ¦any organization which specialises in the supply of those services the value of which cannot be exchanged for money at a per-unit rate. Such organizations, Von Mises suggests, find themselves effectively exempted from the demands of economic calculation and are, as a result, usually inefficient. He also cites Tullock: à ¢Ã¢â€š ¬Ã‚ ¦the crucial feature of bureaucracies is not simply that they are hierarchies, but pyramidal hierarchies with fewer people at the top than in the lower ranks. This leads to a principal-agent relationship, with all its problems of information asymmetry (Hindmoor, 2006). In his section of Public Choice, Tullock also discusses bureaucracy. He writes that: Bureaucrats are much like other people and, like people in general, are more interested in their own well-being than in the public interest. The problem is in designing institutions in such a way as to harness bureaucrats self-interest to serve the public interest (Tullock, 2002). The core problem with bureaucracy is encapsulated by Tullock in one paragraph: In most bureaucracies the executive whether in General Motors, the Department of State, or the Exchequer is in a position where only to a minor extent is his or her own interest involved. Bureaucrats will make many decisions that will have little or no direct effect on themselves and hence can be made with the best interests of General Motors or the American or the British people at heart. Unfortunately bureaucrats, in general, have only weak motives to consider these problems carefully, but they do have strong motives to improve their status in the bureaucracy, whether by income, power, or simply the ability to take leisure while sitting in plush offices. They are more likely to be more concerned with this second set of objectives than the first, although they may not put very much effort into it because not much effort is required (Tullock, 2002). Tullock then further draws parallels between public and private bureaucrats. He argues that both will attempt to maximize gains for their respective employers if it pays off for them. But in neither case does the institutional structure lead bureaucrats to maximizing the well-being of their superiors. He qualifies, though, that private corporations have a much easier time in pursing their goals efficiently than do governments. He cites three reasons for this: the comparatively simple objective of stockbrokers (profit maximization), the reasonably accurate methods of measuring the performance of corporate managers (bureaucrats) in the form of accounting, and the difference in the ownership of benefits from the efficient management of bureaucracies (private profit vs. public interest) (Tullock, 2002). Lastly, Tullock elaborates upon several proposals with regard to bureaucratic reform: decentralization, depriving bureaucrats of the vote, and downsizing the size of bureaucracy. He discusses how it is often in the interest of bureaucrats to increase the size of their departments , although in some cases downsizing does occur without the objection of senior bureaucrats due to such measures not affecting them aversely or even benefiting them by, for example, leading to more highly paid positions at the top while cutting down from below. Most intriguing is his characterization of bureaucratic behaviour as resembling that of people with hobbies, albeit with two major differences: it does not cost bureaucrats very much since they are predominantly using other peoples resources and that most bureaucrats honestly think that whatever it is they do is not for their benefit alone, but for the country or their bureau. (Tullock, 2002) This mirrors Niskanens theory on bureaucracy, wherein he asserts that bureaucrats find it in their interest to maximize their budgets and that they are often successful in doing so. Niskanen, himself defines bureaucracies as à ¢Ã¢â€š ¬Ã‚ ¦non-profit-making organization whose revenues derive from periodic grants (Hindmoor, 2006). Niskanen also à ¢Ã¢â€š ¬Ã‚ ¦follows Downs in assuming that bureaucrats value a range of goods including power, monetary income, prestige and security. Yet he cuts through the complexities o Downs argument by suggesting that nearly all of these variables are positively related to the size of the bureaucrats budget (Hindmoor, 2006). Tullock (2002) elaborates goes on to the relationship between bureaucrats and two other major groups of political actors: politicians and pressure groups. Tullock focuses on the ability of bureaucrats to often lord over their superiors thanks to their security of tenure. Two bureaucratic tactics are discussed: the use of leaks to undermine or embarrass superiors, and the use of essential programs as proverbial shields in the fact of budget cuts. With regard to pressure groups, the collusion is the cited issue, wherein bureaus and interest groups work together to gain mutual benefits from government. (Tullock, 2002) With regard to this relationship Niskanen argues that the bureaucrats have two advantages over politicians which allow them to increase their budgets: (1) greater information on the costs involved in their bureaucracies provision of goods, and (2) the ability to à ¢Ã¢â€š ¬Ã‚ ¦make take-it-or-leave-it offers to their political patrons (Hindmoor, 2006). Politicians on the o ther hand are attributed four capacities: (1) the ability to select the bureaucracys overall output, (2) the ability to ensure that bureaucrats fulfill their promises in return for an agreed budget, (3) the ability to ensure that à ¢Ã¢â€š ¬Ã‚ ¦the total benefits individuals derive from consuming whatever output it is that the bureaucracy provides are equal to or greater than the total costs of providing it (Hindmoor, 2006) and (4) the ability to ensure that à ¢Ã¢â€š ¬Ã‚ ¦the marginal benefits of any output are not negative (Hindmoor, 2006). As Hindmoor points out, however, Niskanen has accepted the argument of Jean-Luc Migue and Gerard Belanger (1974) that bureaucrats do not so much maximize the size of their budget, but rather that of their discretionary budget, defined as the difference between their budget and the minimum costs of supplying their expected output. They argue that though this discretionary budget cannot be used by the bureaucrat for personal profit, it can be used to gain greater power, patronage, prestige, and so on (Hindmoor, 2006). Regardless of this distinction, however, the conclusion is still that the bureaucracies are inefficient because their budgets are too large. (Hindmoor, 2006) Hindmoor further critiques Niskanens argument by citing several works by multiple authors who point out that (1) politicians actually hold great power over bureaucrats, so much so that à ¢Ã¢â€š ¬Ã‚ ¦bureaucrats can be deterred from making excessive demandsà ¢Ã¢â€š ¬Ã‚ ¦ (2) politicians can trick bureaucrats into revealing information on minimal costs by à ¢Ã¢â€š ¬Ã‚ ¦asking them how much output they would be willing to provide at various per unit prices. (3) constituents and interest-groups may raise alarms about with regard to ineffective bureaucracies, (4) administrative rules and standard operating procedures keep bureaucracies in line, and (5) that à ¢Ã¢â€š ¬Ã‚ ¦Congressional Committees have the formal power to hire and fire senior bureaucrats, ring-fence particular investments and hold investigations and public-hearings into an agencys performance (Hindmoor, 2006). In his discussion, Tullock concludes by emphasizing that bureaucrats are not necessarily bad people, but that the institutional arrangement often frees them of the constraint of efficiently carrying out the tasks to which they have been assigned. The author then iterates that both large governments and large private corporations necessitate bureaucracies, and that such bureaucracies can be both conducive and/or obstructive to good government. (Tullock, 2002) Now, while rational choice theory certainly dominates discussion of government inefficiency Field (1979) argues that while it provides an easy framework for analysis, it is incapable of providing explanations. He argues that since rational choice models are as incapable of providing sufficiently restrictive predictions, which provide accounts which tell why a certain outcome was reached instead of another. He points to the inability of neoclassical economic analysis in explaining oligopolies, citing that Economists can analyze an existing cartel by pointing to the benefits which participating companies receive as the result of restricting output and raising prices. But economist can equally well analyze the absence of a cartel by pointing to the benefits individual members would obtain by violating such an agreement. (Field, 1979) Field goes on to critique the idea of explaining social outcomes based on the conception that they spring from economic forces. He mentions that while rational choice models have the comparative advantage when it comes to understanding outcomes which are caused by economic forces, they do not take into consideration the ways in which social forces affect the operation of markets. (Field, 1979) Field thus argues that the inherent limitations of rational choice/economic models in explaining systems of rules mean that they are no replacement for institutional economists qualitative approach, which holds historical understanding of the à ¢Ã¢â€š ¬Ã‚ ¦laws and customs organizing the process under investigationà ¢Ã¢â€š ¬Ã‚ ¦ as essential. However, he does make the consideration that while rational choice models cannot satisfactorily explain institutions by themselves, they can help. (Field, 1979) Institutional Economics R.A. Gordon (1963) attempts to outline the characteristics of institutional economics in the form of several propositions: (1) Economic behavior is strongly conditioned by the institutional environment (in all its manifestation) within which economic activity takes place, and economic behavior in turn affects the institutional environment. (2) This process of mutual interaction is an evolutionary one. The environment changes, and as it does, so do the determinants of economic behavior. Hence the need for an evolutionary approach to economics. (3) In this evolutionary process of interaction, a key role is played by the (largely conflicting) conditions imposed by modern technology and by the pecuniary institutions of modern capitalism. (4) Economics is more concerned with conflict than with a harmonious order in which unconscious [cooperation] results from the free play of market forces. (5) Since conflict underlies so many economic relationships, and since these relationships are not immutable, there is room and need for social control of economic activity. (6) We need to learn all that we can from psychology, sociology, anthropology, and law if we are to understand why human beings act as they do in their economic roles. People are not maximizing automata reacting mechanically in an institutional vacuum. (7) Granted the preceding assumptions, much of orthodox economic theory is either wrong or irrelevant because it makes demonstrably false assumptions and does not ask the really important questions. A new, broader, evolutionary theory based on behavioral assumptions derived from the other social sciences and on detailed knowledge of the evolution and present characteristics of the institutional environment needs to be constructed. A wide variety of empirical studies must precede the attempt to construct such a broader, evolutionary, and more realistic corpus of theory (Gordon, 1963). Thorstein Veblen is commonlyà ¢Ã¢â€š ¬Ã‚ ¦regarded as the founding father or guiding spirit of American institutionalism. (Ayres, 1964) In Institutional Economics, Ayres argues that the central idea of Veblens works was a call for a completely different ontology of economics with a completely different conception of what constituted the economy. Whereas the conception of mainstream economics has been that the economic system is centered on the concept of the market and tied together by individuals self-interest. Instead, Ayres asserts that Veblen took on an anthropological conception of the economy. One where in it is the state of industrial arts that gives occasion to exchange, so the extent of the market must always be limited by the state of the industrial arts. This was the direct opposite of the thinking of mainstream economics at that point: that the various aspects of civilizations development could be attributed to market forces. (Ayres, 1964) Ayres puts Veb

Thailand Tourism Industry PESTLE Analysis

Thailand Tourism Industry PESTLE Analysis Recently globalisation has been influencing on the business all over the world and many countries have invested and been invested. However, there are many factors that effect on the international business. On this assignment, it will illustrate some external factors by using PEST analysis and some examples that are related to the tourism industries especially Thailand tourism industry due to giving the clear pictures. Firstly, political factors are crucial factors towards the stability of industries or organisations such as terrorism, demonstrations, corruption, etc. (Czinkota et al, 2009). Every country has their own law enforcement in particular parts such as corruption, working system, terrorism, immigration, etc. (Brooks et al, 2010b). There are many examples such as the illegal immigration, working overtime without paying money, hazardous waste by factories. Not only does it impact the image of tourism, but it also destroys the beautiful sceneries and environment. For example, the tourism industry in Thailand has been a detrimental effect by domestic political tension that is the big two groups called yellow-shirt and red -shirt. The main problem is originated from the different believes in politics of Thai people. According to Thaiwebsite (2010), in November 2008 yellow-shirt demonstrated and closed the Suvarnabhumi Airport which was the main international airport in Thailand. On the other hand, the red-shirt protested at the East Asia Summit that was held in Pattaya. Another unpleasant situation happened in March of this year when the red-shirt closed the main intersection at the centre of Bangkok. Three big department stores and small shops around that area had to close their businesses because of the jeopardy. Moreover, the red-shirt fought with Thai army, bombed and fired the department stores. From these situations, European and Asian Countries warned their own citizens not to come to Thailand because of uncertain situations (CNNGo, 2010). Therefore, the number of tourists was a dramatic declined from last year and it affected Thai economic especially the international investment. The tourism industry ceased growing in a short period of time and then it has steadily recovered. Secondly, economic factors are the key factor of all businesses. After World War I happened, it affected the economic around the world and it leads to an economic crisis. As a result, all countries were in big troubles such as the loss of consumer confidence, bankrupt, unemployment and the high risk in investments. Moreover, it has been the dreadfully economic cycle. For instance, the bubble economy was one of the most serious economic crises in Thailand in July, 1997. That caused the Baht currency exchange rate to be floated (Petprasert, 2000). Even though Thai Government at that time solved this problem by borrowing money from International Monetary Fund (IMF) (Chalamwong, 1998), many domestic companies went bankrupt and international companies stopped conducting businesses in Thailand due to unstable currency. Additionally, the export businesses and the tourism industry had been the most terrible effects because there were a massive number of unemployed people. Nevertheless, Thai economy has been recovered gradually since 1997 owing to the government policy. Because of it, the domestic economic was activated in order to compensate the international incomes. Thirdly, social factors which relate to three aspects including the changing of family relationships, the changing lifestyles and health (Brooks et al, 2010a). To illustrate the point, nowadays the healthier lifestyles are becoming popular. In consequence of the trend change, tourism industry should have up-to-date information to enhance the business such as organic food, sport activities and health spa. In addition, it is true that people who live different countries have different lifestyles. Businesses will be highly successful, they should be harmonised with the lifestyle of local people such as cultures, customs, traditions, believes, religions, the ways of lives, environment, etc. Besides, it is becoming more intended in today s world so as to show the social responsibilities which are more concerned by tourists. Climate change is the main problem that the majority of Thai people has worried about. The latest example of the impact of environmental change is Global warming which is a significant global problem. Nalinee Tongtaem, who works for Biological Centre academic, claimed that the coral reefs were dead twice or third as many as before due to the temperature change in the sea (MCOT online news, 2010). As a result, the number of tourists might be declined and this problem will not only affect the economic, but impact on our lifestyles. Another example is the tsunami in 2004 which was the worst phenomena that has been happened to Thailand because a large numbers of tourists and citizens were died. Besides, the surroundings as well as the properties such as houses, hotels and shops were destroyed by the tsunami (United Nations Thailand, 2008). Although Thai government took responsibility for assisting people in their living and their properties, several tourists still concern about the same situation that might occur again. Additionally, the target group of Tourism in all parts of Thailand can be divided into 3 groups that consist of European, Asian and America market. It is considered that the number of international tourists has a tendency to decrease which affacts the national income of Thailand. Because of the fact that European countries are facing the economic crisis, European people are liable to economize by travelling in Europe countries rather than other countries. Furthermore, the Asian market which is the most sensitive tourist group is tending not to come to Thailand owing to the uncertain politic situation in Bangkok. However, the unemployed rate in America Market is still high. As a result, the number of tourists will become fluctuated. Finally, technological factors have an effect on the improvement. If the government chooses the perfect techniques, tourism industry will be successful. In the twentieth century, many countries including Thailand pay attention to information technology in order to enhance and improve their countries. To give some examples, these are online booking, online shopping, online banking, the development of aeroplanes, etc. Recently, the number of tourists that uses online booking has been increased significantly. Thus, some travel agents might be overthrown because of few customers. In addition, there are many airlines that provide their services in the intensively competitive market especially low-cost airlines. This is an advantage for the tourists and it will be a good impact on the tourism industry. However, tourism industry in Thailand has not been well developed because of poor government support. Comparing with European countries, tourism industry in Thailand is underdevelopment. Con sequently, it should be improved significantly. Conclusion In the next 5 to 10 years, it seems to be seen that tourism industry in Thailand might be a gradual increase. Because these factors as mentioned above will not be able to resolve easily in the short term, they are unpredictable factors such as political and environmental problems that all governments sometimes cannot control. From my prospective, a political factor is the most important factor because it influences on the other factors. For instance, if the government is incapable of controlling the political situations, it will have an adverse impact on the economic causing the domestic and international businesses suffer at the setback. Furthermore, it will lead to social problems which are unemployment, the financial problems, committing a crime respectively. Moreover, in case of the inappropriate policy, technologies might not be developed due to lacking of capital. Although, many people have concerned about environmental troubles, these cannot be solved if the law enforcement is not able to use appropriate owing to interfering in politics. For example, the influential person in politics uses the power arbitrarily to build the hotel near the sea without disposing of waste. The problem is the dangerous household waste from the hotels will destroy the local ecology and have impact on the natural environment. Thus, all these difficulties as mentioned above affact the investment in the Tourism Industries.

History of Swimming :: essays research papers fc

HISTORY OF SWIMMING Swimming was invented before recorded history. Humans discovered how to swim by accident. A person probably fell into the water and struggled to shore using a dog-paddle stroke. There was an Egyptian hieroglyph for swimming dating from 2500 BC. The ancient Greeks and Romans made swimming an important part of their military training programs. There have been known swimming contests that were organized in Japan as early as the 1st century BC. During the Middle Ages in Europe, swimming declined in popularity. People felt that the water was contaminated and a source of disease. Not everyone feared the water, however, Louis XI reportedly swam daily in the Seine. During the early 19th century, swimming enjoyed a revival, especially in England, Lord Byron swam the Dardanelles river, to prove that the mythological hero Leander could have done it. Organized competitive swimming began in England in the 1840s. In 1844 the British were surprised when two American Indians demonstrated the efficiency of a method of swimming similar to the modern crawl. The British still swam with the head above the water, a holdover from the days when people believed that the water was contaminated. An overhand stroke was introduced into England in 1873 by J. Arthur Trudgen, who had seen South American Indians using this method to swim really fast. When the flutter kick was introduced, the modern "Australian crawl† was born, and this stroke has since become the most common and most important swimming stroke. FITNESS COMPONENTS To swim well u need to know how to coordinate your arms and legs to get you through the water. At first you will probably need to have lessons. Also to swim u need agility and just gravity. Swimming also requires balance and quickness in some cases. Not much is needed to know if you want to swim. Swimming improves heart and lung efficiency, enhances muscle strength and endurance, improves flexibility, and reduces stress. It’s easy on the joints, and uses more muscles than most other forms of exercise. Although swimming burns a great deal of calories, recreational swimmers tend to lose less weight than would be expected from other types of aerobic activity. Scientists say that cold water removes heat from the body, stimulating appetite to keep the body warm. Exposure to cold water may encourage the body to maintain fat stores for insulation. To lose weight by swimming, its necessary to cut down on the calories you eat, and to swim fast enough and long enough. Swimming can burn more than 660 calories an hour when performed correctly and causes less injuries to joints and muscles than aerobics or jogging.