Help With Assignment - How to Choose a Thesis Topic
This seems like the toughest decision. While choosing a topic for the Thesis many people are in turmoil. Only a few lucky people know what to choose from an early stage. They note all the tips and ideas for the future research related to that topic.
Writing a thesis is an opportunity that should not be missed. It is the opportunity that is given to display one’s skills and mastery over the subject and the field of study in which one invests many years. Many students find coming up with a topic for the thesis as a daunting task.
Thesis Topic Criteria
These are the things that have to be kept in mind while choosing a topic for the Thesis.
• The topic must interest the researcher: The researcher has to keep in mind that the topic which he or she chooses must of interest to the person himself. An interesting topic will always bring the enthusiasm and intuition to work on the topic.
• The topic must be unique: Choose a topic that is unique and never been done before. The uniqueness of the topic is the key to success. Generally, people follow paths that are mostly taken, people don’t like to take new paths to avoid risks, but, when it comes to thesis, people who take new paths are encouraged. They are treated as pioneers and “one who walks a new path”.
• Choose the topic in which you are an expert: This is an important point. To choose a topic, in which you are an expert, makes your work and research a bit easier. This reduces your effort to some extent and gives you some time so that you can research deep into the subject and get the best results. For ex: if a science researcher is interested in electronics and is an expert in electricity, then choosing electricity can provide him with extra time as the person knows the subject thoroughly.
• A topic that will be helpful in building the career must be chosen: A researcher must choose a topic which can build his or her career. If the researcher wants a career in the teaching field, then if his topic is more related to the field of academics, its better. And if the researcher wants to pursue a career in the industry, then if his topic is related to the industry then it is better. For ex: if a researcher wants to research in the field of energy and power, then his topic should be more or less industry oriented, as the energy and power industry today wants new ideas to produce cost effective source of power, safe/ green and sustainable power.
• Take the advice of your mentor: Taking an advice of your mentor is a good way to avoid problems. Your mentors will definitely help you. First of all, ask your mentor for the topic to be chosen, take their advice and do what you want to do. Before taking a decision, assess your skills, strengths and weaknesses. This reconciliation will help you to choose the topic that suits you best. Don’t choose a topic on the basis of popularity, but choose a topic based on the above mentioned things.
With the above ideas, we hope to reduce the effort of choosing a thesis topic to some extent, if not completely. We hope the ideas will be of help.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
Saturday, May 29, 2010
How to write a Thesis Statement
How to write a Thesis Statement
A Thesis is putting forward a theory or a statement. It is a proposition which a person advances and offers to maintain through the argument. This is the general meaning of the word thesis.
But, academically, thesis is a statement stating the specific idea or opinion one address in a paper or an essay, and is usually located in the first paragraph of the essay. It gives focus to your writing, answers questions your paper may evoke, and reflects your clear analysis of a subject. The elements your readers require.
The role of thesis statement is to support the research of one, consequently it develops after the research has been conducted and not before. Writing a thesis before the research is conducted weakens the thesis and the paper’s foundations.
Now, the big question is whether every thesis in question is true or not. No, every thesis is not true. As we’ve already discussed in the beginning of the essay, a thesis is just an idea which is being put forward. The opinions and the perception of the researcher are very much infused in the thesis. This infusion is diffused if the research is conducted on an impartial basis and not by jumping to conclusions.
Thesis statements are classified as poor, working and strong. A poor thesis is a vague, difficult to prove idea, which is not supported by a substantial amount of evidence. While a working thesis is that thesis, whose idea is being tested for accuracy. Once if the idea or the thesis is proved, then the theory is accepted.
For ex: If the question is ‘Compare and contrast the reasons why the North and South fought the Civil War’.
If your answer is:
The North and South fought the Civil War for many reasons, some of which were the same and some different.
In the above statement the additional information regarding the subject is missing. Here, the reasons for the war between the North and South are missing and this makes it a vague statement and is not acceptable. Instead if the student writes it as
While both sides fought the Civil War over the issue of slavery, the North fought for moral reasons while the South fought to preserve its own institutions.
Now, here the statement is more clear, concise, understandable and makes it interesting for the reader to read the research paper.
And finally, a strong thesis is the one which is already proved. This thesis is the one which attracts the attention of the readers. The paper shows the researcher’s knowledge and brings to light a theory which Is supported by research and backed up a textual evidence.
Therefore, a strong thesis statement requires a command of one’s collected research or
notes before crafting a thesis statement.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
A Thesis is putting forward a theory or a statement. It is a proposition which a person advances and offers to maintain through the argument. This is the general meaning of the word thesis.
But, academically, thesis is a statement stating the specific idea or opinion one address in a paper or an essay, and is usually located in the first paragraph of the essay. It gives focus to your writing, answers questions your paper may evoke, and reflects your clear analysis of a subject. The elements your readers require.
The role of thesis statement is to support the research of one, consequently it develops after the research has been conducted and not before. Writing a thesis before the research is conducted weakens the thesis and the paper’s foundations.
Now, the big question is whether every thesis in question is true or not. No, every thesis is not true. As we’ve already discussed in the beginning of the essay, a thesis is just an idea which is being put forward. The opinions and the perception of the researcher are very much infused in the thesis. This infusion is diffused if the research is conducted on an impartial basis and not by jumping to conclusions.
Thesis statements are classified as poor, working and strong. A poor thesis is a vague, difficult to prove idea, which is not supported by a substantial amount of evidence. While a working thesis is that thesis, whose idea is being tested for accuracy. Once if the idea or the thesis is proved, then the theory is accepted.
For ex: If the question is ‘Compare and contrast the reasons why the North and South fought the Civil War’.
If your answer is:
The North and South fought the Civil War for many reasons, some of which were the same and some different.
In the above statement the additional information regarding the subject is missing. Here, the reasons for the war between the North and South are missing and this makes it a vague statement and is not acceptable. Instead if the student writes it as
While both sides fought the Civil War over the issue of slavery, the North fought for moral reasons while the South fought to preserve its own institutions.
Now, here the statement is more clear, concise, understandable and makes it interesting for the reader to read the research paper.
And finally, a strong thesis is the one which is already proved. This thesis is the one which attracts the attention of the readers. The paper shows the researcher’s knowledge and brings to light a theory which Is supported by research and backed up a textual evidence.
Therefore, a strong thesis statement requires a command of one’s collected research or
notes before crafting a thesis statement.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
Essential Components of a Thesis Proposal
Essential Components of a Thesis Proposal
A Thesis proposal is a document that a student needs to prepare in order get the permission to write his or her thesis. A thesis is usually the last document that a student will prepare in order to graduate. The thesis is a huge undertaking that takes many students months to complete. Therefore, the Thesis proposal is the first step in beginning the thesis.
The proposal is first verified by the student’s mentor. He is suggested of any changes that have to be done and given a feedback on the topic being chosen and actually beginning with the work of the thesis. If there are any changes to be made in the Thesis Proposal, the student has to re-submit the Proposal. So, the student must pay careful attention for making the best Thesis Proposal in the first time. It is a “trump card”, but has to be taken out at the right time and not in the eleventh hour.
The Thesis proposal must include the subject or the topic being chosen for the purpose of research. This section must include the background of the subject. The reasons for choosing the subject and the expected result from the research must be included in the thesis proposal shall follow in the next section.
The next section should contain the pre-research or the background research done by the student and the facts that were uncovered during the study. For ex: if a Paleontology student finds some evidence of a prehistoric creature in sample fossils, then he or she shall formally take the permission to investigate further about that creature.
Then, finally it’s about concluding the Thesis Proposal. This is the part where the student shall write about the importance of the research and the potential benefits of the research.
A Thesis proposal is similar to many other academic writings. But, it is much more intensive as it involves a deeper insight into the subject and this will lead to a research so, the student must pay attention to little details. That is true for the bibliography as well because some of the technical aspects relating to the subject will be scrutinized by the Committee. The bibliography shall be clear and concise and shall follow proper formatting styles for that purpose.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
A Thesis proposal is a document that a student needs to prepare in order get the permission to write his or her thesis. A thesis is usually the last document that a student will prepare in order to graduate. The thesis is a huge undertaking that takes many students months to complete. Therefore, the Thesis proposal is the first step in beginning the thesis.
The proposal is first verified by the student’s mentor. He is suggested of any changes that have to be done and given a feedback on the topic being chosen and actually beginning with the work of the thesis. If there are any changes to be made in the Thesis Proposal, the student has to re-submit the Proposal. So, the student must pay careful attention for making the best Thesis Proposal in the first time. It is a “trump card”, but has to be taken out at the right time and not in the eleventh hour.
The Thesis proposal must include the subject or the topic being chosen for the purpose of research. This section must include the background of the subject. The reasons for choosing the subject and the expected result from the research must be included in the thesis proposal shall follow in the next section.
The next section should contain the pre-research or the background research done by the student and the facts that were uncovered during the study. For ex: if a Paleontology student finds some evidence of a prehistoric creature in sample fossils, then he or she shall formally take the permission to investigate further about that creature.
Then, finally it’s about concluding the Thesis Proposal. This is the part where the student shall write about the importance of the research and the potential benefits of the research.
A Thesis proposal is similar to many other academic writings. But, it is much more intensive as it involves a deeper insight into the subject and this will lead to a research so, the student must pay attention to little details. That is true for the bibliography as well because some of the technical aspects relating to the subject will be scrutinized by the Committee. The bibliography shall be clear and concise and shall follow proper formatting styles for that purpose.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
PEST Analysis - Strategic Management
PEST Analysis - Strategic Management
PEST Analysis is a component of Strategic Management. PEST stands for Political; Economic; Social and Technological Analysis of business environment.
An organization’s success is dependent on these factors influencing it. An organization can achieve success when it turns these internal and external factors to its advantage. An organization’s success is also evident from the fact that, it can not only turn these internal and external factors, but also, predict changes approximately and be ready with the required changes.
As for the external factors, they do not directly influence an organization, but they have indirect influences like change in taxation policy, social cost of business, new technologies being implemented and being developed by rival organizations and their increase in the market share are the factors that influence and organization.
A brief analysis of the above factors,
Political:
Political factors can influence the organization, as a matter of fact, the whole industry in the following manner;
• Taxation policy on the industry,
• Market regulations being introduced, tightened or loosened by the Govt,
• Legislation on minimum wage rates and other benefits like Insurance and Provident Funds,
• Industrial Regulations being introduced or modified.
Economic:
The second element is the study of Economic factors that influence the organization;
• The global exchange rates of currencies
• The influence of rate of interest and cost of capital on the business. This in turn influences on the extent of the growth and expansion of business.
• The rate of inflation on business determines to what extent the organization must invest and how much of return that it can expect from that investment if inflation rate continues to grow, increase abruptly or decrease suddenly.
Social:
The social aspects are the third element of PEST analysis;
They include,
• The cultural aspects of society. For ex: if an organization wants to establish its plant in a place where the people have an attachment towards the near by forest or land, then an uprising might take place opposing the Company’s move.
• Similarly, the after affects of a plant is endangering the near by flora and fauna.
• The percentage and distribution of labor in the population. The number of senior citizens in the population and the number of minors and students in the population, the number of educated, uneducated; skilled and unskilled laborers in the population will have an effect on the organization’s workforce.
• The social cost which the society has to bear for the actions of an organization.
Technological:
The factors under the technological aspects are as follows;
• The present technology being used by the organization,
• The profit being yielded by the use of that technology,
• The investment of an organization in the Research and Development,
• New and superior technology being developed and used by rival organizations, etc also influence an organization’s decision.
• The barriers to entry into an industry, when an organization develops an innovative technology.
So, the decisions that an organization makes are all the more based on the above PEST analysis. The PEST factors have a different influence on different industries during different times. Not all the organizations face the same problems, to the same extent. Thus, it depends on the industry involved in.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
PEST Analysis is a component of Strategic Management. PEST stands for Political; Economic; Social and Technological Analysis of business environment.
An organization’s success is dependent on these factors influencing it. An organization can achieve success when it turns these internal and external factors to its advantage. An organization’s success is also evident from the fact that, it can not only turn these internal and external factors, but also, predict changes approximately and be ready with the required changes.
As for the external factors, they do not directly influence an organization, but they have indirect influences like change in taxation policy, social cost of business, new technologies being implemented and being developed by rival organizations and their increase in the market share are the factors that influence and organization.
A brief analysis of the above factors,
Political:
Political factors can influence the organization, as a matter of fact, the whole industry in the following manner;
• Taxation policy on the industry,
• Market regulations being introduced, tightened or loosened by the Govt,
• Legislation on minimum wage rates and other benefits like Insurance and Provident Funds,
• Industrial Regulations being introduced or modified.
Economic:
The second element is the study of Economic factors that influence the organization;
• The global exchange rates of currencies
• The influence of rate of interest and cost of capital on the business. This in turn influences on the extent of the growth and expansion of business.
• The rate of inflation on business determines to what extent the organization must invest and how much of return that it can expect from that investment if inflation rate continues to grow, increase abruptly or decrease suddenly.
Social:
The social aspects are the third element of PEST analysis;
They include,
• The cultural aspects of society. For ex: if an organization wants to establish its plant in a place where the people have an attachment towards the near by forest or land, then an uprising might take place opposing the Company’s move.
• Similarly, the after affects of a plant is endangering the near by flora and fauna.
• The percentage and distribution of labor in the population. The number of senior citizens in the population and the number of minors and students in the population, the number of educated, uneducated; skilled and unskilled laborers in the population will have an effect on the organization’s workforce.
• The social cost which the society has to bear for the actions of an organization.
Technological:
The factors under the technological aspects are as follows;
• The present technology being used by the organization,
• The profit being yielded by the use of that technology,
• The investment of an organization in the Research and Development,
• New and superior technology being developed and used by rival organizations, etc also influence an organization’s decision.
• The barriers to entry into an industry, when an organization develops an innovative technology.
So, the decisions that an organization makes are all the more based on the above PEST analysis. The PEST factors have a different influence on different industries during different times. Not all the organizations face the same problems, to the same extent. Thus, it depends on the industry involved in.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
Thursday, May 27, 2010
How to Write a Good Research Proposal
How to Write a Good Research Proposal
A Research Proposal is a document written by a person who wants to become a researcher in the area that he or she has chosen. To put it simply it’s a document that qualifies the person to be a researcher.
Before the person has a proposal, that person shall be duly qualified. In most countries a person who is a Post-graduate and has an excellent academic track record is a qualified person to apply for a Doctoral Program.
A research proposal is intended to convince others that the person has the worthwhile research project and that the person has competence and the work-plan to complete it. Generally, a research proposal should contain all the key elements involved in the research process and include sufficient information for the readers to evaluate the proposed study.
The instructions that are to be followed while writing a good research proposal are:
• A good title: A good title is a must for any research proposal. With a good title the reader’s attention is grabbed and he involves in the work.
• A good Abstract: A brief summary of the work should be written in the abstract. The abstract should address the problem/ issue and propose the solution and the steps involved in realizing the solution.
• Introduction to the topic: An introduction to the topic should be given. This formal introduction highlights the importance of the issue, the proposal and that of the work. Write the pros and cons of the work. In other words talk about the advantages and disadvantages of the work. One should be a little careful here as the number of disadvantages if increase beyond the advantages, then the proposal stands to be rejected.
• Mention in detail about the resources: This section shall deal with the resources that are used in the study. In this section the depth of the knowledge of the student can come out as the proposal has entered into the technical details of the proposal.
• Implementation of methods: In this section explain in detail the implementation of methods in a much technical manner. Explain benefits of the research.
• Predict the results in advance: The actual results of the research might not be known until the research is actually carried on. But, predicting the results in advance can boast the confidence of the Committee on the research proposal.
• Discuss the impact of the results: Most people are interested in the results of a research. So, in order that the readers are kept interesting till the very end of the document, impact of the results must be given as an idea about the work. Say, for example, if a genetics researcher wants to do a research, then the potential results arising from the research, like a cure for cancer, etc, will definitely interest the reader and will give a better chance of the person being chosen for the research.
The above things can be kept in mind while writing a Research Proposal. These are not hard and fast rules, but are general instructions. They give the basic idea of ‘what to do’ and ‘what not to do’ in Research Paper.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.http://www.helpwithassignment.com/
A Research Proposal is a document written by a person who wants to become a researcher in the area that he or she has chosen. To put it simply it’s a document that qualifies the person to be a researcher.
Before the person has a proposal, that person shall be duly qualified. In most countries a person who is a Post-graduate and has an excellent academic track record is a qualified person to apply for a Doctoral Program.
A research proposal is intended to convince others that the person has the worthwhile research project and that the person has competence and the work-plan to complete it. Generally, a research proposal should contain all the key elements involved in the research process and include sufficient information for the readers to evaluate the proposed study.
The instructions that are to be followed while writing a good research proposal are:
• A good title: A good title is a must for any research proposal. With a good title the reader’s attention is grabbed and he involves in the work.
• A good Abstract: A brief summary of the work should be written in the abstract. The abstract should address the problem/ issue and propose the solution and the steps involved in realizing the solution.
• Introduction to the topic: An introduction to the topic should be given. This formal introduction highlights the importance of the issue, the proposal and that of the work. Write the pros and cons of the work. In other words talk about the advantages and disadvantages of the work. One should be a little careful here as the number of disadvantages if increase beyond the advantages, then the proposal stands to be rejected.
• Mention in detail about the resources: This section shall deal with the resources that are used in the study. In this section the depth of the knowledge of the student can come out as the proposal has entered into the technical details of the proposal.
• Implementation of methods: In this section explain in detail the implementation of methods in a much technical manner. Explain benefits of the research.
• Predict the results in advance: The actual results of the research might not be known until the research is actually carried on. But, predicting the results in advance can boast the confidence of the Committee on the research proposal.
• Discuss the impact of the results: Most people are interested in the results of a research. So, in order that the readers are kept interesting till the very end of the document, impact of the results must be given as an idea about the work. Say, for example, if a genetics researcher wants to do a research, then the potential results arising from the research, like a cure for cancer, etc, will definitely interest the reader and will give a better chance of the person being chosen for the research.
The above things can be kept in mind while writing a Research Proposal. These are not hard and fast rules, but are general instructions. They give the basic idea of ‘what to do’ and ‘what not to do’ in Research Paper.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.http://www.helpwithassignment.com/
New Academic Standards
New Academic Standards
The Council of Chief State School Officers (CCSSO) and the National Governors Association Center for Best Practices (NGA Center) presented the draft Kindergarten-12 grade level Common Core State Standards documents on behalf of 48 states, two territories, and the District of Columbia. These documents represent English language arts and mathematics standards, a set of expectations for student knowledge and skills that will result in high school graduates who are prepared for success in college and careers.
All the states except Alaska and Texas opted out of the proposed national standardization of Academics.
To develop these standards, CCSSO and the NGA Center worked with representatives from participating states, a wide range of educators, content experts, researchers, national organizations, and community groups.
The draft contains standards that make students, ‘college- and career-ready and contains standards for K-12 grade level standards.
The proposed common standards include the kindergartners to read at least 25 basic words. By middle school, they should understand Louisa May Alcott’s “Little Women” and Mark Twain’s “The Adventures of Tom Sawyer.” By high school, they should comprehend works by William Shakespeare and Emily Dickinson.
In math, first and second-grade students should master addition and subtraction and third- and fourth-graders should learn multiplication, division and fractions. Eighth graders are expected to solve algebra problems.
There are also Standards proposed for English Language Learners (ELLs). They include:
• The English Language Learners (ELLs) must be held to the same level of standards expected of students who are already proficient in English.
• The standards for English Language Arts (ELA) articulate rigorous grade level expectations in the areas of speaking, listening, reading and writing to prepare all students to be college and career ready.
• In order that ELLs meet the high academic standards in language arts it is essential that they have access to teachers and personnel who are qualified and well prepared to support ELLs.
With the proposed standards in academics the American education is set to make children, college- and career-ready. The new standards have the potential to take American Education system to great heights.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
The Council of Chief State School Officers (CCSSO) and the National Governors Association Center for Best Practices (NGA Center) presented the draft Kindergarten-12 grade level Common Core State Standards documents on behalf of 48 states, two territories, and the District of Columbia. These documents represent English language arts and mathematics standards, a set of expectations for student knowledge and skills that will result in high school graduates who are prepared for success in college and careers.
All the states except Alaska and Texas opted out of the proposed national standardization of Academics.
To develop these standards, CCSSO and the NGA Center worked with representatives from participating states, a wide range of educators, content experts, researchers, national organizations, and community groups.
The draft contains standards that make students, ‘college- and career-ready and contains standards for K-12 grade level standards.
The proposed common standards include the kindergartners to read at least 25 basic words. By middle school, they should understand Louisa May Alcott’s “Little Women” and Mark Twain’s “The Adventures of Tom Sawyer.” By high school, they should comprehend works by William Shakespeare and Emily Dickinson.
In math, first and second-grade students should master addition and subtraction and third- and fourth-graders should learn multiplication, division and fractions. Eighth graders are expected to solve algebra problems.
There are also Standards proposed for English Language Learners (ELLs). They include:
• The English Language Learners (ELLs) must be held to the same level of standards expected of students who are already proficient in English.
• The standards for English Language Arts (ELA) articulate rigorous grade level expectations in the areas of speaking, listening, reading and writing to prepare all students to be college and career ready.
• In order that ELLs meet the high academic standards in language arts it is essential that they have access to teachers and personnel who are qualified and well prepared to support ELLs.
With the proposed standards in academics the American education is set to make children, college- and career-ready. The new standards have the potential to take American Education system to great heights.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
Wednesday, May 19, 2010
Just-in-time (JIT) - Operations Management Assignment help
Operations Management - Just-in-time (JIT) Assignment help
Just-in-time (JIT) is an inventory strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs. To meet JIT objectives, the process relies on signals between different points in the process, which tell production when to make the next part. Kanban are usually 'tickets' but can be simple visual signals, such as the presence or absence of a part on a shelf. Implemented correctly, JIT can improve a manufacturing organization's return on investment, quality, and efficiency.
Quick notice that stock depletion requires personnel to order new stock is critical to the inventory reduction at the center of JIT. This saves warehouse space and costs. However, the complete mechanism for making this work is often misunderstood.
For instance, its effective application cannot be independent of other key components of a lean manufacturing system or it can "...end up with the opposite of the desired result." In recent years manufacturers have continued to try to hone forecasting methods (such as applying a trailing 13 week average as a better predictor for JIT planning), however some research demonstrates that basing JIT on the presumption of stability is inherently flawed.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
Just-in-time (JIT) is an inventory strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs. To meet JIT objectives, the process relies on signals between different points in the process, which tell production when to make the next part. Kanban are usually 'tickets' but can be simple visual signals, such as the presence or absence of a part on a shelf. Implemented correctly, JIT can improve a manufacturing organization's return on investment, quality, and efficiency.
Quick notice that stock depletion requires personnel to order new stock is critical to the inventory reduction at the center of JIT. This saves warehouse space and costs. However, the complete mechanism for making this work is often misunderstood.
For instance, its effective application cannot be independent of other key components of a lean manufacturing system or it can "...end up with the opposite of the desired result." In recent years manufacturers have continued to try to hone forecasting methods (such as applying a trailing 13 week average as a better predictor for JIT planning), however some research demonstrates that basing JIT on the presumption of stability is inherently flawed.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
http://www.helpwithassignment.com/
Inventory Management - Operations Management Assignment Help
Inventory Management - Operations Management Assignment Help
Inventory is a list for goods and materials, or those goods and materials themselves, held available in stock by a business. It is also used for a list of the contents of a household and for a list for testamentary purposes of the possessions of someone who has died. In accounting inventory is considered an asset.
In business management, inventory consists of a list of goods and materials held available in stock. Inventory Management must tie together the following objectives ,to ensure that there is continuity between functions :
• Company’s Strategic Goals
• Sales Forecasting
• Sales & Operations Planning
• Production & Materials Requirement Planning.
Inventory Management must be designed to meet the dictates of market place and support the company’s Strategic Plan . The many changes in the market demand , new opportunities due to worldwide marketing , global sourcing of materials and new manufacturing technology means many companies need to change their Inventory Management approach and change the process for Inventory Control .
Inventory Management system provides information to efficiently manage the flow of materials , effectively utilize people and equipment , coordinate internal activities and communicate with customers . Inventory Management does not make decisions or manage operations, they provide the information to managers who make more accurate and timely decisions to manage their operations.
Inventory is defined as the blocked Working Capital of an organization in the form of materials . As this is the blocked Working Capital of organization, ideally it should be zero. But we are maintaining Inventory . This Inventory is maintained to take care of fluctuations in demand and lead time. In some cases it is maintained to take care of increasing price tendency of commodities or rebate in bulk buying.
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Inventory is a list for goods and materials, or those goods and materials themselves, held available in stock by a business. It is also used for a list of the contents of a household and for a list for testamentary purposes of the possessions of someone who has died. In accounting inventory is considered an asset.
In business management, inventory consists of a list of goods and materials held available in stock. Inventory Management must tie together the following objectives ,to ensure that there is continuity between functions :
• Company’s Strategic Goals
• Sales Forecasting
• Sales & Operations Planning
• Production & Materials Requirement Planning.
Inventory Management must be designed to meet the dictates of market place and support the company’s Strategic Plan . The many changes in the market demand , new opportunities due to worldwide marketing , global sourcing of materials and new manufacturing technology means many companies need to change their Inventory Management approach and change the process for Inventory Control .
Inventory Management system provides information to efficiently manage the flow of materials , effectively utilize people and equipment , coordinate internal activities and communicate with customers . Inventory Management does not make decisions or manage operations, they provide the information to managers who make more accurate and timely decisions to manage their operations.
Inventory is defined as the blocked Working Capital of an organization in the form of materials . As this is the blocked Working Capital of organization, ideally it should be zero. But we are maintaining Inventory . This Inventory is maintained to take care of fluctuations in demand and lead time. In some cases it is maintained to take care of increasing price tendency of commodities or rebate in bulk buying.
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Economic Order Quantity (EOQ) - Operations Management Assignment Help
Economic Order Quantity (EOQ) - Operations Management Assignment Help
Economic Order Quantity is the level of inventory that minimizes the total inventory holding costs and ordering costs. It is one of the oldest classical production scheduling models. The framework used to determine this order quantity is also known as Wilson EOQ Model or Wilson Formula.
The model was developed by F. W. Harris in 1913, but R. H. Wilson, a consultant who applied it extensively, is given credit for his early in-depth analysis it.
Assume that the demand for a product is constant over the year and that each new order is delivered in full when the inventory reaches zero. There is a fixed cost charged for each order placed, regardless of the number of units ordered. There is also a holding or storage cost for each unit held in storage (sometimes expressed as a percentage of the purchase cost of the item).
We want to determine the optimal number of units of the product to order so that we minimize the total cost associated with the purchase, delivery and storage of the product.
The required parameters to the solution are the total demand for the year, the purchase cost for each item, the fixed cost to place the order and the storage cost for each item per year. Note that the number of times an order is placed will also affect the total cost, however, this number can be determined from the other parameters.
Underlying assumptions
The ordering cost is constant.
The rate of demand is constant
The lead time is fixed
The purchase price of the item is constant i.e no discount is available
The replenishment is made instantaneously, the whole batch is delivered at once.
EOQ is the quantity to order, so that ordering cost + carrying cost finds its minimum. (A common misunderstanding is that the formula tries to find when these are equal.)
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Economic Order Quantity is the level of inventory that minimizes the total inventory holding costs and ordering costs. It is one of the oldest classical production scheduling models. The framework used to determine this order quantity is also known as Wilson EOQ Model or Wilson Formula.
The model was developed by F. W. Harris in 1913, but R. H. Wilson, a consultant who applied it extensively, is given credit for his early in-depth analysis it.
Assume that the demand for a product is constant over the year and that each new order is delivered in full when the inventory reaches zero. There is a fixed cost charged for each order placed, regardless of the number of units ordered. There is also a holding or storage cost for each unit held in storage (sometimes expressed as a percentage of the purchase cost of the item).
We want to determine the optimal number of units of the product to order so that we minimize the total cost associated with the purchase, delivery and storage of the product.
The required parameters to the solution are the total demand for the year, the purchase cost for each item, the fixed cost to place the order and the storage cost for each item per year. Note that the number of times an order is placed will also affect the total cost, however, this number can be determined from the other parameters.
Underlying assumptions
The ordering cost is constant.
The rate of demand is constant
The lead time is fixed
The purchase price of the item is constant i.e no discount is available
The replenishment is made instantaneously, the whole batch is delivered at once.
EOQ is the quantity to order, so that ordering cost + carrying cost finds its minimum. (A common misunderstanding is that the formula tries to find when these are equal.)
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ABC Analysis - Operations Management Assignment Help
ABC Analysis - Operations Management Assignment Help
ABC analysis is a business term used to define an inventory categorization technique often used in materials management. It is also known as Selective Inventory Control.
ABC analysis provides a mechanism for identifying items that will have a significant impact on overall inventory cost, whilst also providing a mechanism for identifying different categories of stock that will require different management and controls.
When carrying out an ABC analysis, inventory items are valued (item cost multiplied by quantity issued/consumed in period) with the results then ranked. The results are then grouped typically into three bands. These bands are called ABC codes.
ABC codes
1."A class" inventory will typically contain items that account for 80% of total value, or 20% of total items.
2."B class" inventory will have around 15% of total value, or 30% of total items.
3."C class" inventory will account for the remaining 5%, or 50% of total items.
ABC Analysis is similar to the Pareto principle in that the "A class" group will typically account for a large proportion of the overall value but a small percentage of the overall volume of inventory.
Another recommended breakdown of ABC classes:
1."A" approximately 10% of items or 66.6% of value
2."B" approximately 20% of items or 23.3% of value
3."C" approximately 70% of items or 10.1% of value
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ABC analysis is a business term used to define an inventory categorization technique often used in materials management. It is also known as Selective Inventory Control.
ABC analysis provides a mechanism for identifying items that will have a significant impact on overall inventory cost, whilst also providing a mechanism for identifying different categories of stock that will require different management and controls.
When carrying out an ABC analysis, inventory items are valued (item cost multiplied by quantity issued/consumed in period) with the results then ranked. The results are then grouped typically into three bands. These bands are called ABC codes.
ABC codes
1."A class" inventory will typically contain items that account for 80% of total value, or 20% of total items.
2."B class" inventory will have around 15% of total value, or 30% of total items.
3."C class" inventory will account for the remaining 5%, or 50% of total items.
ABC Analysis is similar to the Pareto principle in that the "A class" group will typically account for a large proportion of the overall value but a small percentage of the overall volume of inventory.
Another recommended breakdown of ABC classes:
1."A" approximately 10% of items or 66.6% of value
2."B" approximately 20% of items or 23.3% of value
3."C" approximately 70% of items or 10.1% of value
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Fix-Position Layout - Operations Management Assignment Help
Fix-Position Layout - Operations Management Assignment Help
A fixed position layout is one of the three basic options for laying out facilities to produce goods or deliver services, the other options being a process layout or product layout. A fourth option, the cell layout, is actually a hybrid facility arrangement that combines some of the principles of fixed position and product layouts.
The term “fixed position” implies that the product remains (more or less) stationary and all materials, equipment, labor, instructions, etc. are brought to the place of work. The service equivalent might be where the “customer” remains stationary and the various elements of the service are delivered to the point where the customer is located. The labor resource can comprise an individual worker or might involve group working.
Fixed position layouts are usually a feature of batch production, or jobbing operations. They offer a number of advantages, the most important of which is product flexibility. This is achieved because the machines and equipment used in fixed position layouts are mostly of a general purpose nature, the workers are usually multi-skilled, and several different products (or services) can be produced simultaneously and in parallel. In some cases, use of a fixed position layout is unavoidable as a result of the sheer size and nature of the product being made (e.g., construction of an oil rig) or because the product will remain stationary.
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A fixed position layout is one of the three basic options for laying out facilities to produce goods or deliver services, the other options being a process layout or product layout. A fourth option, the cell layout, is actually a hybrid facility arrangement that combines some of the principles of fixed position and product layouts.
The term “fixed position” implies that the product remains (more or less) stationary and all materials, equipment, labor, instructions, etc. are brought to the place of work. The service equivalent might be where the “customer” remains stationary and the various elements of the service are delivered to the point where the customer is located. The labor resource can comprise an individual worker or might involve group working.
Fixed position layouts are usually a feature of batch production, or jobbing operations. They offer a number of advantages, the most important of which is product flexibility. This is achieved because the machines and equipment used in fixed position layouts are mostly of a general purpose nature, the workers are usually multi-skilled, and several different products (or services) can be produced simultaneously and in parallel. In some cases, use of a fixed position layout is unavoidable as a result of the sheer size and nature of the product being made (e.g., construction of an oil rig) or because the product will remain stationary.
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Enterprise Resource Planning (ERP) - Operations Management Assignment Help
Enterprise Resource Planning (ERP) - Operations Management Assignment Help
An enterprise is a group of people with a common goal, which has certain resources at its disposal to achieve this goal. The enterprise acts as a single entity. This view of a company or organization is drastically different from the traditional approach where the organization is divided into different units based on the functions they perform. So we have a manufacturing or production department, production planning department, finance department, purchasing department, sales and distribution department, R&D department and so on. These departments are compartmentalized and have their own goals and objectives, which from their point of view is in line with the organization’s objectives.
These departments function in isolation and have their systems of data collection and analysis. So the information that is created or generated by the various departments, in most cases are available only to the top management and not to other departments. The result is that instead of taking the organization towards the common goal the various departments tends to pull it in different directions since one department does not know what the order does.
Enterprise Resource Planning An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ERP modules may be able to interface with an organization's own software with varying degrees of effort, and, depending on the software, ERP modules may be alterable via the vendor's proprietary tools as well as proprietary or standard programming languages.
An ERP system can include software for manufacturing, order entry, accounts receivable and payable, general ledger, purchasing, warehousing, transportation and human resources. The major ERP vendors are SAP, Oracle (PeopleSoft and J.D. Edwards), SSA Global (Baan) and Microsoft. Lawson Software specializes in back-end processing that integrates with another vendor's manufacturing system. See CRM, SAP, PeopleSoft, J.D. Edwards, Baan, Microsoft Dynamics, sales force automation, supply chain management and NRP.
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An enterprise is a group of people with a common goal, which has certain resources at its disposal to achieve this goal. The enterprise acts as a single entity. This view of a company or organization is drastically different from the traditional approach where the organization is divided into different units based on the functions they perform. So we have a manufacturing or production department, production planning department, finance department, purchasing department, sales and distribution department, R&D department and so on. These departments are compartmentalized and have their own goals and objectives, which from their point of view is in line with the organization’s objectives.
These departments function in isolation and have their systems of data collection and analysis. So the information that is created or generated by the various departments, in most cases are available only to the top management and not to other departments. The result is that instead of taking the organization towards the common goal the various departments tends to pull it in different directions since one department does not know what the order does.
Enterprise Resource Planning An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ERP modules may be able to interface with an organization's own software with varying degrees of effort, and, depending on the software, ERP modules may be alterable via the vendor's proprietary tools as well as proprietary or standard programming languages.
An ERP system can include software for manufacturing, order entry, accounts receivable and payable, general ledger, purchasing, warehousing, transportation and human resources. The major ERP vendors are SAP, Oracle (PeopleSoft and J.D. Edwards), SSA Global (Baan) and Microsoft. Lawson Software specializes in back-end processing that integrates with another vendor's manufacturing system. See CRM, SAP, PeopleSoft, J.D. Edwards, Baan, Microsoft Dynamics, sales force automation, supply chain management and NRP.
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Discrete Manufacturing - Operations Management Assignment Help
Discrete Manufacturing - Operations Management Assignment Help
Discrete manufacturing varies from Process Manufacturing. In discrete manufacturing, the manufacturing floor works off orders to build something. Examples include toys, medical equipment, computers and cars. The resulting products are easily identifiable. In process manufacturing, the products are undifferentiated, for example oil, natural gas and salt.
Discrete manufacturing is often characterized by individual or separate unit production. Units can be produced in low volume with very high complexity or high volumes of low complexity. Low volume/high complexity production results in the need for an extremely flexible manufacturing system that can improve quality and time-to-market speed while cutting costs. High volume/low complexity production puts high premiums on inventory controls, lead times and reducing or limiting materials costs and waste.
Industry Profile - Discrete Manufacturing includes makers of consumer electronics, computers and accessories, appliances, and other household items, as well as "big ticket” consumer and commercial goods like cars, airplanes and other customized goods. Discrete Manufacturing companies make physical products that go directly to businesses and consumers, and assemblies that are used by other manufacturers.
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Discrete manufacturing varies from Process Manufacturing. In discrete manufacturing, the manufacturing floor works off orders to build something. Examples include toys, medical equipment, computers and cars. The resulting products are easily identifiable. In process manufacturing, the products are undifferentiated, for example oil, natural gas and salt.
Discrete manufacturing is often characterized by individual or separate unit production. Units can be produced in low volume with very high complexity or high volumes of low complexity. Low volume/high complexity production results in the need for an extremely flexible manufacturing system that can improve quality and time-to-market speed while cutting costs. High volume/low complexity production puts high premiums on inventory controls, lead times and reducing or limiting materials costs and waste.
Industry Profile - Discrete Manufacturing includes makers of consumer electronics, computers and accessories, appliances, and other household items, as well as "big ticket” consumer and commercial goods like cars, airplanes and other customized goods. Discrete Manufacturing companies make physical products that go directly to businesses and consumers, and assemblies that are used by other manufacturers.
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Deterministic Inventory Model - Operations Management Assignment Help
Deterministic Inventory Model - Operations Management Assignment Help
Deterministic Inventory Model based on the assumption that all parameters and variable associated with an inventory are known or can be computed with certainty, and that the replenishment lead time is constant and independent of the demand.
Deterministic Inventory Models
This is one of the oldest developments in material management. Ford Harris developed it in 1915 and later R.H. Wilson in 1943, popularized it among researchers and practitioners.
Assumptions of the Model
1. Demand for the inventory is deterministic, i.e., it is known with certainty.
2. Demand rate is constant and known beforehand.
3. All orders are placed in single lot.
4. No stock-out shortages or back orders are allowed.
5. No quantity discount is allowed. Thus, purchase cost per unit is fixed.
6. Lead time is constant and it is independent of demand.
7. Inventory is controlled from one point of the system i.e., in a stockroom or in a warehouse.
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Deterministic Inventory Model based on the assumption that all parameters and variable associated with an inventory are known or can be computed with certainty, and that the replenishment lead time is constant and independent of the demand.
Deterministic Inventory Models
This is one of the oldest developments in material management. Ford Harris developed it in 1915 and later R.H. Wilson in 1943, popularized it among researchers and practitioners.
Assumptions of the Model
1. Demand for the inventory is deterministic, i.e., it is known with certainty.
2. Demand rate is constant and known beforehand.
3. All orders are placed in single lot.
4. No stock-out shortages or back orders are allowed.
5. No quantity discount is allowed. Thus, purchase cost per unit is fixed.
6. Lead time is constant and it is independent of demand.
7. Inventory is controlled from one point of the system i.e., in a stockroom or in a warehouse.
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Demand Chase - Operations Management Assignment Help
Demand Chase - Operations Management Assignment Help
Demand Chase is a production control plan that attempts to match capacity to the varying levels of forecast demand. Chase demand plans require flexible working practices and place varying demands on equipment requirements. Pure chase demand plans are difficult to achieve and are most commonly found in operations where output cannot be stored or where the organization is seeking to eliminate stores of finished goods.
Business strategy that involves matching supply with demand, as demand varies. The strategy is suitable for the end suppliers of a product or service who can closely match supply and demand. Chase demand strategy would also be suitable for a computer manufacturer and retailer that build computers to order, such as Dell. A problem associated with this strategy is that in periods of low demand the company will be working below its maximum capacity and may have to make staff redundant.
Methods of chasing demand include: employing staff on overtime when necessary; employing flexible and casual labor; buying in components that are usually made in-house; and outsourcing elements of the production process. This strategy is in contrast to a level output strategy, where output is at the rate of the average demand
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Demand Chase is a production control plan that attempts to match capacity to the varying levels of forecast demand. Chase demand plans require flexible working practices and place varying demands on equipment requirements. Pure chase demand plans are difficult to achieve and are most commonly found in operations where output cannot be stored or where the organization is seeking to eliminate stores of finished goods.
Business strategy that involves matching supply with demand, as demand varies. The strategy is suitable for the end suppliers of a product or service who can closely match supply and demand. Chase demand strategy would also be suitable for a computer manufacturer and retailer that build computers to order, such as Dell. A problem associated with this strategy is that in periods of low demand the company will be working below its maximum capacity and may have to make staff redundant.
Methods of chasing demand include: employing staff on overtime when necessary; employing flexible and casual labor; buying in components that are usually made in-house; and outsourcing elements of the production process. This strategy is in contrast to a level output strategy, where output is at the rate of the average demand
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Decision Tree - Operations Management Assignment Help
Decision Tree - Operations Management Assignment Help
A decision tree is a decision support tool that uses a tree-like graph or model of decisions and their possible consequences, including chance event outcomes, resource costs, and utility.
Decision trees are commonly used in operations research, specifically in decision analysis, to help identify a strategy most likely to reach a goal. Another use of decision trees is as a descriptive means for calculating conditional probabilities. When the decisions or consequences are modelled by computational verb, then we call the decision tree a computational verb decision tree
In decision analysis, a "decision tree" — and the closely-related influence diagram — is used as a visual and analytical decision support tool, where the expected values (or expected utility) of competing alternatives are calculated.
Decision trees have traditionally been created manually, as the following example shows:
A decision Tree consists of 3 types of nodes:-
1. Decision nodes - commonly represented by squares
2. Chance nodes - represented by circles
3. End nodes - represented by triangles
A decision tree is a decision support tool that uses a tree-like graph or model of decisions and their possible consequences, including chance event outcomes, resource costs, and utility.
Decision trees are commonly used in operations research, specifically in decision analysis, to help identify a strategy most likely to reach a goal. Another use of decision trees is as a descriptive means for calculating conditional probabilities. When the decisions or consequences are modelled by computational verb, then we call the decision tree a computational verb decision tree
In decision analysis, a "decision tree" — and the closely-related influence diagram — is used as a visual and analytical decision support tool, where the expected values (or expected utility) of competing alternatives are calculated.
Decision trees have traditionally been created manually, as the following example shows:
A decision Tree consists of 3 types of nodes:-
1. Decision nodes - commonly represented by squares
2. Chance nodes - represented by circles
3. End nodes - represented by triangles
Control charts - Operations Management Assignment Help
Control charts - Operations Management Assignment Help
Control charts, also known as Shewhart charts or process-behavior charts, in statistical process control are tools used to determine whether or not a manufacturing or business process is in a state of statistical control.
If analysis of the control chart indicates that the process is currently under control (i.e. is stable, with variation only coming from sources common to the process) then data from the process can be used to predict the future performance of the process. If the chart indicates that the process being monitored is not in control, analysis of the chart can help determine the sources of variation, which can then be eliminated to bring the process back into control. A control chart is a specific kind of run chart that allows significant change to be differentiated from the natural variability of the process.
The control chart can be seen as part of an objective and disciplined approach that enables correct decisions regarding control of the process, including whether or not to change process control parameters. Process parameters should never be adjusted for a process that is in control, as this will result in degraded process performance.
The control chart is one of the seven basic tools of quality control.
Chart usage
If the process is in control, all points will plot within the control limits. Any observations outside the limits, or systematic patterns within, suggest the introduction of a new (and likely unanticipated) source of variation, known as a special-cause variation. Since increased variation means increased quality costs, a control chart "signaling" the presence of a special-cause requires immediate investigation.
This makes the control limits very important decision aids. The control limits tell you about process behavior and have no intrinsic relationship to any specification targets or engineering tolerance. In practice, the process mean (and hence the center line) may not coincide with the specified value (or target) of the quality characteristic because the process' design simply can't deliver the process characteristic at the desired level.
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Control charts, also known as Shewhart charts or process-behavior charts, in statistical process control are tools used to determine whether or not a manufacturing or business process is in a state of statistical control.
If analysis of the control chart indicates that the process is currently under control (i.e. is stable, with variation only coming from sources common to the process) then data from the process can be used to predict the future performance of the process. If the chart indicates that the process being monitored is not in control, analysis of the chart can help determine the sources of variation, which can then be eliminated to bring the process back into control. A control chart is a specific kind of run chart that allows significant change to be differentiated from the natural variability of the process.
The control chart can be seen as part of an objective and disciplined approach that enables correct decisions regarding control of the process, including whether or not to change process control parameters. Process parameters should never be adjusted for a process that is in control, as this will result in degraded process performance.
The control chart is one of the seven basic tools of quality control.
Chart usage
If the process is in control, all points will plot within the control limits. Any observations outside the limits, or systematic patterns within, suggest the introduction of a new (and likely unanticipated) source of variation, known as a special-cause variation. Since increased variation means increased quality costs, a control chart "signaling" the presence of a special-cause requires immediate investigation.
This makes the control limits very important decision aids. The control limits tell you about process behavior and have no intrinsic relationship to any specification targets or engineering tolerance. In practice, the process mean (and hence the center line) may not coincide with the specified value (or target) of the quality characteristic because the process' design simply can't deliver the process characteristic at the desired level.
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Bill of Materials (BOM) - Operations Management Assignment Help
Bill of Materials (BOM) - Operations Management Assignment Help
Bill of materials (BOM) is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, components, parts and the quantities of each needed to manufacture an end item (final product). It may be used for communication between manufacturing partners, or confined to a single manufacturing plant.
A BOM can define products as they are designed (engineering bill of materials), as they are ordered (sales bill of materials), as they are built (manufacturing bill of materials), or as they are maintained (service bill of materials). The different types of BOMs depend on the business need and use for which they are intended. In process industries, the BOM is also known as the formula, recipe, or ingredients list. In electronics, the BOM represents the list of components used on the printed wiring board or printed circuit board. Once the design of the circuit is completed, the BOM list is passed on to the PCB layout engineer as well as component engineer who will procure the components required for the design.
BOMs are hierarchical in nature with the top level representing the finished product which may be a sub-assembly or a completed item. BOMs that describe the sub-assemblies are referred to as modular BOMs. An example of this is the NAAMS BOM that is used in the automative industry to list all the components in an assembly line. The structure of the NAAMS BOM is System, Line, Tool, Unit and Detail. The first hierarchical databases were developed for automating bills of materials for manufacturing organizations in the early 1960s.
A bill of materials "implosion" links component pieces to a major assembly, while a bill of materials "explosion" breaks apart each assembly or sub-assembly into its component parts.
A BOM can be displayed in the following formats:
• A single-level BOM that displays the assembly or sub-assembly with only one level of children. Thus it displays the components directly needed to make the assembly or sub-assembly.
• An indented BOM that displays the highest-level item closest to the left margin and the components used in that item indented more to the right.
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Bill of materials (BOM) is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, components, parts and the quantities of each needed to manufacture an end item (final product). It may be used for communication between manufacturing partners, or confined to a single manufacturing plant.
A BOM can define products as they are designed (engineering bill of materials), as they are ordered (sales bill of materials), as they are built (manufacturing bill of materials), or as they are maintained (service bill of materials). The different types of BOMs depend on the business need and use for which they are intended. In process industries, the BOM is also known as the formula, recipe, or ingredients list. In electronics, the BOM represents the list of components used on the printed wiring board or printed circuit board. Once the design of the circuit is completed, the BOM list is passed on to the PCB layout engineer as well as component engineer who will procure the components required for the design.
BOMs are hierarchical in nature with the top level representing the finished product which may be a sub-assembly or a completed item. BOMs that describe the sub-assemblies are referred to as modular BOMs. An example of this is the NAAMS BOM that is used in the automative industry to list all the components in an assembly line. The structure of the NAAMS BOM is System, Line, Tool, Unit and Detail. The first hierarchical databases were developed for automating bills of materials for manufacturing organizations in the early 1960s.
A bill of materials "implosion" links component pieces to a major assembly, while a bill of materials "explosion" breaks apart each assembly or sub-assembly into its component parts.
A BOM can be displayed in the following formats:
• A single-level BOM that displays the assembly or sub-assembly with only one level of children. Thus it displays the components directly needed to make the assembly or sub-assembly.
• An indented BOM that displays the highest-level item closest to the left margin and the components used in that item indented more to the right.
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Tuesday, May 18, 2010
Private Equity & Venture Capital - Finance Assignment Help
Private Equity & Venture Capital - Finance Assignment Help
Private Equity: Private Equity is that Equity Capital which is not quoted on a public exchange. Private Equity consists of investors and funds that make investments in private companies and conduct buyouts of public companies. Capital for private equity is raised from retail and institutional investors and can be used to fund new technologies, expand working capital within an owned company, make acquisitions or to strengthen balance sheet. The majority of private equity consists of institutional investors and accredited investors who can commit large sums of money for long periods of time. Private equity investments often demand long holding periods to allow for a turnaround for a distressed company or liquidity event such as an IPO or sale to public company.
The size of the private equity market has grown steadily since the 1970s. Private equity firms will sometimes pool funds together to take very large public companies private. Many private equity firms conduct what are known as leveraged buyouts (LBOs), where large amounts of debt are issued to fund a large purchase. Private equity firms will then try to improve the financial results and prospects of the company in the hope of reselling the company to another firm or cashing out via an IPO.
Venture Capital: Venture capital firm is a limited partnership that specializes in raising money to invest in the private equity of young firms. Venture capital firms offer limited partners a number of advantages over investing directly in start-ups themselves. Because these firms invest in many startups, limited partners are more diversified. They also benefit from the expertise of the general partners.
However, these advantages come at a cost. General partners usually charge substantial fees, taken mainly as a percentage of the positive returns they generate. Most firms charge 20% of any positive return they make, but the successful firms may charge 30%. They also generally charge an annual management fee of about 2%of the fund’s committed capital. Venture capital firms can provide substantial capital for young companies.
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Private Equity: Private Equity is that Equity Capital which is not quoted on a public exchange. Private Equity consists of investors and funds that make investments in private companies and conduct buyouts of public companies. Capital for private equity is raised from retail and institutional investors and can be used to fund new technologies, expand working capital within an owned company, make acquisitions or to strengthen balance sheet. The majority of private equity consists of institutional investors and accredited investors who can commit large sums of money for long periods of time. Private equity investments often demand long holding periods to allow for a turnaround for a distressed company or liquidity event such as an IPO or sale to public company.
The size of the private equity market has grown steadily since the 1970s. Private equity firms will sometimes pool funds together to take very large public companies private. Many private equity firms conduct what are known as leveraged buyouts (LBOs), where large amounts of debt are issued to fund a large purchase. Private equity firms will then try to improve the financial results and prospects of the company in the hope of reselling the company to another firm or cashing out via an IPO.
Venture Capital: Venture capital firm is a limited partnership that specializes in raising money to invest in the private equity of young firms. Venture capital firms offer limited partners a number of advantages over investing directly in start-ups themselves. Because these firms invest in many startups, limited partners are more diversified. They also benefit from the expertise of the general partners.
However, these advantages come at a cost. General partners usually charge substantial fees, taken mainly as a percentage of the positive returns they generate. Most firms charge 20% of any positive return they make, but the successful firms may charge 30%. They also generally charge an annual management fee of about 2%of the fund’s committed capital. Venture capital firms can provide substantial capital for young companies.
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Saturday, May 15, 2010
Mergers and Acquisitions - Finance Assignment Help
Mergers and Acquisitions - Finance Assignment Help
In business there is one simple rule: grow or die. Companies on a growth path will take away market share from competitors, create economic profits and provide returns to shareholders.
Those that do not grow tend to stagnate, lose customers and market share, and destroy shareholder value. Mergers and acquisitions play a critical role in both sides of the cycle -- enabling strong companies to grow faster than competition and providing entrepreneurs rewards for their efforts, and ensuring weaker companies are more quickly swallowed, or worse, made irrelevant through exclusion and ongoing share erosion.
Mergers and Acquisitions and a vital part of any healthy economy and importantly, the primary way that companies are able to provide returns to owners and investors. This fact combined with the potential for large returns, make acquisition a highly attractive way for entrepreneurs and owners to capitalize on the value created in a company.
During 1980s, nearly half of the companies in the US were restructured and over 80000 were acquired or merged, and over 700000 sought bankruptcy protection in order to reorganize and continue operations. The more recent wave of M&A activity seen since 2004 has been driven by the more general macroeconomic recovery and several key trends.
Reasons of Acquire
• Economies to scale and scope: A large company can enjoy economies of scale or savings from producing goods in high volume that are not available to a small company. Larger firms can also benefit from economies of scope, which are savings that come from combining the marketing and distribution of different types of related products.
• Vertical Integration: Vertical integration refers to the merger of two companies in the same industry that make products required at different stages of the production cycle. A company might conclude that it can enhance its product if it has direct control of the inputs required to make the product. Similarly, another company might not be happy with how its products are being distributed, so it might decide to take control of its distribution channels.
The principal benefit of vertical integration is coordination. By putting two companies under central control, management can ensure that both companies work toward a common goal.
• Expertise: Firms often need expertise in particular areas to compete more efficiently. Faced with this situation, a firm can enter the labor market and attempt to hire personnel with the required skills. Hiring experienced workers directly might be very difficult for existing managers to identify the talent they need. A more efficient solution may be to purchase the talent as an already functioning unit by acquiring an existing firm.
• Monopoly Gains: It is often argues that merging with or acquiring a major rival enables a firm to substantially reduce competition within the industry and thereby increasing the profits. Society as a whole bears the cost of monopoly strategies, so most countries have antitrust laws that limit such activity.
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CAPM Model - Finance Assignment Help
CAPM Model - Finance Assignment Help
CAPM Model is the acronym for Capital Asset Pricing Model. It is used to determine an appropriate rate of return of an asset. It’s a mathematical model that seeks to explain the relationship between risk and return in a rational equilibrium market.
William Sharpe, John Lintner and Jan Mossin independently developed the CAPM. The main element of this concept is that it separates the risk affecting an asset’s return into two categories. The first type is unsystematic or company specific risk. The long-term average returns for this kind of risk should be zero. The second kind of risk is called systematic risk, is due to general economic uncertainty. The CAPM states that the return on assets should on an average, equal the yield on a risk-free bond held over that time plus a premium proportional to the amount of systematic risk the stock possesses.
A fundamental principle of modern portfolio theory is that unsystematic risk can be mitigated through diversification. That is by holding many different assets, random fluctuations in the value of one will be offset by opposite fluctuations in another.
Systematic risk is a risk that cannot be removed by diversification. This risk represents the variation in an asset’s value caused by unpredictable economic movements. This type of risk represents the necessary risk that owners of a firm must accept when launching an enterprise. Regardless of product quality or executive ability, a firm’s profitability will be influenced by economic trends.
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CAPM Model is the acronym for Capital Asset Pricing Model. It is used to determine an appropriate rate of return of an asset. It’s a mathematical model that seeks to explain the relationship between risk and return in a rational equilibrium market.
William Sharpe, John Lintner and Jan Mossin independently developed the CAPM. The main element of this concept is that it separates the risk affecting an asset’s return into two categories. The first type is unsystematic or company specific risk. The long-term average returns for this kind of risk should be zero. The second kind of risk is called systematic risk, is due to general economic uncertainty. The CAPM states that the return on assets should on an average, equal the yield on a risk-free bond held over that time plus a premium proportional to the amount of systematic risk the stock possesses.
A fundamental principle of modern portfolio theory is that unsystematic risk can be mitigated through diversification. That is by holding many different assets, random fluctuations in the value of one will be offset by opposite fluctuations in another.
Systematic risk is a risk that cannot be removed by diversification. This risk represents the variation in an asset’s value caused by unpredictable economic movements. This type of risk represents the necessary risk that owners of a firm must accept when launching an enterprise. Regardless of product quality or executive ability, a firm’s profitability will be influenced by economic trends.
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Corporate Finance - Finance Assignment Help
Corporate Finance - Finance Assignment Help
Corporate finance is the area of finance dealing with financial decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize corporate value while managing the firm’s financial risks.
Corporate finance deals with both short-term and long-term decisions and techniques. The long-term decisions of finance deal with the initial investment of the corporation. The questions about which industry to invest in, what is the extent that can be invested. What is the profitability of this industry, etc. are all answered while taking long-term decisions. The long-term decisions also deal with the profitability analysis, the return on investment, the break-even analysis, etc.
The short-term decisions are about the day-to-day functioning of the business like how much to produce, what should be the price, what is the working capital requirement, dealing with current assets and current liabilities, managing cash, short-term borrowing and credit extended are some of the things about which short-term decisions are taken.
The main long term decisions include:
Capital Investment Decisions: These are the most basic and the most important decisions that are made. Decisions are taken related to capital structure and the fixed assets. This concept tries to maximize the value of the company by investing in projects which yield a positive Net Present Value.
The investment Decisions: Management must allocate between the limited and competing resources in a process known as capital budgeting, which is a function of the size, timing and predictability of future cash flows.
Working Capital Management: Decisions regarding the working management are taken in order for the company to work smoothly on a day-to-day level. This requires for the correct level of maintaining the current assets and current liabilities.
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Corporate finance is the area of finance dealing with financial decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize corporate value while managing the firm’s financial risks.
Corporate finance deals with both short-term and long-term decisions and techniques. The long-term decisions of finance deal with the initial investment of the corporation. The questions about which industry to invest in, what is the extent that can be invested. What is the profitability of this industry, etc. are all answered while taking long-term decisions. The long-term decisions also deal with the profitability analysis, the return on investment, the break-even analysis, etc.
The short-term decisions are about the day-to-day functioning of the business like how much to produce, what should be the price, what is the working capital requirement, dealing with current assets and current liabilities, managing cash, short-term borrowing and credit extended are some of the things about which short-term decisions are taken.
The main long term decisions include:
Capital Investment Decisions: These are the most basic and the most important decisions that are made. Decisions are taken related to capital structure and the fixed assets. This concept tries to maximize the value of the company by investing in projects which yield a positive Net Present Value.
The investment Decisions: Management must allocate between the limited and competing resources in a process known as capital budgeting, which is a function of the size, timing and predictability of future cash flows.
Working Capital Management: Decisions regarding the working management are taken in order for the company to work smoothly on a day-to-day level. This requires for the correct level of maintaining the current assets and current liabilities.
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Capital Structure - Finance Assignment Help
Capital Structure - Finance Assignment Help
Capital structure is the way in which a company finances its assets by employing equity, debt and other financial aids. The company has to strike a balance between, the ratio of equity and debt and other financial aids. A company needs to maintain an optimal capital structure, where the market value per share is maximum and the cost of capital is minimum.
The company must consider the cost of capital. Cost of capital is defined as the cost incurred by a corporation to raise its capital. If there are no taxes, then the average cost of capital would be equal to the average return that an investor in a corporation expects to earn after having invested proportionately in the company.
The appropriate capital structure of a company should have the following features.
• Profitability or Return
• Solvency or Risk
• Flexibility
• Conversation and Capacity
• Control
The Modigliani-Miller theorem, proposed by Franco Modigliani and Merton Miller, forms the basis for today’s theory and study of capital structure. It is viewed as a theoretical since it assumes important factors in the capital structure decision. The theorem states that, ‘in a perfect market, how a firm is financed is irrelevant to its value.’
Financial Leverage: The use of fixed-charges sources of funds, such as debt and preference capital along with the owners’ capital structure, is described as financial leverage or gearing or trading on equity.
The financial leverage employed by a company is intended to earn more return on the fixed-charge funds than their costs. The surplus or deficit will increase or decrease the return on the owner’s equity. The rate of return on the owner’s equity is levered above or below the rate of return on total assets.
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Capital structure is the way in which a company finances its assets by employing equity, debt and other financial aids. The company has to strike a balance between, the ratio of equity and debt and other financial aids. A company needs to maintain an optimal capital structure, where the market value per share is maximum and the cost of capital is minimum.
The company must consider the cost of capital. Cost of capital is defined as the cost incurred by a corporation to raise its capital. If there are no taxes, then the average cost of capital would be equal to the average return that an investor in a corporation expects to earn after having invested proportionately in the company.
The appropriate capital structure of a company should have the following features.
• Profitability or Return
• Solvency or Risk
• Flexibility
• Conversation and Capacity
• Control
The Modigliani-Miller theorem, proposed by Franco Modigliani and Merton Miller, forms the basis for today’s theory and study of capital structure. It is viewed as a theoretical since it assumes important factors in the capital structure decision. The theorem states that, ‘in a perfect market, how a firm is financed is irrelevant to its value.’
Financial Leverage: The use of fixed-charges sources of funds, such as debt and preference capital along with the owners’ capital structure, is described as financial leverage or gearing or trading on equity.
The financial leverage employed by a company is intended to earn more return on the fixed-charge funds than their costs. The surplus or deficit will increase or decrease the return on the owner’s equity. The rate of return on the owner’s equity is levered above or below the rate of return on total assets.
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Bond Valuation - Finance Assignment Help
Bond Valuation - Finance Assignment Help
A Bond is a security sold by Governments and Corporations to raise money from investors today in exchange for the promised future payment. The terms of the bond are described as part of the Bond Certificate, which indicates the amounts and dates of all payments to be made. These payments are made until a final repayment date, called maturity date of the bond. The time remaining until the repayment date is known as the term of the bond.
Bonds typically make two types of payments to their holders. The promised interest payments of a bond are called coupons. The bond certificate typically specifies that the coupons will be paid periodically until the maturity date of the bond. The principal or face value of a bond is the notional amount we use to compute interest payments. Usually, the face value is repaid at maturity. It is generally denominated in standard increments such as $1000. A bond with a $1000 face value, for instance, is often referred as “$1000 bond”.
The amount of each coupon payment is determined by the coupon rate of the bond. This coupon rate is set by the issuer and stated on the bond certificate. By convention, the coupon rate is expresses as an APR, so the amount of each coupon payment, CPN, is
Coupon Payment = Coupon Rate × Face Value/ Number of Coupon Payments per Year
For example, a $1000 bond with a 10% coupon rate and semiannual payments will pay coupon payments of $1000 × 10% /2 = $50 every six months.
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A Bond is a security sold by Governments and Corporations to raise money from investors today in exchange for the promised future payment. The terms of the bond are described as part of the Bond Certificate, which indicates the amounts and dates of all payments to be made. These payments are made until a final repayment date, called maturity date of the bond. The time remaining until the repayment date is known as the term of the bond.
Bonds typically make two types of payments to their holders. The promised interest payments of a bond are called coupons. The bond certificate typically specifies that the coupons will be paid periodically until the maturity date of the bond. The principal or face value of a bond is the notional amount we use to compute interest payments. Usually, the face value is repaid at maturity. It is generally denominated in standard increments such as $1000. A bond with a $1000 face value, for instance, is often referred as “$1000 bond”.
The amount of each coupon payment is determined by the coupon rate of the bond. This coupon rate is set by the issuer and stated on the bond certificate. By convention, the coupon rate is expresses as an APR, so the amount of each coupon payment, CPN, is
Coupon Payment = Coupon Rate × Face Value/ Number of Coupon Payments per Year
For example, a $1000 bond with a 10% coupon rate and semiannual payments will pay coupon payments of $1000 × 10% /2 = $50 every six months.
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Profitability Index (PI) - Finance Assignment Help
Profitability Index (PI) - Finance Assignment Help
It is also called as Profit Investment Ratio. It is the ratio of investment to payoff of a proposed project.
Profitability Index = PV of future cash flows/ PV of initial investment
The Profitability Index simply answers the question of how much in present value benefits is created per dollar of investment. The PI shows the relative profitability of an investment, or the present value of benefits per the present worth of every dollar invested (the higher ne return for each dollar invested).
Assuming that the cash flow calculated does not include the investment made in project, a profitability index of 1 indicates break-even. Any value lower than 1 would indicate that the project’s PV is less than the initial investment. As the value of the profitability index increases, so does the financial attractiveness of the proposed project.
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It is also called as Profit Investment Ratio. It is the ratio of investment to payoff of a proposed project.
Profitability Index = PV of future cash flows/ PV of initial investment
The Profitability Index simply answers the question of how much in present value benefits is created per dollar of investment. The PI shows the relative profitability of an investment, or the present value of benefits per the present worth of every dollar invested (the higher ne return for each dollar invested).
Assuming that the cash flow calculated does not include the investment made in project, a profitability index of 1 indicates break-even. Any value lower than 1 would indicate that the project’s PV is less than the initial investment. As the value of the profitability index increases, so does the financial attractiveness of the proposed project.
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Present Value Annuity - Finance Assignment Help
Present Value Annuity - Finance Assignment Help
Annuities are a series of equal payments or receipts that occur at even spaced intervals. There are two types of annuities, one is ordinary annuity: a payment which is received or paid during the end of a period is called ordinary annuity and the other is which occurs during the beginning of a year and is called annuity due.
Present Value of an Ordinary Annuity is the value of a stream of expected or promised future payments that have been discounted to a single equivalent value today. Its important for comparing two separate cash flows that differ in some way.
The formula is
PVoa = PMT[(1-(1/(1+i)n))/i], where PVoa = Present Value of an ordinary annuity
PMT = Amount of each payment, i = Discount Rate Per Period, n = number of Periods
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Annuities are a series of equal payments or receipts that occur at even spaced intervals. There are two types of annuities, one is ordinary annuity: a payment which is received or paid during the end of a period is called ordinary annuity and the other is which occurs during the beginning of a year and is called annuity due.
Present Value of an Ordinary Annuity is the value of a stream of expected or promised future payments that have been discounted to a single equivalent value today. Its important for comparing two separate cash flows that differ in some way.
The formula is
PVoa = PMT[(1-(1/(1+i)n))/i], where PVoa = Present Value of an ordinary annuity
PMT = Amount of each payment, i = Discount Rate Per Period, n = number of Periods
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Internal Rate of Return - Finance Assignment Help
Internal Rate of Return - Finance Assignment Help
It is used to calculate the rate of return or profits from an investment. It is used in capital budgeting. Its also called as discounted cash flow rate of return. It is defined as the annualized effective compounded rate of return that can be earned on the capital invested.
In general terms the higher a project’s IRR the more desirable it is to undertake the project. It is used to rank the projects which a firm’s considering.
The formula for IRR is
IRR = CF0 + CF1 /(1+r)1 + CF2/(1+r)^2 + CF3/(1+r)^3 +. . . . + CFn/(1+r)^n = 0.
Here CF is the Cash Flow generated in the specific period. IRR is denoted by r is to be calculated using trail and error method.
Because the internal rate of return is a rate quantity, it is an indicator of the efficiency, quality, or yield of an investment. This is in contrast with the net present value, which is an indicator of the value or magnitude of an investment.
An investment is considered acceptable if its internal rate of return is greater than an established minimum acceptable rate of return or cost of capital. In a scenario where an investment is considered by a firm that has equity holders, this minimum rate is the cost of capital of the investment (which may be determined by the risk-adjusted cost of capital of alternative investments). This ensures that the investment is supported by equity holders since, in general, an investment whose IRR exceeds its cost of capital adds value for the company.
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It is used to calculate the rate of return or profits from an investment. It is used in capital budgeting. Its also called as discounted cash flow rate of return. It is defined as the annualized effective compounded rate of return that can be earned on the capital invested.
In general terms the higher a project’s IRR the more desirable it is to undertake the project. It is used to rank the projects which a firm’s considering.
The formula for IRR is
IRR = CF0 + CF1 /(1+r)1 + CF2/(1+r)^2 + CF3/(1+r)^3 +. . . . + CFn/(1+r)^n = 0.
Here CF is the Cash Flow generated in the specific period. IRR is denoted by r is to be calculated using trail and error method.
Because the internal rate of return is a rate quantity, it is an indicator of the efficiency, quality, or yield of an investment. This is in contrast with the net present value, which is an indicator of the value or magnitude of an investment.
An investment is considered acceptable if its internal rate of return is greater than an established minimum acceptable rate of return or cost of capital. In a scenario where an investment is considered by a firm that has equity holders, this minimum rate is the cost of capital of the investment (which may be determined by the risk-adjusted cost of capital of alternative investments). This ensures that the investment is supported by equity holders since, in general, an investment whose IRR exceeds its cost of capital adds value for the company.
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Net Present value - Finance Assignment Help
Net Present value - Finance Assignment Help
is the difference between the present value of cash inflows and the present values of cash outflows. It is used in capital budgeting to analyze the profitability of an investment.
The formula for NPV is,
In other words, NPV compares the value of money today and the value of the same amount of money in the future. If the NPV is positive for a project or an investment then we can accept it. If the NPV is negative then reject the project.
if a retail grocery business wants to purchase an existing store, it would first estimate the future cash flows that store would generate, and then discount those cash flows into one lump-sum present value amount, say $600,000. If the owner of the store was willing to sell his business for less than $600,000, the purchasing company would likely accept the offer as it presents a positive NPV investment. Conversely, if the owner is not willing to sell for less than $600,000, the purchaser would not buy the store, as the investment would present a negative NPV at that time and would, therefore, reduce the overall value of the business.
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is the difference between the present value of cash inflows and the present values of cash outflows. It is used in capital budgeting to analyze the profitability of an investment.
The formula for NPV is,
In other words, NPV compares the value of money today and the value of the same amount of money in the future. If the NPV is positive for a project or an investment then we can accept it. If the NPV is negative then reject the project.
if a retail grocery business wants to purchase an existing store, it would first estimate the future cash flows that store would generate, and then discount those cash flows into one lump-sum present value amount, say $600,000. If the owner of the store was willing to sell his business for less than $600,000, the purchasing company would likely accept the offer as it presents a positive NPV investment. Conversely, if the owner is not willing to sell for less than $600,000, the purchaser would not buy the store, as the investment would present a negative NPV at that time and would, therefore, reduce the overall value of the business.
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Present Value - Finance Assignment Help
Present Value - Finance Assignment Help
is the value of today’s money of an amount of money in the future.
The background for this concept is that if you are given a choice of $500 today and $500 after 5 years, naturally, any rational man would choose to take the money today. It is because of the fact that $500 taken today will be worth more than $500 after 5 years.
The reason is, if you take the money today and invest it in bank which gives 10% of interest pa. So, after five years the original $500 will become $500*10/100*5= $250. So, after 5 years the amount of $500 today will be worth $750 (Principal $500 + Interest $250).
The Theory is that when the interest rate is higher the Present Value will be less. Here, in the above example we can see that the interest is 10% p.a. and half of the principal gets added up to the principal.
If in the above case if the interest is say 15%, then, the amount received finally will increase more given the time is constant In both cases. $500*15/100*5 = $375. If the interest rate is 20% then the amount will double after 5 years as $500*20/100*5 = 500.
The formula for calculating Present Value is P = F / (1+r)n, where P is the Present value, F is the Future value and r is the rate of return and n is the number of years.
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is the value of today’s money of an amount of money in the future.
The background for this concept is that if you are given a choice of $500 today and $500 after 5 years, naturally, any rational man would choose to take the money today. It is because of the fact that $500 taken today will be worth more than $500 after 5 years.
The reason is, if you take the money today and invest it in bank which gives 10% of interest pa. So, after five years the original $500 will become $500*10/100*5= $250. So, after 5 years the amount of $500 today will be worth $750 (Principal $500 + Interest $250).
The Theory is that when the interest rate is higher the Present Value will be less. Here, in the above example we can see that the interest is 10% p.a. and half of the principal gets added up to the principal.
If in the above case if the interest is say 15%, then, the amount received finally will increase more given the time is constant In both cases. $500*15/100*5 = $375. If the interest rate is 20% then the amount will double after 5 years as $500*20/100*5 = 500.
The formula for calculating Present Value is P = F / (1+r)n, where P is the Present value, F is the Future value and r is the rate of return and n is the number of years.
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Monday, May 10, 2010
Neoclassical Economics - Economics Assignment Help
Neoclassical Economics - Economics Assignment Help
The origin of a classical approach to economics goes back to the 18th century. Adam Smith’s book on Economics, "An enquiry into the nature and causes of wealth of nations" was published in the year 1776. Neoclassical theory proposes or assumes that the market as an abstract idea. And all the players in the market, i.e. the buyers and sellers as well are ‘actors’ who are playing their part. It also proposes that markets will reach equilibrium, if all the sellers who want to sell at or below a given price will sell to buyers who are willing to buy at or above a given price, the price is worked out in the market.
Neoclassical theory is an approach to economics that relates supply and demand to an individual’s rationality and his or her ability to maximize utility or profits. The concept used mathematical equations to study the various aspects of economy. This approach was developed in the late-nineteenth century, based on books by William Stanley Jevons, Carl Menger and Leon Walrus.
It provides an analytical framework from which to argue in favor of the existing distribution of wealth: wealth is the result of the decisions that individuals make, not the result of processes of coercion, theft, colonization, etc. In neoclassical theory, those who become wealthy do so by hard work and frugality, while those who become poor do so by profligacy and laziness. It must be noted that the economy will attain equilibrium only when there are unrestrained market exchanges, allowing individuals to take decisions without the interference from the government.
Adam Smith proposed the concept of an ‘Invisible Hand’. The idea of the invisible hand was that, in a free market, individuals conduct their economic affairs in their own best interest and the overall economy will work well. As Smith put in, "in a market economy individuals, while pursuing their own self-interests, seem to be led by an 'invisible hand' to maximize the general welfare of everyone in the economy."
Since its inception, the neoclassical approach has grown to become the primary take on the modern-day economics. It is one of the widely taught form of economics.
Neoclassical concept of economics is criticized by Keynesian Concept of economists. They do not believe in the abstract assumptions taken by the classical economists.
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The origin of a classical approach to economics goes back to the 18th century. Adam Smith’s book on Economics, "An enquiry into the nature and causes of wealth of nations" was published in the year 1776. Neoclassical theory proposes or assumes that the market as an abstract idea. And all the players in the market, i.e. the buyers and sellers as well are ‘actors’ who are playing their part. It also proposes that markets will reach equilibrium, if all the sellers who want to sell at or below a given price will sell to buyers who are willing to buy at or above a given price, the price is worked out in the market.
Neoclassical theory is an approach to economics that relates supply and demand to an individual’s rationality and his or her ability to maximize utility or profits. The concept used mathematical equations to study the various aspects of economy. This approach was developed in the late-nineteenth century, based on books by William Stanley Jevons, Carl Menger and Leon Walrus.
It provides an analytical framework from which to argue in favor of the existing distribution of wealth: wealth is the result of the decisions that individuals make, not the result of processes of coercion, theft, colonization, etc. In neoclassical theory, those who become wealthy do so by hard work and frugality, while those who become poor do so by profligacy and laziness. It must be noted that the economy will attain equilibrium only when there are unrestrained market exchanges, allowing individuals to take decisions without the interference from the government.
Adam Smith proposed the concept of an ‘Invisible Hand’. The idea of the invisible hand was that, in a free market, individuals conduct their economic affairs in their own best interest and the overall economy will work well. As Smith put in, "in a market economy individuals, while pursuing their own self-interests, seem to be led by an 'invisible hand' to maximize the general welfare of everyone in the economy."
Since its inception, the neoclassical approach has grown to become the primary take on the modern-day economics. It is one of the widely taught form of economics.
Neoclassical concept of economics is criticized by Keynesian Concept of economists. They do not believe in the abstract assumptions taken by the classical economists.
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Solow Growth Model - Economics Assignment Help
Solow Growth Model - Economics Assignment Help
The Solow Growth Model is also known as Exogenous Growth Model, Neo-classical Growth Model and Solow-Swan Growth Model. This concept is used to define what is called a model for long-run economic growth.
The model owes its important contributions to economists Robert Solow and T.W.Swan. They developed a relatively simple growth model which was fit with available U.S. economic growth with some success. Solow’s model emphasizes more on capital. Solow argued that new capital should be used instead of old capital. Solow believed that capital was produced from technology and technology improved overtime. So, Solow suggested that employing new capital would be much productive than the old capital.
This model was first developed by Sir Roy F. Harrod and Evsey Domar in 1946. Thus it was called Harrod-Domar Model. Solow’s Model is an extension of the above model. The extensions included
· Adding labor as factor of production.
· Requiring diminishing returns to labor and capital separately and constant returns to scale for both factors combined.
· Introducing a time-varying technology variable distinct from capital and labor.
Short-run implications:
Policy measures like tax cuts or investment subsidies can affect the steady level of output but not long-run growth rate. Growth is affected only in the short-run as the economy converges to the new steady output level. The rate of growth as the economy converges to the steady state is determined by the rate of capital accumulation. Capital accumulation can be determined by the savings rate (the proportion of output used to create more capital rather than being consumed) and the rate of capital depreciation.
Long-run implications:
In neoclassical models long-run growth rate is determined outside of the model. A common prediction of these models is that an economy will move toward steady growth rate, which in turn is dependent on the technological progress and the rate of labor force growth.
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The Solow Growth Model is also known as Exogenous Growth Model, Neo-classical Growth Model and Solow-Swan Growth Model. This concept is used to define what is called a model for long-run economic growth.
The model owes its important contributions to economists Robert Solow and T.W.Swan. They developed a relatively simple growth model which was fit with available U.S. economic growth with some success. Solow’s model emphasizes more on capital. Solow argued that new capital should be used instead of old capital. Solow believed that capital was produced from technology and technology improved overtime. So, Solow suggested that employing new capital would be much productive than the old capital.
This model was first developed by Sir Roy F. Harrod and Evsey Domar in 1946. Thus it was called Harrod-Domar Model. Solow’s Model is an extension of the above model. The extensions included
· Adding labor as factor of production.
· Requiring diminishing returns to labor and capital separately and constant returns to scale for both factors combined.
· Introducing a time-varying technology variable distinct from capital and labor.
Short-run implications:
Policy measures like tax cuts or investment subsidies can affect the steady level of output but not long-run growth rate. Growth is affected only in the short-run as the economy converges to the new steady output level. The rate of growth as the economy converges to the steady state is determined by the rate of capital accumulation. Capital accumulation can be determined by the savings rate (the proportion of output used to create more capital rather than being consumed) and the rate of capital depreciation.
Long-run implications:
In neoclassical models long-run growth rate is determined outside of the model. A common prediction of these models is that an economy will move toward steady growth rate, which in turn is dependent on the technological progress and the rate of labor force growth.
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Phillips Curve - Economics Assignment Help
Phillips Curve - Economics Assignment Help
Phillips Curve deals with the relationship between unemployment and inflation in an economy. It was study on The British Economy between the periods 1861- 1957. The study states that the lower the rate of unemployment in an economy the higher the rate of increase in wages and the higher the rate of unemployment the lower the rate of increase in wages. It was observed that there was a stable tradeoff in the short run between unemployment and inflation, this has not been observed in the long run.
Phillips Curve was named after William Phillips, a New Zealand born economist wrote a paper in 1958 titled ‘The Relationship Between Unemployment and the Rate of Change of Money Wages in the United Kingdom 1861 - 1957’. This paper was published quarterly in the journal Economica. In this paper Philips discussed the inverse relationship between money wage changes and unemployment in the British economy over the period examined. Similar patterns were found in other countries and so this theory got accepted and the curve came to be known as The Phillips Curve.
Phillips observed that the lower the unemployment rate, the tighter the labor market and, therefore, the faster firms must raise wages to attract scarce labor. At higher rates of unemployment, the pressure reduced. Phillips’s “curve” represented the average relationship between unemployment and wage behavior over the business cycle. It showed the rate of wage inflation that would result if a certain level of unemployment continued for some time.
Although the discovery was based on the data for United Kingdom, researchers quickly extended this finding to other countries. Two years after the article was published, economists Paul Samuelson and Robert Solow published an article in the American Economic Review called “Analysis of Anti-inflation Policy” in which they showed similar negative correlation between inflation and unemployment in data for the United States. They reasoned that this correlation arose because low unemployment was associated with high aggregate demand, which in turn puts upward pressure on wages and prices throughout the economy.
Samuelson and Solow believed that the Phillips Curve gave valuable lessons to policy-makers of possible economic outcomes. By altering monetary and fiscal policy to influence aggregate demand, policymakers could choose any point on this curve. Point A offers High employment and low inflation and point B offers Low employment and high inflation.
Phillips Curve deals with the relationship between unemployment and inflation in an economy. It was study on The British Economy between the periods 1861- 1957. The study states that the lower the rate of unemployment in an economy the higher the rate of increase in wages and the higher the rate of unemployment the lower the rate of increase in wages. It was observed that there was a stable tradeoff in the short run between unemployment and inflation, this has not been observed in the long run.
Phillips Curve was named after William Phillips, a New Zealand born economist wrote a paper in 1958 titled ‘The Relationship Between Unemployment and the Rate of Change of Money Wages in the United Kingdom 1861 - 1957’. This paper was published quarterly in the journal Economica. In this paper Philips discussed the inverse relationship between money wage changes and unemployment in the British economy over the period examined. Similar patterns were found in other countries and so this theory got accepted and the curve came to be known as The Phillips Curve.
Phillips observed that the lower the unemployment rate, the tighter the labor market and, therefore, the faster firms must raise wages to attract scarce labor. At higher rates of unemployment, the pressure reduced. Phillips’s “curve” represented the average relationship between unemployment and wage behavior over the business cycle. It showed the rate of wage inflation that would result if a certain level of unemployment continued for some time.
Although the discovery was based on the data for United Kingdom, researchers quickly extended this finding to other countries. Two years after the article was published, economists Paul Samuelson and Robert Solow published an article in the American Economic Review called “Analysis of Anti-inflation Policy” in which they showed similar negative correlation between inflation and unemployment in data for the United States. They reasoned that this correlation arose because low unemployment was associated with high aggregate demand, which in turn puts upward pressure on wages and prices throughout the economy.
Samuelson and Solow believed that the Phillips Curve gave valuable lessons to policy-makers of possible economic outcomes. By altering monetary and fiscal policy to influence aggregate demand, policymakers could choose any point on this curve. Point A offers High employment and low inflation and point B offers Low employment and high inflation.
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Oligopoly - Economics Assignment Help
Oligopoly - Economics Assignment Help
Oligopoly is a market form in which there are only a small number of sellers (oligopolists). The word is derived from the Greek word “oligoi” meaning “a few” and “polein” meaning “to sell”. As there are only few sellers in the market, it is highly likely that each seller is aware of the other sellers. The decision that one takes will definitely influence or be influenced by the competitors in the market. Strategic planning is an essential trait in oligopoly.
It is a common form of market that we see. A good example of oligopoly in the U.S. is the petroleum industry and the automobile industry. This type of competition gives rise to wide range of different outcomes. In some situations, the firms may employ restrictive trade practices like collusion and market sharing, etc to raise prices and restrict production in much the same way as monopoly.
Features of Oligopoly:
· Profit maximization conditions: An oligopoly maximizes profits by producing where marginal revenue equals marginal costs. · Ability to set price: Oligopolies are price-makers rather than price-takers.
· Entry and Exit: Barriers to entry are high. The most important barriers are economies to scale, patents, access to expensive and complex technology and strategic actions by incumbent firms designed to destroy new firms.
· Number of firms: A handful of sellers. There are so few firms that actions of one firm will influence the actions of others.
· Long run profits: Oligopolies can retain long run abnormal profits. High entry barriers prevent other firms from entering the market to capture the excess profit.
· Product differentiated: Products may be standardized or differentiated.
The oligopolistic industries, like other industries passes through a number of stages- introduction, growth, maturity and decline. The industry’s sales grow rapidly in the introduction stage, less rapidly in the growth stage and even less rapidly in the during the maturity stage. The sales fall rapidly in the decline stage.
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Labor Markets - Economics Assignment Help
Labor Markets - Economics Assignment Help
Labor is one of the factors of production. It’s a measure of work done by human beings. It is one of those factors without which a firm cannot work. Even in the context of rapid industrialization and the increase of capital-intensive industries, the labor factor has not lost its importance. It had not lost its importance because no industry can ever be 100% capital-intensive. There has to be some sort of human intervention, like quality control and other meticulous and skilled works which only a human can perform.
Labor Market is an informal place where workers look for jobs and employers look for workers. This is the place where the wage rates are also determined. Labor markets can be local, national and international in their scope and are made up of smaller, interacting labor markets for different qualifications, skills and geographic locations.
Demand for labor is an indirect demand. It is derived from the firms’ ambition of profit maximization. When a firm desires and decides to produce a particular product, then the firm hires worker who do the work. And if there is no desire on the firm’s side, it will not hire any labor. Here we have to consider the Law of Diminishing Marginal Returns, as the firm hires more and more labor keeping other factors constant, the production increases at first but after a certain point the production increases but at a decreasing rate and then there comes a point when the firm’s productivity decreases. This results in lower quantity of production level than the optimum level. And the firm ends up paying unnecessary wages to unproductive labor. So, a firm has to determine its optimum level based on all factors of production and in particular the capital. Then hiring an approximate level of workers can be better. The firm should keep hiring workers until its marginal revenue product is higher than its marginal cost.
Supply of labor is the workers who are willing to work at a given wage rate. It involves an opportunity cost between work and leisure. The wages must be sufficient to overcome the opportunity cost of leisure. The supply of labor has two things one Is, the rate of wages paid to the workers has an influence to either to take up the work or not. And the other is the level of unemployment in the industry is also a deciding factor in the supply of labor. When there is unemployment prevailing in the industry, the jobless workers will take up work regardless of the amount of wages paid. But, if there is a choice of work and the workers have to choose then they will definitely choose the work in which a higher wage is paid.
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Labor is one of the factors of production. It’s a measure of work done by human beings. It is one of those factors without which a firm cannot work. Even in the context of rapid industrialization and the increase of capital-intensive industries, the labor factor has not lost its importance. It had not lost its importance because no industry can ever be 100% capital-intensive. There has to be some sort of human intervention, like quality control and other meticulous and skilled works which only a human can perform.
Labor Market is an informal place where workers look for jobs and employers look for workers. This is the place where the wage rates are also determined. Labor markets can be local, national and international in their scope and are made up of smaller, interacting labor markets for different qualifications, skills and geographic locations.
Demand for labor is an indirect demand. It is derived from the firms’ ambition of profit maximization. When a firm desires and decides to produce a particular product, then the firm hires worker who do the work. And if there is no desire on the firm’s side, it will not hire any labor. Here we have to consider the Law of Diminishing Marginal Returns, as the firm hires more and more labor keeping other factors constant, the production increases at first but after a certain point the production increases but at a decreasing rate and then there comes a point when the firm’s productivity decreases. This results in lower quantity of production level than the optimum level. And the firm ends up paying unnecessary wages to unproductive labor. So, a firm has to determine its optimum level based on all factors of production and in particular the capital. Then hiring an approximate level of workers can be better. The firm should keep hiring workers until its marginal revenue product is higher than its marginal cost.
Supply of labor is the workers who are willing to work at a given wage rate. It involves an opportunity cost between work and leisure. The wages must be sufficient to overcome the opportunity cost of leisure. The supply of labor has two things one Is, the rate of wages paid to the workers has an influence to either to take up the work or not. And the other is the level of unemployment in the industry is also a deciding factor in the supply of labor. When there is unemployment prevailing in the industry, the jobless workers will take up work regardless of the amount of wages paid. But, if there is a choice of work and the workers have to choose then they will definitely choose the work in which a higher wage is paid.
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Fiscal Policy - Economics Assignment Help
Fiscal Policy - Economics Assignment Help
Fiscal Policy is a method which is used to keep the level of inflation under control and to stabilize the economy. It’s different approach to the Monetary Policy approach. While Monetary Policy is a soft approach in dealing with inflation, Fiscal Policy is a harsh approach towards inflation.
Fiscal Policy deals with taxation measures and Govt spending to be taken to keep the inflation from bursting out. A change in the level and composition of taxation and Govt spending can impact some variables in the economy. They are aggregate demand and the level of economic activity, the pattern of resource allocation and the distribution of income. Fiscal policy refers to the overall effect of the budget outcome on economic activity.
Budget Deficits and Surpluses: When government expenditures exceed government tax revenues in a given year, the government is running a budget deficit. The budget deficit, which is the difference between government expenditures and tax revenues, is financed by government borrowing; the government issues long-term, interest-bearing bonds and uses the proceeds to finance the deficit. The total stock of government bonds and interest payments outstanding, from both the present and the past, is known as the national debt. Thus, when the government finances a deficit by borrowing, it is adding to the national debt. When government expenditures are less than tax revenues in a given year, the government is running a budget surplus for that year.
The Budget Surplus is the difference between tax revenues and government expenditures. The revenues from the budget surplus are typically used to reduce any existing national debt. In the case where government expenditures are exactly equal to tax revenues in a given year, the government is running a balanced budget for that year.
Expansionary and Contractionary Fiscal Policy:
Expansionary Fiscal Policy is defined as an increase in government expenditures and/or a decrease in taxes that causes the government's budget deficit to increase or its budget surplus to decrease.
Contractionary Fiscal Policy is defined as a decrease in government expenditures and/or an increase in taxes that causes the government's budget deficit to decrease or its budget surplus to increase.
Classical and Keynesian views of Fiscal Policy: The belief that expansionary and contractionary fiscal policies can be used to influence macroeconomic performance is most closely associated with Keynes and his followers. The classical view of expansionary or contractionary fiscal policies is that such policies are unnecessary because there are market mechanisms—for example, the flexible adjustment of prices and wages—which serve to keep the economy at or near the natural level of real GDP at all times. Accordingly, classical economists believe that the government should run a balanced budget each and every year.
Combating a recession using expansionary fiscal policy. A fiscal policy in which a decrease in government purchases, an increase in taxes, and/or a decrease in transfer payments are used to correct the inflationary problems of a business-cycle expansion. The goal of contractionary fiscal policy is to close an inflationary gap, restrain the economy, and decrease the inflation rate. Contractionary fiscal policy is often supported by contractionary monetary policy. An alternative is expansionary fiscal policy.
Combating inflation using contractionary fiscal policy: A form of fiscal policy in which an increase in government purchases, a decrease in taxes, and/or an increase in transfer payments are used to correct the problems of a business-cycle contraction. The goal of expansionary fiscal policy is to close a recessionary gap, stimulate the economy, and decrease the unemployment rate. Expansionary fiscal policy is often supported by expansionary monetary policy. An alternative is contractionary fiscal policy.
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Fiscal Policy is a method which is used to keep the level of inflation under control and to stabilize the economy. It’s different approach to the Monetary Policy approach. While Monetary Policy is a soft approach in dealing with inflation, Fiscal Policy is a harsh approach towards inflation.
Fiscal Policy deals with taxation measures and Govt spending to be taken to keep the inflation from bursting out. A change in the level and composition of taxation and Govt spending can impact some variables in the economy. They are aggregate demand and the level of economic activity, the pattern of resource allocation and the distribution of income. Fiscal policy refers to the overall effect of the budget outcome on economic activity.
Budget Deficits and Surpluses: When government expenditures exceed government tax revenues in a given year, the government is running a budget deficit. The budget deficit, which is the difference between government expenditures and tax revenues, is financed by government borrowing; the government issues long-term, interest-bearing bonds and uses the proceeds to finance the deficit. The total stock of government bonds and interest payments outstanding, from both the present and the past, is known as the national debt. Thus, when the government finances a deficit by borrowing, it is adding to the national debt. When government expenditures are less than tax revenues in a given year, the government is running a budget surplus for that year.
The Budget Surplus is the difference between tax revenues and government expenditures. The revenues from the budget surplus are typically used to reduce any existing national debt. In the case where government expenditures are exactly equal to tax revenues in a given year, the government is running a balanced budget for that year.
Expansionary and Contractionary Fiscal Policy:
Expansionary Fiscal Policy is defined as an increase in government expenditures and/or a decrease in taxes that causes the government's budget deficit to increase or its budget surplus to decrease.
Contractionary Fiscal Policy is defined as a decrease in government expenditures and/or an increase in taxes that causes the government's budget deficit to decrease or its budget surplus to increase.
Classical and Keynesian views of Fiscal Policy: The belief that expansionary and contractionary fiscal policies can be used to influence macroeconomic performance is most closely associated with Keynes and his followers. The classical view of expansionary or contractionary fiscal policies is that such policies are unnecessary because there are market mechanisms—for example, the flexible adjustment of prices and wages—which serve to keep the economy at or near the natural level of real GDP at all times. Accordingly, classical economists believe that the government should run a balanced budget each and every year.
Combating a recession using expansionary fiscal policy. A fiscal policy in which a decrease in government purchases, an increase in taxes, and/or a decrease in transfer payments are used to correct the inflationary problems of a business-cycle expansion. The goal of contractionary fiscal policy is to close an inflationary gap, restrain the economy, and decrease the inflation rate. Contractionary fiscal policy is often supported by contractionary monetary policy. An alternative is expansionary fiscal policy.
Combating inflation using contractionary fiscal policy: A form of fiscal policy in which an increase in government purchases, a decrease in taxes, and/or an increase in transfer payments are used to correct the problems of a business-cycle contraction. The goal of expansionary fiscal policy is to close a recessionary gap, stimulate the economy, and decrease the unemployment rate. Expansionary fiscal policy is often supported by expansionary monetary policy. An alternative is contractionary fiscal policy.
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Factor Markets - Economics Assignment Help
Factor Markets - Economics Assignment Help
In economics factor markets, also termed as resource markets refer to the markets where the factors of production are bought and sold, for productive activities. The various factors of production include land, labor, capital, raw materials and management or entrepreneurial resources.
Comparable to most markets, factors markets exchange a commodity for monetary consideration or price. The general term used for the monetary payments is factor payments. Specific factors have specific payments. For labor the payment is wage, for land the payment is rent, for capital the payment is interest and for entrepreneurial services the payment is profit.
Factor Demand is the demand side of the factor market where the relation between the factor prices and the quantity demanded is determined. Generally, lower the price of a factor then the higher the demand for that factor and higher the price the lower the demand for the factor. Demand and price share an inversely proportional relationship. One of the important aspects that has to be considered is the marginal revenue of a factor of production. As the Law of Diminishing Marginal returns states that employing an additional quantity of factor in the production, the marginal revenue product declines and the factor generates less revenue. Ex: in a farm land where only 20 laborers are required, an additional 5 laborers are employed. As the land is limited and also the laborers are sufficient, the employment of additional workers will not increase the production but will increase wage-payout, resulting in a loss to the employer.
Factor Supply is the supply side of the factor market. The factor price and the quantity supplied for a factor is determined in the factor supply study. Generally, the higher price induces an increase in the quantity supplied and the lower the price the lower the supply. Supply and price share a directly proportional relationship. A good example for factor supply is the immigration of working class from developing countries to the developed countries. As in the developing countries the wages and salaries are lower compared to the wages and salaries paid in developed countries, a lot of people immigrate to developed countries.
Factor markets in different market structures:
Monopsony: This market is characterized by a single buyer of the factors of production. The monopsony buyer is a price maker with a complete control over the factors. The price paid by a monopsony is lower than that paid in a perfect competition. The buyer does not allocate the resources efficiently.
Oligopsony: This is a market characterized by a small number of relatively large competitors. Each competitor has a substantial market share and they dominate the prices paid for the factors. There is an interdependence of the competitors and each tend to minimize their cost of production by paying a lesser price to the factor and extracting more from the factors. Oligopoly sellers often act as oligopsony buyers of input.
Monopsonistic competition: This market is characterized by a large number of buyers. Generally, they are small competitors, each with a modest control of the demand in the market. Here, the prices of factors, just like in the monopolistic competition have a little control over the prices.
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Monopoly - Economics Assignment Help
Monopoly - Economics Assignment Help
A monopoly is a market structure in which there is only one producer/seller for a product. Monopoly is derived from Greek "monos" meaning 'alone' or 'single' and "polein" meaning to 'sell'. In other words, the single business is the industry.
A monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit. Entry into such a market is restricted due to high costs or other impediments, which may be economic, social or political. For instance, a government can create a monopoly over an industry that it wants to control, such as electricity. Another reason for the barriers against entry into a monopoly industry is that many a times, only one firm or entity has the exclusive rights to a natural resource. A monopoly may also form when a company has a copyright or patent that prevents others from entering the market.
In real world monopoly is a little hard to find. But, we can find near perfect situations of monopoly, for ex: in Saudi Arabia the government has sole control over the oil industry and Microsoft as the leader of Operating System seller with its overwhelming sales is the dictator and the other firms with their little market share have no or little impact.
As there is only one firm in a monopoly, the firm’s demand curve is identical to the market demand curve, and the firm need not consider what it's competitors as there are none. Thus a monopoly will keep selling units as long as the marginal amount he receives by selling marginal units. The marginal revenue is greater than the additional costs he faces in producing and selling an additional unit (the marginal cost). Thus the monopoly firm will always set its quantity at the level where marginal cost is equal to marginal revenue. Because of this lack of competition, monopoly firms will make an economic profit. This would normally cause other firms to enter the market. Now for the market to remain in this state there must be some barrier to entry. A few common ones are:
Legal Barriers to Entry - This is a situation where a law prevents other firms from entering the market to sell a product. In the United States, only the USPS can deliver first class mail, so this would be a legal barrier to entry. In many jurisdictions alcohol can only be sold by the Govt. run corporation and in some countries the railways is owned and operated by the Govt., creating a legal barrier to entry in this market.
Patents - Patents are a subclass of legal barriers to entry, but they're important enough to notice. A patent gives the inventor a monopoly right in producing and selling that product for a limited amount of time. Patents are tools that governments use to promote innovation, as companies should be more willing to create new products if they know they'll have monopoly power over those products.
Natural Barriers to Entry - In monopoly, other firms cannot enter the market because either the startup costs are too high, or the cost structure of the market gives an advantage to the largest firm. Most public utilities would fall into this category. Economists generally refer to these monopolies as natural monopolies.
Monopolies are unique relative to other market structures, as it only contains one firm, and thus a monopoly firm has much more power to set prices than the firms in other markets.
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A monopoly is a market structure in which there is only one producer/seller for a product. Monopoly is derived from Greek "monos" meaning 'alone' or 'single' and "polein" meaning to 'sell'. In other words, the single business is the industry.
A monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit. Entry into such a market is restricted due to high costs or other impediments, which may be economic, social or political. For instance, a government can create a monopoly over an industry that it wants to control, such as electricity. Another reason for the barriers against entry into a monopoly industry is that many a times, only one firm or entity has the exclusive rights to a natural resource. A monopoly may also form when a company has a copyright or patent that prevents others from entering the market.
In real world monopoly is a little hard to find. But, we can find near perfect situations of monopoly, for ex: in Saudi Arabia the government has sole control over the oil industry and Microsoft as the leader of Operating System seller with its overwhelming sales is the dictator and the other firms with their little market share have no or little impact.
As there is only one firm in a monopoly, the firm’s demand curve is identical to the market demand curve, and the firm need not consider what it's competitors as there are none. Thus a monopoly will keep selling units as long as the marginal amount he receives by selling marginal units. The marginal revenue is greater than the additional costs he faces in producing and selling an additional unit (the marginal cost). Thus the monopoly firm will always set its quantity at the level where marginal cost is equal to marginal revenue. Because of this lack of competition, monopoly firms will make an economic profit. This would normally cause other firms to enter the market. Now for the market to remain in this state there must be some barrier to entry. A few common ones are:
Legal Barriers to Entry - This is a situation where a law prevents other firms from entering the market to sell a product. In the United States, only the USPS can deliver first class mail, so this would be a legal barrier to entry. In many jurisdictions alcohol can only be sold by the Govt. run corporation and in some countries the railways is owned and operated by the Govt., creating a legal barrier to entry in this market.
Patents - Patents are a subclass of legal barriers to entry, but they're important enough to notice. A patent gives the inventor a monopoly right in producing and selling that product for a limited amount of time. Patents are tools that governments use to promote innovation, as companies should be more willing to create new products if they know they'll have monopoly power over those products.
Natural Barriers to Entry - In monopoly, other firms cannot enter the market because either the startup costs are too high, or the cost structure of the market gives an advantage to the largest firm. Most public utilities would fall into this category. Economists generally refer to these monopolies as natural monopolies.
Monopolies are unique relative to other market structures, as it only contains one firm, and thus a monopoly firm has much more power to set prices than the firms in other markets.
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Monetary Policy - Economics Assignment help
Monetary Policy - Economics Assignment Help
Monetary Policy is one of the tools by which a Govt, a Central Bank or a monetary authority of a country uses to control supply of money, availability of money and the cost of money or rate of interest to attain a set of objectives towards the growth and stability of an economy. Monetary theory provides the insight into how much to craft optimal monetary policy.
Monetary policy rests on the relationship between the rates of interest in an economy and the total supply of money. Monetary policy uses a variety of tools to either one or both of these, to influence the outcomes like economic growth, inflation, exchange rates with other currencies and unemployment. Inflation is one of the major issues faced by any country. Inflation is the decline of purchasing power of money. Today’s paper and plastic money can easily loose their value as the money should be backed up by the same amount of gold reserve. When the gold reserve is low or there is excess of paper money in the market then it will lead to inflation and in worst cases bankruptcy of banks. So, considering these issues, the Govts. all over the world have adopted monetary policies which try to control the supply of money, availability of money and the rate of interest of money.
Monetary policy is referred to as being expansionary policy or contractionary policy. In expansionary policy the supply of money increases in the economy. And in contractionary policy the supply of money decreases.
Expansionary policy is adopted by Govts to encourage the growth rate of the economy. If there are any issues faced by a country lately and the level of economic activity has gone low then the government adopts the expansionary policy to rejuvenate the economy so that things get back to normal and the level of economic activity increases. This will increase the level of employment as businesses are given incentives, more and more companies are established and more and more people are given work. This type of monetary policy is particularly helpful in those countries which have faced problems like worse natural disasters, wars, famines and drought or suffered recession or depression.
Contracationary Policy is adopted by the Govts to decrease the money supply in the economy. When there is a higher amount of inflation in the economy and the purchasing power of money is rapidly falling, then the Govt resorts to such a practice. The amount of money flowing into the economy can be controlled by certain simple measures. These measures can be increase the rate of interests for the money borrowed and this will discourage the people borrowing from banks. And banks might have to increase their reserves in the Central bank, there by reducing the money with the banks.
Compared to fiscal policies where the taxes have to be increased to control the flow of money, many Govts prefer to use contractionary policy to curtail the rate of inflation.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University. http://www.helpwithassignment.com/
Monetary Policy is one of the tools by which a Govt, a Central Bank or a monetary authority of a country uses to control supply of money, availability of money and the cost of money or rate of interest to attain a set of objectives towards the growth and stability of an economy. Monetary theory provides the insight into how much to craft optimal monetary policy.
Monetary policy rests on the relationship between the rates of interest in an economy and the total supply of money. Monetary policy uses a variety of tools to either one or both of these, to influence the outcomes like economic growth, inflation, exchange rates with other currencies and unemployment. Inflation is one of the major issues faced by any country. Inflation is the decline of purchasing power of money. Today’s paper and plastic money can easily loose their value as the money should be backed up by the same amount of gold reserve. When the gold reserve is low or there is excess of paper money in the market then it will lead to inflation and in worst cases bankruptcy of banks. So, considering these issues, the Govts. all over the world have adopted monetary policies which try to control the supply of money, availability of money and the rate of interest of money.
Monetary policy is referred to as being expansionary policy or contractionary policy. In expansionary policy the supply of money increases in the economy. And in contractionary policy the supply of money decreases.
Expansionary policy is adopted by Govts to encourage the growth rate of the economy. If there are any issues faced by a country lately and the level of economic activity has gone low then the government adopts the expansionary policy to rejuvenate the economy so that things get back to normal and the level of economic activity increases. This will increase the level of employment as businesses are given incentives, more and more companies are established and more and more people are given work. This type of monetary policy is particularly helpful in those countries which have faced problems like worse natural disasters, wars, famines and drought or suffered recession or depression.
Contracationary Policy is adopted by the Govts to decrease the money supply in the economy. When there is a higher amount of inflation in the economy and the purchasing power of money is rapidly falling, then the Govt resorts to such a practice. The amount of money flowing into the economy can be controlled by certain simple measures. These measures can be increase the rate of interests for the money borrowed and this will discourage the people borrowing from banks. And banks might have to increase their reserves in the Central bank, there by reducing the money with the banks.
Compared to fiscal policies where the taxes have to be increased to control the flow of money, many Govts prefer to use contractionary policy to curtail the rate of inflation.
About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University. http://www.helpwithassignment.com/
Market Structure - Economics Assignment Help
Market Structure - Economics Assignment Help
Market Structure is identified by how the market is made up of the certain factors like the number of firms operating, the nature of the product being produced, the level of profit, the degree of monopoly that each firm enjoys, the firms’ behavior, the pricing strategy, the level of output and the efficiency of the market and the entry and exit into the market. All these factors are collectively called as the market structure. The two extreme conditions of markets are (1) Monopoly and (2) Perfect competition. In between these two extremes there are different market structures like oligopoly and monopolistic competition.
The two extreme market conditions namely, Monopoly and Perfect competition. When these two markets are compared, we can observe that when a market is inclined towards perfect competition, there are few imperfections. When the market is inclined towards monopoly, there is a greater degree of imperfection.
The study of market structures is important because of the fact that the above mentioned markets are seen more or less in our daily life. Their study is important as we can predict what a firm does under given conditions and apply in the real world. They offer us a benchmark. For ex: if competitors enter into a monopoly market what might happen. What will be the impact on the price of the product? How much consumer surplus can the consumers expect with the fall in prices? Etc., All these kind of things can be predicted by studying these market conditions.
The different market structures are dependent on the model of economy.
Perfect Competition: A perfectly competitive market is characterized by a large number of firms. All these firms produce identical goods so there is no reason for consumers to express preference or choice. There is freedom of entry an exit into the industry. Firms are price takers and they have no control over the price of the products. Each producer supplies a very small quantity of goods into the market. Both the consumers and producers have a perfect knowledge of the market conditions.
Monopolistic Competition: Where the conditions of perfect competition do not hold, imperfect competition exists. Monopolistic competitions Is one of them. A large number of firms exist in the market. They may have some or little control over the price due to product differentiation that exists between them. The products are close but not perfect substitutes. Entry and exit from the industry Is relatively easy with few barriers to entry and exit. Both consumers and producers do not have absolute knowledge about the market conditions.
Oligopoly: is a market condition where there are only few producers and they dominate the industry or the market. They are price makers and not price takers. In oligopoly, there is a possibility that the firms may collude and they try to price control the price of the products.
Monopoly: is characterized by a single seller who is the price-maker and not the price taker. The monopoly also controls the supply of the product into the market. He enjoys full control on the market and factors. No question of consumer surplus. Price of the product is the price of the market. It is the highest degree of imperfection of a market structure.
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