Managerial Economics and Globalization Essay

Abstract This paper will describe the details of a fictitious business and will assess the current environmental scan factors while determining the factors that will have the greatest impact on plant operations and management’s decision to continue or discontinue operations. Thirdly, this paper will evaluate the financial performance of the company using the information provided in the scenario; consider all key drivers of performance, such as company profit or loss for both the short term and long term. Also, a recommendation as to how the company can improve its profitability and develop a brief plan to implement the recommendations. Lastly, this paper will assess the circumstances in which the company should discontinue operations while providing a set of reasonable rationales. 1. Briefly describe the details of the fictitious business that you created for this assignment. The fictitious business in this assignment is named TopShop, which is an American multinational retailer with its main headquarters in New York. It is a high end fashion brand that specializes in fashion clothing, shoes, make-up and accessories. Currently, TopShop has 150 workers for its factory in New Jersey, and has hired a consultant to offer some advice that could help it make a decision as to whether it should shut down completely or continue operations. In addition, TopShop has 100 workers that produce 6,000 units of output per month (working 20 days / month). The daily wage (per worker) is $70, and the price of the firm’s output is $32. The cost of other variable inputs is $2,000 per day. The firm’s fixed cost is â€Å"high enough† so that the firm’s total costs exceed its total revenue. The marginal cost of the last unit is $30. 2. Assess the current environmental scan factors. Determine the factors that will have the greatest impact on plant operations and management’s decision to continue or discontinue operations. The environmental scan factor refers to the macro environment and is the activity of acquiring information about events and relationships in a company’s outside environment, the knowledge of which would assist top management in its task charting the company’s future course of action. (Aguilar,1967). Comparably, finance, marketing, and operations will have the greater impact on plant operations and management’s decisions in determining if the operation continues its business. First, finance is responsible for acquiring financial resources at favorable prices and allocating those resources throughout the business, as well as budgeting, analyzing, investment proposals, and providing funds for operations. Secondly, marketing aims to analyze and determine consumer demands in the future, then selling and promoting its products and services. Thirdly, operations are responsible for production of goods and customer services in business. In addition, the production of goods or services supply could transform inputs into outputs (Michaels, 2011). Inputs such as capital, labor, and information are used to create goods or a service. That is why companies take measurements at various points in the transformation process and then compares them with previously established standards to determine whether corrective action is needed. In other words, the three factors; finance, marketing and operation can work in the study and interpretation of the political, economic, social and technological (PEST analysis) events and trends which influence a business, an industry or even a total market. In summary, they have the greatest impact on plant operation and management’s decision. 3. Evaluate the financial performance of the company using the information provided in the scenario. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term. Be sure to show the calculations that helped you reach your conclusions. Topshop’s financial performance is in trouble. A decision was made to hire Mr. Blake Lively as a managing consultant to offer suggestions to improve Topshop’s financial performance. Based on the data given, Blake considered the following key drivers of performance and the financial analysis. The details are following: 100 employees produce 6,000 units in a month. The price is $32 The total revenue per day = 6,000*$32 = $192,000 Daily wage per employee = $70 Total wage in one month = 20days * 100 employees * $70 = $140,000 Total variable cost = variable inputs + total wage in one month = $2,000*20days+ $140,000 = $180,000 per month. AVC=TVC/Q=$180,000/6,000=$30 per unit Net income=Total Revenue-TVC=192,000-180,000=$12,000 Based on the analysis of data, Topshop could continue its operations in short term because the $32 price is more than AVC $30, and the revenue received per month is $12,000. However, in the long term, Topshop should seriously consider the option of shutting down completely. The main reason being that the firm’s fixed cost is high enough so that its total costs exceed its total revenue, and the price must be less than AVC. Under this situation, the firm has no other recourse but to close its operation. 4. Recommend how the company can improve its profitability. Then, develop a brief plan to implement the recommendations. Every business can improve its profitability by aiming to increase profitability, reduce costs, consider the price, and expand the market. Buy more effectively One of the most obvious routes to increasing the profitability is to buy more effectively. It makes sense to review a supplier base regularly and to determine if a firm can buy the same raw materials more cheaply or efficiently. However, it must be ensured that the cheaper raw materials will not reduce quality of product and service (He, et al., 2007). Manage your costs Close management of the costs can drive firm’s profitability. Most businesses are capable of fining some forms of waste to reduce, however it is important to be mindful and not cut costs at the expense of the quality of products and services. Pricing considerations It is a good idea to regularly examine the pricing. Changes in the marketplace may help increase the price without risking sales. However, it is essential to test any price increases before they are made permanent. Expand your market Moving into new market areas can transform a business and if handled correctly, can significantly increase the profitability. However, bear in mind that developing new products and services and selling in new markets can be risky – and mistakes can prove very costly. 5. Assess the circumstances in which the company should discontinue operations. Provide a rationale with your response. To qualify for presentation as a discontinued operation, all of the following conditions must be met: 1. The operations and cash flows of the component have been or will be eliminated from the ongoing operations of the entity as a result of the disposal transaction and 2. The entity will not have any significant continuing involvement in the operations of the component after the disposal transaction 3. A description of the facts and circumstances leading to the expected disposal, the expected manner and timing of the disposal and the carrying amounts of the major classes of assets and liabilities included as part of the disposal group (if not reflected separately on the face of the statement). 4. The gain or loss recognized and, if not separately presented on the income statement, the caption in that statement in which the gain is included. 5. If applicable, the amount of revenue and pretax profit or loss reported in discontinued operations. 6. If applicable, the segment in which the long-lived asset or disposal group is reported. References Aguilar, F. J. (1967). Scanning the Business Environment. New York, NY: McMillan. Michaels, R. J. (2011). Transactions and Strategies. 1st Edition. Mason, OH: Cengage Learning. He, Y. Q., Chan, L. K. & Wu, M. L. (2007). Balancing productivity and consumer satisfaction for profitability: Statistical and fuzzy regression analysis Original Research Article. European Journal of Operational Research, 176(1), 252-263 Drake, M., Gerde, V., & Wasieleski, D. (2011). Socially responsible modeling: a stakeholder approach to the implementation of ethical modeling in operations research. OR Spectrum, 33(1), 1-26. doi:10.1007/s00291-009-0172-9

Aegean, Roman, and Greek Cultures Essay

Aegean civilization flourished during the Bronze Age in Greece and the so-called Aegean Age. Minoan and Mycenaean civilizations were among those civilizations in the Aegean that has made its zenith during this era. Minoan civilization developed on the mountainous areas of Crete. Crete naturally possessed a wide-range of harbors which made it possible for the Minoans to settle and establish permanent livelihood as traders and merchants. From 1700 BC, they were involved in various trades including the important tin trading that is used to make bronze. Minoans focused their belief on female deities (note that Minoan women were usually appointed officials – a symbol of respect and authority). Many archeologists believed that the Minoans have equal treatment to men and women. Evidences from Minoan artworks showed that the equal status of men and women. Minoan artworks also showed evidences of the development of the Minoan civilization (three periods of Minoan civilization – EM, MM, and LM). Among the surviving Minoan arts is Minoan pottery. Different periods of Minoan civilization also showed different modes of design of their ceramics which include spirals in the Early Minoan, natural designs like flowers and birds during the Middle Minoan. After the demise of the Aegean civilization (during the Hittite invasion of Asia Minor), Greece began to make advances in culture. The development of the city-state allowed the propagation of culture across geography – enabling city-states to develop its own cultural tools. It can be said that the zenith of Greek culture was during the Hellenistic period (lasted for about 200 years). The Greek Hellenistic period span from 323 B. C. up to the Battle of Actium in 31 B. C. The Hellenistic period paved the way to many transformations of Greek art. Though the Classical concepts in art were not thoroughly abandoned, the birth of the Hellenistic period made the artists create different and unique art concepts. The artists during this time explored and manipulated their imagination on their subject. It was also during this period that higher degree of Naturalism took place as a logical conclusion to great sculptors like Praxitelis and Lysipos whose works demanded for the art representation of the human figure. In a Greek art (Boy Jockey), the bold expression of energy and power during great pressure was represented. The change of focus of the Hellenistic art from religious and naturalistic ideas and concepts to human expressions, psychological concern and theatrical background, paved the way to the sculptures that includes the natural physical surroundings with creative landscaping and theatrical groupings. The Nike of Samothrace is a sculpture that embraced the true meaning and understood the world through the application of certain techniques and aesthetic conventions. The winged goddess with her outstretched wings gracefully prevents the stone from falling due to gravity. The sculpture also represented the physical human presence and the external force within it. The representation evidently speaks for the Greeks acceptance of the physical power of human being and all other external forces acting on it. Elsewhere in the Mediterranean Sea, a new power was on the rise. Roman expansion to the East resulted to: 1) consolidation of the Greek peninsula under Roman rule; 2) the destruction of Macedonia, weakening of the Seleucid Empire, and the incorporation of the states of Bithynia and Pergamum to Rome; and 3) increased Greek influence on Roman culture. Although Roman art is essentially a derivation of Greek art, it is different in two respects. First, Roman art is generally a modification of Greek art. The invention of concrete during the 1st century A. D. greatly advanced Roman art and architecture. For example, the simple amphitheatre of the Greeks was transformed into a colosseum. Concrete allowed the construction of more complex structures. Second, Greek art was essentially religious in character (this is assertion is debatable for some historians). Roman art and architecture was a mixture of religious and political philosophies. The Roman poet Ovid often referred to the Greeks as the champion of religious authority – the center of religious worship in the Mediterranean Sea, and the Romans as the bearer of Greek culture. Here, Ovid was essentially arguing that Roman culture cannot be solely religious in nature. As the forerunner of ancient democratic institutions, Rome must distinguish itself politically from its subject peoples. With Roman domination of the Mediterranean, Greek culture spread to all parts of the Roman Empire. In the East, it became the ethos of a new cultural revival – Greek in orientation. This revival was essentially the last if not the least of Hellenism prior to the rise of Christianity as the dominant religion in the Roman Empire. Before the Christian culture, Greek culture was the predominant mode of humanistic endeavor. However, one must understand that Greek culture was a partial derivation of Aegean culture – a culture which is embellished in myth, tragedy, and greatness. Here, one can clearly see the development of Western culture – a result of the transfusion of Greek culture and Christian learning.

Guest Speakers and Investigation of Lifestyling Case Study

Guest Speakers and Investigation of Lifestyling - Case Study Example On the other hand, unlike most partnerships, the John Lewis Partnership has distinctive HR structure and management because it is employee-owned and among the main aims is guaranteeing happiness for all the members (John Lewis Partnership, 2015). Given Capital Insight’s reputation, the consultancy has been the provider of HR solutions for corporations through excellent ideas on retained contracts, interim support, outsourced services, training design and delivery among other significant areas focusing on personnel management. Moreover, Capital Insight advocates for the Soft and Hard Models of HRM. Despite being a well-established company in the UK, Capital Insight has worked even with small firms providing manageable services at low costs (Capital Insight, 2015). I think the experience of more than two decades has made it easy for the company to understand the UK market and corporations hence their strong reputation and credibility. This is the reason why, unlike other consultancy agencies, Capital Insight can provide services to companies and allow on-going monthly payments. Capital Insight’s persistence on speed, quality and expertise as the main values of performance and achievements makes the provision of the HR services very efficient. However, the culture is the key aspect to the professionals guaranteeing their clients interim support despite the limitations of time (Capital Insight, 2015). Helping the HR departments for large corporations such as Virgin, Siemens or Fins-bury Food Group reflects on the powerful reputation of Capital Insight, which shows that the amount of attention given to reputation determines a company’s success and can become an issue too. I believe Capital Insight’s input in developing standard and strong relationships with the clients facilitates their ability to offer specific services most consultancy agencies overlook such as conflict management.  

How To Empower Your Employees Essay Example | Topics and Well Written Essays - 1500 words

How To Empower Your Employees - Essay Example There are a lot of disputes and chances today for managers to use OB perceptions. One of the mainly significant and multi-ethnic confronts facing organizations at present is empowering employees. Organizations are becoming more diverse in provisions of gender, race, and ethnicity. Keeping in consideration the ideas of OB permits organization to make possible the needs of empowering employees. Empowerment is above merely informing people what they are able to and unable to do. Empowerment is a procedure that constructs faith among the workers and the organization. Firstly, when workers are authorized, they should know accurately how much freedom they have in any given circumstances. They do not have to anticipate themselves when they create conclusions because managers have thorough knowledge what every individual can do. Secondly, when authorized employees have arrived at the boundary of their power, they are familiar with the steps to take to discover out supplementary information or to make proposals. Finally, authorized employees are not frightened to think exterior the box or present thoughts because they know they have management's back and that the senior administration want their input. They sense that the organizational principles their thoughts and they struggle to plan new ways to help the organization carry out in an improved way (McShane, Glinow, 2004, Pp 486-487). Regardless of how one's organization is at present prearranged, one can achieve this stage of authorization. When one does this, the rewards will demonstrate not only in an enlargement of optimistic press, but also in the underneath line as one's clientele and shareholders become aware of the distinction. Characteristics Of Empowering Employees 1. Plainly by telling workers that they are empowered is not adequate. Authorizing powers is a customary modification one needs to implant. In most organizations, employees anticipate higher authorities to tell them what to perform in each state of affairs. Though, bottomless in their mind, employees want additional accountability and want to build a significant input. They desire to participate a fundamental responsibility, but knowledge, administration and contemporaries have trained them that in order to be "high-quality employees" they should do what they' are informed. In realism, organizations today do not want dummies that do what they have been told. They want employees who are capitalist minded and who experience as still they have a chance in the organization achievement. 2. Optimistic approaches, performances, and verbal communication are the most significant components, sustained by invariable function, explanation, and example offered by managerial control when empowering employees. 3. Managers must be advance productive when empowering employees. This means that daily, managers should seek out to make and importune optimistic, positive proposals to their workers. 4. Managers should look for out helpful problems to respond daily and analysis presentation fruitfully while pass on its workers. 5. Managers must be optimistic when assigning its employees. By instructing others to encompass enjoyment and rejoice some achievement each day is optimistic behavior. Using constructive language and plummeting the unconstructive langu

Analysis of Mise En Scene Essay Example | Topics and Well Written Essays - 500 words

Analysis of Mise En Scene - Essay Example This essay examines the mise-en-scene in this closing sequence. The closing sequence of Chinatown begins with Jack Gittes (Jack Nicholson) conversing with Evelyn Mulwray (Faye Dunaway). The two characters are featured in a medium close-up, with their bodies cut-off. While the film’s plot is highly complex and entangled, at its core it is a strong character piece. The minimalist mise-en-scene of this conversation, with the two characters featured alone in the foreground highlights the film’s strong character-centered nature. It’s also notable that Jack retains the bandage from earlier in the film, as this is symbolic of his ultimate fallibility in comparison to Mulwray almost angelic quality. This minimalist conversation scene cuts to a montage of shots of Chinatown. The city is depicted through neon lights that shine brightly in an all-dark background. The effect is powerful as the neon lights take on a sort of Las Vegas like feel where the outward brightness seems to conceal a sinister interior. The film’s nighttime setting further accentuates its neo-noir conventions. Indeed, this becomes a predominant thematic element as the final film sequence unravels. Not only is the scene shrouded entirely in darkness, but so are the characters. Only on brief occasions does director Polanski allow the street lights to shine on their faces. When Evelyn Mulwray appears she is also featured in black. The only character in white is Noah Cross. In these regards, the film’s mise-en-scene is playing with the noir notion of morality; the two protagonists are shrouded in black, and Cross, the antagonist, is featured in white. This leads the viewer to question the filmâ€℠¢s moral center and further destabilizes the viewer. This moral ambiguity is mirrored in the plot as Jack is handcuffed to the car even while attempting to reveal to the police that Cross is the murderer and villain. Ultimately, the

Presbycusis Essay Example | Topics and Well Written Essays - 500 words

Presbycusis - Essay Example The process of normal hearing starts when sound waves are conducted through the outer ear canal to the eardrum. The eardrum in return vibrates to set the malleus, the incus, and the stapes of the middle ear in motion. These three bones which terminate in the fluid filled opening within the inner ear particularly the snail like structure, cochlea responds to vibrations from the surroundings that are the basis of sound. The chain of command from these three bones triggers the fluid which relays the oscillating currents to the organ of corti. Currents are transferred with the help of the tiny hair projections lining the internal membrane of the cochlea and waving like the smooth underwater plants to move the sound that stimulates nerve endings. Thousands of these nerving endings which merge at the end of the cochlea unite to become the auditory nerve which carries nerve impulses to the hearing area of the cerebral cortex in the brain (Wagman, 1992). Presbycusis which is a progressive he aring loss is caused by defects in the outer, middle or inner ear. Presence of congenital deformities in the outer ear may interfere with the capture of sound waves from the environment that maybe funneled to the ear canal.

Women in Leadership Article Example | Topics and Well Written Essays - 500 words

Women in Leadership - Article Example Use of softer words has been a source of more trouble to women leaders; this tends to show the audience the level of seriousness and confidence the leader upholds. The nervousness in their talking greatly affects their leadership as they talk mainly about a group of people they show signs of panic. The signs can be captured by the audience and be used to criticize her personality as a leader. Choice of words weaken the women leaders statements, women tend to use words they believe are more humble to create a conducive environment but in turn makes them sound less of leaders. When Margaret Thatcher spoke in an interview conducted by BBC, she sounded uncomfortable in her role as a leader she said, â€Å"Ive been so busy that I havent had really much time to think about it. After all, I know I am still only me, and so do my family. However, I am very much aware of the responsibilities. In addition, a little bit apprehensive. Who wouldnt be, when you think of the names that I follow?" (Humphrey, 2015, p.1). With time Margaret Thatcher, the iron woman had to learn choice of words, which made her an inspiring leader. The class material Women in leadership is related to our article speaking habits that weaken women. For deliberation of leadesrhip, a woman must learn best ways to speak and put across relevant ideas with confidence. A good leader always depicts confidence and courage. Speaking must not derail a woman’s leadership at any cost. Women in leadership must learn to use words that will not demean their authority. The speaking habits that weaken women leadership was discussed in class. This was during a class on women in leadership. I chose this article since women leaders must be motivated to be as good as the male counterparts. Speaking habits must not be the main reason to undermine women leaders in our society. We must encourage our women leaders to learn the best ways and tactics to handle situations by just speaking. They must learn how to