Saturday, August 31, 2019
Cases analysis
The company is known for producing high quality and prestigious cars. It holds patents on most of the safety features Weaknesses High costs are incurred in maintaining the company's cars Weak management because of its large organizational size It has a weak supply chain, which affects its product delivery Opportunities There an opportunity on production of hybrid cars and fuel that Is resourceful for the future.People are growing conscious of clean environment, which Is a good opportunity for the company to extend the market for its products on this line There is an opportunity of tapping emerging markets across India and the rest of the roll, contributing to creation off global brand The luxury automobile market is growing as a result of income increase.Threats The price of fuel keep on increasing, which limits the ability of potential customers to buy its products There is high competition from major companies such as Lexus, BMW, and Range Rover, as well as local companies such as DATA Strict government polices wealth the automobile segment not only In India, but also across the world Step 2. Problem Definition Following the relocation of the company's operation sites, it Is faced with the problem n the nature of information technology that could be implemented.Particularly, there is a challenge on implementing the technology that would cater for the current needs based on the existing market conditions, as well as that could lay essential grounds for the company's future growth needs. Besides, following the impact of the recent past global financial crisis which affected the company's market growth projections, It Is not clear whether the proposed relocation should go ahead as planned. Step 3. Identification of Alternatives . The company should implement new information technology in the new operational site, different from the one used in the old site 2.It should use the same old technology in the new operational site 3. It should put on hold the proposed r elocation until the market shows improvements after the financial crisis 4. It should go on with the relocation plans, even though the projected market growth rate has been affected by the financial crisis Step 4. Critical issues Growth rate of the company Managing operational costs The viability of the investments of the company Addressing the needs of the customers Location decisions Step 5.Analysis Option 1 Pros: (I) the operational costs will be reduced in the long-run (it) high production rate (iii) ability to meet the demands of the customers (v) high growth rate (v) better chances of going green Cons: (I) high investment cost Re-training employees on the new technology Option 2 Pros: (I) manageable investment costs Re-training employees is not required. Cons: (I) High operational costs inability to satisfy customer demands (iii) endurance on the company's growth rate.Option 3 Pros: (I) reduced chances of making potential losses (it) matching production with the current demand Cons: (I) inability to satisfy customer demand in the future (ii) delayed investment Option 4: Pros: (I) better chances of matching demand in the future (it) early investment preparation for the expected market growth Cons: (I) Incurring unnecessary investment costs, this could have been carried forward Step 6. Recommendation Based on the above analysis, the company should go on with the proposed relocation f operational site, and implementation of new technology.Despite the high investment costs associated with these options, it is a viable undertaking because it not only addresses the current needs of the company, but also its future needs. Besides, this option opens various opportunities that the company could pursue to differentiate itself from its competitors. For instance, with the proposed new technology, the company stands a better chance of producing green products to suit the changing tastes and preferences of the customers.
Friday, August 30, 2019
Female Acceptance into a Computer Based Society Essay
INTRODUCTION            Advancement on technology had brought different changes into the society. These aims to provide additional comfort and making things work more efficiently. But there are changes that people cannot prevent to happen. These are biological changes such as getting old.            People respond to the aging process as a negative thing. Misconceptions arises that lead to common negative behavior towards the aging process. Getting old is a natural process. Anti-aging solutions are invented to prevent physical changes that it may cause like gray hair and wrinkles.            It’s no secret that our bodies change as we age. Physical as well as psychological changes as effect of aging can be experienced.  Some changes are obvious, while others are more subtle. Others, may experience the effects of osteoporosis and osteoarthritis, which can gradually diminish their abilities to participate fully in activities. While there are still people age comfortably and remain active, alert and vibrant throughout their lives. Their physiologic age may be quite younger than their chronological age.            Because of the negative connotation on the process of aging, women who are known to be more conscious than men generally find it an issue to accept aging as a natural process of life. OBJECTIVES This study aims to discuss the impact of aging to the female group given in a modern and more advance society. This will provide description on how female cope, adapt and react to the aging process. SCOPE AND DELIMITATION            The research covers the issue of aging on female point of view. . It also provide an overview on what is aging and the physical and mental changes it bring to a person. This also identify some misconceptions about aging. SIGNIFICANCE            The study is significant to discuss the impact of aging to women. It identifies the reasons on how the female gender response to the stage of aging. It discusses the common misconceptions regarding aging that can be properly addressed. This study is also significant for future researches related to the topic. RELATED LITERATURE Misconceptions on Aging There are a lot of misconceptions about getting old. It is a negative connotation that aging means getting near to the end of growth. And that old age is a lonely stage of life. It is also a misconception that when one is old, he/she believes that there are only limited to certain activities especially in the physical aspect. One fears getting old because of the fear of loosing independence. Another misconception is that people think that the happy days of their lives were experienced when they are young. According to a recent study shown, these several misconceptions vary from the reality regarding the issue of aging.  The research was conducted by VA Ann Arbor Healthcare System and University of Michigan researchers to 540 adults who were between the ages of 21 and 40, or over age 60 . They were asked to rate their level of happiness through answering questions. The results are published in the June issue of the Journal of Happiness Studies, a major research journal in the field of positive psychology. There is a stereotype existing between the old and young in the society. One thinks that the happy days of his/her life happens only when he/she is young.            In another research by Linda M. Woolf, Ph.D., the concept of ageism was examined between younger and older men and women in the present study. It was entitled â€Å"Effects of Age and Gender on Perceptions of Younger and Older Adults†. The study discusses the older adults are perceived more negatively than younger adults. Through gender interaction effect, a significant age by was found. Both younger and older men rated stimulus older adults significantly less positively than stimulus younger adults. However, older women rated stimulus older adults significantly more positively than they rated other stimulus-age groups. Older women were the only subject group that did not exhibit a consistent negative bias against older adults. Conversely, younger women rated stimulus older adults more negatively than any subject group. Biological Effects            The effects of aging are obvious on the body. Our body is made up of cells and tissues that keep on regenerating and replenishing to keep our body sustaining. As we grow old, this process decreases where replacement of old to new cells are slowing causing the signs of aging to appear.  Physical changes like poor hearing and declining vision takes place. The strength of muscles lessens due to soft tissues like skin and blood vessels that became less flexible are some general changes that occur in the human body as it ages. Skin starts to become dry and wrinkled. It looses its elasticity and the glands function less so sweating occurs lesser than the usual. Moreover, there is an overall decline in body tone that can be observed. The body’s performance becomes less efficient. Not all people experience decreased organ function to the same degreeâ€â€some individuals are healthier due to good diet and exercise when they are younger. Aging also affects the immune system of a person. Human antibody lessens their act against free radicals. The immune system also changes with age. The antibodies, disease-fighting proteins, protect the body against bacteria, viruses, and other harmful agents in a healthy immune system. A healthy immune system also prevents the growth of abnormal cells, which can become cancerous. With advancing age, the ability of the immune system to carry out these protective functions is diminishedâ€â€the rate of antibody production may drop by as much as 80 percent between age 20 and age 85. This less-effective immune system explains why a bout of influenza, which may make a young adult sick for a few days, can be fatal for an elderly person.            For females, these changes on the body due to the advancement of age have a greater issue.  Aging causes changes on the physical aspect of a person and one of the major effects of aging occurs in the female reproductive system. With aging, a woman’s breasts lose tissue and subcutaneous fat, reducing breast size and fullness. There is also a decrease in the number of mammary ducts. The breasts lose support. Aging breasts commonly flatten and sag, and the nipple may turn in slightly. The areola (the area surrounding the nipple) becomes smaller and may nearly disappear. Loss of hair around the nipple is common. Breast cancer risk increases with age. Women should perform monthly breast self-examinations. However, because breast self-exams do not always pick up early stages of breast cancer, women should also talk to their health care providers about mammograms. It also affects the fertility cycle of a woman. Menopausal stage takes place on about age 45 to age 55 of a female where the ovaries does not longer produce egg cells. This means that she can no longer bear a child. This is also the end of the menstrual cycle since there is no longer the release of sexual hormones that motivates the cycle. Although the average onset of menopause occurs in the early part of the sixth decade there is an observable, real and significant decline in the 10 to 15 years before menstruation ceases. Scientific studies on natural populations (those with high marital rates and no birth control) and on â€Å"infertility populations†all confirm the presence of an age related decline in female fertility independent of all other factors. This effect becomes most prominent after age 35.            Aging cause loss of female fertility. Although menstrual irregularities generally begin to show in the last half of the 5th decade (a time termed perimenopause) there is a marked decrease in fertility in the 10 years preceding this that appears to be independent of male or pelvic factors and despite the occurrence of regular menstrual cycles and ovulation. Similarly a decrease in success rates for IVF is seen in this population as well. The discussion then seems to focus on whether this decrease in fertility is due to ovarian factors, uterine factors or both. In other mammals there does appear to be a host of age related uterine changes that do limit fertility however, initial studies in humans failed to show consistent aging changes. Furthermore it now seems that the endometrium of an ovulatory older woman with appropriate levels of estradiol and progesterone should be able to be appropriately receptive to and supportive of implantation.            The catch here is that as we age, even while still regularly menstruating, there are subtle shifts in hormonal patterns that may make the endometrium less receptive. As an example, luteal phase defect is far more common at the edges of reproductive life (very young, very old, newly delivered) but progesterone supplementation, which in theory should overcome the defect, does not appear to have made a significant difference in pregnancy rates for older women. More compelling support for the idea that the problem is primarily ovarian in nature comes from the fact that pregnancy rates for younger women and older women undergoing IVF with donor eggs are quite comparable. There are however, still some questions about uterine receptivity and study is ongoing in attempts to isolate out the effect of the â€Å"older uterus†from the effect of aging eggs of poor quality.            The bottom line for now seems to be that although everyone agrees that egg quality and ovarian reserve definitely decline with age and are perhaps the primary factors causing an age related decrease in female fertility, there may be uterine factors in play as well. Further study to elucidate the mechanisms at work and, hopefully, to devise new treatment options are indicated. A number of other studies investigates the effects of aging. Scientists have found, for example, a possible explanation for why women have longer average life spans than men. The difference seems to be biologically determined, and male and female sex hormones are probably responsible. The blood levels of female sex hormones drop sharply during menopause. At that time, the incidence of heart disease and high blood pressure in women increases to match the incidence in men, suggesting that the presence of female sex hormones offers some protection against heart disease. Aging Population            In developed nations, life expectancy has increased more in the 20th century than it has in all of recorded history. A person born in the United States in 1995 can expect to live more than 35 years longer than a person born in 1900. Today more than 34 million Americans are 65 or older, accounting for about 13 percent of the population. By the year 2030, their numbers will more than double: One in every five Americans will be over age 65. A person who lives 100 years or moreâ€â€a centenarianâ€â€was once a rarity, but today about 60,000 Americans are 100 years or older. By the year 2060, there may be as many as 2.5 million centenarians in the United States. The number of supercentenariansâ€â€people 105 years of age and olderâ€â€will probably be as commonplace in the next century as centenarians are fast becoming now. How to Counteract with Aging            Knowing what to expect and taking steps to counterbalance the effects of aging can help you maintain a young spirit and an independent life. A healthy diet, regular exercise program and positive attitude can help delay the onset and slow the progression of many age-related changes. Many of the changes in our musculoskeletal system result more from disuse than from simple aging. Fewer than 10 percent of Americans participate in regular exercise, and the most sedentary group is over age 50.            Stretching is an excellent way to help maintain joint flexibility. Weight training can increase muscle mass and strength, enabling people to continue their daily routine activities without maximal exertion. Even moderate amounts of physical activity can reduce your risk of developing high blood pressure, heart disease and some forms of cancer.            Much recent research has been conducted on the effects of exercise on aging. In all of the studies described above, exercise had positive effects on aging. It has been found to increase reaction time, assist in predicting â€Å"good†aging, and improve psychological well-being. Factors such as health, social support, efficacy, and motivation are indicators of the maintenance of exercise. One should acknowledge the factors influencing exercise, recognize the numerous benefits of exercise, and take action at any age in order to live a more healthy and happy life now and in old age. Long-term regular exercises may slow the loss of muscle mass and prevent age-associated increases in body fat. Exercise also helps maintain the body’s response time, as well as its ability to deliver and use oxygen efficiently. Just 30 minutes of moderate activity, incorporated into your daily routine, can provide health benefits. An exercise program doesn’t have to be strenuous to be effective. Walking, square dancing, swimming and bicycling are all recommended activities for maintaining fitness into old age. The 30 minutes of moderate activity can be broken up into shorter periods; you might spend 15 minutes working in the garden in the morning and 15 minutes walking in the afternoon. It all adds up. But if you’ve never attempted an exercise program before, be sure to see your doctor before starting one now. Psychological Aging            Behavioral medicine research over the past several years has identified a umber of psychosocial characteristics that affect the development and course of a wide range of life-threatening illnesses. Included among these psychosocial risk factors are hostility, depression, social isolation, high job strain, and low socioeconomic status. The specific mechanisms whereby these factors influence the patho genesis and prognosis of major causes of death such as coronary heart disease (CHD) and cancer have not been identified yet, but considerable research points to accompanying health behaviors (smoking, dietary habits, and alco hol consumption) and biological characteristics (altered functions of the sym pathetic and parasympathetic nervous systems [SNS, PNS], of the hypothal amic-pituitary-adrenal [HPA] axis, and of the immune system) as likely mediators. Finally, research evaluating interventions targeting psychosocial risk factors in groups of patients with CHD and cancer offer considerable promise that secondary prevention will be shown to have an important place in the treatment and rehabilitation of major chronic diseases . Anti-aging can be a difficult topic to address. A war is currently being fought over the meaning of â€Å"anti-aging†(as research, medicine, brand, or simply adjective) and thus even mentioning the term is likely to prejudice many readers. Defining Anti-Aging            Like it or not, â€Å"anti-aging†now has a number of quite different common meanings and connotations. Each is championed by a particular group or loose coalition of interests, but advocates for these groups have a way of diving into the fray without defining their terms. This makes reading about anti-aging techniques, technologies, medicine, products, and debates very confusing for the newcomer.            For the scientific community, anti-aging research refers exclusively to slowing, preventing, or reversing the aging process. There is, as of 2007, no medical technology that allows this to be done – although the jury is still out on calorie restriction in humans. Nor is there any currently available method (short of waiting for people to die) to accurately measure the effects of an alleged anti-aging therapy. In the medical and more reputable business community, anti-aging medicine means early detection, prevention, and reversal of age-related diseases. This is quite different from tackling the aging process itself, and a wide array of strategies and therapies are currently available. Calorie restriction, for example, is a demonstrated way to lower risk for a wide range of age-related degenerative conditions. The wider business community – including a great many fraudulent and frivolous ventures – views â€Å"anti-aging†as a valuable brand and a demonstrated way to increase sales. At the worse end of the scale, this leads to snake oil salesmen, â€Å"anti-aging†creams that may or may not make your skin look younger, and infomercials that tout the â€Å"anti-aging†benefits of exercise machines. Broadly, and very charitably, we can look at these varied definitions of anti-aging as meaning â€Å"to look and feel younger in some way†– which has no bearing on how long you live or how healthy you actually are.            The confusion of most interest is between the first two definitions. Many interventions lengthen life span for individuals by preventing or curing specific age-related diseases that would otherwise prove fatal. For example, ask yourself whether preventing heart disease or diabetes is anti-aging medicine. This would have no effect on the aging process, but it would help many people to live longer, healthier lives. Is this anti-aging research? Scientists say no, some medical and business groups say yes.            Aging is such a bad word in our society. We don’t want to see old people, much less sit next to them. Even old people don’t like to be around other old people.But maybe the reason that many seniors can’t embrace their golden years is that they have never had it modeled for them. People today just live longer. The fastest growing segment in today’s society is those 85 and older. It’s a whole new ballgame for seniors today. A lot are unsure what to do or what’s expected of them. In some ways, we’re pioneers showing younger folk what to do and what they can do when they are this age. Indeed, the work of a person growing old is that of becoming an elder, discovering spiritual treasures and passing them along to others. Despite physical limitations, there are many positives about aging, including more time to be spent in meditation and prayer, working on a closer connection to God and selves. That meditative work can encourage elders to review their lives, see how they made a difference as well as bringing up old wounds and pains. It’s here that seniors need to work on forgiving others, themselves and God as they let go of past hurts, grudges and pains. AGING ON FEMALE’S PERSPECTIVE Response to Physical Changes It is a much issue for women when they feel they get old considering females to be a more conscious gender when it comes to the physical aspect. After discussing the physical changes that it can bring, without proper caring, one’s body can be a total wreck. Another issue that aging brought is that it lessen one’s self esteem. Women are conscious of their age. Youth implies beauty. Something that one tries to preserve while she is still has the youthfulness. That is why anti aging creams, pills etc. are in demand to most women. For example, there is a preference of choosing a younger female.            As women age their concerns about health growâ€â€and rightfully so given that women are at greater risks for some health conditions. For example, according to the Illinois Department on Aging, heart disease is the No. 1 leading cause of death among older women. Women are twice as likely as men to die within the first year of having a heart attack. The second leading cause of death for women is cancerâ€â€specifically lung and breast cancerâ€â€and the third leading cause of death is stroke. Women who have hypertension or diabetes are at greater risk for heart disease and strokes.            Like all women, lesbians are at risk for health problems associated with aging. Some evidence suggests that they may even be at greater risk for some age-related health problems. For example, because lesbians as a group are less likely to have been pregnant, more likely to drink alcohol and smokeâ€â€and more likely to be overweightâ€â€their risk of breast cancer may be greater than the risk among women in the general population. However, we need much more research before we can say much of anything for sure about lesbians’ risks for breast cancer or the other leading causes of death.            In the Chicago Health and Life Experiences of Women (CHLEW) study we are collecting information about these and many other health concerns of lesbians. We are happy to report that, in general, the 450 lesbians in our study are overall very healthyâ€â€in fact, when we first interviewed them in 2000-2001, 74% of them rated their health as good or excellent; only 7% said that their health was poor. Very few women in the study reported being diagnosed with breast cancer , heart disease, or diabetes. However, 17% said that they have high blood pressure (hypertension). One of the reasons for these low rates of problems is that the women are relatively youngâ€â€the average age of the women in the study is 39 years (only about a quarter of them are over 45 years old). As they get older, lesbians, like other women, face higher risk for these serious health problems. Because we have not yet discovered the cure for aging it is important that we take care of ourselves in order to reduce these risks and improve our overall quality of life. Among the most important ways that we can take care of ourselves include getting regular exercise, not smoking, and using sodium (salt) and alcohol in moderation. Some misconceptions of women and the truth            The older I get, the worse my body will feel. The increasing stiffness and aches & pains that often come with age are not a result of age, but are due to lack of movement. Although there are some changes in the tissues in the process of aging, one can continue to remain remarkably flexible and free of pain through something as simple as regular stretching.            It’s too late to start taking care of myself †¦ it won’t do any good at this age. A healthy lifestyle has been found to be one of the most important factors in how people age. Improvements in lifestyle (with the 3 key areas being good food, exercise and regular relaxation and rest) will bring improvements at any age.            I’m getting too old to learn new things Research shows that older people can, and do, learn new things. Attitude plays an important role. People who believe they can learn new things do.            Sex is only for the young. People can, and do, continue to enjoy sex well into their senior years. People are sexual beings throughout the life cycle, but sexuality is experienced differently at different ages. Changes in hormones affects the experience of sex, and one may need to find different ways to be intimate. Relaxation is key here so that we don’t panic when things don’t happen the way they used to. Aging does not imply that they are too old for sex but simply they need to give themselves some breathing room to become familiar with our changing physiologies.            The older I get, the less attractive I become. There is nothing more attractive than someone who has aged well. There is a special radiance in a elderly person who is at peace with themselves and life. Attractiveness has absolutely nothing to do with age. It’s never too late to change the two most important ingredients to graceful aging – attitude and lifestyle.  At the risk of sounding like a broken record to those of you who’ve read my previous articles – there are two very simple but essential lifestyle ingredients for successful aging -relaxation and stretching.   References: http://www.hope.edu/academic/psychology/335/webrep2/ageexercise.htm http://www.chinadaily.com.cn/lifestyle/2006-06/17/content_619419.htm http://www.chinadaily.com.cn/lifestyle/2006-06/17/content_619419.htm http://www.webster.edu/~woolflm/ageismwoolf.html http://www.seniorwomen.com/articles/articlesElginOld.html http://www.riversidehealth.com/articles/aging.htm http://orthoinfo.aaos.org/fact/thr_report.cfm?Thread_ID=224&topcategory=Wellness http://infertility.about.com/cs/femalefactors/a/femaleage.htm Â
Thursday, August 29, 2019
Chemical Stress Testing
In this case, a chemical stress test is used. This test is used to help your doctor determine if you have any kind of heart condition causing the chest pain, if arteries to the heart have blockage or narrowing, identify an irregular heart rhythm, monitor the heart’s response to treatment or procedures, and plan rehabilitation after a heart attack. A stress test is a clinical standard often used to detect coronary artery disease. The imaging portion of the test is identical to that used during stress echocardiography or isotope stress testing and is performed either in a cardiologist office, a satellite lab or the hospital. An intravenous line is started in the arm, the blood pressure is checked and an EKG recorded. Common medications used for a chemical stress test include dipyridamole, dobutamine, and adenosine. Medication is supplied until 85 percent of your age-predicted maximum heart rate has been reached. In the initial phases of exercise in the upright position, cardiac output is increased by an augmentation in stroke volume meditated through the use of the Frank-Starling Mechanism and heart rate. Treadmill stress testing is the test of choice when a patient is able to exercise because of the physiologic effect that exercise has on the blood pressure and heart rate. It also helps give the physician an idea about the patient’s exercise tolerance and whether or not the exertion has any adverse effects on the patient’s symptoms or irregular heartbeats. The treadmill test involves walking on the treadmill at a predetermined intensity based off of your fitness level. Every three minutes the speed will be increased. This continues until you reach 85 percent of the age predicted maximal heart rate. References www. thirdage. comchemical-sress-test www. livestrong. com www. heartsite. com Chemical Stress Testing Chemical Stress Testing Chemical Stress Testing In this case, a chemical stress test is used. This test is used to help your doctor determine if you have any kind of heart condition causing the chest pain, if arteries to the heart have blockage or narrowing, identify an irregular heart rhythm, monitor the heart’s response to treatment or procedures, and plan rehabilitation after a heart attack. A stress test is a clinical standard often used to detect coronary artery disease. The imaging portion of the test is identical to that used during stress echocardiography or isotope stress testing and is performed either in a cardiologist office, a satellite lab or the hospital. An intravenous line is started in the arm, the blood pressure is checked and an EKG recorded. Common medications used for a chemical stress test include dipyridamole, dobutamine, and adenosine. Medication is supplied until 85 percent of your age-predicted maximum heart rate has been reached. In the initial phases of exercise in the upright position, cardiac output is increased by an augmentation in stroke volume meditated through the use of the Frank-Starling Mechanism and heart rate. Treadmill stress testing is the test of choice when a patient is able to exercise because of the physiologic effect that exercise has on the blood pressure and heart rate. It also helps give the physician an idea about the patient’s exercise tolerance and whether or not the exertion has any adverse effects on the patient’s symptoms or irregular heartbeats. The treadmill test involves walking on the treadmill at a predetermined intensity based off of your fitness level. Every three minutes the speed will be increased. This continues until you reach 85 percent of the age predicted maximal heart rate. References www. thirdage. comchemical-sress-test www. livestrong. com www. heartsite. com
Wednesday, August 28, 2019
Magnum Ice cream Launch in the US Market Essay Example | Topics and Well Written Essays - 2250 words
Magnum Ice cream Launch in the US Market - Essay Example According to the study the product has a unique appearance as it is golden in colour, which resembles liquid gold. The value proposition of the company is to provide the ultimate ice-cream experience for adults. The chief competitive advantage of the company is that it is the first ice-cream brand to target its products at adults. It is the biggest brand of Unilever ice-creams.  From this paper it is clear that Magnum Ice Cream is a part of the Unilever company. Over the past few years, the company has recorded rapid growth in its business. Recently, the company has been trying to emerge as the top player in the U.S. ice-cream industry. The U.S. market produced about 1.53 billion gallons of ice-cream and related frozen desserts in 2011. The revenue from ice-cream sales was above 10 million in 2010 with take home market sales comprising 67.7 % of the total market value. The retail volume sales of ice-cream are expected to decline by 1% in 2013 because of the global economic rece ssion. The U.S. has very low political risk for any business that wishes to enter into the country. As the company will mainly operate in the food industry, it may be subject to U.S. Food and Drug Administration laws for fair business practices. The economic situation of the country is at an all time low as U.S. is one of the most developed countries of the world. The country has witnessed one of the most severe recessions, which began in 2007 and continued till 2009.
Tuesday, August 27, 2019
Within the Context of the Boundaryless Career Critically Analyse the Coursework
Within the Context of the Boundaryless Career Critically Analyse the Challenges Faced by Graduates in a Volatile Global Economy - Coursework Example 1 1 Table of Contents 2 Introduction 3 Boundary less Careers 3 Challenges Faced by Graduates 4 Conclusions 6 References 7 Introduction The recent economic downturn had a deep impact on the job market as companies went overdrive to cut jobs in the backdrop of a severe financial crisis. The period of economic recession saw many individuals being handed pink slips (Tuppen, 1988, p.54). It also meant that fresh graduates even from reputed institutions could not find a job of their choice. This has led to emergence of certain very critical aspects with regards to career growth and development of individuals (Roberts, 2009). The present study would analyze the career aspects of a graduate in the recessionary environment in the backdrop of a boundary less career for an individual. Boundary less Careers The definition of boundary less career itself is a matter of research with varied version of the definition of the term across academic circles. Among the most accepted of the definition is t he one given by Arthur and Rousseau (1996) that defines boundary less careers as the complete opposite of organizational career that span across various organizations against traditional assumptions of employment. The definition given above was challenged by Eby (2001) who defined boundary less careers as a connecting sequence of expertise across jobs and companies (Barling & Cooper, 2008, p.279). Greenhaus, Callanan & Godshalk (2009) Conducted a research into the aspect of boundary less careers and concluded that the aspect was majorly due to the inter organizational mobility and a change in attitude among the employees to look for greener pastures in their careers. This trend is particularly been observed in the capitalist economies of USA, UK and other developed nations as there are large number of business organizations that are ever in need of good professionals for their company. There are many perspectives on this approach firstly, certain researchers propose that boundary fe wer careers involve increased mobility towards better opportunities and rewards. Another contradictory school of thought states that aspects like mentality, identity and psychological aspects that defines the aspect of boundary less careers. Networking and connections also play a major role in the mobility of individuals across organizations (Greenhaus, Callanan & Godshalk, 2009, p.23-24). The aspect of boundary less careers has also been debated with regards to the aspect of commitment and loyalty. On one hand some individuals feel that the aspect of boundary less careers has reduced the loyalty and commitment aspects. The protagonists of this theory feel that boundary less carers have increased and improved individual performance in the quest for greater improvements in the careers due to which individuals resort to job hopping across organizations and business verticals in an attempt to better influence the careers (Purcell & Wright, 2007, p.133-134). Guest & Conway (2004) stated that there was a contrasting view in boundary fewer careers as it led to development of loyalty towards an individual’s own career and personal interests. Academic and research professionals have often critiqued this aspect and stated that this was detrimental to the organizational interests as individuals in boundary less careers often put themselves and their personal ambitions before the organizational interests (Guest & Conway, 2004, p.51). Challenges Faced by Graduates The recent market recession has led to a serious job cuts within economies. According to the data released by OECD USA alone reported a major job cut that is evident from the fact that there were 145362000 employed civilians in 2008 as compared to 139877000 individuals in the following year. The statistics reveal a clear
Monday, August 26, 2019
Management Skills in Adult Nursing Essay Example | Topics and Well Written Essays - 4000 words
Management Skills in Adult Nursing - Essay Example According to the discussion more specific themes on discharge planning, communication, and handover shall be incorporated into the text. The critical and analytical aspects of this discussion shall flow from the reflective process, with an evaluation of the specific actions based on standards of the practice. Description of incident The scenario under evaluation involves the discharge of Patient X, a 65 year old male patient who recently underwent hip hemiarthroplasty surgery. During the discharge planning process, there were several orders which the uathor was not sure how to implement. One of the discharge orders indicated that he needed to refer the patient to the rehabilitation ward for physiotherapy and occupational therapy, and that he needed to refer the patient to a physiotherapist and an occupational therapist, and arrange future schedules for therapy. Discharge orders also indicated that he needed to recommend an appropriate health and diet plan for the patient. Health and diet plans for elderly patients, especially those who have recently suffered hip fractures must be established because these elderly patients are prone to possible re-injury. Sometimes, where no appropriate safety measures are put in place, falls may happen again. The goal of nurses would be to prevent any re-injuries and to ensure that the patients are equipped with the right tools to manage their condition. There were two major challenges I had to overcome carrying out the discharge orders.
Sunday, August 25, 2019
To what extent do lecturers & UG students at the Salford University Dissertation
To what extent do lecturers & UG students at the Salford University prefer to use social network or Black Board for the benefit - Dissertation Example Far more than a medium by which taxes can be filed and checkbooks can be balanced, computing technology has evolved in recent years to permit a level of social interactivity never before possible. The mere transmission of messages from person to person is an obvious consequence, but was already a telecommunications reality long before the onset of the digital age. Of vital consequence of the proliferation of computers becomes not simply a way to send simple text messages across any terrestrial distance, but a way in which vast groups of people, all over the world can interact with and know one another despite any challenge of geography. McLuhan in 1962 described the concept of a 'global village', (McLuhan, 1962) a new realm in which the transmission of information between individuals would accelerate in an unprecedented way. One message can be read by 10,000 people with no more cost or exertion to the original sender than the click of a button. This is a function of social media webs ites. Surveys indicate that over 50% of Europeans alone spend more than 3 hours on social network sites. (57%) (ComScore inc., 2009). For more statistics details on social media traffic see appendix section (Diagram L2). 1.2 DEFINITION AND HISTORY OF SOCIAL MEDIA In this context, a social network can be defined as an online, web based site that permits users to perform the following: 1. Create a public profile within a bounded system, though varying privacy options exist. 2. Publish a list of other users of the site for which affiliation, association, or affection exists. 3. Control their listing of connections, as well as explore the collections made by others with whom they have access as designated within the site. 4. Prepare post and share content in a variety of formats: text, video, and audio files. In the other hand other researchers have differing opinions on the validity and constitution of social media websites. Alternative definitions expand upon – for a more thoro ugh understanding of the 'nuts-and-bolts' of social media and social enterprise Moro-Soto defines such an outlet: i. Discussion forums (mandatory) ii. Blogs (mandatory) iii. Wikis iv. Instant messaging v. Videoconferencing vi. Documents sharing (mandatory) vii. Collaborative documents creation viii. Project or tasks management ix. (Moro-Soto et al. 2009 p.6) In the appendix section diagram (L1) shows the launch day for some of the social media. These functions of a networking site are more useful in the establishment of collaborative learning experiences. Efficient options for computer users are embracing a more directed purpose. Certain office related functions involving creative projects that require the expertise of many individuals would benefit from this approach, especially where the above-mentioned applications are facilitated using 'cloud' computing. 1.3 WEB 2.0 Through the internet, communication and various forms of exchange have been possible for years; but the above appl ications have been dubbed by certain researchers (Redecker) as Web 2.0. Higher level collaborative interactions and interconnectedness between individuals was not ease possible in earlier eras. The functions that comprise Web 2.0 have been defined as possessing the following utilities. (Redecker C. 2009p. 31-39), (Ala-Mutka, 2009 p.36,37): 1. blogging 2. podcasting 3. collaborative databases 4.
Russian Revolution Essay Example | Topics and Well Written Essays - 1500 words
Russian Revolution - Essay Example The decision to end the demonstrations by resignation of the Tsar’s was made by the Duma, which was the Russian legislature from 1905 to 1917. The reason why the Duma requested for Tsar’s resignation is because they wanted his son to take over power and rule. The October Revolution of November 1917 took place in St Petersburg. Workers’ Soviets and the Bolshevik Party planned a coup to overthrow the Provisional Government in St Petersburg. The main aim of the October revolution was to seize power from the Provisional Government and replace the monarchy rule and make Russia a communist state. After the Bolshevik and the Vladimir Lenin took over power in the October Revolution, they allowed for elections to be conducted, but they later on changed their minds after they got less than twenty five percent votes in the elections. The collapse of the Russian monarchy government and the Provisional Government made the government to be perceived as weak and incompetent. During the February Revolution the military was summoned, but contrary to the expectations by the Tsar, the military refused to follow the orders and instead ended up fighting the police.1 World War 1 was a major factor that led to the Russian revolution in 1917.Due to the war, there was a high increase in the number of soldiers that were needed to go and join the war. Young men and horses that were used in the farms were taken leading to the decrease in the number of outputs in the forums. Due to this, the standard of living was damaged and the peasants were not happy about the decision Tsar had made to join the war. Productive farms in Russia found most of their labourers taken out to join the war. Moreover, inflation occurred and most of the peasants could not afford to buy expensive goods. Workers in the cities could not get good jobs that could give them a better pay. When these workers tried to agitate for better pay, they were
Saturday, August 24, 2019
E-commerce sales in the United States Assignment
E-commerce sales in the United States - Assignment Example The U.S. hit an all time high in 2011 with e-commerce sales of $161.5 billion. The trend in digital sales is extremely positive. It seems as if U.S. customers have become more accustomed to using the internet for their shopping needs. Shopping online has many benefits including flexibility, zero commuting costs, and lower prices. One of the factors that the author of the article identified as being critical to the rise of e-commerce sales is the uncertainty of the economy. During harsh times consumers are looking for low prices and convenience. The proliferation of websites that offer goods for sale in many categories provides internet shoppers with the ability to compare prices in order to find the best bargains. Another benefit of online shopping is that it saves people valuable time. During 2011 some of the top online product categories were digital content & subscriptions, jewelry & watches, consumer electronics, toys & hobbies, and computer software (DeMarco). Each of these cate gories grew by over 18% in comparison with the previous year. During the calendar year ten days surpassed the $1 billion sales mark. The table below illustrates the top selling days during 2011. Date Sales Total November 28 – Cyber Monday $1.25 billion December 5 $1.17 billion December 12 – Green Monday $1.13 billion A hot trend among online vendors is to offer free shipping with the purchase of products. In 2011 52% of e-commerce transactions included free shipping. This figure breaks the all time record of 49% set in 2010. Other product categories that have benefited from the internet boom are smartphones and tablets. Not only are these products selling well, but their internet capability is contributing to the growing number of e-commerce transactions. â€Å"We can expect to see more channel-shifting to online in 2012 and perhaps even acceleration in the current growth trend†(DeMarco). E-commerce has become one of the hottest trends in the retail industry. M any online vendors are using similar marketing strategies as traditional commerce. The use of branding is very important for online vendors because this marketing strategy can be used to grow the firm’s sales. Brand loyalty can help increase the customer retention rate of a website. The use of online marketing is critical to the success of a website that sells goods or services. One of the most important rules of online selling is to attract traffic to the website. Higher traffic typically leads to more sales. The supply chain management of online merchants is very important because these websites need to make alliances with freight companies such as UPS, DHL, or the USPS. Due to the new tendency of customers expecting free shipping online vendors have to negotiate terms with the shipping companies that provide the lowest price. Websites that have higher brand equity are able to outperform the competition. Examples of websites that have very strong brand equity are EBay, Amaz on, and Facebook. Facebook has over 840 million users. This company makes money from advertising revenues. Integrating marketing channels is a great way to save money in marketing expenses while at the same time optimizing exposure of a website. The tendency towards more people shopping online is a trend that should continue to proliferate itself in the future. Currently there are over 2 billion internet users worldwide (Plunkett Research). Once these internet penetration numbers continue to rise
Friday, August 23, 2019
Letters Arts and Sciences themes DIVERSITY and ETHICS and their Research Paper
Letters Arts and Sciences themes DIVERSITY and ETHICS and their relationship to globalization - Research Paper Example Consequently of the vicissitudes that are fast happening in the world, three features globalization, human diversity, and ethical issues are considered to be significant impact on leadership at international level and in local level. By way of examining international visions, human diversity, and ethics, leaders can move forward in the path of growth and begin the groundwork for twenty-first century leadership. In the past, even today there is a propensity for a lot of persons to think locally as they considered one’s hometown was his world. At present, societies understand that, even though this opinion may have been common during that period, globalization is speedily happening. Along with skill and communication advancement, obstacles among countries vanish, divulging everybody to new values. International perspectives are being spread to the outermost nations in the world and to the maximum remote places and societies. Persons of diverse philosophies come from diverse nations, with unlike ethics daily to live, tour, or involve in trade. Globalization has developed and will endure to be an innovative system of life. It is essential for leaders to answer to this task of globalization so that they might confidently reach out to several persons as possible. Exposing them to the world’s vicissitudes permits leaders to equate and compare their values with the arts, language, opinions, customs, ideas, and habits of living of other persons. By means of observing and inquiring a new culture, leaders can know the source of a person’s views and develop more perceptive to the cultural requirements of that person. As a result, the leaders demonstrate their admiration and genuine wish in learning more about that individual, thus beginning a rapport and developing a basis for the attainment of their objective. Further, they can acquire knowledge about how the nations and cultures of the globe labor
Thursday, August 22, 2019
Apush Sample Frqs Essay Example for Free
Apush Sample Frqs Essay 1. The French and Indian War (1754-1763) altered the relationship between Britain and its North American colonies. Assess this change with regard to TWO of the following in the period between 1763 and 1775. Land acquisition ​Politics ​Economics 2. Evaluate the extent to which the Articles of Confederation were effective in solving the problems that confronted the new nation. 3. Although the power of the national government increased during the early republic, this development often faced serious opposition. Compare the motives and effectiveness of those opposed to the growing power of the national government in TWO of the following. Whiskey Rebellion, 1794 Virginia and Kentucky Resolutions, 1798-1799 Hartford Convention, 1814-1815 Nullification Crisis, 1832-1833 4. Analyze the contributions of TWO of the following in helping establish a stable government after the adoption of the Constitution. John Adams ​Thomas Jefferson ​George Washington (2002) 5. Analyze the extent to which TWO of the following influenced the development of democracy between 1820 and 1840. Jacksonian economic policy Changes in electoral politics Second Great Awakening Westward movement 6. The Jacksonian Period (1824-1848) has been celebrated as the era of the common man. To what extent did the period live up to its characterization? Consider TWO of the following in your response. Economic development ​Politics ​Reform movements 7. In what ways did the Second Great Awakening in the North influence TWO of the following? Abolitionism Temperance The cult of domesticity Utopian communities 8. Although Americans perceived Manifest Destiny as a benevolent movement, it was in fact an aggressive imperialism pursued at the expense of others. Assess the validity of this statement with specific reference to American expansionism in the 1840s. 9. Analyze the effectiveness of political compromise in reducing sectional tensions in the period 1820-1861. 10. Discuss the political, economic, and social reforms introduced in the South between 1864 and 1877. To what extent did these reforms survive the Compromise of 1877? 11. Analyze the impact of any TWO of the following on the American industrial worker between 1865 and 1900. Government actions ​Labor Unions ​Immigration ​Technology changes 12. Analyze the reasons for the emergence of the Populist movement in the late nineteenth century.
Wednesday, August 21, 2019
Porters Five Analysis: Advantages and Disadvantages
Porters Five Analysis: Advantages and Disadvantages Usefulness of the strategic models Why are models commonly used in strategic management what model are, provides, usefulness, strategy making, Strategy Johnson et al. (2005, p. 9): Strategy is the direction and scope of an organisation over the long term which achieve advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectation. Uvod Strategic decisions are long term decision based on scope of companys activities made in order to obtain advantage over competition. Johnson et al (2005, p. 10) says that such decision have certain characteristics. They are complex in nature, are made in condition of uncertainty. These decisions have impact on operation decisions. They require integrated approach from managers to deal with strategic problems. Strategic decisions which are made without previous analysis but as some kind of individual notions or wishful thinking are consider to be vulnerable issue. Identifying the root of strategic analysis is difficult. It does not provide us with prescription of what strategy to implement. Companys strategic decisions are too complex for programming. Thus, author says that helping to understand issues is the aim of strategic analysis not to give answers. Model is the framework for recognizing, understanding and categorising factors applicable to strategic decisions (Grant, 2008, p. 27). Models were developed in order to solve usual problems and challenges in business. The general advantage of model is that they smooth differences between abstraction and real practise. They pose a new way of seeing a particular situation and resolving this situation. The common use of the model can be explained by their characteristic. They are projected to solve exact problems and increase efficiency. On the other hand no model can secure that by their implication solving the problem will be hundred percents successful. They are just framework which gives understanding and options for making right decision and diminish uncertainties (Assen et al, 2009). Theories, analytical tools were not made in order to replace inventiveness or experience. Their significance lies in managing discussion, processing information and opinions and supporting communication and agreements. Managers are more confident and effective in reacting on new circumstances and issues as they use models (Grant, 2008, p. 27). There are many models in strategic management which were developed on different bases in order to solve different needs. Every model focuses on various factors some are made to look at eternal surrounding of businesses as industry and market. Some models analyse inner capabilities or structure of organisation. Company chooses the models according its specific needs and what problem wants to solve. If the organisation wants to analyse its external environment it can use PESTE analysis. Industry analysis enables managers to understand how external issues influence companys performance and operations. When managers want to look better on companys product range in order to take right step to the future it can use the Boston Matrix for it. This model helps company in situation as decision making about investments to products portfolio. It guides the company what steps to take if the product is in particular stage e.g. if it star company should keep it and invest to its promotion (Keler-Si lver, 1997, p. 40). In the case of core competencies model it is advised that company should switch from portfolio planning and evaluation of individual businesses to exploring the collective capacity the whole company has. The model encourages company to stop doing activities which are not its core competencies. The confirmatory activities can be e.g. outsourced. By using this model an organisation can identify and improve the cross-company competencies. Thus it can bring new opportunities for success in the market (Keler-Silver, 1997, p. 50). Scenario planning is strategy model based on exposing various possibilities which might happen in the future. Thus it represents a context in which managers can make decisions. As they can see a scope of possibilities they are better informed and decision are more likely to be successful. The scenario planning is mostly used for understanding the dynamics of environment, identifying new openings, evaluating strategic alternatives and for taking long-term decisions. Managers can discover and consider the unsure aspects of future (Assen et al, 2009). One of the models which consider the root of competitive advantage in business is the Kays distinctive capabilities model. The model presents resource-based theory and sees a company as set of asses and capabilities. The model helps to identify distinctive capabilities which are the core of companys success. This model provides a useful tool when company make decision about redefining its strategy. It is used to widen awareness of the sources which made company competitive and to sustain these sources (Assen et al, 2009, p. 30). On the other hand Kare-Silver (1997) argues that the competitive environment has changed and the models are insufficient and shortcoming todays management. He says most of them are too theoretical, superficial and confusing and they are not enough helpful in todays environment. Further he gives the seventh criteria according to which models should be developed to meet current needs. The criteria are reflecting the business realities, starting with customers, rooted and immersed in market understanding, practical, specific, encouraging a long-term view and measurable. Author adds that it is crucial for organisation in current changing conditions to rediscover and redefine its strategy. Organisation needs to know direction in which to go and relying on strategy model is not a response. In conclusion we can say that decision making process is very challenging and requires complex view. Model provide useful tool for simplifying and mainly for making it more effective. However they do not ensure the real effect will be same. Description of Porters Five Forces Model of Competitive Strategy Formulating competitive strategy necessarily needs to analyse the company within its environment. The model is based on analysis of companys external environment. However the relevant environment is wide, the model is focus on organisations surrounding as industry in which it operates. Industry structure has powerful impact on competitive direction thus it is inevitable to analyse it. Five basic competitive forces determine the competition in an industry. The strength of the forces is to drive profit in industry in way of long term return on invested capital (Porter, 1980 p.3, 4). Next Porter says: The goal of competitive strategy for a business unit in an industry is to find a position where it can best defend itself against these competitive forces or can influence them in its flavour. Johnson et al. (2005, p. 78) refer to five forces as sources of competition which evaluate the attractiveness of industry. Authors give several points which company should take into account when using this model. When organisation has varied activities the framework needs to be used at the level of strategic business unit as for each of unit can be the impact of forces different. Next, it is inevitable to understand relations between five forces as well as macro-environment factors. As forces are not separate changes within one force influence other forces. It is a dynamic process of shifting source of competition. According to Luffman et al. (1996) the power of Industry competitor is consider to be the most important force of the model. Industry is in permanent change as every firm wants to success and it looks for opportunities to achieve it. Obviously, not all decisions lead to getting advantages some remain failure. There are many issues which influence the competition between companies as size of the company, industry structure and concentration, product differentiation and variety of rivals. Competitive rivalry is also determined by numbers and qualities of competitors. In situation of many companies in the industry which sell nearly equal product, the firm has a low level of power. Conversely if companys product is unique, it is an enormous strength (Kilde, 2005). Buyer power poses the rate of influences of costumer on pushing price down. The size or number and concentration of buyers are the most significant determinants of buyer power. Other factors include the level of information or differentiation of competitors (Karagianno et al, 2005). There are situation in which buyer power tent to grow as a low switching cost for buyer to move to another seller, when the product is not differentiated or product failure to perform its primary function. In case of trading with small number of strong buyers they tend to dictate conditions to sellers (Luffman et al, 1996). The extent to which supplier drive price up, is reflected in Supplier power. The numbers of input suppliers, product specificity or switching cost determine supplier strength. When company has few suppliers or choice of suppliers is narrow, the supplier power is high. Question here is how easy company can change its suppliers. Grant (2005, p. 83) says that suppliers of raw materials or components are mostly small companies so their bargaining power is low while suppliers of commodities enhance their power through cartelization. Same it is with labour union. If there is a high percentage of a unionised employee within an industry their supplier power is high and companys profitability is lowered. Substitutes are alternatives of product so they decrease demand for product. According to the value they give to consumer their power can be higher or lover. Johnson et al. (2005, p. 78) indicate these forms of substitution; product-for-product substitution, substitution of need when new product or service make previous unneeded and generic substitution means that product competes among others for consumer income to be spent on it. It reduces companys power when its product can be easily substituted. An attractive industry tempts other companies to enter. Threat of new entry represents the capability of new companies to enter and be able to compete in industry. The process of entering is easier for new companies and consequently it becomes a greater threat for existing companies when there are no economies of scale, industry is not capital intensive, access to distribution channels is open or there is a little protection of technology. On the other hand when there are strong barriers existing companies can keep their position. Difference between new entrants and substitutes is that new entrants when successfully enter industry will offer nearly same product. Thus, it is a bigger threat to company (Luffman et al, 1996). Thompson et al (2007, p.54) describe the way of using the model for identifying the essence and strength of competitive pressures within an industry. They divided it into three steps. The first step is to recognise particular competitive strengths related to every force from the model. Secondly, evaluation of the pressures takes place. It is essential to find out how strong they are i.e. strong, moderate, and weak. The last step is to decide the contribution of strengths on achieving profits. Evaluation of strengths and weaknesses of the model Porter (2008, p.80) says this importance of the model: Understanding the competitive forces and their underlying causes reveals the roots of an industrys current profitability while providing a framework for anticipating and influencing competition over time. He adds that effective strategic positioning can not be made without knowing industry structures. To avoid a subjective position for evaluation of the model we look at other authors views. The most significant strength of Michael Porter Five Forces model is that it remains best known and commonly used model in strategic management even after twenty years of it introduction. The simplicity is also consider to be a strength of the Five Forces model as it is easy to use and provides understandable way of market forces analysis (Kare-Silver, 1997, p. 46). According to Brandenburger (2002), the Porters Five Forces model remains to affect the scope of business strategy both in the education field and also in practise of organisations. He emphasises that the model is certainly the most known and used from competitive strategies. The reason is that it provides an obvious picture of important activities of firms. The model describes all movements from suppliers of resources through company to consumer. The role of company is stressed as it is the unit where value is created. On the other hand, suppliers and customers are consider to be necessary in such chain. The model provides useful information for three issues of companys planning, according to Recklies (2001). Firstly, it enables to determine the attractiveness of an industry. Consequently the model helps to make decision about entering or leaving industry. Further, its usefulness lies in comparison the impact of the competitive forces on the organization with the impact on rivals. Secondly, when company knows about the power and intensity of models forces it is able to come up with possibilities for improving its competitive position e.g. differentiation, strategic partnership. Thirdly, the author says that the model with combination with PESTE analysis which influences changes in the industries, the Five Forces model can indicates the trends within the industry. Hill and Jones (2007, p. 66) also talk about importance of microenvironment. Forces in the model are not constant because they are determined by wider macro-environment as economic, politic, social and technological forces. These have evident impact on the model forces and consecutively on the whole industry. The role of macro environment is important but it is the subject of the PESTE analysis and we will not discuss it closer. According Lynch (2000, p.131) the model presents effective way of analysing the environment and it is recommended to use it as the firs step of company strategy development. He points out its real relevance as results are presented in logical and structured way. Hill and Jones (2001, p.97) see the model as very useful as it can be used to analyse character of competition within industry and for recognising opportunities and threats. Opportunities and treats represent the external part of SWOT analysis so we can see the clear connection of Five Forces model with another model. Another advantage of the model is that it looks on organization and industry through a wide range of aspects which are included in the models five forces. Thus, it is systematic approach for analysing the current situation of business and plan strategy (Oliva, 2002). For better picture of the model and to underline its strengths we look at an example of bank sector and examine the impact of launching the Internet banking in Five Forces model context (Siaw, Yu, 2004). In the terms of threat of entry force, the Internet banking enables small banks to enter the industry. Scale benefits are removed and network of branch is less important as there is direct access to customer in more suitable way. Bargaining power of buyers increases as they have more choices. Switching cost decrease because product has become more undifferentiated and standardised. As far as rivalry is concern, the differences between banks are smoothed as size of a bank is less important. Further providing services through the Internet is cheaper than using traditional distribution channels. Internet banking increased supplier power. Banks acted as supplier before. Now they pose intermediaries which enables access to range of products and delivery channels. Switching costs are high for bank if it is dealing with big customers. Such analysis helps manager to understand how the Internet influences five competitive forces. Existing banks using the analysis periodically can evaluate changes within the industry. Potential entrants can assess if the enter into industry will be profitable for them. Overall the analysis is useful in competitive strategy formulating (Siaw, Yu, 2004). Besides numbers of advantages the model is subject of many critiques. According Grant (2002, p. 89), the theoretical bases of the Porters Five Forces model are the most criticised by economists. Furthermore doubtful theoretical foundation, there are limitations because of static character of the model. Industry structures are considered to be stable and determinate by external forces. Grant (2002, p. 89) says that: Industry structure drives intensity of competition, which in returns determines the level of industry profitability. Therefore industry structures cannot remain unchanged in dynamic process of competition. Another issue which Grant points out is missing empirical evidence of importance of industry environment for company profitability. Faulkner and Campbell (2003, p. 249) also criticise static character of the Five Forces model saying that industry structures are continuously changing because of competition between firms and strategies adoped by companies within the indust ry. Static character of the model is also pointed out by Lynch (2000, p. 131), he says that forces are constantly changing and the moves could be more rapid than the model explain. Next critic which Lynch expresses is about the buyer power. The model assumes that this aspect is as equal as others factors while he argues that buyers should be got greater importance. According to the model, the environment is viewed as a threat to a company however some organisations see co-operation with others, especially with suppliers, very beneficial. Faulkner and Campbell (2003, p. 249) express their view to this question, too. They criticise Porters view on rivalry and competition between companies to be more essential than possible interaction as joint ventures or alliances. Lynch also questions the fact if it is sufficient for company to create its corporate strategy just after applying the Five Forces model. Further critics of model presented by Lynch consider its ignorance of human aspect o f strategy. The model overlooks features as country cultures or management skills. The presumption that companys own interests are primary might not be correct for some charitable and government institutions. Hill and Jones (2001, p. 97) reveal two weaknesses of the five forces model. The first is, as the other authors say, about its static character however they enhance their critique to disregarding the role of innovation. Innovations represent driven force of competition within the industry. As any company comes up with new product, technology or process it can gain great competitive advantage and earn profit. Another function of innovation lies in converting industry competition. As the production costs could be cut down due to e.g. new technologies, the barriers to entering the industry are removed and small companies can also access the competition. They provide example of the steel industry where after introducing technology as electric arc furnaces, the characteristic oligop oly industry became more price competitive and fragmented industry and smaller companies can also compete. Porter (2008, p.86) does not see innovation itself as a strong factor which can make industry profitable. He argues that often industries with low technology, high switching costs or price intensive buyers are more profitably than attractive software or information technologies ones. Because the model is static, all changes, which arise in the industry, cannot be recorded. Hill and Jones (2007, p. 66) conclude: The Five Forces model is of limited value because it represents no more than snapshots of a constantly changing situation. Thus, managers must constantly repeat industry analysis and pay attention to changes in the forces of competition. As far as the second critic is consider, same as Grant (2002, p. 89), Hill and Jones (2001, p. 97) talk about overrating the role of industry. Industry is given too much importance as the determinant of organisation profit while the differences between individual companies are neglected. Companies profit within industry varies and it has been detected that only 10% to 20% of differences is explained by industry structure. Consequently, we can say that companys own capacity and resources are more significant for profitability than industry in which it operates. None of company will be successful just because it is in the at tractive industry. Companys strategic resources as intangible assets, brand name are critical for analysis and strategy making (Crook at all, 2003). Other authors who agree that the Porters model is completely focus on external environment rather than internal resources of a company are Faulkner and Campbell (2003, p. 249). They criticise Porters view on outside environment as a root of firms success. Their another critique consider the application of industry analysis to individual company. This might not be as successful as first thought. In spite of critics authors admit that the Porters model of industry analysis stays as one of the most significant model of strategic management even though it has been introduced twenty years ago. Further shortcoming of the Porters model is that it was meant for industrial companies g.e. Coca-Cola, Ford Motors or Dell, not for knowledge based firms in field of advertising, consulting or legal. Manager of these companies bear some risk by using this tool and it is recommended to alter the model according to needs of such firms (Sheehan, 2005). Recklies in her article Porters 5 Forces (2001) indicates various criticisms. Besides acknowledgement that the model is static and it does not take into account co-operation between companies, the author gives also other critiques. As the model supposes perfect market, it has limited application in more regulated industries. The model fits the best to analyse simple market structures. In the case of complex industries with numbers of interrelations it is very complicated to analyse all five forces. On the other hand the author alerts that too narrow look on one segment in such industry can cause oversight of important factors. She concludes, as well as others authors, that the Five Forces model present a tool for managers to view the current situation of the industry in easy and understandable way and it is a good beginning for additional analysis. Recklies in her another article (2001) says that one of the reason for critics are todays changed economic circumstances. The model is found on the situation in the eighties. Cyclical developments, steady market structures and strong competition are typical for this time. Nowadays, technologies, the Internet and e-business application are seen in all industries and it transforms industry structures. This is the reason why the model cannot be used to explicate today dynamic changes and she adds: It is not advisable, if not to say impossible, to develop strategy solely on basis of Porters model. Downes realised the same trend and in the article Beyond Porter (1997) he introduces three new forces digitalization, globalization and deregulation as current issues which influence businesses. The new forces are seen in business activities as they are moving from physical world to computerised networks. According to Downes new strategic framework and analytical tools are essential to apply. Digitalization enables firms to gain access to greatly more information than before on the other hand it pose the treat of unfamiliar and unpredictable competition. Due to Globalization even local companies are able to become global as logistic and communication improved. Deregulation also opens up new possibility for company e.g. restructuring, more open international market. More others authors argue that the model should be extended about another force. They have various views on what it should be. Hill and Jones (2007, p. 57) see the sixth force as complementors. Complements are considered to be determinant of demand for products thus having a satisfactory supplier affects companys profit. Attractive complementary products create value and opportunity for company within an industry. On the other hand inefficient complementors pose threat and they are cause of slow industry development and low profitability. Also Grant (2005, p. 103) see complementors as significant impact on companies competitiveness and refer to them as to the sixth force. In the case of close complements of products, products have low value separately as consumer wants the whole. Question is how the value is divided between producers. The most common the supplier with stronger market position who is able to lower the value of other complements, gets much of profits. Karen-Silver (1997, p. 46) argues while current competitive environment calls for new forces to be consider, the original core i.e. five forces stays the most powerful. Porter (2008, p. 86) agrees that there are other important issue within an industry but he refers to them as to factors not forces. He presents factors like industry growth rate, technology and innovation, Government, complementary products and services. In addition he says: It is especially important to avoid the common pitfall of mistaking certain visible attributes of an industry for its underlying structure. In summary, Michael Porters models do not have the influence they used to have any more. New economic laws came up and other drivers stared to transform markets. Nevertheless, that does not mean that Porters theories became invalid. All we have to do is to apply them with the knowledge of their limitations in mind and to use them as a part of a larger framework of management tools, techniques and theories. This approach, however, is advisable for the application of every business model brand-new or old, from Porter or from somebody else, and in every economy Bibliography Assen, M., Berg, G., Pietersma, P., (2009) Key Management Models: The 60+ models every manager needs to know. Essex: Pearson Education, UK 2nd ed. Brandenburger, A., (2002) Crook, T.R., Ketchen, D.J., Snow, C.C., (2003) Competitive Edge: A Strategic Mnagement Model, .pp. 44-53 Downes, L., (1997) Beyond Porter, The Context Magazine. Available at: http://www.contextmag.com/setFrameRedirect.asp?src=/current/archive.asp Faulkner, D., Campbell, A., (2003) The Oxford Handbook of Strategy: Strategy overview and competitive strategy. Oxford (New York): Oxford University Press, USA, pp. 248-250 Grant M, R., (2002) Contemporary Strategy Analysis: concepts, techniques, application. Oxford: Blackwell Publishers, UK, pp. 89 Grant (2005) p. 83 Hill, C.W.L, Jones, G.R., (2007) Strategic Management: An Integrated Approach. 7th ed. Boston: Houghton Mifflin, USA pp. 46-67 Hill, C.W.L, Jones, G.R., (2001) Strategic Management: An Integrated Approach. 5th ed. Boston: Houghton Mifflin, USA pp. 97-98 Johnson, G., Scholes, K., Whittington, R., (2005) Exploring Corporate Strategy: Text and cases. 7th ed. Essex: Pearson Education, UK Kare-Silver, M., (1997) Strategy in Crisis: Why business urgently needs a completely new approach. London: Macmillan Press, UK pp.45-47 Karragiannopoulos, Luffman, G., Lea, E., Sanderson, S., Kenny, B., (1996) Strategic Management: An Analytical Introduction. Oxford: Blackwell Publishers UK, pp. 48-55 Lynch, R., (2000) Corporate Strategy. 2nd ed. Essex: Pearson Education, UK, pp. 124-132 Oliva, A.R., (2002) A Framework for Success, Marketing Management jan/feb. pp.39 42 Porter, M., (2008) the Five Competitive Forces that Shape Strategy, Harvard Business Review. Recklies, D. (2001) Porter 5 forces, Recklies Management Project GmbH, Available at: http://www.techba.com/training/course2/LinkedDocuments/Porters%205f.pdf Recklies, D. (2001) Beyond Porter ACritique of the Critique of Porter, Recklies Management Project GmbH, Available at: http://www.themanager.org/Strategy/BeyondPorter.htm Sheehan, N.T., (2005) Why old tools wont work in the new knowledge economy, .. . 26 (4), pp. 53 60 Available at: Siaw, Yu Thompson The Introduction and History of Dabur Nepal Pvt Ltd: The Introduction and History of Dabur Nepal Pvt Ltd: Dr. S.K. Burman set up Dabur in 1884 to produce and dispense Ayurvedic medicines reaching out to a wide mass of people who had no access to proper treatment. Dr. S.K. Burmans commitment and ceaseless efforts resulted in the company growing from a fledgling medicine manufacturing in a small Calcutta house, to household name that at once evokes trust and reliability. There are many stores in different region and country. As a reflection of its constant efforts at achieving superior quality standards, Dabur became the first Ayurvedic products company to get ISO 9002 certification. Reinforcing its commitment to nature and its conservation, Dabur Nepal, a subsidiary of Dabur India, has set up fully automated greenhouses in Nepal. This scientific landmark helps to produce saplings of rare medicinal plants that are under threat of extinction due to ecological degradation. There are various product manufactured by this company in Nepal. Daburs Health care range brings for you a wide selection of Ayurvedic and natural products that offer complete care for varying individual needs. Our product are derived from the time-tested heritage of Ayurveda and backed by the most modern scientific test and trials that ensure no failing quality and safety in anything you pick. The guiding force behind Daburs growth and success has been the wealth of nature and its limitless capacity to support life. And we have constantly taken care to preserve and protect this natural bounty with this overall vision of and to eco-sustenance, expand Daburs resource and production base, Dabur Nepal Private Limited was set up as an independent Group company in 1992. This new company, set amidst the verdant greens and towering mountains of the Himalayan kingdom of Nepal, has established a unique bond of technology and preservation. 2. Introduction to Financial Ratio: A financial ratio is a relative magnitude of two selected numerical values taken from an enterprises financial statements. Often used in accounting there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization. Ratio may be expressed as a decimal value, such as 0.10 or given as an equivalent percent value such as 30%. Some ratio is usually quoted as percentages. Different ratio measures different thing Liquidity ratios measure the availability of cash to pay debt. Active ratios measures how quickly a firm converts non cash assets to cash assets. Debt ratios measure the firms ability to repay long-term debt. Profitability ratios measure the firms use of its assets and control of its expenses to generate an acceptable rate of return. Liquid Ratios: Liquidity reflects the ability of a company to meet its short-term obligations using assets that are most readily converted into cash. Assets that may be converted into cash in a short period of time are referred to as liquid assets; they are listed in financial statement as current assets. Current assets are used to satisfy short-term obligations, or current liabilities. The amount by which current assets exceed current liabilities is referred to as the net working capital. Current Ratio: It is used to calculate that how many short term assets a company has to meet its short term obligations. Current ratio= current assets / current liabilities a) 1.6:1 for year 2005 b) 1.8:1 for year 2004 As we know that higher the ratio better the company has more liquid assets to meet its short term liabilities. There were sufficient amounts of assets available to meet short term liabilities in the year 2005 which was 1.6:1 so there were 1.6 current assets available to meet its short term liabilities and in the year 2004 the ratio was increased to 1.8:1 which was much better than in the year 2005. So the company had good financial status in the year 2004 than in the year 2005. Acid Test Ratio: The acid test ratio is also known as the liquid or quick ratio. The idea behind this ratio is that stocks are sometimes a problem because they can be difficult to sell or use. Acid Test Ratio: Current assets- closing stock/ current liabilities 0.8:1 for year 2005 1.1:1 for year 2004 As we know that higher the acid ratio, is comparatively better. So the acid test ratio in 2005 was not sufficient to meet its current liabilities but the ratio was about 1.1:1 in the year 2004 which was sufficient to meet its liabilities and hence the liquid ratio in year 2004 was much better than 2005. 2.2. Profitability Ratios: profitability ratio compares components of income with sales. They gives us an idea of what makes up a companys income and are usually expressed as a portion of each unit of sales. Primary Ratio Return on Capital Employed: It is used in finance as a measure of the returns that a company is realising from its capital employed. It is commonly used as a reassure for comparing the performance between businesses and for assessing whether a business generates enough returns to pay for its cost of capital. ROCE compares earning with capital invested in the company. ROCE= [PBIT/ Capital Employed]*100% a)14.58% for year 2005 b) 18.79% for year 2004 This shows that ROCE in the year 2004 has more profit gained than in the year 2005. Return on Total Assets (ROTA): A ratio that measures a companys profit before interest and taxes (PBIT) against its total net assets. The ratio is considered an indicator of how effectively a company is using its assets to generate earning before contractual obligations must be paid. Return on Total Assets (ROTA) = PBIT/ Total Assets a)0.097 for year 2005 b) 0.14 for year 2004 The rate of return on total assets was better in the year 2004 in comparison with the ratio 0.097 in the year 2005 because there was more profit before interest and tax with total assets. Secondary Ratio: Gross Profit Margin: this ratio is the percentage of sales left after subtracting the cost of goods sold from net sales. It measures the percentage of sales remaining available to pay the overhead expenses of the company. Gross profit margin=Gross profit/ Net sales a) 22.1% for year 2005 b) 23.9% for year 2004 It was seen form the above data that the gross profit margin in the year 2004 was better than in the year 2005 so the company had better profit margin in the year 2004. Net Profit Margin: This ratio is the percentage of sales dollars left after subtracting the cost if goods sold and all expenses, except income taxes. It provides a good opportunity to compare your companys return on sales with the performance of other companies in your industry. It is calculated before income taxes because tax rates and tax liabilities vary from company to company for a wide variety of reasons. Net profit margin: Net profit Before Tax/ Net sales 4.7% for year 2005 6.5% for year 2004 The ratio measure average profit on sales. The percentage net profit to sales for Dabur Nepal Pvt. Ltd was 6.5% in 2004 and 4.7% in 2005 which mean that each Rs1 sales made an average profit of 6.5 Rs in 2004 and 4.7 Rs in 2005. This shows the Net Profit margin was better in the year 2004. Assets Turnover: It is used to calculate revenue generated per amount of long term capital invested in the business. It is used to see how effectively the long term assets are being utilized to generate the revenue. It is given by Assets Turnover= Turnover/ Capital Employed 3.87 times for 2005 3.68 times for 2004 We see the result of 3.68 times for 2004 this means that turnover is 3.68 times bigger than total assets. For the year 2005, it was even higher at 3.87 times. So the total asset turnover ratio was better in 2005 than in 2004. Activity Ratio Inventory Turnover: Inventory turnover is a measure of the number of times is sold or used in a time period such as a year. The equation for inventory turnover is equals the cost of goods sold divided by the average inventory, inventory turnover is also known as an inventory turns, stock turns, turns. A lower turnover ratio defines overstocking a company and a higher turnover ratio indicates inadequate inventory level or less in business. A lower turnover of inventory is somehow beneficial for a production company like Dabur Nepal Pvt. Ltd. Inventory Turnover=cost of goods sold/ average Inventory a)3.51 for year 2005 b) 7.65 for year 2004 Unit inventory turnover is better for the company, which excludes the over stocking and under stocking/ deficiency. It can be possible when cost of goods sold and turnover inventory are equal. As the year 2005 shows 3.51 times turnover inventories which were better because less amount of stock was there in this year but in the year 2004 the inventory turnover was more which was 7.65. As form definition we know less the turnover ratio better the profit gain by the company. So the companys financial status was better in 2005. Debtors Turnover: It indicates the velocity of debt collection of a firm. In simple words it indicates the number of times average debtors are turned over during a year. Debtors Turnover= [Debtors/ Sales]*365 The two basic components of accounts receivable turnover ratio are net credit annual sales and average trade debtors. The trade debtors for the purpose of this ratio include the amount of Trade debtors Bill Receivables. The average receivables are found by adding the opening receivables and closing balance of receivable and dividing the total by two. a)20.50 days for year 2005 b) 22.17 days for year 2004 Accounts receivable turnover ratio or debtors turnover ratio indicates the number of times the debtors are turned over a year. The higher the value of debtors turnover the more efficient is the management of debtors. In the year The debtors turnover was 22.17 days in the year 2004 in comparison with this there was 20.50 days in the year 2005 so, the company took less days to collect its debt in the year 2005 than in the year 2004. As a result the company had better financial state in 2005. Conclusion: The turnover of the company has increased by 4.69% over the previous year. The net profit after tax has reduced by 2.28% over the previous year due to lower contribution margin. During the year company has invested Rs 24.65 crore on account of fixed assets. Out of which, major amount is spent towards installing a new packing machine in juice plant in flex pack and increasing cold store capacity. It has deposited off its fixed assets amounting Rs 4.51 crore during the year. Hence as a whole Dabur Nepal Pvt. Ltd has well financial status in year 2004 but all the ratios were affected by the political instability of politic in Nepal as well as by other effect of the company. References: http://www.dabur.com/EN/Investors1/Annual_reports/2004-05/Dabur-Nepal-fina-05.pdf http://www.bized.co.uk/compfact/ratios/ Course Work Managing Financial Principles and Techniques Level 7 Advanced Professional Diploma in Management Studies Submitted to: Course Tutor/ Assessor Muhammad Atif Majeed Submitted by: Kabindra Simkhada Id: 201093 London College of Business Information Technology Contents Net present Value 1 Pay Back Period 1 Internal Rate of Return 1 Post completion Audit 1 Methods of finance available for company A 2 Scatter diagram 3 Advantage of Scatter Diagram 4 Disadvantage of Scatter Diagram 4 Appendix 5 Forecasting total cost Net present value: Both incoming and outgoing of a time series of cash flows is defined as the sum of the present values of the initial investment. The NPV is similar to PV of future cash flows minus the purchase price. This is a central tool for discounted cash flow analysis and is a standard method for using the time value of money to appraise long term project. It is used for capital budgeting, economics, finance and accounting. It measures the excess or shortfall of cash flows. The net present value of the company A is $76,990. this means in an initial investment of $260,000 in a project for 5 years of period the profit gain in the project is $76,990. Pay Back Period In capital budgeting refers to the period of time required for the return on an investment to repay the sum of the original investment is payback period. The time value of money is not taken in account. It measures how long something takes to pay for itself. This term is also widely used in other types of investment areas, often with respect to energy efficiency technologies, maintenance, upgrades, or other change. Payback period is a tool of analysis is often used because it is easy to apply and easy to understand for mist individuals. It is useful for comparing similar investment. According to the project A we earn or get back our initial investment in 3 years 6 month of period and after that period all the money gained is profit. Internal Rate of Return (IRR) It is also called discount cash flow rate of return or simply the rate of return. The internal rate of return on an investment or project is the annualized effective compounded return rate of discount rate that makes the net present value of all cash flow form a particular investment equal to zero. It is commonly used to evaluate the desirability of investment or projects. The higher a projects IRR the more desirable it is to undertake the project. Assuming all other factors are equal among the various projects, the project with the higher IRR would probably be considered the best and undertaken first. At the discount rate of 7.10% the NPV of project is equal to 0. Post Completion Audit Post completion audit is a key example of an internal audit. In this process technical details are discussed briefly. The purpose of post-auditing is to examine how well or badly a project has performed after it has been implemented. This process may be taken at any stage after a project has been started and need not wait until after the project has been completed. It is important for the project to perform post completion audit. Following are the benefit of post completion audit. Improved quality of decision making: after feedback and suggesting changes that need to be made to the process of decision making Improved realism of project appraisals: this is to attempt to prevent biasing upward of cash flow in proposals. Identification of key variables: This after the event knowledge can help to identify what the actual key variables were compared with the ones that were thought to be the case before implementation More frequent project termination: although firms are often unwilling to stop unsuccessfully projects, it may be the logical thing to do. Performing post audit actually gives the information to make that decision. Following things are checked in post completion audit. Check whether the required quality has been achieved. The efficiency of the solution during operation compared with the agreed performance and standards. The actual cost of the project compared with the budgeted expenditure and the reasons for over or under expenditure identified The time taken to develop the solution compared with the targeted date for completion and reasons for a variance identified The effectiveness of any problems encountered and the effectiveness of the solutions generated to deal with them. If the project objectives have been stated in terms of learning outcomes, the extent to which these have been achieved would also be investigated. The audit would lead to the production of a report to the management, structured around the above points. Post completion is one of the important part of the project with the help of which we can verify whether the project meet the requirements, whether the project is completed or not. This is the basic requirements of the project now a days. Methods of finance available for company A Public limited Company is the company which gives services to the public. This company is non profitable organisation whose goal is to provide better and efficient services to the customer or public. A plc is a company that is able to offer its shares to the public which means it share its profit and public also take part or public are also the owner of the company. For long term sustain of the company finance are those that are needed over a longer period of time generally over a year. This company should give services to the public for long time. The methods of finance available for this company are as follows Shares: Shares relate to companies set up as plc. If a company want to expand the business then they can sell shares to the general public. This means any one can buy the shares in the business. Venture capital: Venture capital is becoming an increasingly source of finance for growing companies. Venture capitals are on the lookout for companies with potential. They are prepared to offer capital to help the business grow. In return the venture capital gets some say in the running of the company as well as a share in the profit made. Bank loan: as with short term finance, banks are an important source of longer term finance. Banks may lend sums over long period of time possibly up to 25 years or even more in some cases. The loans have a rate of interest attached to them. Using bank loan might be relatively easy but the cost of servicing the loan can be high. If interest rates rise then it can add to a business costs and this has to be taken into account in the planning stage before the loan is taken out. Government grant: some of the company get funds from the government. This could be medical sector, security sector etc which get its most of the funds from the government. Retained profit Owners Capital: some people are in a fortunate position of having some money which they can use to help set up their business. The money may be the result of savings, money left to them by a relative in a will or money received as the result of a redundancy payment. This is not enough sums to finance the business fully but will be one of the contributions to the overall finance of the business. Selling assets: By selling the assets like property, machine, equipment, other companies or even logos. In some cases it may be appropriate for a business to sell off some of these assets to finance other projects. Lottery funding: in UK the National Lottery might be a possible source of funds for some types of business. These businesses will mostly be charities or charitable trusts. The company that are not for profit business so any surplus they make is put back into the business to help develop and improve it. Scatter diagram A scatter diagram or scatter graph is a type of mathematical diagram using Cartesian coordinates to display values for two variable for a set of data. The data is displayed as a collection of points, each having the value of on variable determining the position on the horizontal axis and the value of the other variable determining the vertical axis. This kind of graph is called scatter diagram. This diagram mostly used for the experimental purpose. Different data collected from the experiment is plotted in the graph. If data exist that is systematically incremented or decremented by other, it is called the control parameter or independent variable and is customarily plotted along the horizontal axis. The measured or dependent variable is customarily plotted along the vertical axis. If no dependent variable exists, either type of variable can be plotted on both axis and a scatter plot will illustrate only the degree of correlation between tow variables. A scatter plot can suggest various kinds of correlation between variables with a certain confidence interval. Correlations may be positive, negative, of null. If the pattern of dots slopes form lover left to upper right, it suggests a positive correlation between the variables being studied. If the pattern of dot slopes form lower left to upper right. It suggests a negative correlation. A line of best fit can be drawn in order to study the correlation between the variable. An equation for the correlation between the variable can be determined by established best fit procedures. For a linear correlation, the best fit procedure is known as linear regression and is guaranteed to generate a correct solution for arbitrary relationships. The scatter diagram is one of the basic tools of quality control. Benefits of scatter plot are as follows The diagram shows the relationship between two variables where one variable is drawn at horizontal axis and other is plotted at vertical axis. This scatter plot is best method to illustrate the non linear pattern. This is the best method used for finding results in experiment. Disadvantages of scatter plot It is difficult to find exact value of the variables. To get the exact value we need more experimental values because of which this method is time consuming. It is difficult to get accurate result from more scattered data.
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