Why Do the Events of 1857-8 in India Matter?

The events of 1857-8 are extremely significant and have changed India dramatically into the India we see today. We see the British taking over India from the East India Company after a ‘mutiny’ in 1857 and welcoming it into a colony in the British Empire. It was described as â€Å"the jewel in the crown† of the British Empire because of their rich sources such as silk that were deported from India to countries in Europe. This made Britain considerably richer and greedier as they increased their power by continuing to expand their empire.The British made many positive changes as well as negative changes in India during their rule such as introducing technology such as expanding railways for everyone to use, and education for some Indians. These are just a few changes that helped a trade-inspired outlook within India. Nevertheless, they also took advantage of the Indians by making money from their resources, charging them heavy taxes to use in Britain and sending ma ny Indians to fight for Britain in the First World War.We see that many changes shaped the modern India today, but why do these changes matter to us? We find out much about British rule in India from the outbreak of fighting of the mutiny before 1857 as it tells us about how the East India Company forced strict rules and intervened upon the Hindu society such as ignoring their religious beliefs, which was one of the key factors leading up to the Indian ‘mutiny’. We see that although some changes did benefit from the Indians, the general attitude was negative, since all Indians were heavily taxed as discriminated.The way Britain changed from a trader to a ruler reveals to us how greedy Britain were at the time and how powerful as they could gain control of such a big country like India. We also can see how the British abused their power as they treated the Indians unfairly, as, in an account written by Vishnubhat Godse, an Indian who was living in the city of Jhansi in 1 857, described how they British took power of it.He remarked that the English were â€Å"shooting down every man that they saw and setting fire to houses† while entering the city and described that â€Å"the terror in the city at this time was immeasurable† and that the â€Å"screaming and crying was endless†. We see that the Indians were portrayed as vulnerable and weak as the British took over. Furthermore, the British broke their own policy, the Doctrine of Lapse by taking over the city since the deceased prince did have an adopted son. This shows the desire for more territory overpowering the need to follow the treaties they had made with he princes of states and therefore ignoring their own rules. The corruption, ignorance and brutality within the East India Company showed that they were not successful in ruling as it caused the mutiny in 1857 and therefore made the Indians very unhappy. The accounts of events of 1857 reveal to us that India was not ruled w ell, was a much divided country and that the citizens in general were not satisfied on being controlled by Britain . Many Indians were very unhappy about the British interfering in Hindu socio-religious affairs and charging them high taxes etc.However, many Indians benefited from British rule and profited much from trade. Europeans who had settled down in India were considered of a much higher class than the Indians and Indians were discriminated. This reveals how people in India all had different attitudes towards the British. We can see that by many different accounts of the outbreak of fighting in India. For example, an English clergyman’s wife describes in her diary the â€Å"horror† that the Indians have inflicted and how there was â€Å"heavy firing all day† and how â€Å"ten Europeans were killed†.However, another account from an Indian man, Vishnubhat Godse, claimed that he â€Å"was filled with dread† and that the English soldiers â€Å"t ortured them, demanding rupees, gold, pearls or other valuables† and if they found those, they sometimes would let the innocent Indians free. These primary sources reveal to us how chaotic India was and the different views people held. We can also draw from this how unsuccessful Britain was at ruling. The consequences of 1857 changed India to be the India we see today.In 1858, Queen Victoria read, â€Å"We disclaim the right and desire to impose out [Christian] convictions on any of our subjects†. This meant that she did not want to bring about any further religious change in India. The British invested heavily in large irrigation projects in order to increase food production and primary education for Indians. They also dramatically expanded the railways and jobs in the government were opened to Indian applicants. These are just some of the examples of the changes made to make India a trade-inspired country and modernised.This can be considered the first step made to ma king the India it is today. Even though the ‘mutiny’ did not gain independence for the Indians, this was a significant turning point in the history of India. The ‘mutiny’, regarded by many as India's first War of Independence, had many important consequences and the structure of British India was to be re-organised extensively, including the East India company being cast out on its role and Queen Victoria being crowned Empress of India in 1877, the British investing in large irrigation projects, education and railways.However, there had been no real danger that British rule in India would be overthrown during the ‘mutiny’. The majority of the native soldiers had remained loyal. In fact, without them the British could hardly have suppressed the rebellion. During the attack on Delhi, for example, from the 11,200 soldiers on the British side, there were 7,900 Indian soldiers. Large areas of the country remained unaffected by what the Indians calle d  Ã¢â‚¬Å"the devil's wind. † So had the revolt been?Was it just a military mutiny in a part of the army, as the British believed, or a national uprising, as later Indian historians have argued? The truth lies somewhere in between. It was traditional India that had risen against the British, as the British had tried to push Christianity upon the Indians, the India which remembered its past, hated the present and dreaded the future that was now absolutely certain to belong to the Westernized Indian, and not to the Indian soldiers or princes.The ‘mutiny’ is a chapter of Indian history that will be remembered as something to learn from and although the British defeated the Indians in the ‘mutiny’, many Indians still desired independence as they felt they were not treated fairly. This mattered significantly as the unsatisfied need for independence continued even though good changes were made. Therefore this was a key point in Indian history which was re membered and was certainly a factor to build up to when India actually gained independence in 1947.It also resulted in change in the attitudes of the citizens after the ‘mutiny’ as many Indians were treated maliciously after the ‘mutiny’ as we can see from ‘Empire’ by Jeremy Paxman: â€Å"Entire villages were burned down; mutineers were smeared in pig fat before execution, tied to the muzzles of cannon and blown to pieces. At the site of Cawnpore massacre rebels were made to lick the dried blood from the floor† From this short xtract be can see how unmerciful the British were after the mutiny, as they killed rebels in painful ways while making them break the rules of their faith by smearing them in pig fat and making them lick blood from the floor as it broke their religious beliefs. The way the Indians were treated will always be remembered and so it continues the need for independence. However, many good changes were made after the m utiny that will be remembered as good such as the modernisation of the country to give India a trade-inspired outlook. So how do the events of 1857-8 matter?They matter because the ‘mutiny’ made a platform for a bigger rebellion for independence, it brought India the technology it needed, and Britain started to build India to be the India we see today, although there were some negative effects as well. As a modern audience, we can remember these events in a positive light, and remember them as changes that put India onto a road to modernisation. Images The 93rd Sutherland Highlanders, November 1857 during the Indian Mutiny Incident in the Subzee Mundee, a watercolour of the Indian Mutiny or rebellion of 1857 by British artist G F Atkinson Drawing railways the British built in India

Project Report on Cost Analysis of Rice Mill in India Essay

1.1 Introduction Rice is the staple food for 65% of the population in India. It is the largest consumed calorie source among the food grains. With a per capita availability of 73.8 kg it meets 31% of the total calorie requirement of the population. India is the second largest producer of rice in the world next to China. The all India area, production, and yield of rice in the year 2001-02 was 44.62 million hectares, 93.08 million tons and 2086 kg/ ha respectively. In India paddy occupies the first place both in area and production. The crop occupies about 37 % of the total cropped area and 44% (2001-02 position) of total production of food grains in India. West Bengal is the leading producer of paddy in the country. It accounts for 16.39% of the total production, and the other leading states are Uttar Pradesh (13.38%), Andhra Pradesh (12.24%), Punjab (9.47%), Orissa (7.68%) and Tamil Nadu (7.38%); the remaining states account for 33.45% of the production. India is also one of the leading exporters of rice in the world market. India’s export of rice stood at 23.89 lakh MT in 1997-98. The corresponding value of foreign exchange earned was to the tune of Rs. 3371.00 crore in 1997-98. Indian Basmati Rice has been a favorite among international rice buyers. Following liberalization of international trade after World Trade Agreement, Indian rice will become highly competitive and has been identified as one of the major commodities for export. Look more:  capital budgeting examples essay This provides us with ample opportunity for development of rice based value-added products for earning more foreign exchange. Apart from rice milling, processing of rice bran for oil extraction is also an important agro processing activity for value addition, income and employment generation. Many of the rice processing units are of the traditional huller type and are inefficient. Modern rice mills are having high capacity and are capital intensive, although efficient. Small modern rice mills have been developed and are available in the market but the lack of information is a bottleneck in its adoption by the prospective entrepreneur. The present model will go a long way in bridging the information gap. 1.2 Description of Rice Milling Operations Paddy in its raw form cannot be consumed by human beings. It needs to be suitably processed for obtaining rice. Rice milling is the process which helps in removal of hulls and barns from paddy grains to produce polished rice. Rice forms the basic primary processed product obtained from paddy and this is further processed for obtaining various secondary and tertiary products. The basic rice milling processes consist of: 1. Pre Cleaning: Removing all impurities and unfilled grains from paddy 2. De-stoning: Separating small stones from paddy 3. Parboiling (Optional): Helps in improving the nutritional quality by gelatinization of starch inside the rice grain. It improves the milling recovery percent during de-shelling and polishing / whitening operation 4. Husking: Removing husk from paddy 5. Husk Aspiration: Separating the husk from brown rice/ unhusked paddy 6. Paddy Separation: Separating the unhusked paddy from brown rice 7. Whitening: Removing all or part of the bran layer and germ from brown rice 8. Polishing: Improving the appearance of milled rice by removing the remaining bran particles and by polishing the exterior of the milled kernel 9. Length Grading: Separating small and large brokens from head rice 10. Blending: Mixing head rice with predetermined amount of brokens, as required by the customer 11. Weighing and bagging: Preparing the milled rice for transport to the customer The flow diagram of the various unit operations are as follows: Figure 1: Block Diagram of Rice Processing 1.3 Status of Rice Milling Units in India Rice milling is the oldest and the largest agro processing industry of the country. At present it has a turnover of more than 25,500/- crore per annum. It processes about 85 million tons of paddy per year and provides staple food grain and other valuable products required by over 60% of the population. Paddy grain is milled either in raw condition or after par-boiling, mostly by single hullers of which over 82,000 are registered in the country. Apart from it there are also a large number of unregistered single hulling units in the country. A good number (60 %) of these are also linked with par-boiling units and sun -drying yards. Most of the tiny hullers of about 250-300 kg/hr capacities are employed for custom milling of paddy. Apart from it double hulling units number over 2,600 units, underrun disc shellers cum cone polishers numbering 5,000 units and rubber roll shellers cum friction polishers numbering over 10,000 units are also present in the country. Further over the years there has been a steady growth of improved rice mills in the country. Most of these have capacities ranging from 2 tons /hr to 10 tons/ hr. 1.4 Need for Improved Rice Mills The recovery of whole grains in a traditional rice mill using steel hullers for dehusking is around 52-54%. There is excessive loss in the form of coarse and fine brokens. Further loss of large portion of endosperm layers during the dehusking operation further accentuates the problem. Against it, the recovery percent of whole grains in modern rice mills using rubber roll shellers for dehusking operation is around 62-64%. The whole grain recovery percent further increases to 66-68% in case of milling of parboiled paddy. Thus it can be seen that there is an overall improvement of recovery of whole grains by about 10-14% if one uses rubber roll shellers for rice milling operations. The conversion ratio (i.e. recovery % of various final product and byproduct for every 100 kg feed of raw paddy) for these improved rice mills are can be as follows: 1. Percent of milled rice : 62-68%2. Percent of rice bran : 4-5% 3. Percent of rice husk : 25% 4. Percent of germ wastages : 2%-8% It has been observed that dehusking using rubber roll shellers reduces the risk of breaking the grain because husk is pulled off almost at once and pressure is applied by means of resilient surfaces across the width of the grain, where kernels, generally are much more uniform than they are by length. Moreover, the process does not remove the internal epidermis of the husk. Thus the deshelled grains with their silver skin envelope are protected against scratches and keep longer and better while the silver skin and the germ increases the quantity of bran which is produced while whitening. The improved rice mills have a better husk and rice bran aspiration system. The same prevents mixing of fine brokens with rice bran. Therefore the quality of rice bran obtained is better. It has also been observed that the location of rice mills are confined to a few selected production centers. Their development as a village level agro processing unit is yet to take a proper shape. In the absence of village level rice milling unit, the farmers have to travel great distances for milling the rice. This leads to increased transportation and handling losses. Thus there is a need to develop improved rice mills as a village level agro processing unit for bringing about technical up-gradation and development of the sector. Value addition and generation of gainful and sustainable employment opportunities are the other possible benefits arising out of this agro processing industry. The Central Govt. is also providing a big boost towards the development of this industry. It has since repealed w.e.f. May 27, 1998 the Rice Milling Industry (Regulation) Act, 1958 and Rice Milling Industry (Regulation and licensing) Rules, 1959. Further, rice milling sector which was earlier reserved for the small scale sector, have now been de-reserved. As such, no license/ permission is now required for setting up a rice mill. 1.5 Rice Husk Gasifier A rice husk gasifier aims at using wastes from rice mills to fuel a spark-ignition engine that will drive a generator to produce electricity. Instead of dumping rice husks along roadsides, it can now be converted into valuable fuel that can help in substituting the energy required at the mill itself. The gasifier basically employs a moving-bed downdraft gasifier reactor developed by CRHET in combination with a gas-conditioning device that removes impurities from the gas thereby making it highly suitable fuel for heat engines. The gasifier produces a clean gas with a very low amount of black carbon (i.e., only 50 um/m3of gas), and so the gas coming out of the muffler of an engine is also clean. CO2 emission is Operation of the likewise relatively low of about 0.6 kg per ton of rice husks. Figure 2: Block Diagram of Rice Husk Gasifier 1.6 Problem Description The Rice milling is the process that helps in removal of hulls and bran’s from paddy grains to produce polished rice. Rice is rich in genetic diversity with thousands of varieties grown throughout the world. Rice has been one of man’s most important foods. Today, this unique grain helps sustain two-thirds of the world’s population. It is life for thousands of millions of people. It is deeply embedded in the cultural heritage of their societies. About four-fifths of the world’s rice are produced by small-scale farmers and are consumed locally. The major portion of the paddy is being processed through hullers. The hullers are usually low capacity mills. In these hullers, both shelling and polishing operations are carried out simultaneously. Hence, there is no control on the polishing of rice, bran and a higher breakage of rice occurs. Today the number of middle class people is rising who want good quality of food. Thus a number of small, technically advance rice mills are being set up to meet the quality needs of the people and substitute for huller mill, to get polished rice, rice bran and paddy husk. In this project, profit analysis of a small scale technically advance rice mill is carries out using the business case of Jay Laxmi Rice Mill, Bazpur in Udham Singh Nagar district in the state of Uttarakhand. It has a nominal capacity of 4000kg/hr. It has been built for the production of raw rice. The relation between the cost of capital and the net present value of the project was developed. The internal rate of return was determined by finding the appropriate discounting rates for which the net present value is zero. Sensitivity analysis of various factors like paddy price, raw rice price, bran price versus internal rate of return and the net present value of the project were done to estimate profit. Also, the owner want to know the effect on internal rate of return and net present value if the husk produced is used for generating electricity for the plant. What is the minimum percentage of electricity consumption that should be substituted by rice husk gasifier such that the process is profitable? There are a lot of bottlenecks and unforeseen problems in estimating it. The owner needs to know the fixed and variable costs for operating this. The market forces decide the price/unit of raw rice in the market. Thus, the owner has to follow the supply demand dynamics and price its product. To maintain a pre-defined profit margin the owner should know its revenue and costs and aim to increase its revenue and decrease its costs. These problems are discussed and solved in this report. 1.6 Objectives On the light of the above discussion the following objectives will be addressed in this investigation: * Obtaining an exhaustive asset list along with its initial cost, life and salvage value to compute the Net Present Value, Payback Period and Internal Rate of Return of the project. * To create a programme in C and obtain a relationship between Internal Rate of Return (IRR) and yearly cash flow generated. * To obtain relationship between Net Present Value and Cost of Capital * To obtain relationship between Net income, Internal Rate of Return and Net Present Value * To perform sensitivity analysis for the owner on the basis of: * Buying price of Paddy versus Internal Rate of Return and Net Present Value * Selling price of Raw Rice versus Internal Rate of Return and Net Present Value * Selling price of Bran versus Internal Rate of Return and Net Present Value * Salvage value versus Internal Rate of Return and Net Present Value * To find the minimum percentage of total electricity consumption that should be generated from Rice Husk Gassifier so that the process is economic and obtain a relationship between percentage electricity substituted from the husk gassifier, Internal Rate of Return and Net Present Value. Chapter 2: Review of Literature ————————————————- This is a specific case study partening to Jay Laxmi Rice Mill at Bazpur in Udham Singh Nagar district in the state of Uttarakhand. This case study is an analysis of the establishment and functioning of small scale modern rice mill in India. It is neither a story of spectacular success, nor of a spectacular failure as case studies usually are. Rather, it is written with a purpose of illustrating the complexity of factors that enter into the establishment and functioning of an enterprise in a low income economy. These factors often distort both the factor and the product prices and make it difficult to measure the efficiency of an enterprise with the usual yardsticks of cost-benefit analysis. In conducting the analysis the classical analytical tools have been used. These tools take into account the Time Value of Money and are the core topics in books on Engineering Economics. The equations used in the analysis of the project have been taken from the book on ‘Essentials of Engineering Economics’ by James L. Riggs and Thomas M. West. The current market price of the assets used in the rice mill has been obtained from Satake, Japanese manufacturer and supplier of rice mill machinery. The Kolkata representative of Satake recommends the market price and setting up cost. The list of assets used in Rice Husk Gasifier, their current market price and salvage value were obtained from the various sites. The papers on ‘Electricity generation from rice husk in indian rice mills’ and ‘Rice husk gasifier for melting and reheating process’ helped me in detailed understanding of the rice husk gassifier. Keeping all these study in mind, I have perform the sensitivity analysis of various factors like paddy price, raw rice price, bran price versus the internal rate of return and the net present value of the project. Also found out the relationship between factors like Cost of Capital, Net Present Value and Internal Rate of Return. Chapter 3: Problem Solving ————————————————- 3.1 Important Terminology Time Value of Money: * It is the idea that money available at present time is worth more than the same amount in the future due to its potential earnings capacity. * Thus any amount of money is worth more the sooner it is received. For example, assuming a 5% interest rate, $100 invested today will be worth $105 in one year ($100 multiplied by 1.05). Cash Flow Diagram: * A cash flow diagram is a tool used to represent the transactions which will take place over the course of a given project. * Transactions can include initial investments, maintenance costs, projected earnings or savings resulting from the project, as well as resale salvage value of equipment at the end of their lives. * Cash inflow is positive e.g. – revenue, resale salvage value * Cash outflow is negative e.g. – cost of equipments and set-up, disbursements etc. Figure 3: Cash Flow Diagram Resale Salvage Value: The estimated value that an asset will realize upon its sale at the end of its useful life. The salvage value is used in conjunction with the purchase price and accounting method to determine the amount by which an asset depreciates each period. For example, with a straight-line basis, an asset that cost $5,000 and has a salvage value of $1,000 and a useful life of five years would be depreciated at $800 ([$5,000 – $1,000]/5 years) each year. Within the tax system, when a person donates a car he or she receives a tax deduction. The value of this deduction depends on the salvage value of the car. This salvage value is determined to be the current fair market value that could be obtained had the car been sold on that day rather than donated. Disbursements: Money paid out in the discharge of a debt or expense. Disbursements can include money paid out to run a business, spending cash, dividend payments, and/or the amounts that a lawyer might have to pay out on a person’s behalf in connection with a transaction. When money is disbursed, it is a cash outflow. Cash flow is a measure of the cash inflow, revenue, and cash outflows, or disbursements. Ideally, there will be more money flowing in than flowing out. If cash flow is negative (in other words disbursements are higher than revenues), it can be an early warning of potential insolvency. Internal Rate of Return (IRR): The discount rate often used in capital budgeting that makes the net present value of all cash flows from a particular project equal to zero. Generally speaking, the higher a project`s internal rate of return, the more desirable it is to undertake the project. As such, IRR can be used to rank several prospective projects a firm is considering. Assuming all other factors are equal among the various projects, the project with the highest IRR would probably be considered the best and undertaken first. IRR as the rate of growth a project is expected to generate. While the actual rate of return that a given project ends up generating will often differ from its estimated IRR rate, a project with a substantial higher IRR value than other available options would still provide a much better chance of strong worth. IRR can also be compared against prevailing rates of return in the securities markets. If a firm cannot find any project with IRRs greater than the returns that can be generated in the financial market, it may simply choose to invest its retained earnings into the market. IRR (before tax) of a business venture / commercial project can be computed when all the cash flows (P, R, D, F) and lives (n) of assets are given. It is calculated by equating the Net Present Value (NPV) to zero. The corresponding value of ‘i’ is the IRR. Payback period: Payback Period in capital budgeting refers to the period of time required for the return on an investment to â€Å"repay† the sum of the original investment. For example, a $1000 investment which returned $500 per year would have a two year payback period. The time value of money is not taken into account. Payback period intuitively measures how long something takes to â€Å"pay for itself.† All else being equal, shorter payback periods are preferable to longer payback periods. Payback period is widely used because of its ease of use despite the recognized limitations described below. Useful Life: Period during which an asset or property is expected to be usable for the purpose it was required. It may or may not correspond with the item`s actual physical life or economic life. The length of time that a depreciable asset is expected to be usable is its useful life. Cost of Capital: The required return necessary to make a capital budgeting project, such as building a new factory, worthwhile. Cost of capital includes the cost of debt and the cost of equity. It determines how a company can raise money (through a stock issue, borrowing, or a mix of the two). This is the rate of return that a firm would receive if it invested in a different vehicle with similar risk. The cost of capital is a term used in the field of financial investment to refer to the cost of a company’s funds (both debt and equity), or, from an investor’s point of view â€Å"the shareholder’s required return on a portfolio of all the company’s existing securities†. It is used to evaluate new projects of a company as it is the minimum return that investors expect for providing capital to the company, thus setting a benchmark that a new project has to meet. For an investment to be worthwhile, the expected return on capital must be greater than the cost of capital. The cost of capital is the rate of return that capital could be expected to earn in an alternative investment of equivalent risk. If a project is of similar risk to a company’s average business activities it is reasonable to use the company’s average cost of capital as a basis for the evaluation. A company’s securities typically include both debt and equity, one must therefore calculate both the cost of debt and the cost of equity to determine a company’s cost of capital. However, a rate of return larger than the cost of capital is usually required. Market Price: Market price is the economic price for which a good or service is offered in the market place. Market pricing is primarily determined by the interaction of supply and demand. Price is interrelated with both of these measures of value. The relationship between price and supply is generally negative, meaning that the higher the price climbs, the lower amount of supply is demanded. Market price is just the price at which goods and services are sold. Price, the amount of goods for which a product is sold, may be seen as a financial expression of the value of the product. Setting the right price is an important part of effective marketing, being the only part of the marketing mix that generates revenue, as product, promotion, and place are all about marketing costs. Price is also the marketing variable that can be changed most quickly. Collin Ta’eed’s ‘Making Money’ describes pricing strategy as a difficult task that depends on nine major factors. They are as follows: 1. Total Costs: If the market price doesn`t include enough just to break-even, one is heading for trouble. The best thing to do is sum up all costs and divide by the number of hours that can be billed a year. This doesn`t include sick days, holidays, and hours working on the business, hours with no work and so on. All hidden costs must be factored. E.g.: insurance, invoices that never get paid for one reason or another, and taxes. 2. Profit: The aim of every business is to make money. Profit is the target money one wants to make above breaking even. Profit is affected by the revenue generated which in turn depends on market price. 3. Market Demand: The concept of demand – supply states that if what one does is in high demand, then make your services more expensive. Conversely if there`s hardly any work around, then decide the market price based on competitors pricing strategy. Signs that demand are high include too much work coming in, other freelancers being overloaded and people telling you they`ve been struggling to find someone to do the job. Signs that demand are low include finding yourself competing to win jobs, a shortage of work and fellow freelancers re-entering the workforce. 4. Industry Standards: It is a technical standards used in business. It is based on the industry market price, value for money, services offered etc. in order to fit in the market, one must adhere to industry standards. 5. Skill Level: Different people, depending on the result they produce, possess a different skill level. When applies to companies, it implies that the market price must be commensurate with the company`s skill. 6. Experience: Although often bundled with skill, experience is a different factor altogether. Experience affects how much a company must charge. E.g.: You may have two very talented photographers, but one with more experience might have better client skills, be able to foresee problems (and thus save the client time and money), and intuitively know what`s going to work for a certain audience and so on. 7. Business Strategy Adopted: Business strategy or angle will make a huge difference to the pricing strategy. E.g.: Think about the differences between Revlon and Chanel, the two could make the same perfume but you would never expect to pay the same for both. Pitching oneself in front of the target customers helps define a company as cheap and cheerful, high end or somewhere in between. This largely affects the market price as people are ready to pay a premium for high end goods. 8. Service Offered: Services are an intangible equivalent of economic goods. Service provision is often an economic activity where the buyer does not generally, except by exclusive contract, obtain exclusive ownership of the thing purchased. The benefits of such a service, if priced, are held to be self-evident in the buyers` willingness to pay for it. Public services are those societies as a whole pays through taxes and other means. The services that a company provides for its clients make a big difference to its price tag. For example you might be a freelancer, who will do whatever it takes to get a job just right, or perhaps you are on call 24-7, or perhaps you provide the minimum amount of communication to cut costs. Whatever the case, adjusting the pricing to the type and level of service provided is a must. 9. Market Segment: Prices will often vary for different clients. This happens for a few reasons. Some clients require more effort, some are riskier, some are repeat clients, some have jobs you are dying to do, some you wouldn`t want to go near with a stick. Thus these factors must be taken into account while pricing a commodity. Fixed Costs: A cost that does not change with an increase or decrease in the amount of goods or service produced. Fixed costs are expenses that have to be paid by a company, independent of business activity. It is one of the two components of the total cost of a good or service, along with variable cost. Fixed costs are defined as expenses that do not change as a function of the activity of a business, within the relevant period. E.g. rent, property tax, insurance, or interest expense. An example of a fixed cost would be a company`s rent on a building. If a company has to pay $10,000 each month to cover the cost of the rent but does not manufacture anything during the month, the rent payment is still due in full. In economics, a business can achieve economies of scale when it produces enough goods to spread fixed costs. For example, the $100,000 lease spread out over 100,000 widgets means that each widget carries with it $1 in fixed costs. If the company produces 200,000 widgets, the fixed cost per unit drops to 50 cents. Variable Costs: A corporate expense that varies with production output. Variable costs are those costs that vary depending on a company`s production volume; they rise as production increases and fall as production decreases. Variable costs differ from fixed costs such as rent, advertising, insurance and office supplies, which tend to remain the same regardless of production output. Variable costs can include direct material costs or direct labor costs necessary to complete a certain project. For example, a company may have variable costs associated with the packaging of one of its products. Conversely, when fewer of these products are sold the costs for packaging will consequently decrease. Marketing Costs: It is the amount of money spent on advertisement, distribution and selling of finished goods in the market. It has components of fixed and variable costs. It is difficult to obtain an estimate of the marketing cost. Hence, it is taken as a percentage of total costs and added to it. Total Costs: Total costs (TC) describes the total economic cost of production and is made up of variable costs, which vary according to the quantity of a good produced and include inputs such as labour and raw materials, plus fixed costs, which are independent of the quantity of goods produced and include (capital) that cannot be varied in the short term, such as buildings and machinery. Total cost in economics includes the total opportunity cost of each factor of production as part of its fixed or variable costs. If one assumes that the unit variable cost is constant, as in cost-volume-profit analysis developed and used in cost accounting by the accountants, then total cost is linear in volume, and given by: total cost = fixed costs + unit variable cost * quantity. Figure 4: Total Cost = Fixed Cost + Variable Cost Revenue: In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. Revenue may refer to business income in general, or it may refer to the amount, in a monetary unit, received during a period of time. Profit: It is the difference between a firm`s total revenue and all costs. It is the positive gain from an investment or business operation after subtracting for all expenses. It is the opposite of loss. Profit = Total Revenue – Total Costs Profit is the money a business makes after accounting for all the expenses. Regardless of whether the business is a couple of kids running a lemonade stand or a publicly traded multinational company, consistently earning profit is every company`s goal. The path toward profitability can be long. For example, online bookseller Amazon.com was founded in 1994 and did not produce its first annual profit until 2003. Many startups and new business fail when the owners run out of capital to sustain the business. Profit Before Tax: A profitability measure that looks at a company`s profile before the company has to pay corporate income tax. This measure deducts all expenses from revenue including interest expenses and operating expenses, but it leaves out the payment of tax. This measure combines all the company`s profits before tax, including operating, non-operating, continuing operations and non-continuing operations. PBT exists because tax expense is constantly changing and taking it out helps to give an investor a good idea of changes in a company`s profits or earnings from year to year. 3.2 Data Procurement Data required for analysis * List of Assets * Cost Spent on assets at t=0 * Useful life of each asset * Resale salvage price of each asset * Average repair and maintenance cost per year * Administrative cost per year * Fixed expenses incurred per year like rent, wages etc. * Variable costs involved in rice production * Quantity of rice, bran, husk produced * Unit price of raw material (paddy) and products (rice, bran, husk) The current asset price, useful life and salvage value was provided by Satake. Refer: Appendix A, Table 1.1. Data Description Each asset has a list of the following variables (whichever is applicable) * Quantity * Model type * Capacity * Electrical Rating * Market Price Data required for analysis of Rice Husk Gassifier * List of assets * Cost Spent on assets at t=0 * Useful life of each asset * Resale salvage price of each asset It is obtained from various sites online. Refer: Appendix B, Table 2.1. 3.3 Specifications and Assumptions Some specific data: * Capital Expenditure incurred = Rs. 9,05,04,240 * Capacity of Rice Mill = 4 tons per hour * Maximum Run = 270 days * 16 hours * Annual Requirement of Paddy at installed capacity = Capacity*Maximum Run = 17280 Metric Tonnes per year * The yield of rice is Particulars| Yield Percentage| Annual Yield (in MT)| Raw Rice| 65| 11232| Husk| 21| 3628.80| Broken Rice| 4| 691.20| Rice Bran| 8| 1382.40| Rejected Rice| 1| 172.80| Impurities| 1| 172.80| * Price of Paddy in the market = Rs. 1250 per quintal * Market Price of Raw Rice = Rs. 2000 per quintal * Market Price of Broken Rice = Rs. 1400 per quintal * Market Price of Bran = Rs. 1500 per quintal * Market Price of Husk = Rs. 320 per quintal Assumptions: * The plant is assumed to run for 270 days (approximate value for the rice mill) for calculations pertaining to profitability of rice mill. * The salvage cost is unknown and is taken as 10% of total assets cost. * Quantity of raw rice produced = Quantity of raw rice sold. No inventory is utilized. * No wastage of products and byproducts. 3.4 Solution Approach Payback Period Payback Period Internal Rate of Return Internal Rate of Return Net Present Value Net Present Value Solutions Solutions Net Present Value: * It is the algebraic sum of all cash flows pertaining to the project discounted to present time (t=0) at a chosen rate (i.e. Cost of Capital) NPV= -P+R-DÃâ€"1+in-1i*1+in+SÃâ€"11+in Where, P = Cost of Asset spent at time t=0 R = Revenue Income D = Disbursements S = Resale Stock Salvage Value i = Cost of Capital n = Number of Periods (Useful life of asset) Internal Rate of Return: The internal rate of return on an investment or project is the â€Å"annualized effective compounded return rate† or â€Å"rate of return† that makes the net present value (NPV) of all cash flows (both positive and negative) from a particular investment equal to zero. Payback Period: It is calculated by calculating Cumulative Cash Flow = (Net Cash Flow Year 1 + Net Cash Flow Year 2 + Net Cash Flow Year 3 †¦ etc.) Accumulate by year until Cumulative Cash Flow is a positive number: that year is the payback year. k= ln⠁ ¡(R-DR-D-P*i)ln⠁ ¡(1+i) Where, K = Payback Period P = Cost of Asset spent at time t=0 R = Revenue Income D = Disbursements i = Cost of Capital For calculation of Profit obtained Profit Function = Revenue generated – Cost Incurred Revenue generated = ∑(Qi*pi) Where, Qi = Quantity of commodity i sold per year pi = Unit Price of commodity i in the market Cost Incurred = Fixed Costs (FC) + Variable Costs (VC) Refer: Appendix A, Table 1.3 and Table 1.4. Chapter 4: Results and Discussions ————————————————- Result 1: For initial estimated values of input parameters * Initial Project Cost incurred at t=0 (P) = Rs. 90504240 (Refer: Appendix A, Table 1.2) * Gross Revenue Income (R) = Rs. 266664960/year (Refer: Appendix A, Table 1.4) * Operating Expenditure/ Disbursement (D) = Rs. 223860420/year (Refer: Appendix A, Table 1.3) * Salvage Value /Resale Value (S) = Rs. 6707544, * Useful life of assets (n) = 20 years, * Cost of Capital (i) = 15% Figure 5: Cash Flow Diagram at estimated values of input parameters Refer: Appendix A, Table 1.5. Using engineering economics equations (Refer Chapter 3, section 3.4 – Solution Approach), we have found * NPV= -90504240+266664960-2435595801+0.1520-10.15*1+0.1520+6707544[11+0.1520] = Rs. 54529825.06 * IRR = 25.27% at NPV = 0 * Payback period, k= ln(266664960-243559580266664960-243559580-90504240*0.15)ln(1+0.15) = 6.34 years Figure 6: C programme for calculating IRR Refer: Appendix C. This is the C programme return to calculate the IRR of any cash flow correct upto two decimal places. This programme can be used for any type of cash flows. Result 2: The following two graphs depict the relation of Cost of Capital with NPV and Payback Period. Figure 7: Effect of Cost of Capital on NPV Refer: Appendix A, Table 1.6. This graph helps obtain an estimate of the NPV based on the Cost of Capital. In order to get higher NPV, the Cost of Capital should be less. With a variation of 10% in the Cost of Capital, from 11% to 20% the NPV decreases substantially from 94 million INR to 22 million INR. Figure 8: Effect of Cost of Capital on Payback Period Refer: Appendix A, Table 1.6 This graph helps obtain the estimate of the Payback period based on the Cost of Capital. In order to get lesser Payback Period, the Cost of Capital should be less. With a variation of 11% in the Cost of Capital, from 10% to 20% the Payback Period increases substantially from 3.56 years to 10.95 years. Discussion: The value of Cost of Capital is varied over a feasible range of 10% to 20% and the corresponding values of NPV and Payback period. If the Cost of Capital decreases, the NPV of the firm increases while the Payback Period of the firm will reduce as expected from the formulae of NPV and Payback Period – Refer Chapter 3, section 3.4 – Solution Approach. Result 3: The following two graphs depict the relation of cost of unit amount of paddy (raw material cost) with NPV and IRR. 1 Unit = 1 Quintal Figure 9: Effect of unit Paddy Price on NPV Refer: Appendix A, Table 1.7. This graph helps obtain an estimate of the NPV based on the cost of unit amount of paddy. The graph shows more or less a linear variation as expected. In order to get higher NPV, the cost of raw material should be less. A large variation could be seen in the NPV i.e. from 324 million INR to -216 million INR, when the price of paddy varies from 1000 INR per quintal to 1500 INR per quintal, keeping all other market price and other factors constant. In India, the Government of India fixes the minimum paddy price to save the interests of the farmers. So, if the price of the paddy goes above 1300 INR per quintal, the firm will not be beneficial at all instead will start incurring a loss. Figure 10: Effect of unit Paddy Price on IRR Refer: Appendix A, Table 1.7 In the graph the effect on IRR for different unit price of Paddy is shown. As the price of paddy increases from 1000 INR per quintal to 1350 INR per quintal, the IRR decreases substantially from 73.26% to 2.99% in eight uniform steps. Discussion: For a fixed market price of Raw Rice, NPV and IRR decreases substantially with increase in unit price of Paddy. This is an obvious conclusion from the NPV equation – Refer Chapter 3, section 3.4 – Solution Approach. As the unit price of paddy rises, the operating cost also starts increasing thus our annuity per year will decrease. With decrease in NPV and IRR, the payback period also increases. Result 4: In the following two graphs the unit price of Raw Rice (product) is varied to see the effect on the NPV and IRR. 1 Unit = 1 Quintal Figure 11: Effect of unit Raw Rice Price on IRR Refer: Appendix A, Table 1.8 This graph helps obtain the NPV of the firm based on the unit market price of Raw Rice. As the unit market price of Raw Rice increases, the Gross Revenue Income increases substantially which leads to increase in NPV. This graph shows linear variation with unit price of Raw Rice as expected. A large variation could be seen in the NPV i.e. from -191.5 million INR to -441.2 million INR, when the price of raw rice varies from 1650 INR per quintal to 2550 INR per quintal, keeping all other market price and other factors constant. With 1% increase in the unit market price of Raw Rice, the NPV of the firm increases substantially by 25.784%. If the unit market price of Raw Rice is above 1920 INR per quintal, the firm will be beneficial and below that price it will be running in loss. Figure 12: Effect of unit Raw Rice Price on IRR Refer: Appendix A, Table 1.8 In the graph, the variation of IRR for different unit market price of Raw Rice is studied. The unit market price of Raw Rice is varied in a feasible range of 1850 INR to 2550 INR, to estimate the effect on IRR. The IRR of the firm increases substantially from 3.71% to 93.79% in twelve uniform steps. This happens because as the unit market price of Raw Rice increases, the gross revenue income also increases which increases the IRR of the firm and reduce the payback period. Discussion: The unit market price of Raw Rice is required to estimate the profit that can be earned. As the unit price of Raw Rice increases, the gross revenue income increases and thus the NPV and IRR of the firm increases substantially. If the revenue increases, the payback period of the firm will reduce. If the unit market price falls beyond a certain point i.e. 1920 INR per quintal, the firm will start incurring loss. These graphs help in setting competitive market price of Raw Rice. Result 5: The following two graphs show the effect of unit market price of Bran (byproduct) on the NPV and IRR of the firm. 1 Unit = 1 Quintal Figure 13: Effect of unit Bran Price on NPV Refer: Appendix A, Table 1.9 This graph helps obtain the NPV of the firm based on the unit market price of Bran. The NPV of the firm increases from 11.27 million INR to 141 million INR in fifteen equal steps assuming 50 INR hike in unit market price of Bran at every step. This graph shows linear variation with unit price of Raw Rice as expected. With 1% increase in the unit market price of Bran, the NPV of the firm increases substantially by 2.38%. Figure 14: Effect of unit Bran Price on IRR Refer: Appendix A, Table 1.9 Since with the increase in the unit market price of Bran the NPV of the firm increases, therefore IRR of the firm also increases. With 1% increase in the unit price of Bran the IRR increases about 0.24%. This graph shows more or less a linear variation. The IRR of the firm increases from 17.20% to 40.76% as the price of Bran increases from 1000 INR per quintal to 2500 INR per quintal. Discussion: The unit market price of Bran, a byproduct, also has substantial effect on gross revenue income as it forms 8% part of the total outcome which is about 1382.40 Metric tons. Today market price of Bran is about 1500 INR per quintal through which 20.736 million INR revenue is generated per year. Since, an increase in unit market price of Bran increases the gross revenue income, the NPV and IRR of the firm also increases. With increase in revenue, the payback period of the firm decreases. Result 6: Figure 15: Effect of Salvage on NPV Refer: Appendix A, Table 1.10 Figure 16: Percentage change in NPV with percentage change in Salvage Value Refer: Appendix A, Table 1.10 Basic Assumption: Salvage value is hard to define as it is the future value of 20 years down the line from now. Hence it is assumed to be certain percentage of the total assets cost. It is assumed to be 10% of the total assets cost incurred and is discounted to today’s value at a rate of 15% to find the Net Present Value of the firm. The salvage value can vary over a range of 5% to 20% of the total assets cost. The NPV changes from -0.5% to 0.75% i.e. from 54.32 million INR to 54.94 million INR by changing the salvage value by -5% to 10% i.e. from 5% to 20% of the total assets cost. Discussion: The NPV of the firm doesn’t increases substantially with increase in the salvage value of the assets. The graph shows a straight line variation as expected. With 1% increase in salvage value the NPV increase by 0.075%. This increase in the NPV is negligible, therefore, even if the assumed resale value of the assets change in the future, it will not affect the calculations done in this case study for the profitability analysis of Jay Laxmi Rice mill. Result 7: The following two graphs will help in assessing the economy of generating electricity from husk (by product) using Rice Husk Gassifier. Figure 17: Effect of percentage of Total electricity requirement that is substituted by Rice Husk Gasifier on NPV Refer: Appendix B, Table 2.3 The graph shows that the NPV of the firm increases linearly as the amount of electricity produced by the husk Gasifier increases as expected. The NPV of the firm increases from 51 million INR to 89 million INR as the amount of electricity that is substituted by the Rice Husk Gasifier increases from 65% to 100% of total electricity requirement. The minimum amount of total electricity that should be produced from husk so that the firm has the same NPV as before implanting the husk gasifier is 68.8% Figure 18: Effect of percentage of Total electricity requirement that is substituted by Rice Husk Gasifier on IRR Refer: Appendix B, Table 2.3 This graph shows the variation of the IRR of the firm with respect to the percentage of the total electricity requirement that is substituted by Rice Husk Gasifier. The graph shows an expected linear increase in IRR as the amount of electricity produced by the husk Gasifier increases. The IRR of the firm increases from 24.52% to 31.32% as the amount of electricity that is substituted by the Rice Husk Gasifier increases from 65% to 100% of total electricity requirement. Discussion: To be economic at least 68.8% electricity requirement needs to be generated from Husk Gasifier i.e. the minimum amount of total electricity requirement that should be substituted by the Rice Husk Gasifier so that the firm profit as before setting up of the Rice Husk Gasifier. If the amount of electricity produced is more than this amount than the plant will earn more profit than before but if it is less, then the rice husk gasifier should not be set up, because the plant will be earning less than before. The plant may be beneficial but will be in loss as comparison to the current scenario. The following figure 19 shows the cash flow diagram when 68.8% of electricity requirement is generated from Husk Gasifier. Figure 19: Cash Flow diagram with Rice Husk Gasifier Refer: Appendix 8, Table 2.2 Chapter 5: Summary and Conclusions ————————————————- 5.1 Summary The main aim of this study was was to analyze the Jay Laxmi Rice Mill, Bazpur in Udham Singh Nagar district in the state of Uttarakhand, from its business point of view. It has a nominal capacity of 4000kg/hr. It has been built for the production of raw rice. Some estimates were required to analyze its profitability. The economic analysis of the project was carried out using engineering economics equations. The sensitivity of NPV, IRR and Payback period with respect to various factors like Cost of Capital, paddy price, raw rice price, bran price and salvage were studied. Also the economy assessing of generating electricity from husk (by product) using Rice Husk Gassifier was done. The minimum electricity requirement that needs to be generated from Rice Husk Gasifier for economic purposes was calculated. The following conclusions are drawn from the study: * For initial estimated values of input parameters (P = Rs. 90504240, R = Rs. 266664960/year, D= Rs. 223860420/year, S = Rs. 6707544, n = 20 years, i = 15%) * NPV = Rs. 54529825.06 * IRR = 25.27% * Payback period = 6.34 years * With a variation of 10% in the Cost of Capital, from 11% to 20% the NPV decreases substantially from 94 million INR to 22 million INR and Payback Period increases from 4.03 increases to 10.95 years. * A large variation could be seen in the NPV i.e. from 324 million INR to -53.5 million INR, when the price of paddy varies from 1000 INR per quintal to 1350 INR per quintal while IRR increases from 73.26% to 2.99%. * NPV increases from -50.9 million INR to -441.2 million INR and IRR increases from 3.71% to 93.79%, when the price of raw rice varies from 1850 INR per quintal to 2550 INR per quintal. * As the price of Bran increases from 1000 INR per quintal to 2500 INR per quintal, the NPV and IRR of the firm increases from 11.27 million INR to 141 million INR and 17.20% to 40.76% respectively. * With 1% increase in salvage value the NPV increase by 0.075%. This increase in the NPV is negligible, therefore, even if the assumed resale value of the assets change in the future, it will not affect the calculations done in this case study for the profitability analysis of Jay Laxmi Rice mill. * To be economic at least 68.8% electricity requirement needs to be generated from Husk Gasifier i.e. the minimum amount of total electricity requirement that should be substituted by the Rice Husk Gasifier so that the firm profit as before setting up of the Rice Husk Gasifier. References ————————————————- * James L. Riggs 2004, Engineering Economics, 4th edition, Tata Mc Graw Hill Education Private Limited, pp 67-147. * Chandra P. 2011, Fundamentals of Financial Management, 11th edition, Tata Mc Graw Hill Education Private Limited, pp 150-167. * T. Kapur, T. C. Kandpal and H. P. Garg, Electricity Generation from Rice Husk in Indian Rice Mills: Potential and Financial Viability, Indian Institute of Technology, New Delhi (1995). * Alexis Belonio, Victoriano Ocon, and Antonio Co, Garbage-In Fuel-Out: Small-Scale Rice Husk Gasifier Plant for Community Street Lighting, Suki Trading Corporation, Philippines (2011). * Email from Gaurav Vashisht (gaurav@satakeindia.com) working at Satake, kolkata.

Adult Learning Theory Essay Example for Free

Adult Learning Theory Essay ? Holt (2011), it is stated that it is necessary to bring both concepts of the Bible teaching and contemporary adult learning theories together for the most effectiveness. In the Holt article; it is shown that Biblical explanation and interpretation assist the adult learner in gaining knowledge. The choices one makes gives real world perspective and power can only be obtained by the Holy Spirit. The article discusses the styles in which adult learning makes a difference, whether androgogy, transformative learning or self-directed learning (Holt). Adult Learning Theory for the Twenty-First Century† discusses the goals of educators to better prepare themselves to better deal with adult learners. Over the last 15 years, learning theories have changed very aggressively (Merriam, 2008). As adults continue to develop human physiology changes, thus learning teaching styles have to change to keep up. It has been recognized that with time everything that adults experience is part of the learning process. It has been further recognized that educators have to increase their tool set to involve creative and artistic modes of teaching to reach a wider audience. Both articles cover the ever-changing dynamics of the human psyche and educational styles and requirements in dealing with adult learning. Educators have to continue to increase knowledge both for themselves as well as those whom they are educating. Where the styles of the teaching process in the Holt (2011) article differ from the Merriam (2008) article, they both recognize the changes in adult learners. It has been recognized over years and will continue for years to come that educators of adults will have to continue honing their skill sets to accommodate the learning styles of adults. Since adults learn differently from children it is important to include the learning styles necessary to maximize the efforts of educators. As adults learning styles change it will be necessary for those educating adults to change also. Reflection After reading both articles and realizing the application in my own life and learning style, I conclude that adults learn differently. There were moments of complete frustration as I was putting my thoughts together as I can tend to be somewhat of a perfectionist. I had the realization that time management and organizational skills are imperative when completing an assignment of any type. The Holt (2011) article caught my attention initially because of how I tend to study and read the Bible in particular. I am coming to understand more and more how I learn and further realize that the concepts of knowledge, choice and power are applicable in my own life. I am intrigued by the concept mentioned in the Holt article and will consider its application to my current Bible study methods. The Merriam (2008) article is interesting in the fact that I had no idea how challenging it is for educators to keep up with the learning curve that is necessary to continue teaching the increasing number of adult learners. Being out of the college environment for so long, I realize it is not as easy to just get things done with all of the demands of life as I know it. I can see how both articles and their teaching styles have a positive impact on dealing with adult learning. With all of the influences of culture, music, art, etc, it is imperative that educators find a way to keep up with the demands of educating the population of adults returning to increase their knowledge to keep up with fast paced American culture. I now have a new respect for teachers on all levels. It is interesting that adult educator’s find is so necessary to effectively reach adults. It is increasingly more common for adults to return to school for a number of reasons, and are driven to succeed for just as many reasons. Thankfully educators realize the change necessary to comprehend the goals of those adults striving for successes related to educating themselves. References Holt, R. A. (2011). Teaching that transforms: Facilitating life change through adult Bible teaching. Christian Education Journal,  8(2), 450+ Merriam, S. B. (2008). Adult learning theory for the twenty-first century. New Directions For Adult And Continuing Education, Volume 2008, Issue 119, 93-98. DOI: 10. 1002/ace. 309 Adult Learning Theory. (2018, Nov 10).

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Dystopian text - 1984 and v for vendetta Essay Example | Topics and Well Written Essays - 1000 words

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During the 1950s and 1960s what methods did African American use to Essay

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Discrimination Against Obese People In Their Workplace - Essay Example   The work place is one of the social set up that brings people of different cultural backgrounds together. This makes it one of the complete replicas of the society which appreciates socio-cultural diversity. The overriding debate on obesity is an issue of wide media coverage and this makes it admissible even in the workplace as parents and couples make efforts to contain it. It is in this respect that those who happen to be obese are seen as abnormal and face unfavorable consideration for job position in the labor market. This is attributed to many factors that range from the company policy to the type of business dealt in. One fundamental requirement in any workplace is clean bill of physical health. This captures many factors including average body weight for flexible movement and swift response towards discharge of various duties in the office. The currently demanding global business that is operating under competitive pressure has redefined even the type of human capital fitn ess description which has all of a sudden taken physical wellbeing as a pivotal player in employee performance. With this idea, the Human resource management has over time developed the negative attitude towards overweight people with fear of future underperformance from other health-related challenges associated with obesity which will cost the organization in terms of money and time. On this ground, the managers opt to absorb them as second best alternative if the other preferable group is not attainable.   This has actually amounted to social injustice for the obese in the society (Newman, 2010). The image of the firm is a very important factor in management concepts and this constitute the entire organization framework extending to presentable employees. Most firms are preaching slim body that promotes appearance and pose. This is an idea that has greatly influenced the problem the obese people have in the organization. It is not hard to find some organizations posting weight limit as a requisite requirement for some employment opportunities (Hegar, 2012). This is an outright elimination of the obese people who may have the skills but beat the weight threshold, an idea that presents the best example of the discrimination that this group faces in the job market. The most psychologically torturing situation is when one is already absorbed in the job where he/she will face various

Disorders Involving the Sex Chromosomes Term Paper

Disorders Involving the Sex Chromosomes - Term Paper Example The chromosomes are numbered such that they are given the numerical figures 1†¦..22 and the 23rd is the one that determines the individual sex. In total there are 23 chromosomes in human beings, the 23d being the sex chromosome with x and y as the determinants. In the normal female, the chromosome number 23 will read xx while that of the male will be reading XY (Pinsky, Erickson and Schimke 234). The alteration of the normal reading leads to what is called chromosomal disorders. The chromosomal disorders leads to the addition or deletion of either X or Y-chromosomes. Several disorders have been identified as disorders in the sex chromosomes and demonstrate distinct characteristics as manifested phenotypically (Goldberg 157). It must be noted that there are significant difference between the disorders that arise from the autosomal chromosomes (1†¦22) and those of the sex chromosomes (Passarge 98). The chromosomes that determine sex in man is coded as XY while that of females is XX, the alteration of the arrangements may lead to any of the following conditions. Turner Syndrome It is coded as XO; it is referred to as monosomy X given that the complement Y-chromosomes is missing. The fact that the syndrome results into just one X chromosome without the Y chromosome, such individuals are always females (Milunsky and Milunsky 245). The incidence of the syndrome is quite uncommon and can only be found one in every five thousand people. One of the most significant effects of the condition is sterility (Milunsky and Milunsky 256). Klinefelter Syndrome This is also a rare syndrome as for every 1000 there is only one person with the condition. Unlike Turners syndrome that involves deletion of the Y chromosome, it involves the addition of the X chromosomes (Goldberg 165). The syndrome can appear in two forms XXY or XXXY. Most of the individuals affected by this kind of disorder are males due to the presence of the Y-chromosomes. The presence of the compounded X c hromosomes makes the individuals with the condition to posses female like qualities. The individuals are sterile and in the cases of the XXXY type retardation may results (Goldberg 184). Jacobs Syndrome In the Jacobs syndrome the individuals have the sex chromosomes coded as XYY, there is an additional Y chromosome and the individuals are always males or abnormally manifest male characteristics (Passarge 112). These individuals are supper human beings as they are very tall and in many cases may suffer from acne. Research also indicates that most of these people are criminals as they show abnormally high-level aggression and most of the inmates are of these conditions. The frequency of this syndrome is 1 in every 2000 (Passarge 119). Triple-X Most of the individuals in this category are females as the syndrome involves the addition of the X chromosome and the various codes are as follows XXX, XXXX, and XXXXX (Pinsky, Erickson and Schimke 253). Due to the extra X chromosomes, the casu alties assume abnormal female characteristics and the associated problems such as those of infertility as well as retarded mental acuity. The occurrence of this syndrome is in the frequency of 1 in every 700 individuals (Pinsky, Erickson and Schimke 257). With the realization of the fact that sex chromosomes have defects that can lead to the changes in the phenotypic characteristics of individuals has sparked a series of researches in the field of genetics. One of the current research researches that is currently on going is the identification of the component of that is essential

Do the requirements of IFRS 8 Operating Segments enhance the quality Essay

Do the requirements of IFRS 8 Operating Segments enhance the quality of information available to financial statement users - Essay Example The other purpose of such statements is to assist the stakeholders in decision making, regarding how to invest in the future, as these statements are a presumed to be a true reflection of the market value of the business organization as a whole. Financial statement users (stakeholders) have different interests and concerns regarding the financial statements of an organization. At this juncture, though, it is worth mentioning that financial statements are made up of statements of financial position, statements of comprehensive income, directors’ statements and statements of cash flows (Melta & Ankarath, 2010, pp. 200-413). The information provided in these statements work to serve different stakeholders in different ways. For example, the government is majorly interested in finding out the gross profit of an organization from a trading period, for the purposes of taxation. Shareholders on the other hand are interested due to what they expect from the organization in form of dividends. The other important financial statement users are potential investors, who are interested in knowing the true (market) value of any given business organization before deciding to invest their money in the same. These financial statements , for most of the organization especially public entities, are made public so as to enable the general public in addition to the stakeholders to have a look at the same. As much as this information is usually provided by the management, there has been a general feeling among stakeholders and business experts alike, that the information provided is always not sufficient to assist in decision making. According to many, the information provided is normally shallow, and contain approximations and assumptions that the financial statement users are not aware of. This usually leads to poor decision making that is influenced by an error of judgment, if not

The effect of an outsider telling the story of Oscar Wao Essay

The effect of an outsider telling the story of Oscar Wao - Essay Example The book will also discuss why the author revealed the name of the narrator much later in the book instead of doing it at the very beginning of retelling the book. Oscar’s story starts with the description of Oscar’s childhood years. It shows readers how folks were proud of Oscar as a child for his unique ability to draw attention of the girls all time round. Right from the start, the story has a pinch of Spanish. Spanish was introduced into the story to give it a Dominican rusty style. In fact, while reading the story reader can come across lines such as Ese muchacho esta bueno! (That boy is good) or Gordo asqueroso (Disgusting Fat). Diaz incorporates these few words of Spanish with one single objective - to light up the bullied Dominican emotions of Oscar. Diaz does not reveal the identity of the narrator (Yunior) till we read half of the book. Only after half of the book is over reader has a chance to see the narrator. While some would refer to this technique of hidi ng a real narrator as stupid I would say that the author had reasons use such technique. This technique is brilliant for two reasons. Reason number one – such tactics enabled author to focus the attention of readers on the emotions and experience of Oscar and his close friends rather than on personality of narrator. Second reason – Diaz had a choice not to include Yunior into the story. However, if the story had been narrated by someone from Oscar’s family, readers would have only one choice - to concentrate their attention on the narrator rather than on the story itself. In this case Oscar will have no other choice than to include Yunior in the list of his friends. Desire to arise the feeling of curiosity is the main reason why Diaz chooses to have an outsider as the main narrator of the book. This measure helps the author to keep the main focus on Oscar as well as on his family and friends. The book reveals reader a lot of important information about Oscarâ₠¬â„¢s identity. When you’re about halfway through the book, you have a chance to reveal additional information about narrator’s identity. This identity is best expressed through Oscar’s words. Once narrator’s identity is revealed, the author adds Yunior to the story. Yunior is represented as Lola’s (Oscar’s sister) boyfriend. This kind of representation helps Oscar to bring Yunior closer to the family. This measure is taken in order to give reader a chance to get an insight into what is going between these two people. The book has a mesmerizing impact on the readers due to a number of reasons. The main reason is that this book keeps readers engrossed in the book all the time. The story is portrayed in such a manner that it grips attention of the audience from the very start. This grip lasts till the very end of the book. Oscar meets Yunior at the point of life when he has reached a certain level of identity development. At this level of iden tity development Oscar no longer worries about people who make fun of him or calling him name. This is so largely because Oscar he has made peace with all these things. After a period of communication with Oscar, Yunior starts to change his attitude to Oscar. Yunior even catches himself at the point when he starts to like Oscar for his inner character. The story takes a dramatic turn when Yunior starts

Christopher McCandless Essay Example for Free

Christopher McCandless Essay Christopher Johnson McCandless (February 12, 1968 – August 1992) was an American hiker who adopted the alias Alexander Supertramp and ventured into the Alaskan wilderness in April 1992 with little food and equipment, hoping to live simply for a time in solitude. Almost four months later, McCandlesss remains were found, weighing only 67 pounds (30 kg). It has recently been speculated that Chris had developed lathyrism, caused by his consumption of seeds from a flowering plant in the legume family which contain the neurotoxin ODAP. McCandlesss resulting paralysis would have caused a gradual inability to move, hunt or forage and this could have led to his death from starvation. [1] His death occurred in a converted bus used as a backcountry shelter, near Lake Wentitika in Denali National Park and Preserve. In January 1993, Jon Krakauer published McCandless story in that months issue of Outside magazine. Inspired by the details of McCandlesss story, Krakauer wrote and published Into the Wild in 1996 about McCandless travels. The book was adapted into a film by Sean Penn in 2007 with Emile Hirsch portraying McCandless. That same year, McCandlesss story also became the subject of Ron Lamothes documentary The Call of the Wild. A full-length article on McCandless also appeared in the February 8, 1993 issue of the The New Yorker magazine.[2] Earlier years[edit] Christopher McCandless was born in El Segundo, California, the first of two children to Walter Walt McCandless and Wilhelmina Billie Johnson. Chris had one younger sister, Carine. In 1976, the family settled in Annandale, Virginia, a suburb of Washington, D.C., after his father was employed as an antenna specialist for the National Aeronautics and Space Administration (NASA). His mother worked as a secretary at Hughes Aircraft and later assisted her husband with his successful home-based consulting company in Annandale. Walt and Billie often fought and sometimes contemplated divorce.[citation needed] Chris and Carine had six half-siblings living in California from Walts first marriage. Walt was not yet divorced from his first wife when Chris and Carine were born; however, Chris did not discover his fathers affair until a summer trip to Southern California[3] in 1986. This discovery caused him to hold a lot of bitterness towards his father, and could have been a factor in his views ab out society. At school, teachers noticed McCandless was unusually strong-willed.[citation needed][who?] In  adolescence he coupled this with intense idealism and physical endurance. In high school, he served as captain of the cross-country team, urging teammates to treat running as a spiritual exercise in which they were running against the forces of darkness all the evil in the world, all the hatred.[4] On June 2, 1986, McCandless graduated from W.T. Woodson High School in Fairfax, Virginia. On June 10, McCandless embarked on one of his first major adventures in which he traveled throughout the country in his Datsun B-210, arriving at Emory University in Atlanta, Georgia, two days prior to the beginning of fall classes. His upper middle class background and academic success were drivers for his contempt of what he saw as the empty materialism of society. McCandless was strongly influenced by Jack London, Leo Tolstoy, W. H. Davies and Henry David Thoreau. In his junior year, he declined membership in the Phi Beta Kappa Society, on the basis that honors and titles were irrelevant. McCandless graduated from Emory on May 12, 1990, with a Bachelors degree, double m ajoring in history and anthropology. He envisioned separating from organized society for a Thoreauvian period of solitary contemplation. Travels[edit] In May 1990, Christopher McCandless donated the remaining $24,000, given to him by a family friend for his law degree, to Oxfam International, a hunger prevention charity. Towards the end of June, he began traveling under the name Alexander McCandless until later adopting the last name of Supertramp (Krakauer notes the connection with Welsh author W. H. Davies and his 1908 autobiography The Autobiography of a Super-Tramp). Most people he encountered regarded him as intelligent and one who loved to read. By the end of the summer, McCandless made his way through Arizona, California and South Dakota, where he worked at a grain elevator in Carthage. He survived a flash flood, but allowed his car to wash out (although it suffered little permanent damage and was later reused by the local police force as an undercover vehicle) and disposed of his license plate.[citation needed] In 1991, McCandless paddled a canoe down remote stretches of the Colorado River to the Gulf of California. He cros sed the border to Mexico and, having gotten lost in many dead-end canals, was towed by duckhunters to the sea, where he stayed for some time. He took pride in surviving with a minimum of gear and funds, and generally made little preparation. Alaskan Odyssey[edit] For years, McCandless dreamed of an Alaskan Odyssey wherein he would live off the land of the Alaskan wilderness, far away from civilization, and find himself[citation needed]. He kept a journal describing his physical and spiritual progress as he faced the forces of nature. In April 1992, McCandless hitchhiked from Enderlin, North Dakota, to Fairbanks, Alaska. He was last seen alive on April 28, 1992, by Jim Gallien, a local, who gave him a ride from Fairbanks to the head of the Stampede Trail. Gallien was concerned about Alex, who had minimal supplies (not even a compass) and no experience surviving in the Alaskan bush. Gallien repeatedly tried to persuade Alex to defer his trip, and even offered to drive him to Anchorage to buy suitable equipment and supplies. However, McCandless ignored Galliens warnings, refusing all assistance except for a pair of Wellington rubber boots, two tuna melt sandwiches, and a bag of corn chips. Gallien allowed Chris to wander off with the belief that he would head back towards the highway within a few days as his eventual hunger set in. After hiking along the snow-covered Stampede Trail, McCandless found an abandoned bus (about 40 miles (64 km) west of Healy) used as a hunting shelter and parked on an overgrown section of the trail near Denali National Park, and began to live off the land. He had 10 pounds (4.5 kg) of rice, a Remington semi-automatic rifle with 400 rounds of .22LR hollowpoint ammunition, several books including one on local plant life, and some camping equipment. He assumed he could forage for plant food and hunt game. For the next thirty days or so, McCandless poached porcupines, squirrels, and birds, such as ptarmigans and Canada geese. On June 9, 1992, he managed to kill a moose; however, he failed to preserve the meat properly, and within days it spoiled and was covered with maggots. His journal contains entries covering a total of 112 days. These entries range from ecstatic to grim with McCandless changing fortunes. In July, after living in the bus for three months, he decided to leave, but found the trail back blocked by the Teklanika River, which was then considerably higher and swifter than when he crossed in April. Unknown to McCandless, there was a hand-operated tram that crossed the river only 1⠁„4 of a mile away from where he had previ ously crossed. In the 2007 documentary The Call of the Wild, evidence is presented that McCandless had a map at his disposal, which should have helped him find  another route to safety.[5] McCandless lived in the bus for a total of 113 days. At some point during that time, presumably very near the end, he posted an S.O.S. note calling on anyone passing by to help him because he was injured and too weak. The full note read: â€Å" Attention Possible Visitors. S.O.S. I need your help. I am injured, near death, and too weak to hike out. I am all alone, this is no joke. In the name of God, please remain to save me. I am out collecting berries close by and shall return this evening. Thank you, Chris McCandless. August?[6] † Death[edit] On August 12, 1992, McCandless wrote what are apparently his final words in his journal: Beautiful Blueberries. He tore the final page from Louis LAmours memoir, Education of a Wandering Man, which contains an excerpt from a Robinson Jeffers poem titled Wise Men in Their Bad Hours: Deaths a fierce meadowlark: but to die having madeSomething more equal to centuriesThan muscle and bone, is mostly to shed weakness.The mountains are dead stone, the peopleAdmire or hate their stature, their insolent quietness,The mountains are not softened or troubledAnd a few dead mens thoughts have the same temper. His body was found in his sleeping bag inside the bus by Butch Killian, a local hunter, on September 6, 1992.[7] McCandless had been dead for more than two weeks and weighed an estimated 30 kilograms (66 lb). His official, undisputed cause of death was starvation. Krakauer suggests two factors may have contributed to McCandlesss death. First, he was running the risk of a phenomenon known as r abbit starvation due to increased activity, compared with the leanness of the game he was hunting.[8] Krakauer also speculates that McCandless might have ingested toxic seeds (Hedysarum alpinum or Hedysarum mackenzii) or a mold that grows on them (Rhizoctonia leguminicola produces the toxic alkaloid swainsonine). However, an article in Mens Journal stated that extensive laboratory testing showed there was no toxin present in McCandlesss food supplies. Dr. Thomas Clausen, the chair of the chemistry and biochemistry department at UAF said I tore that plant apart. There were no toxins. No alkaloids. Id eat it myself.[9] Analysis of the wild sweet peas, given as the cause of Chriss death in Sean Penns film, turned up no toxic compounds and there is not a single account in modern medical literature of anyone being poisoned by this  species of plant.[5] As one journalist put it: He didnt find a way out of the bush, couldnt catch enough food to survive, and simply starved to death.[9] However, the possibility of death through the consumption of the mold, which grew on the seeds in the damp bags which McCandless stored them in, was considered a suitable explanation by Krakauer.[3] Subsequently the academic Ronald Hamilton made the link between the symptoms described by Chris and the poisoning of Je wish prisoners in the Nazi concentration camp in Vapniarca. He put forward the proposal that Chris McCandless died of lathyrism caused by ODAP poisoning from Hedysarum alpinum seeds which hadnt been picked up by the previous studies as they were searching for alkaloid instead of toxic protein. The protein would be relatively harmless to a well-fed person on a normal diet, but toxic to someone who was malnourished, physically stressed, and on an irregular and insufficient diet, as McCandless was. Subsequent tests revealed ODAP was indeed present in the seeds. [10][11] Criticism[edit] McCandless has been a polarizing figure ever since his story first broke following his death, along with Krakauers Outside article on him in January 1993. While Krakauer and many readers have a largely sympathetic view of McCandless,[12] others, particularly Alaskans, have expressed negative views about McCandless and those who romanticize his fate.[13] The most charitable view among McCandlesss detractors is that his behavior showed a profound lack of common sense. He chose not to bring a compass, something that most people in the same situation would have considered essential. McCandless was also completely unaware that a hand-operated tram crossed the otherwise impassable river 0.25 miles (0.40 km) from where he attempted to cross. Had McCandless known this, he could easily have saved his own life.[4] There has been some speculation (particularly in details given in the Lamothe documentary) that he vandalised survival cabins and supplies in the area. However, Ken Kehrer, chief ran ger for Denali National Park, denied that McCandless was considered a vandalism suspect by the National Park Service.[14] His venture into a wilderness area alone, without adequate planning, experience, preparation, or supplies, without notifying anyone and lacking emergency communication equipment, was contrary to every principle of outdoor survival and, in the eyes of many experienced outdoor  enthusiasts, nearly certain to end in misfortune. Alaskan Park Ranger Peter Christian wrote: When you consider McCandless from my perspective, you quickly see that what he did wasnt even particularly daring, just stupid, tragic, and inconsiderate. First off, he spent very little time learning how to actually live in the wild. He arrived at the Stampede Trail without even a map of the area. If he [had] had a good map he could have walked out of his predicament [ ] Essentially, Chris McCandless committed suicide.[13] Sherry Simpson, writing in the Anchorage Press, described her trip to the bus with a friend, and their reaction upon reading the comments that tourists had left lauding McCandless as an insightful, Thoreau-like figure: Among my friends and acquaintances, the story of Christopher McCandless makes great after-dinner conversation. Much of the time I agree with the he had a death wish camp because I dont know how else to reconcile what we know of his ordeal. Now and then I venture into the what a dumb territory, tempered by brief alliances with the he was just another romantic boy on an all-American quest partisans. Mostly Im puzzled by the way hes emerged as a hero.[15] Jon Krakauer defends McCandless, claiming that what critics point to as arrogance was merely McCandlesss desire for being the first to explore a blank spot on the map. Krakauer continues that In 1992, however, there were no more blank spots on the map—not in Alaska, not anywhere. But Chris, with his idiosyncratic logic, came up with an elegant solution to this dilemma: He simply got rid of the map. In his own mind, if nowhere else, the terra would thereby remain incognita.[16] Others have pointed out that a map of the area (although apparently not including the location of the hand-powered tram) was found among McCandlesss belongings, and refute the accusations that he intentionally discarded this map.[17]

Plato and Aristotle Essay Example for Free

Plato and Aristotle Essay Plato and Aristotle both have been very influential as the ancient Greek philosophers. Aristotle was a student of Plato and there are many similarities between these intellectual giants of the ancient world but there are also many things that distinguish them from each other. Aristotle was far more empirical-minded than Plato. First, Platos philosophy relegated the material, physical world to a sort of metaphysical second class. His contention was that the abstract truths of the mind-mathematical truths, moral and normative truths about ideals-are what really matter in life and in philosophy, and that the empirical world around us consists of merely poor copies of these ideals. By contrast, Aristotle did as much or more work in what we would today call science (physics, biology, etc. ) as in what remains a part of philosophy. While Aristotle certainly did important work in ethics and related areas, he concentrated as much or more on examining the material world. Plato can be read at times as being quite disparaging of science. This is not true of Aristotle. Second, the difference in the approaches and values of these two philosophers resulted in very different political philosophies. Platos political philosophy, which can be found principally in the Republic. For him, the just state is one ruled by ascetic philosophers who have been raised from birth not to value material reward or exclusive human connections, even with their own kin. They are the ideal of wise, objective, fair-minded, ultra-rational beings. In contrast to Platos utopian political philosophy, Aristotles political philosophy, which can be found principally in the Politics, has a large component of descriptive political science. When he does argue for certain political schemes, they tend to be incremental improvements on existing systems. Like his teacher Plato, Aristotles philosophy aims at the universal. Aristotle, however, finds the universal in particular things, which he calls the essence of things, while Plato finds that the universal exists apart from particular things. Aristotle makes philosophy coextensive with reasoning, which he also would describe as science. Note, however, that his use of the term science carries a different meaning than that covered by the term scientific method. For Aristotle, all science is practical, poetical or theoretical. By practical science, he means ethics and politics; by poetical science, he means the study of poetry and the other fine arts; by theoretical science, he means physics, mathematics and metaphysics. In general, Plato is the more extravagant thinker, the thinking outside the box type who was equal parts brilliant and bizarre in his ideas. Aristotle is more the cool, logical, dry, systematic thinker whose works tend to read like encyclopedias.

The use of operations management techniques

The use of operations management techniques Operations management is concerned with the design, planning, control and improvement of an organisations resources and processes to provide goods or services for customers. Whether it is the provision of airport services, medical services, holiday packages, or the manufacturing of automobiles, consumers electronics and so on; the operations manager would have been involved in the design, creation and delivery of those products and services. (Johnson, R. etal 2003). Operations Managers are found everywhere including banks, supermarkets, construction site, production plant, government offices, and so on. Their role includes designing systems within an organisation, ensuring quality, manufacturing products, and delivery of services. They also deal with clients, suppliers, partners, and latest technology. Operation management is more than just planning and managing processes; it is transformation processes which can also be define as a series of activities along a value chain extending from supplier to customer. TRANSFORMATION PROCESS INPUT: Material, Equipments, Labour, Management, and Capital OUTPUT: Goods Services Feedback Figure 1: Operations as a Transformation Process (adaptation from Russell Taylor, 2005) For instance, in a car manufacturing factory, sheet steel is formed into different shapes, painted and finished, and then assembled with thousands of component parts to produce a working automobile. In a hospital, customers (patients) are helped to become healthier individuals through special care, medication, meals, physiotherapy, and surgical procedures. Core activities in operations management include organizing work, arranging layouts, locating facilities, designing jobs, measuring performance, selecting processes, controlling quality, scheduling work, managing inventory, and planning production. Operations Management Techniques There are several operations management techniques used by companies. These include but not limited to; Lean Production Just-in-Time Benchmarking Material Requirement Planning (MRP) Quality Management Supply Chain Management Inventory Management Linear Programming Waiting Line Analysis Forecasting This report will focus on three of the ten Operations Management techniques listed above. They are Supply Chain Management, Just-in-Time, and Benchmarking. 2.1 Supply Chain Management According to Russell and Taylor (2006), Supply Chain Management can be described as an operations management technique that focuses on integrating an managing the flow of goods and services and information through the supply chain in order to make it responsive to customer needs while lowering total costs. It is also an integrated group of business processes and activities with the same goal of providing customer satisfaction. These processes include the procurement of services, materials, and components from suppliers; production of the products and services; and distribution of the products to the customers. 2.2 Just-in-Time (JIT) This is an operation management philosophy directed at eliminating manufacturing wastes by producing only the right amount and combination of parts at the right place at the right time. Developed by the Japanese during the post World War II era, it is based on the principle of producing only what is needed and nothing more than needed. The Japanese believed that anything produced over the quantity required is waste. Wastes results from any activity that adds cost without adding value to the product, such as transferring of inventories from one place to another or even storing them. (Sirisha, D. 2003). The goal of JIT is to minimize the presence of  non-value-adding operations  and non-moving inventories  in the production line. This will result in shorter throughput times, better on-time delivery performance, higher equipment utilization, lesser space requirement, lower costs, and greater profits.  JIT is most applicable to operations or production flows that do not change, i.e., those that are simply repeated over and over again. An example of this would be an automobile assembly line, wherein every car undergoes the same production process as the one before it. Benchmarking This is one of the operations management technique aimed at improving organisational process by constantly identifying, understanding and adapting successful practices and processes by others and facilitating its incorporation into an organisation. Simply put, benchmarking means comparing ones organization or a part of it with that of the other companies. As further explained by Camp (1995), benchmarking is a continuous activity; key internal processes are adjusted, performance is monitored, new comparisons are made with the current best performers and further changes are explored. When information about these key processes is obtained through a co-operative partnership with specific organisations (rather than third party such as independently-maintained database), there is an expectation of mutual benefit over a period of time. The type of benchmarking that companies can adopt are: Strategic Benchmarking Competitive Benchmarking Process Benchmarking Functional Benchmarking Internal Benchmarking External Benchmarking International Benchmarking Benchmarking exercise is a four-stage process involving; Planning stage involves identifying, establishing and documenting specific study focus areas, key events and definitions. Data collection stage involves accumulating qualitative data and learning from the best practices of different organizations. Data analysis and reporting stage involves critical evaluation of practices followed at high performing organizations, and the identification of practices that help and deter superior performance. Adaptation stage involves developing an initial action plan to adapt and implement the practices followed by these high performance organizations. 3.0 CASE STUDY 1: Dells Supply Chain Management Practices (Consumer Electronics) This case study is based on a different type of supply chain management practices pioneered by Dell Inc, one of the leading PC manufacturers in the world. It is known as the Direct Model, a unique model of selling PCs directly to the consumers, bypassing the resellers. With this model, Dell was able to provide its customers with tailor-made products, built only after procuring the order from them. This case study describes this model in detail and explains how it enabled Dell to manage its supply chain effectively. 3.1 Summary Background Note Dell Inc. (headquartered in Texas, USA) is a global technology corporation that develops, manufactures, sells, and support personal computers and other computer-related products. Founded in 1984 by Michael Dell (Michael), it grew during the 1980s and 1990s to become the largest seller of PCs and servers. Dell became a pioneer in the configure to order approach to manufacturing delivering individual PCs configured to customer specification. In order to minimise delay between purchase and delivery, Dell has a general policy of manufacturing its products close to its customers; which allows for implementing a just-in-time (JIT) manufacturing approach, which minimises inventory costs. 3.2 The Direct Model Dells Direct selling Model traces its origins to Michaels idea of selling computers directly to the consumers eliminating the need for distributors. He believed that by selling system (PCs) directly to the consumers, the company would be able to better understand the needs of its consumers. Each system was assembled according to customers preference. Dell also realised that maintaining a high level of quality was necessary in order to compete with the to PC manufacturers like IBM and Compaq. To achieve this, the company decided to increase their funds in hand by reducing inventory. Dell decided to produce PCs as per orders it received and not to hold excess inventory or finished products. Dell then later decided to replace inventory with information and pass on the information to the suppliers, who were provided access to companys internal data about the demand for specific components. With the reduction in components inventory having a positive effect on each cash flow, the company decided to bring other task related production in line with the reduced inventory. The overall savings Dell derived from managing the inventory encouraged it to try matching supply and demand on monthly, weekly and daily basis. This reduced the variation in supply and demand and gradually it was no longer necessary for Dell to maintain any component i nventory. Dell established its website in 1994, introduced online pricing in 1995, and began online sales in 1996. Within six months Dells revenue on the Internet stood at US $1 million a day. By 1997, sales through the Web were around US $1 billion, and by 1998, Dells sales through the Internet accounted for more than half of its total sales. The internet proved to be a booster for Dells direct model as it was able to facilitate transactions. Reduce costs, and improve relationships with customers. Dells direct model was directly supported by the way the companys activities were organized globally. 3.2.1 The Direct Model Role of Dells Suppliers As bringing components from the suppliers factories to Dell took anything between 7 and 30 days depending on the mode of transportation, Dell required all its suppliers to maintain a warehouse close to its factories. They could either manufacture the product at the warehouse or produce at another place and ship the finished product to the warehouse. The warehouses known as Suppliers Logistics Centres (SLC) were located few miles away from Dells assembly plants. Each SLC could be shared by more than one supplier. Typically, Dell required suppliers to maintain inventory for 8 to 10 days in SLCs. Dell took the inventory from SLCs as required, usually replenishing its stocks every two hours. Most suppliers replenished the stocks at SLCs thrice a week. Dell demanded that its suppliers should be extremely flexible to accommodate short-term demand fluctuations. The suppliers are provided with data on real-time customer demand, and every week, suppliers were given an order commitment from Dell for the following week. The suppliers needed to send their consent to meet the companys demands immediately. 3.2.2 The Direct Model Balancing Demand and Supply Dell maintained a database to track the purchasing patterns of corporate customers and their budget cycles, in order to forecast demand. It also maintained a similar database for individual customers in order to cater for their future requirements. The changing demand patterns were communicated to the major suppliers three times a day. If it was found that the lead time for a product was increasing, the procurement of the product was accelerated or additional suppliers were brought and the customers were encouraged to buy substitute product. If any component was found to be accumulating, customers were provided incentive to buy those products. On the other hand, if demand exceeded supply at any given point in time, Dell had more than one supplier to accelerate supply. If the component was generic, Dell checked with alternative suppliers. Once the supplier options were exhausted, Dell used its marketing team to shift demand. 3.3 Benefits of Direct Model Dell gained tremendous benefit from their Direct Model approach to Supply Chain Management. As Dell did not hold large inventory of finished products, it did not have to sell technologically obsolete products at a discount. Dell was able to bring in new products according to the needs of the customers into the market faster than its competitors. In addition to this, Dell was able to incorporate new technologies quickly into its products and take them to customers almost two months ahead of its competitors. Through the Direct Model, Dells production system functioned on negative working capital as suppliers were paid 36 days after Dell received payments from its customers. This is in contrast with other computer manufacturers who usually paid the suppliers 30 days before the PC was skipped to the market 3.4 What Dell could do to get more positive results In order for Dell to regain its number one position in the PC market, it has to make significant business changes to way its been doing business for two decades. Firstly, Dell could provide a facility where consumers have the opportunity to see the product before buying it. Dell can achieve this by partnering with PC retail stores. This will also help to address some of the customer service issues and improve its support system. Another thing Dell could do is to create products with a longer shelf-life, like digital televisions and printer cartridges, in addition to a few desktops and notebooks and sell them through the Dell retail stores. Finally, Dell could enter the commercial retail segment and compete with likes of HP and Acer, although this is an area in which Dell is not experienced enough. 4.0 CASE STUY 2: Toyotas Just-in-Time Revolution (Automotive) This case study is based on the Just-in-Time manufacturing system pioneered by Toyota. It is one of the most significant production approaches of the post world war II era. The case discusses in detail the concept of Toyotas JIT system and the Kanban concept; which was one of the principles on which Toyotas JIT was based. I will compare the Kanban concept with the western manufacturing philosophy. I will also make objective criticism and suggestion, where appropriate, to show what else Toyota could do to get more positive results. 4.1 Summary Background Note Toyotas history goes back to 1897, when Sakichi Toyoda (Sakichi) diversified into machinery business from his family traditional business of carpentry. He founded Toyoda Automatic Loom Works in 1926 for manufacturing automatic looms. Sakichi established an automobile department within TALW. Toyota Motor Corporation was established in 1937 after Sakichis son Kiichiro Toyoda (Kiichiro) convinced him to enter the automobile business. Kiichiro visited the Ford Motor company in Detroit to study the US automotive industry. He saw that an average US workers production was nine times that of a Japanese worker. He realized that the productivity of the Japanese automobile industry had to be increased if it were to compete globally. Back in Japan, he customized the Ford production system to suit Japanese market. He also devised a system wherein each process in the assembly line of production would produce only the number of parts needed at the next step on the production line, which made logistics management easier as material was procured according to consumption. This system was referred to as Just-in-time (JIT) with the Toyota Group. 4.2 Just-in-Time Production System in Toyota Taiichi Ohno (Ohno), who is now referred to as the father of JIT implemented JIT in Toyotas manufacturing plants in the early 1970s. The system was aimed at avoiding waste, reducing inventories and increasing production efficiency in order to maintain Toyotas competitive edge. Initially, it was used as a method for reducing inventories in Toyotas shipyards, but later it evolved into a management philosophy including a set of techniques. Kanban was an important component of Toyotas JIT concept. It is a simple parts-movement system that depended on cards and containers to take parts from one workstation to another on production line. Ohno developed the in 1956 from the supermarkets in the US, which had devised an effective system for replenishment of store shelves based on the quantities picked by customers. The essence of the Kanban concept was that a supplier delivered components to the production line only when required, thus eliminating storage in the production area. Supplier delivered desired components when they received a card and an empty container, indicating that more parts were needed for the production. In case of line interruption, each supplier produced only enough components to fill the container and then stopped. At Toyota, two types of Kanban cards were used. To move parts from one place to another, known as the Conveyance Kanban card and to authorize the production of parts, known as the Production Kanban card. Three types of information were exchanged using Kanban; Pick up information guided the earlier stages regarding parts to be produced for the succeeding stages. Transfer information indicated when the parts had to be produced for the succeeding stages. Production information was transmitted from the earlier stages to the later stages to inform the workers about the product mix and other operational matters. To make the Kanban system effective and reap maximum benefits from it, Ohno framed six rules: Do not dens defective products to the subsequent process The subsequent process comes to withdraw only what is needed Produce only the exact quantity withdrawn by the subsequent process Level the production Kanban is a means to fine tuning Stabilize and rationalize the process Another important component of JIT was called Heijunka (production smoothing). JITs principle of building only the required number of items helped keep the production costs low. Heijunka helped in the accomplishment of this principle by creating a consistent production volume. Heijunka averaged highest and lowest variations of the orders. The variations were then removed from the production schedule. This ensured that the right quantity of parts was produced with minimum workforce. Heijunka took care not only of the total volume of items but also the type of items produced and the other options. Benefits to Toyota The JIT system implemented by Toyota offered several advantages over other manufacturing processes. Because of the early adoption of JIT, Toyota benefited more from the system than other automobile companies. The main benefit of the JIT system to Toyota is its ability to help drive down costs and waste by improving the flow of production. Another big advantage of JIT system to Toyota is that it improves the responsiveness to changes in demand. The Kanban concept implemented is like a smart traffic light with ability to sense when the traffic, or in this case the demand, is building up. In addition to these, Toyota was able to: Reduce stock holdings by reduction in storage space which saves storage and insurance costs. Have less working capital tied up in stock as stock is only obtained when it is needed. Reduce time spent on checking and re-working the product of others as the emphasis is on getting the work right first time 4.4 What Toyota could do to get more positive results Toyota has not been able to replicate the JIT production system in an efficient way in any of its operations outside Japan. Toyota should try to imbibe the Japanese culture (which is a main driving force of their JIT) in their other operations outside Japan inorder to get more result. Also, Toyota should use more than two suppliers for most parts as having less than two suppliers makes Toyota susceptible to flow interruption. 5.0 CASE STUY 3: Xerox The Benchmarking Story (Consumer Electronics) This case study is based on the benchmarking initiatives taken by Xerox, one of the worlds leading copier companies. This is a part of their Leadership through Quality program implemented by the company during the early 1980s. I will discuss in detail the benchmarking concept and its implementation in various processes at Xerox. I will explore the positive impact of benchmarking practices on Xerox also make objective criticism and suggestion, where appropriate, to show what else Xerox could do to get more positive results 5.1 Summary Background Note The history of Xerox dated back to 1938, when Chester Carlson, a patent attorney and part-time inventor, made the first xerographic image in the US. He struggled for over five years to sell the invention, until 1944 when Battelle Memorial Instutite approached him to refine his new process. Xerox was registered as a trademark in 1948 when The Haliod Company obtained all rights to Carlsons invention from Battelle. Xerox Corporation was formed and listed on the New York stock Exchange in 1961. The company grew throughout the 1960s by acquiring many companies, and later diversified into the information technology business through to the early 1970s. in the 1970s, Xerox focused on introducing new and more efficient models to retain its share of the reprographic market and cope with competition from the US and Japanese companies. The companys revenue increased from $698 million in 1966 to $4.4 million in 1976, and profits also increased five-fold from $83 million in 1966 to $407 million in 1977. The rapid growth at Xerox led to the introduction of a variety of controls and procedures and the number of management layers was increased during the 1970s. This, however, slowed down decision-making and resulted in major delays in product development. By early 1980s, has found itself increasingly vulnerable to intense competition from both the US and Japanese competitors. According to analysts, Xerox ignored new entrants who were consolidating their positions in the lower-end market and in niche segments. The management also failed to give the company strategic direction. The companys operating cost was high and its products were of inferior quality in comparison to its competitors. Xerox also suffered from its highly centralized decision-making processes. As a result of this, return on assets fell to less than 8% and market share in copiers came down sharply from 86% in 1974 to just 17% in 1984.xeroxs profits decreased from $1.15billion in 1980 to $290 million in 1984. When David T. Kearns (Kearns) took over in 1982, he discovered that Japanese companies were able to undercut Xeroxs prices effortlessly because their average costs of copiers was 50-60% cheaper than that of Xerox. Kearns quickly began emphasizing reduction of manufacturing costs and gave new thrust to quality control by launching a program that was popularly referred to as Leadership through Quality. As part of this quality program (to find ways to reduce their manufacturing costs), Xerox implemented the benchmarking program. These initiatives played a major role in pulling Xerox out of trouble in the years to come. The company even went on to become one of the best examples of the successful implementation of benchmarking. 5.2 Benchmarking against Japanese Competitors Xerox discovered that it took twice as long as its Japanese competitors to bring a product to market, five times the number of engineers, four times the number of design changes, and three times the design costs. The company also found that the Japanese could produce, ship, and sell units for about the same amount that it cost Xerox just to manufacture them. In addition, Xeroxs products had over 30,000 defective parts per million about 30 times more than its competitors. Benchmarking also revealed that Xerox would need an 18% annual productivity growth rate for five consecutive years to catch up with the Japanese. After an initial period of denial, Xerox managers accepted the reality. Following this, Xerox defined benchmarking as the process of measuring its products, services, and practices against its toughest competitors, identifying the gaps and establishing goals. Goal is always to achieve superiority in quality, product reliability and cost. Gradually, Xerox developed its own benchmarking model. This model involved tens steps categorized under five stages planning, analysis, integration, action and maturity. Figure 2: Xerox Benchmarking Model (according to Karsnia 1991, Camp 1989) Xerox collected data on key processes of best practice companies. These critical processes were then analyzed to identify and define improvement opportunities. For the purpose of acquiring data from the related benchmarking companies, Xerox subscribed to the management and technical databases, referred to magazines and trade journals, and also consulted professional associations and consulting firms. Having worked out the model it wanted to use, Xerox began by implementing competitive benchmarking. However, the company found this type of benchmarking to be inadequate as the very best practices, in some processes or operations were not being practiced by copier companies. The company then adopted functional benchmarking, which involved a study of the best practices followed by a variety of companies regardless of the industry they belonged to. Xerox initiated functional benchmarking with the study of the warehousing and inventory management system of L.L. Bean (Bean), a mail-order sup plier of sporting goods and outdoor clothing.   Similarly, Xerox zeroed in on various other best practice companies to benchmark its other processes. These included American Express (for billing and collection), Cummins Engines and Ford (for factory floor layout), Florida Power and Light (for quality improvement), Honda (for supplier development), Toyota (for quality management), Hewlett-Packard (for research and product development), Saturn (a division of General Motors) and Fuji Xerox (for manufacturing operations) and DuPont (for manufacturing safety). Results of Benchmarking Some of the benefits Xerox derived as a result of their benchmarking are; Customer satisfaction for its copier/duplicator and printing systems increased by 38% and 39% respectively. Customer satisfaction with its sales processes improved by 40%, service processes by 18% and administrative processes by 21%. Customer complaints reduced by more than 60%. Financial performance of the company also improved considerably through the mid and late 1980s. Some of the other benefits Xerox derived were: Number of effects reduced by 78 per 100 machines. Inspection of incoming components reduced to below 5%. Inventory costs reduced by two-thirds. Notable decrease in labour costs. Became the leader in the high-volume copier-duplicator market segment Country units improved from 152% to 328%. 5.4 What Xerox could do to get more positive results Xerox could get more positive results by continuously benchmarking against other companies outside the United States, especially in India and China. As we are in a more competitive business environment where customers preference are changing and they want more value for their money, Xerox should try to diversify more into the technology market in order to retain its competitiveness in the market. 6.0 Conclusion Hence we can see that operations management is an important aspect of any business organisation. It is very important as it is concerned with creating products and services; the core of an organizations existence. It is also challenging because the techniques implemented by organizations need to work globally and responsibly within the society and the environment; as we can see in all the three case studies used in this report.