Stock control.
Businesses need to make sure that they have enough raw materials to meet planned production. Stock control is a system, which ensures stocks are ordered and held in the right amounts. Stock control is important and vital for a business because the company can buy in bulk and this will often lower prices. The company will have reserves and allow production to continue; even if delivery from suppliers is delayed .The stock in my business is a pair of adidas tracksuit bottoms. The pattern of demand may be unpredictable and my company may wish to increase production at short notice. Stock control is also vital because holding stocks is a safeguard against price increase. When controlling stock you need to know what raw materials and components need be kept in stock, the quantities of the tracksuits which is to be held in stock, how much to order and when an order should be placed. It is necessary to control the flow of stocks in the business. This ensures that firms hold the right amount. Several methods of stock control exist. They focus on the RE-ORDER QUANTITY (how much stock is reordered when a new order is placed) and the RE-ORDER LEVEL (the level new order is placed). * Fixed re-order interval. Orders of various sizes are placed at fixed time intervals. This method ignores the economic order quantity, but ensures that stocks are 'topped up' on a regular basis. This
This paper will focus on how the inputs and linkages between each key phase of the American t-shirt would change if produced in a true free trade market.
This paper will focus on how the inputs and linkages between each key phase of the American t-shirt would change if produced in a true free trade market. The value chain can be categorized into the following key phases: raw materials (Cotton Farmers), work-in-progress or WIP (Apparel Manufacturers), and finished goods (T-Shirt Retailers). These inputs and linkages between the key phases are woven around constantly changing social, political, and cultural contexts severely stifling any resemblance of a free trade market. The key inputs for raw materials are the Virtuous Circle. The Virtuous Circle consists of the cotton farmers, private agricultural companies, university researchers, and the U.S. government. The farmers both contribute to and benefit from the research that takes place in the universities and firms, while the USDA supports them both with farming, technical, and business assistance. This circle has continuously fought to protect cotton farmers from the riskiest factors in producing cotton, such as the labor market. The private companies have developed technologies ranging from cotton field freezing chemical compounds to mechanical cotton strippers (work of 10 men in 1/2 a day) to the genetically modified (GM) cotton seed. Collectively, these innovations have reduced the need for seasonal labor and significantly increased the overall yield of cotton. The GM
VII) TRAINING AND DEVELOPMENT
TRAINING AND DEVELOPMENT Many UK based companies think that it is easier to hire worker that are already skilled instead of paying for the cost of training un-skilled workers. They also do not understand the link between training employees and the increase in profits. What is training? Training is planned learning experiences and activities that are designed to make positive changes to the performance of an organisation. Training can be defined in a number of elements. These include: * Traditional training * Education * Vocational education * Management training * Organisational development What is development? Developing is enabling individuals to develop themselves in a way that is best suited to them. If the organisation helps individuals develop themselves then they will be more inclined and will be able to help the organisation meet its objectives. The benefits of training There are a lot of benefits from training: Effective training will improve service to customers, productivity, and the competitiveness of the organisation. Right attitudes are created in employees with training, and attitudes are as important as skills and knowledge. In the long run training costs less than employing fully skilled workers, form outside the company. Also employees that are trained within the organisation tend to stay on much longer than recruited fully
Management accounting.
Q1 ( i ) The purpose of management accounting in the organisation is to support competitive decision making by collecting, processing, and communicating information that helps management plan, control, and evaluate business processes and company strategy. The process of management accounting is the process of creating and using cost, quality, and time-based information to make effective decisions within the organisation. Finally, cost accounting obviously plays a key role in tracking and reporting relevant product and service costs. The significance of managerial accounting is that it has to meet several information needs. According to Horngren C. T., G. Foster, and S.M. Datar (2003) the major functions of managerial accounting include the following: Planning and budgeting. Planning extracts the most useful trends based on past performance, and incorporates known or expected changes in other variables. Budgeting goes further by incorporating motivational aspects, and expectations based on macroeconomic variables. Decision-making. Management accountants prepare analyses based on past variables and their assessments of other key variables in the future. Accountants are most familiar with the data and often participate in the decision process. Product and service costing. Allocation of cost to production and services is mandatory for tax and financial accounting
After liberalization and relaxation in foreign direct investment.
EXECUTIVE SUMMARY After liberalization and relaxation in foreign direct investment India witnessed a series of mergers and acquisitions with multinational companies acquiring local brands to penetrate into Indian market. Some of the examples worth noting are, HLL acquiring TOMCO and Lakme (to strengthen its presence in the edible oil, soaps and personal care products), Dollops , Kwality, Milkfood to get into Ice Cream market; Coca-Cola acquiring Parle Soft drink to get access to its well established brand and nationwide bottling and marketing network; Pepsi-Cola acquiring Duke; Satyam acquiring Indiaworld. Many companies have tried to acquire brands at a premium over their historical cost. HLL is a prime example as its product portfolio has been built over the time using this strategy. The valuation that acquired-brand use to get does not justify their earning capacity. Hence this necessitates a formalized methodology to value brands. The intention of this paper is to explore the existing brand valuation methodologies and its importance in decision making which require both marketing as well as financial dimension. Traditionally, gap between finance and marketing has always been wide, but today the two worlds are being brought together. Brands are being increasingly seen as performance measures and key factor in decision making. This further necessitate the standard brand
The modernization of contemporary China began in 1978, immediately after the catastrophe of the Cultural Revolution.
I. Introduction The modernization of contemporary China began in 1978, immediately after the catastrophe of the Cultural Revolution. Deng Xiaoping summarized the modernization of China into four programs: the modernization of agriculture, the modernization of industry, the modernization of science and technology, and lastly, the modernization of military and defense industry and technology. The first three themes aim to improve the overall living standards of the people and the material wealth of the society.1 The modernization programs are closely related to the reforms of the relevant sectors. The core of the modernization of agriculture is the rural reform; the urban reform is introduced to facilitate the modernization of industry; and the education reform is the key to the modernization of science and technology standard in China. These reforms do not run smooth, however, particularly the rural and urban reforms, which require the introduction of market mechanism and object the planned economy system under the socialist ideology. Furthermore, the partial modernization of the country has created tremendous problems in wealth distributions and relative deprivations, which have created many social problems that the Chinese authority must handle them with great care in order to maintain stability and continuous growth in China's economy. In this paper, I would discuss the
Compare And Contrast The Main Theoretical Concepts Relating To The Behaviourist And Cognitive Approach To Psychology
Compare And Contrast The Main Theoretical Concepts Relating To The Behaviourist And Cognitive Approach To Psychology In this essay I am going to explore two of the major approaches to Psychology, Cognitive theories and Behaviourist theories. I will discuss in some detail the two approaches, state how they compare and illustrate the similarities and the differences between them. John Watson, one of the founders of Behaviourism, based his theories on the principles of learning outlined by Pavlov who suggested the theory known as Classical Conditioning; he trained dogs to salivate whenever he rang a bell. Dogs have a natural reflex response to salivate when they see food, Pavlov rang a bell when the dogs were given food and after several repetitions of this action, the dogs began to salivate whenever they heard the bell, even when there was not any food there. This approach rejected the idea of the conscious mind. Albert Ellis & Aaron T Beck developed the present form of the Cognitive approach to psychology in the 1950's. This development emerged from a growing dissatisfaction with the narrowness of the behaviourist approach as it neglects complex human activities such as planning and communication. Behaviourists emphasise the relationship between the environment surrounding a person and how it affects a person's behaviour. This approach has a tendency to ignore mental
Tok presentation
Today I'm going to talk weather or not prostitution should be legalized. Prostitution is also known as the world's oldest profession and it has appeared in almost every culture all over the world. First, what benefits does it provide to man's life? Obviously, it fulfills one of his man's strongest urges as a human being - sex. It's easy to observe that men go to prostitutes to have a good time, and enjoy the experience. On the other side, the prostitutes provide their services voluntarily and make a decent living in the process. Both sides benefit, and the fact that hookers work in nearly every country in the world suggest that there is a great demand (and proportionally a great perceived benefit) for their service. But everything is not that nice. In America, where prostitution is illegal in most places and no government oversight of abuses exists, prostitutes face serious physical, financial, health, and legal challenges in the process of providing their services. However, is this a necessary aspect of prostitution? As with every other controversial topic two sides are formed. One supports the prostitution and other is against it. When I was doing research into this topic I found one interesting quote I want to introduce to you: Prostitution is a combination of sex and the free market. Which one are you against? This side belief, that prostitutes are not committing an
Do you accept the argument that research and development is the central cause of economic growth?
Chosen Question 2 of 2: "Do you accept the argument that research and development is the central cause of economic growth? Explain how innovation systems at the national and corporate level have contributed to the development of major industries." Introduction: Every nation strives to increase its level of economic growth for several reasons. It is favourable from a political stand, as the increased standard of living will result in higher tax revenue and less money needed to be spent on social security as well as boosting civilian morale. Corporations will also benefit from economic growth, as it will mean higher sales as peoples disposable income increases. Economic growth is represented by an increase in national output for example over a twelve-month period. But what we have to consider is what role does research and development play in this process, and whether there are any other factors that have to be considered. Since the post-war period the spending on research and development (R&D) has increased dramatically in every industry. At first it was concentrated in the manufacturing sector but since then it has moved into other industries for example the pharmaceutical industry, which is all research orientated. Certainly increased expenditure on R&D was key to the government increasing its national output levels after war. If industries grow then national
Analysis of The Marketing Philosophy of Ryanair
Marketing 1 28258 Analysis of The Marketing Philosophy of Ryanair Terms of Reference: The request was made to write a report to analyse the marketing philosophy of a business known to me and making specific reference to the macro and micro environment and to consider the impact of marketing influences such as buyer behaviour in addition to social and ethical considerations. Procedure: To specify micro and macro environment in Ryanair the research will be based on their website, books, newspaper articles and other material. Findings: . Background and Introduction page 3 . Mission statement . Macro Environmental Analysis pages 4-7 2. Micro Environmental Analysis pages 7-8 3. Conclusion page 8 4. Recommendations pages 8- 9 5. Bibliography pages 10-12 6. Appendix 1