Sunday, September 15, 2019

Lean Manufacturing and Supply Chain

1. 0 INTRODUCTION: From humble beginnings, Tesco has grown to become the UK's largest supermarket chain. Over ten years ago, Tesco set its sights on becoming the Toyota of the grocery business. Since then the company has become renowned for its best practices in supply chain management (SCM), which included lean management and the use of RFID technology. The company has got an advantage over its competitors by incorporating innovation in its supply chain like point of the sale data, continued replenishment triggered by customer demand, primary distribution, cross dock distribution centre and use of single vehicle to serve several stores. . 0. Background Tesco was founded in 1910 by Jack Cohen, who invested his serviceman's gratuity of ? 30 in a grocery stall. The first private label product introduced by Cohen was Tesco Tea. The name Tesco was a combination of the initials of the tea supplier – TE Stock well and the first two letters of Cohen's name. Tesco opened its first sto re in 1929. Cohen was influenced by the supermarket culture in America and tried to introduce the concept in the UK. The company's driving force was the idea: ‘Pile it high and sell it cheap. In 1947, Tesco went public and a year later, Tesco self-service stores were started. In 1956, the first Tesco self-service supermarket was opened. In the 1960s, Tesco went on an expansion spree and acquired several store chains. The Retail Price Maintenance (RPM) Act8  in Britain prohibited large retailers from pricing goods below a price agreed upon by the suppliers. To overcome this obstacle to price reduction, Tesco introduced trading stamps which were given to customers when they purchased products; they could be traded for cash or other gifts.RPM was abolished in 1964, and from then on, Tesco was able to offer competitively priced products to its customers. The first Tesco superstore, with an area of 90,000 square feet, was opened in 1967. By the 1970s, Tesco's ‘Pile it high, sell it cheap' philosophy no longer appealed to shoppers. As people got richer, they started demanding expensive and luxury items. The poor performance of Tesco even led to the saying ‘doing a Tesco,' which meant snatching defeat from victory.  Control Key and Word – Text and Graphics.Tesco's image took a further beating when Imperial Tobacco Company which had considered acquiring Tesco as a part of its diversification strategy, did not go ahead with the deal as it felt that Tesco might damage its corporate image. To arrest the downslide in its fortunes, Tesco's management went in for an overhaul of its stores during the decade. Several stores were closed down to concentrate on the superstores. The smaller stores that still remained were refurbished to make them more customer-friendly.Tesco diversified into operating petrol pumps in 1974. In 1975, Tesco offered price discounts through a scheme called ‘Checkout at Tesco. ‘ By 1979, the company's turnover h ad reached ? 1 billion. In 1985, lan MacLaurin become Tesco's first CEO from outside the Cohen family. MacLaurin streamlined Tesco's operations, closing most of the smaller stores and opening large 30,000 square foot stores in the suburbs. Tesco also introduces a centralized distribution system, added fresh food and its own label for food products. These were successful moves.In the 1990s, the UK supermarket industry faced of 16. 7 per cent, behind Sainsbury's at 19 per cent. The other major competitors were Asda and Safeway. Several warehouse stores like Costco and discount stores like Aldi, Lidl and Netto also entered the UK. In 1997, Tesco's marketing director, Terry Leahy, become the new CEO. He had introduced new pricing policy of lowering prices to match those of Asda, which resulted in Tesco's prices begin 4-5 per cent lower than those at Sainsbury's and Safeway. 3. 0 DEFINING ISSUES 3. SUPPLY CHAIN MANAGMENT Supply chain management is a business administration strategy that aims at the improvement in efficiency of cash flow through information sharing and Business Process Reengineering (BPR) in the supply chain as a whole. The emphasis is put on maximizing a consumer’s worth by conflating products, services, information, and the cash flow into one seamless stream. What was formerly a â€Å"push system†, in which the product was sent downstream and sold, has become a â€Å"pull system† that produces only the quantity sold.However, since the order cycle is different, the quantity of orders from retailers to wholesalers becomes the smaller wave compared with the wave of actual sales because of subjectivity. Subjectivity goes also into the wholesaler’s decision; thus, manufacturing quantities fluctuate significantly. Such a phenomenon is called the â€Å"bull whip† effect or Forester effect. The phenomenon may be avoided if retailers, wholesalers, and manufactures share information. A large number of bottlenecks exist on a supply chain. The entire supply chain must be improved in balance.It is important to construct a system that creates unity throughout the supply chain. In order to optimize the system as whole, information sharing is required. It begins by sharing such information as the transition of sales trends showing consumer interests as well as real-time inventory data on a supply chain. Figure 1. Supply chain management In such a situation, RFID attracts attention as a new data career that uses the Internet. Wal-Mart stores will have RFID on pallets or corrugated boxes of products from their top 100 suppliers beginning January 1, 2005.Tesco of Britain, Metro of Germany, and the U. S. Department of Defense also decided to use RFID similarly. Promotion of RFID has been incorporated in E-Japan strategy as well. 3. 2 LEAN SYSTEM The core idea is to maximize customer value while minimizing waste. Simply, lean means creating more value for customers with fewer resources. A lean organization unde rstands customer value and focuses its key processes to continuously increase it. The ultimate goal is to provide perfect value to the customer through a perfect value creation process that has zero waste.To accomplish this, lean thinking changes the focus of management from optimizing separate technologies, assets, and vertical departments to optimizing the flow of products and services through entire value streams that flow horizontally across technologies, assets, and departments to customers. Eliminating waste along entire value streams, instead of at isolated points, creates processes that need less human effort, less space, less capital, and less time to make products and services at far less costs and with much fewer defects, compared with traditional business systems.Companies are able to respond to changing customer desires with high variety, high quality, low cost, and with very fast throughput times. Also, information management becomes much simpler and more accurate. 4. 0 PROBLEM STATEMENT Tesco’s supply chain improvements described indicate that supply chain management has the potential to improve a firm's competitiveness. Tesco’s supply chain capability is as important to a company's overall strategy as overall product strategy. Firm’s supply chain management encourage management of processes across departments. . 0. QUESTIONS AND THEIR SOLUTION: 5. 1. QUESTIONS 1: To what extent can Tesco's supply chain practices be said to follow lean principles? Tesco is an extremely successful company and a major part of its success has been due to its distribution network, Tesco has successfully applied lean distribution and just in time strategy into their distribution network. Using just in time within their distribution network gives Tesco a competitive advantage over its competitors by reducing inventory costs and improves scheduling.It also insures proper protective maintenance and stress quality in all phases of production from qua lity by suppliers to quality within Tesco. However, it is not enough. The original seven muda are: * Transport (moving products that are not actually required to perform the processing) * Inventory (all components, work in process and finished product not being processed) * Motion (people or equipment moving or walking more than is required to perform the processing) * Waiting (waiting for the next production step) * Overproduction (production ahead of demand) Over Processing (resulting from poor tool or product design creating activity) * Defects (the effort involved in inspecting for and fixing defects) According to the original seven muda, Tesco can improve its suppliers more by teach them the lean technique. They did it before but they must do it for their new suppliers around the world. 5. 2. QUESTIONS 2: How can lean practices give benefits to Tesco operation? Lean operation is an alternative to traditional operation that an increasing number of organizations are adopting. The ultimate goal of a lean system is to achieve a balanced, smooth flow of operations.Sup- porting goals include eliminating disruptions to the system, making the system flexible, and eliminating waste. The building blocks of a lean production system are product design, process design, personnel and organization, and manufacturing planning and control. Key benefits of lean systems are reduced inventory levels, high quality, and flexibility, reduced lead times, increased productivity and equipment utilization, reduced amounts of scrap and rework, and reduced space requirements. The risks stem from the absence of buffers, such as extra personnel and inventory stockpiles to fall back on if something goes wrong.The possible results of risks include lost sales and lost customers. Lean can make more profit in Tesco’s supply chain management by: †¢ Point-of-sale data in the store directly to a shipping decision in Tesco’s RDC. †¢ â€Å"customers as pacemaker† r egulating the provision stream †¢ increased the frequency of deliveries to the retail stores †¢ shipping dollies directly up to POS. †¢ Contingency plan: buffer stock of full dollies is still held aside †¢ supplier’s distribution center for the items has disappeared. †¢ Converting RDC as cross-docks, reducing costs their also. Increase in loyalty of customer leading to increase in sales and more certainty in demand too. †¢ Reduced costs, operating costs were offset by overall profits in a long run †¢ increasing its share in every format †¢ Better forecasting ability, i. e. better knowledge of consumption of each type of consumables at store. †¢ Reduced inventory case as RDC was converted into Cross-docks. †¢ Reduced Transportation costs due to milk runs. †¢ Reduction in stock points too. †¢ The no. Of logistical activities for a pallet to reach the final storing point reduce to 200%. 5. 3.QUESTIONS 3: What are the ma in differences between operating lean practices in retiling and in manufacturing operations? Lean Manufacturing is a systematic methodology that identifies and eliminates all types of waste or non-value-added activities; not only in production or manufacturing operations, but in the service industry as well. Whether you are manufacturing a product or providing a service, there are components that are considered â€Å"waste†. Lean concepts are purely about creating more value for customers by eliminating activities that are considered waste.Any activity or process that consumes resources, adds cost or time without creating value becomes the target for elimination. Lean focuses on the â€Å"big picture† or improvements in the entire business process as opposed to incremental improvements. It is the business process system that can significantly improve a company's profitability. Lean concepts improve operating performance by focusing on the continuous flow of products, m aterials or services through the value stream. To achieve this, the various forms of waste must be identified and eliminated. Waste can include any activity, step or process that does not add value for the customer.Lean Manufacturing, sometimes also referred to as the Toyota Production System (TPS), is about the systematic elimination of waste. There are a number of waste types which are: 1. Waste from Overproduction — producing more than is required by the customer or marketplace which generates unnecessary inventory. 2. Waste from Transportation — multiple handling or movement of products does not add any value to the product. 3. Waste of Motion — of the workers, machines, and handling. Searching for tools or parts due to the inappropriate location of these items is considered waste of motion. 4.Waiting — a worker waiting for a machine to finish a cycle, waiting for a supervisor to answer a question, or waiting for information or materials reflects an i nterruption to flow and need to be eliminated. 5. Processing — unnecessary processing steps should be eliminated. Combine steps where possible. 6. Inventory — or Work In Process (WIP) is material between operations as a result of large lot production or processes with long cycle times. This reflects system problems. 7. Defects — producing defective products is pure waste. Prevent the occurrence of defects instead of scrapping or repairing.Like lean manufacturing, lean retailing is an approach to re-inventing a long established business practice by using new information technologies to cut out waste and make operations more profitable. Pioneered by Wal-Mart – but subsequently taken up by most large retailers – lean retailing relies on the use of Barcodes to manage every step of the product value chain, from raw material sourcing through manufacturing through final delivery to the shop floor. Major attention is given to â€Å"just in time† del ivery to cut inventory costs, and to investments in IT infrastructures to allow stores to share sales data in Real Time with their suppliers.In many cases, Lean Retailing software systems will automatically place new orders for a given product from the manufacturer as soon as an item is scanned at the checkout counter, and in some cases, even the invoicing for that automatic order is automatized as well. Lean retailing aims to â€Å"cut out the fat† (waste) from the retail sourcing process to maximize profits for the retailer. Lean Manufacturing combines the advantages of craft and mass production systems, whilst avoiding the disadvantages of each.Lean manufacturing is ‘lean' because it produces products using fewer resources than traditional ‘job shop’ and ‘mass production' methods. Lean Manufacturing involves removal of all unnecessary costs (i. e. ‘waste'). Waste elimination is translated into customer satisfaction (i. e. improved performance , quality, cost, delivery etc). In this regard, it is the same as Just-in-Time (JIT) Manufacturing; the difference being that Lean Manufacturing encompasses the whole business rather than just manufacturing. It includes product development, production, supply chains, distribution and customer service. . 4. QUESTIONS 4: What challenges does the increased internationalization of both its suppliers and its markets present for supply chain management in Tesco? Tesco's real strategic store internationalization began in 1994 with entry into Hungary but soon expanded into other central European countries. First steps were then made into the Asian market, both as a reaction to the Asian economic crisis of the 1990s, which meant assets were cheap, but also due to a more positive sense of the scale of the market opportunities in China and Japan, for example.Over time the countries in which Teseo operates have changed slightly. Withdrawals from some markets have been made (Palmer, 2004, 5), re cognizing the lack of scope to become the market leader and/or the desire to invest elsewhere. In some cases, these withdrawals have been made as part of asset-swaps with other leading global retailers, each recognizing their own strengths in particular markets. During this time Teseo also re-entered Ireland through a major acquisition, though it is still not represented in continental western Europe .The strategic approach to store internationalization has seen Teseo develop different solutions for diverse markets, using distinct formats and tailoring the product and service offer to the local market. In many countries it operates as a multi-format and even multi-channel retailer (home shopping is available in Ireland and Korea) and focuses on the core values and brands of the business. Behind the scenes people, processes and systems have been enhanced and rolled out initially as ‘Teseo in a Box' and more recently as the Teseo Operating Model.As can be readily understood, the internationalization of Teseo at store level brings supply chain issues as well. At the same time, Teseo buys products on a global basis and this also has to be ‘fitted in' to the ever changing pattern of supply and demand. With formats and products varying by country and with time, the need is for a supply system that can be adaptable. In some cases, eg Ireland and Hungary, the composite model has been effectively exported to thesecountries, often with the same logistics service partners.Ln other situations there is an attempt to rethink the supply system and the technology needed and use this as the platform moving forward. For example, in 2003/4, based on the UK composite model, Teseo opened the largest distribution centre in Asia at Mokchon, Korea. It also opened major centers in Poland and the Czech Republic, extended a centre in Hungary (and added another fresh food distribution centre) and developed a new composite site in Ireland. As internationalization continues, so the infrastructure and the processes in the supply chain need to keep pace with or even lead the developments.The processes are now embedded in the Teseo Operating Model, but new faculties to meet expansion needs are required. In November 2007, Teseo finally opened its much heralded Fresh and Easy stores in California and Nevada. Years in the planning, this US entry is intended to achieve 200 stores by February 2009 and to eventually develop into a major chain. Based on extensive consumer research with US families and a trial store built secretly, Fresh and Easy stores average about 10,000 sq ft and hold around 3,500 product lines.They focus on providing faster, easier neighborhood retailing with an emphasis on fresh food and fresh prepared meals at affordable prices. Environmental, neighborhood, employment and organic credentials are stressed. Fifty stores had opened by the end of February 2008, with expansion into Arizona, although a ‘pause' in development was announced in April 2008 to reflect on the learning from these early developments. It is too early to judge the success or otherwise of this US venture, but it has attracted considerable attention. The store format is different to Teseo stores elsewhere.Whilst the Teseo name is not used, its operations are based on the Teseo Operating Model, but with reduced complexity. The in-store processes are simplified, including extensive display-ready packaging, self-checkout and automated replenishment. The systems are advanced, linking processes to the service centre in India. This simplification has reduced payroll and other costs. In supply terms, the Fresh and Easy operation is a little different to other Teseo operations, partly because the model of practices and processes has been built up from scratch, though it does rely on core processes from the Teseo Operating Model.For example, there has been a degree of co-location of production with distribution. UK suppliers with particular expertise have c o-located production facilities at the head office and distribution hub (Riverside, CA), so as to react quickly to demand. Whilst this is not unknown in, for example, Japan, the attempt here is to move towards a low-touch, lean operation and to rethink traditional approaches. There is extensive recycling of packaging, use of returnable crates and retail-ready merchandizing and packaging. The emphasis is on fully automated, one-touch replenishment supported by deep shelves.At Riverside, pick-by-line has been introduced and various environmental initiatives, eg solar power, developed (Stites, 2007, 4). Store stock levels and availability were initially poor, however (Uwins, 2007, 55) and the distribution systems performance has had to improve as the store development programme has moved on. The sizes of the stores are 10,000sq ft selling around 3,500 items (Telegraph). The stores are much smaller than supermarkets such as Wal-mart, which shows Tesco are not prepared to go in direct co mpetition with them. Furthermore, Tesco have nvented a new format in America; convenience retailing as we know it in the UK – a small shop selling a wide range of fresh, top-up groceries – does not exist in the US, where a convenience store means a petrol station selling cigarettes, doughnuts and little else (Telegraph). Tesco predicts Americans will prefer the convenience of a smaller store providing it caters for their needs. By Tesco being the first major competitor in the ‘convenience’ market, they can have ‘first picks’ on store locations, suppliers, employees and partners. This concept is known as first mover advantage.However, perhaps the reason no other company has broken into the market before is because it is not profitable or not in demand. A strategic alliance can be defined as cooperative agreements between potential or actual competitors. Tesco announced that they would form an alliance with Safeway, an American supermarket, and share profits. The strategic alliance will facilitate Tesco’s entry into the foreign market by renting stores from Safeway in prime locations. If Tesco purchased the buildings and the project was unsuccessful, losses would be much higher than if they rented them.Therefore, a strategic alliance allows companies to share the fixed costs and reduces the risks involved in entering new markets. Furthermore, the USA has different property laws to the UK and so can be confusing to follow the law-with an American company in alliance their knowledge can be transferred to Tesco and vice-versa. However, strategic alliances can be risky too. If Safeway go bankrupt and have to sell its stores, terminating the contract, it puts Tesco in a vulnerable position of either purchasing the stores it rents or move elsewhere.Either way, it will cost the company money. 6. 0 CONCLUSION Overall, Tesco's Supply Chain Management Strategy is its long-term goal. It is important for Tesco to have an operat ional strategy because it establishes the types of goods and services the company will offer its target market, and how Tesco are going to get advantages over its competitors. Tesco made good planning and control in its capacity, supply chain and quality. Besides, in order to make improvements in operation, Tesco measures quality, speed, dependability, flexibility and cost.Although they have made some improvements, there are still some disadvantages in its operation. The future retains numerous distinct scenarios for Tesco. The business has currently developed into a worldwide business. One of their likely future strategies could be dedicated to gathering a spectacular clientele service, as they have currently developed enough. As cited previous, Tesco is the market foremost in the UK. To sustain this location it is significant to advance its services all the time. Tesco will require advancing its product variety by proposing more non-food items. . 0 REFERENCE Book 1. (2013). In D. A. Rahman, Operation Management. McGraw-Hill Create p. Journals 1. James P. Womack and Daniel T. Jones, â€Å"Teaching the Big Box New Tricks,† Fortune, November 14, 2005. 2. Tsutomu Araki Sophia University â€Å"A SUPPLY CHAIN MANAGEMENT SYSTEM BASED ON RADIO FREQUENCY IDENTIFICATION† (2006) 3. Womack, J. P. and Jones, D. T, Lean Thinking, Simon & Schuster, New York, USA, 1996 (ISBN 0-684-81035-2) The Evolution of Supply Chain Management in Retail Sector of Tesco and Analytical Study for the Period of 2005-2011† 4.Shah, J. (2009). Supply chain management: text and cases. 1st Ed. India: Pearson Education Inc 5. Bicheno, J. , Cause and Effect JIT: The Essentials of Lean Manufacturing, 2nd Edition, PICSIE Books, Buckingham, England, 1994 (ISBN 0 9513829 5 0) 9-The European Handbook of Management Consultancy, Oak Tree Press, Dublin, Ireland, 1995 (ISBN 1-86076-010-4) 6. http://siibblog. blogspot. com/2009/07/case-studylean-supply-chain. html 7. Wang, L. (2010). Ente rprise networks and logistics for agile manufacturing. 1st 8. Humby, C. Hunt, T. nd Phillips, T. (2007). Scoring points: how Tesco continues to win customer loyalty. 2nd 9. Pryke, S. (2009). Construction supply chain management: concepts and case studies. 1st 10. Humby, C. Hunt, T. and Phillips, T. (2007). Scoring points: how Tesco continues to win customer loyalty. 2nd Online: 1. (n. d. ). Retrieved 04 2, 2013, from Industrial time study: http://www. industrialtimestudy. com/lean. html 2. (n. d. ). Retrieved 4 2, 2013, from blogspot: http://siibblog. blogspot. com/2009/07/case-studylean-supply-chain. html

Saturday, September 14, 2019

Human Development Essay

In this paper we will discuss the life span perspective of human development. Then we will summarize three theories related to human growth and development and identify at least one influential theorist for each. Then we will identify aspects of the life span perspective. Finally we will explain how heredity and the environment influence human development. There are six lifespan perspectives on human development the life expectancy (measured at birth) of American men and women, differentiated by race. For the 2005, the latest data available, the life expectancy for men of all races is 75. 2 years and 80. 4 years for women. Life-long which is no age period dominated development. Multi-dimensional that development is about biological, cognitive, socioemotional and spiritual dimensions. Multidirectional is some aspects of development increase while other decrease. Plastic is depending on one life conditions and what development paths our body takes. Historically-embedded is development influenced by historical conditions. Multidisciplinary is psychologists, sociologists, anthropologists, neuroscientist and medical researchers all study human development and share different concerns. Contextual is the individual continually responds to and act on context. According to (Hernandez, 2008) â€Å"The lifespan perspective is about understanding that changes occur in every period of development and these changes must be looked at as a product of the culture and of the specific situation surrounding the change. † There are a lot of things that define lifespan but one perspective is life-long. Life is not dominated by one moment or period in your life. According to experts, the life span perspective of human development involves three key developmental domains (Hernandez, 2008). These are the physical domain, the cognitive domain, and the social domain. The physical domain deals with the physical changes that a person goes through. For example, height, shape changes, weight fluctuations, and puberty can all be described as changes that happen in the physical domain. Here are three theories: Freud’s psychosexual development theory, Erikson’s stages of psychosocial development and Havighurst’s developmental stage and tasks. * What influence me about Freud’s view is I believe there is some truth that in some way we all have sexual impulses repressed. But on the other hand I believe that Erikson view about we learn to be assertive and learn to be create is also true. Finally Havighurst of development tasks are based on personal independence stages. Lifespan perspective is contextual meaning â€Å"the individual continually responds to and acts on contexts, which include a person’s biological makeup, physical environment, and social, historical, and cultural contexts† (Santrock, 1999). The heredity and the environment influence human development is how researchers tend to be interested in dimensions that determined by genetics. For example, Javier has two biological daughters who share the same biological mother. Both are tall, well mannered, and musically inclined. Despite these similarities, the older child appears socially reserved and quiet, while the younger one, who was born into the same family environment, seems more outgoing. In addition, one of his children has been diagnosed with a learning disability while the other seems exceptionally well-functioning cognitively. You must understand that nature versus nurture, heredity is in your genealogy their no way to change it accept your lifestyle choices-drinking-smoking and doing drugs will affect all organs muscles and brain functions leading down the path to cancer, heart attack, stroke, emphysema, hallucinations, depression, suicidal thoughts and so on, eat healthy exercise and get a genealogy test done of your immediately family to see what if any â€Å"diseases† carry over to your blood line. Grandparents-mother and father of both and siblings-slap stepmothers and stepchildren as well as aunts and uncles-with or without children. * In this paper we discussed the life span perspective of human development. Then we summarized three theories related to human growth and development and identify at least one influential theorist for each of them. Then we identify aspects of the life span perspective. Finally we explained how heredity and the environment influence human development. * * * * * * * * * * * * * Reference 1. Bowen, J. R. (2011). Infant Social Development. Retrieved from http://www. ehow. com 2. http://social. jrank. org/pages/300/Heredity-Versus-Environment. html#ixzz1HJ4qvhaS 3. Santrock, (1999). The Lifespan perspective on Human Development. Retrieved from http://www. sasked. gov 4. Hernandez, (2008). Heredity Versus Environment-The Nature-nurture controversy exploring heredity and environment: Research methods, beyond heritability. Retrieved from http://social. jrank. org 5. : Life Expectancy at Birth by Race and Sex, 1930–2005 — Infoplease. com http://www. infoplease. com/ipa/A0005148. html#ixzz1HMEhhXPX *.

Friday, September 13, 2019

International banking and financial markets coursework Essay

International banking and financial markets coursework - Essay Example This exposes a gold mining company to commodity price risk. Another example is such, a U.S. equipment manufacturer can contract to supply machinery to a foreign buyer in its local currency if the dollar strengthens against the local currency before the buyer makes payment, and the U.S. manufacturer loses. This exposes the U.S. manufacturer to foreign currency risk. As still another example, a real estate financier can offer a fixed-rate mortgage in a profitable manner. This exposes the real estate financier to interest rate risk. To lessen these markets risks, companies enter into hedging transactions, or hedges for short. Hedges are contracts that seek to insulate companies from market risks. A hedge is similar in concept to an insurance policy, where the company enters into a contract that ensures a certain payoff regardless of market forces. A hedge is possible because different parties are affected in different ways by market risks. For example while a gold mining company is concerned with a drop in gold prices, a jewelry maker are potentially interested in a contract to sell (buy) gold at a future date for a fixed price. This is called a forward contract, and often is transacted in a commodities market. Financial instruments such as futures, options, and swaps are commonly used as hedges. These financial instruments are called derivative financial instruments, or simply derivatives. A derivative is a financial instrument whose value is derived from the value of another asset, class of assets, or economic variable such as a stock, bond, commodity price, interest rate, or currency exchange rate. However, a derivative contracted as a hedge can expose companies to considerable risk. This is either because it is difficult to find a derivative that entirely hedges the risk exposure or because the parties to the derivative contract fail to understand the potential risks from the instrument. Companies also use

Thursday, September 12, 2019

Flims Harry Potter and the Avengers Essay Example | Topics and Well Written Essays - 2000 words

Flims Harry Potter and the Avengers - Essay Example ques in order to enhance the effectiveness of the films, film producers employ numerous emblements including lighting, camera movement, transitions and editing features among many others in order to portray each film as both unique and original (Nelmes, 2003). The discussion below thus analyses the difference in the structures of two films; Harry Potter and The Avengers by analyzing the difference in both the storylines and the unique film production techniques the developers of each film employs. This way, the discussion portrays the similarities and difference in the two films. As stated earlier, films have definite story lines often in a form of narration. This refers to the action and series of events that occur in the film. Just with any other type of literary construction, the film must have a definite structure and flow chronologically in a manner that provides a logical flow of ideas and stories. Film narratives thus have characters who must exhibit appropriate characteristics in order to complement the original ideas of the stories. Among the major and equally distinctive features of the two films is their genres, Harry Potter is a series of eight fantasy films and are film adaptation of J. K. Rowling’s novels of the same tittle while The Avengers is a series of comical films. Fantasy films just as the name suggests are films based on imaginary stories (Serkis, 2003). The author of the novel therefore develops imaginary stories a feature that requires effective construction of conflicts in a logical manner. Logical conflicts help validate the storyline thus enhancing the satisfaction of the audience. The avengers on the other hand is a comical film, this implies that the films main objective is to cause humor. The storyline of the two films thus differ since each strives to achieve different objectives. While The Avengers strives to humor, Harry Potter strives to convenience the audience of the logical nature of the hyperbolic narrative. The Harry

Wednesday, September 11, 2019

Judicial precedent in english legal system (U.K) Essay

Judicial precedent in english legal system (U.K) - Essay Example Criminal justice systems in any country are meant to set forth a set of rules needed to enforce law and order. These systems give operating guidelines to the enforcers of the judiciary system of an open and democratic society, and can include minimum and maximum limitations for the sentencing of criminals. Now what is the doctrine of precedent in relation to laws It is important to understand that apart from the laws set forth to control the normal behaviour of people and to restrict the criminal activities and negative tendency of individuals in a society, certain other rulings are kept in effect. These are a set of guidelines which are not meant to ensure the rational development of the law. Rather they are meant to control the judges in terms of their honesty and rationality in making practical and professional decisions in the process of implementing the law. All judges are also human beings. Negativity exists in all human beings, and becoming a judge in no way ensures that the negative element of the person has been eliminated. We have heard of so many incidents where judges have taken bribes and given decision in favor of the bribing party, be that the prosecuting side or the defendant side.

Law 5 Formation of Business Entities; Assignment

Law 5 Formation of Business Entities; - Assignment Example Sole proprietorship is a business formed and controlled by the same person whereby the owner shares all profits and risks in the business (Balotti, 2011). A sole proprietor bears all the liabilities of the business including all debts, violations and losses associated with the business. From my professional experience, some of the advantages of a sole proprietorship include the ease of formation since only a business name and business license is needed to start the business (Emerson, 2009). The sole proprietor enjoys all the profits, decision making and control of the business. A small amount of capital is needed to form the business and tax benefits arise since tax returns are not filled as a separate business but as personal income of the business owner (Emerson, 2009). However, some disadvantages of a sole proprietorship business include the difficulties in securing expansion capital in the capital markets, the lack of continuity after the death or incapacitation of the sole proprietor and the direct responsibility for all debts, losses and business violations of the sole proprietorship business (Balotti, 2011). The second common form of business entity is the partnership. Some types of the partnership include the general partnership and limited partnership. General partnership business is created under common law where two or more people form a business with the sole objective of making a profit. It is created by partnership agreement that outlines the duties and method of sharing profits and losses amongst the partners (Emerson, 2009). Without such agreement, the profits and losses are shared equally amongst the partners. In my own experience, partnership has certain disadvantages since each partner is jointly liable for the wrong actions of the other partners and the business can terminate after the death, bankruptcy or on agreement of the partners (Emerson, 2009). The

Tuesday, September 10, 2019

UNODC and organized crimes Coursework Example | Topics and Well Written Essays - 500 words

UNODC and organized crimes - Coursework Example In Afghanistan, the Taliban had a share of about US$ 155 million; drug traffickers obtained a share of about US$2.2 billion while farmers got around US$440 million (UNODC, 2011). The report also claims that the cultivation of poppy in Afghanistan surpasses the global demand leading to vast quantity of stocks. â€Å"Over the past decade, Afghanistan has risen to prominence as the primary global source of illicit opium poppy cultivation† (Wyler, 2012). Despite the fact that Afghan heroin is only trafficked to Islamic nations of Iran, Pakistan and central Asia, it eventually finds its ways to the rest of the world. Approximately 150 tons of Afghan heroin was smuggled into Europe, 120 tons to Asia and 45 tons to Africa in 2009. The fight against illicit drug trade has been an ongoing war. In 2009, law enforcement agencies seized about 76 tons of heroin around the world (UNODC, 2011). This report finding exposes vulnerable areas that should be given more attention. For instance, implementing strict border regulations and controls in places such as the Afghanistan-Pakistan border at Baluchistan province would help greatly in intercepting massive trafficking of heroin, opium as well as precursor chemicals. Another way through which the flow of opiates from Afghanistan could be reduced is through increasing monitoring and search capability so that transit containers at harbors, airports and other transit points can be put under intensive check. This is likely to improve the rate of interdiction. According to the UNODC report, building capacity and ensuring efficient information sharing between transit points and law enforcement agencies in major countries and areas of opiates destination would be crucial in rounding up the trade of illicit drugs. The cultivation of poppy in Afghanistan is strongly correlated with insecurity in the country. The report findings point out that Afghan opium poppy is mainly