Value of Researching and Construction Project Management

Question: Examine about the Value of Researching and Construction Project Management. Answer: Preparatory Construction Management for Sustainability Development Management is the expert help that for the most part uses the specific procedures of undertaking the board regarding supervising the development, structure and arranging of a specific venture from its starting to its end (Petri et al. 2014). The significant reason for the development the board is to keep up and handle the quality, costs just as time of the tasks (Banihashemi et al. 2017). Maintainability is one of the most urgent components for the development the board. Also, the execution of the prudent development the board can be extremely successful to keep up supportability in the development venture the executives and upgrade feasible turn of events (Kibert 2016). Feasible improvement is the drawn out financial turn of events, which has an extraordinary importance in development the executives as half of the material assets from nature are identified with development. Other than that, the greater part of the national waste creation originates from the development a rea. In this manner, so as to keep up manageability in development ventures, prudent development the executives strategies ought to be followed appropriately. Squander the board and reasonable advancement have gotten noteworthy for the development business to be appropriately overseen by the individuals who have a place with the administration level of the associations inside this industry. What's more, prudent development the board is noteworthy so as to keep up manageability by upgrading the relaxation, living and workplaces (Sears et al. 2015). Besides, it can likewise help in creating least waste and expending least vitality over their life-cycle. Hence, investigating this subject and the situation assumes a noteworthy job in understanding the route through which supportability can be kept up in development the executives. Utilization of Green Technology in Construction Management With regards to the executives research, the fuse of the green innovation has a few applications over the development venture the board. Individuals in the development business can adequately limit its ecological effect, set aside cash and make the enduring an incentive by working practical highlights into the development and plan of the constructional ventures (Kibert 2016). The lifetime investment funds are significant in spite of the fact that the up-textual style costs for the green advancements are frequently higher. In addition, the green advances are essentially intended for successfully utilizing the assets that for the most part bring about the monetary reserve funds for the proprietor (Chen et al. 2014). Then again, the most evident bit of leeway of applying the green advances is its ecological effect as it helps in diminishing discharges, rationing water, lessening waste and devouring less vitality than the customary innovation. The utilization of green innovation has become a significant worry for all the experts in the constructional venture the executives space. Keeping up natural maintainability is the key element of green innovation application (Banihashemi et al. 2017). As it were, the consolidation and execution of the green advancements in development the executives can help the development the board experts for keeping up the contamination free condition. Along these lines, investigating this point and the situation assume a noteworthy job in comprehension and investigating the route through which green innovation application eventually help the development the executives standards to control supportability. Relevance of Green Engineering Solutions in Construction Management The significant point of development the board is to control just as keep up maintainability factors in the development ventures. Subsequently, so as to achieve this specific point, the materialness of green designing arrangements assumes a huge job in the development the executives space. The green building can successfully move toward the structure of the procedures just as items by mechanically and monetarily applying the doable items and procedures so that diminishes at the same time the measure of defilement that is shaped by a source (Chen et al. 2014). Besides, it lessens the exposures towards the huge dangers and securing the soundness of individual without surrendering the money related suitability and productivity. Along these lines, from this conversation it has been certain that the green designing arrangements are incredibly relevant in the development the board standards by forestalling waste, limiting the common asset exhaustion and improving normal biological systems during securing human prosperity and wellbeing. The appropriateness of green building arrangement has been expanded lately as it assumes a basic job in upgrading supportability components of the development ventures. The green building arrangement appropriateness is the models how frameworks just as items have been planned with another point of view of supportability (Banihashemi et al. 2017). Consequently, investigating this subject and the situation assume a noteworthy job in comprehension and investigating the path through which the pertinence of the green designing arrangements at last assistance the development the board standards to control supportability improvement of a specific development venture . Green Tech Knowledge of Construction Workforce and Empowerment of Knowledge in Construction Project So as to appropriately consolidate the green innovations and green building arrangements in development the board, it is exceptionally fundamental for the development workforce to have adequate Green Tech Knowledge. Above all, the constructional organizations should concentrate on the strengthening of information among the workforce in the development venture (Greenberg 2015). The constructional workforce ought to have legitimate information in regards to the method of applying the green advances and green designing arrangements in the activities with the assistance of which an economical execution of the constructional undertaking can be normal and accomplished also. Keeping up manageability factors is an exceptionally fragile issue for the development venture the executives (Petri et al. 2014). The constructional the board experts should concentrate on the fuse of the Green Tech Knowledge inside the representatives in the development businesses. Hence, it very well may be finished by giving compelling preparing to the representatives, which would at last assistance those laborers to pick up information with respect to the operational procedures in a specific development venture. Development ventures are searching for laborers who have the Green Tech Knowledge and the representatives are likewise searching for the associations where they can get the degree improving their insight about the green innovations (Sears et al. 2015). Thusly, investigating this point and the situation can viably help in comprehension and investigating the route through which the strengthening of green tech information can be practiced among the representatives in the development enterprises. Reference Banihashemi, S., Hosseini, M.R., Golizadeh, H. furthermore, Sankaran, S., 2017. Basic achievement factors (CSFs) for reconciliation of supportability into development venture the board rehearses in creating countries.International Journal of Project Management. Chen, Y., Liu, H., Li, T., Long, H. also, Mo, J., 2014. Exploration of Design and Construction about Green Ecological Technology in the Guiyang International Ecological Conference Center. InICCREM 2014: Smart Construction and Management in the Context of New Technology(pp. 364-373). Greenberg, M.D., 2015.Applications of Green's capacities in science and designing. Messenger Dover Publications. Kibert, C.J., 2016.Sustainable development: green structure plan and conveyance. John Wiley Sons. Petri, I., Beach, T., Rezgui, Y., Wilson, I.E. furthermore, Li, H., 2014. Drawing in development partners with supportability through an information reaping platform.Computers in Industry,65(3), pp.449-469. Burns, S.K., Sears, G.A., Clough, R.H., Rounds, J.L. furthermore, Segner, R.O., 2015.Construction venture the board. John Wiley Sons.

The Smart Metal Detector

The Smart Metal Detector This task is the blend of equipment and programming item. With the guide of the smaller scale controller, this metal identifier can have increasingly valuable capacity. This framework comprises of 3 fundamental pieces of equipment: The development of savvy metal identifier required the social occasion of data/information/ideas of hindrance sensor, LCD Display, H-Bridge DC engine driver, PIC smaller scale controller, metal locator innovation, etc. Other than that, some information in programming part: PIC Assembly language and other valuable programming: MPLAB, Protel XP, and multisim are additionally required. These days, Metal finders have become a typical staple in todays society and generally utilized in human live in a scope of utilization from relaxation to work and furthermore wellbeing reason. For Safety reason, Metal finder that utilized in air terminal to guarantee that there is no perilous weapon, for example, blades, firearms or any metal articles that could be utilized as weapons has been brought along by fear monger into the plane. In specialized zone, individuals utilized metal identifier to look for the underground channel or link before diving in dividers and floors. Other than that, numerous individuals appreciate in finding concealed fortune or significant metal like gold and silver by utilizing metal indicator. Metal locator items are accessible in advertise. It has numerous sorts of metal locators are sold which utilized in various region. Nonetheless, huge numbers of them have the accompanying weaknesses: Costly The costs of metal identifiers are over the top expensive. Despite the fact that the more costly metal indicator has better and usefulness, as a rule we dont need such a large amount of the capacity. The additional capacity that we dont need will be squandered. So the costs of metal locator items that sold in showcase wouldnt be manage the cost of by everybody. Physically controlled metal identifier A large number of the metal finders are physically constrained by human where clients are required to deal with it and stroll around to distinguish the underground metal. This is depleted and tired work. In light of these two weaknesses, clients need an ease and have fundamental capacity of portability metal finder. The keen metal locator is a gadget that used to distinguish metallic material, for example, coins, gold and other metal things. It can move and alter the course of development in certain circumstance to check the underground metal. It will take a U turn when it arrived at the ideal separation which previously set inside the microcontroller and proceed with move in another track. It will maintain a strategic distance from the snag with the assistance of sensor. At the point when it distinguishes a metal, it will blare on caution to show client. 2.0 Statement of Aims The following are the points that focused to accomplish in the Smart metal identifier venture: Programmed development: In this segment, the idea of connection between H-Bridge driver and DC engines are applied into the undertaking. The H-Bridge driver is a circuit that used to control the heading of DC engines with the assistance of small scale controller. Hindrance evasion: At the point when the gadget has distinguished an obstruction hindering before the metal identifier, it will keep away from the impediment naturally by altering its development course to forestall impact occurred. Miniaturized scale controller application: A small scale controller is utilized to turn into the primary cerebrum of the versatile metal indicator. The principle motivation behind the smaller scale controller is utilized to offer guidance to control all the capacity of the metal identification. Caution signal when identify metal: At the point when the metal locator has been identified underground metal, the signal will blare on to advise clients that some metal components have been recognized. LCD show sign: All the status and message from the metal finder are demonstrating in the LCD show. For instance, the message of Metal Found will be appeared in LCD when the metal finder has been recognized metal component. 3.0 Objective The fundamental target of this venture is to build up a Smart Metal Detector into more mechanization territory. With the mechanization of metal locator, this idea will be added to the genuine application. The sub-destinations of this venture will be intricate beneath: To apply the electric and electronic information that I have learned into the genuine application field. To give a minimal effort metal indicator for general metal recognition reason. To get familiar with the aptitude of composing programming in PIC Assembly language. To gain proficiency with the ability of investigating the product issues or bugs. To figure out how to function followed the arranged timetable, just as the Gantt Chart. 4.0 Literature Review The main individual that created the first rough metal locator in quite a while Alexander Graham Bell. From that point forward, the metal finder idea has been continued improving to turn out to be increasingly advance and pertinent in different territories. Essentially, there are three advances utilized in metal locators. These three innovations are: I. Exceptionally Low Frequency (VLF) Technology II. Heartbeat Induction (PI) Technology III. Beat-Frequency Oscillation (BFO) Technology VLF is known as enlistment parity and it is likewise the most mainstream metal locator innovation utilized these days. There are two particular loops that utilized in a VLF metal finder, transmitter curl and beneficiary curl. The transmitter curl is the external curl circle which is snaked with wire. Power is being sent along the wire and makes the electromagnetic field. The recipient curl is the internal loop circle which is likewise wound with another wire. The beneficiary loop goes about as a reception apparatus to get and intensify the frequencies which originate from the objective metallic articles in the ground. The metal finder can decide around the more profound of the focused on covered article. This should be possible by decide the quality of the attractive field that the item creates. The idea is straightforward: The more grounded attractive field will be distinguished if the metal finder is nearer to the outside of the focused on object. Then again, the further the article away from the metal identifier, the more fragile the attractive field will be distinguished. The metal indicator additionally can differential the sorts of metals. It is depended on a wonder called as stage moving. The distinctions in timing between the frequencies of transmitter curl and the focused on object is called stage move. For instance, an item with high inductance will have a bigger stage move since it requires some investment to change its attractive field. In any case, an item with high obstruction will have a little stage move. The stage move idea gave VLF based metal locator has the ability called segregation. The metal indicator utilized a couple of electronic circuits called stage demodulators to look at the stage move of target object with the normal of a specific sort of metal to inspect the metal class of the objective article. The finder will at that point tells client with perceptible tone or visual marker of what class of the metal is well on the way to be. The stage move idea likewise permitted client to sift through (segregate) the undesirable item ov er a specific stage move level. Heartbeat Induction (PI) innovation is a less regular type of the metal indicator. PI metal locator utilizes just single curl as both transmitter and recipient, or utilizing 2 or 3 loops cooperate. The metal finder sends ground-breaking, short beats of current through a curl of wire. This reason each heartbeat creates a concise attractive field. The attractive field will turn around extremity and crumples out of nowhere after the beat closures and causing a sharp electrical spike. After the spikes, a current called reflected heartbeat will go through another curl and this procedure will continue rehashing in exceptionally brief timeframe. The PI based metal indicator works like echoes: If the metal identifier is over a metallic article, an inverse attractive field will make by the beat in the item. After the crumbling of the beats attractive field, the reflected heartbeat will be produced, and along these lines the attractive field of the item cause it require some investment for the reflected heartbeat to vanish completely. An examining circuit is set to screen the length of the reflected heartbeat. The circuit can decide whether another attractive field has caused the reflected heartbeat rot in longer time (typically a couple of microseconds) than ordinary, it will presumed that some metallic item is being meddling with it. Typically the testing circuit is associated with a gadget called integrator. This integrator can peruse the got signal from inspecting circuit enhances and changes over the sign to coordinate current (DC). This DCs voltage is associated with a sound circuit which used to show the client that focused article has been recognized. This capacity is practically like the VLF based metal indicator. PI based metal locator isn't in the same class as VLF based metal indicator in segregation because of the impediment of reflected heartbeat length of different metals are hard to isolated. In any case, PI locator is helpful to recognize object in regions that have profoundly conductive material, for example, salt-water investigation. Moreover, PI indicator has the bit of leeway that can recognize metal a lot further in the ground than different frameworks. Beat-recurrence oscillator (BFO) innovation is the most fundamental way that used to distinguish metal. There are 2 loops of wire in BFO finder. An enormous curl is in the serarch head and the littler loop is situated inside the control box. The two curls are associated with an oscillator that produces a huge number of beats of current every second. The recurrence of the beats is somewhat counterbalanced between two loops. At the point when the hunt head ignores a metal item, the articles attractive field will meddles with the recurrence of the radio waves which produced by the pursuit head loop. From that point forward, the recurrence will veers off from the recurrence of the loop in the control box and cause the perceptible beats change in length and tone. The BFO identifier is sold in minimal effort contrast with different innovations locator, notwithstanding, the exactness and the degree of control are not given. In spite of the fact that there are 3 distinctive of advances utilized in metal finder, the essential idea of metal identifier can be simpl

Peripheral Intimacy in Neil Gaimans THE VIEW FROM THE CHEAP SEATS

Peripheral Intimacy in Neil Gaimans THE VIEW FROM THE CHEAP SEATS A lot has been written about what the Internet has done to memoirs and creative nonfictionâ€"that our hundred and forty character bare-all confessions have both escalated the intimacy of the content and desensitized us to it. Are we hungry for secrets? Do we expect every personal essay to take us back to our slumber party years when we’d sit on our pillows and open up our hearts like the bags of Cheetos we had nearby in great numbers? I can’t speak for the rest of the class here, but I think I do. I do expect those things. I recently experienced this with Neil Gaiman. I bought his first collection of nonfiction, The View from the Cheap Seats, with nothing short of atomic bombs of delight exploding in the New Mexico of my chest. I’m a curious soul, interested in people and obsessed with context. So holding this massive volume of Real Life Neil Gaiman, I was just about over the moon. I cracked it open, ready to stay up past my bedtime to pass Neil the Cheetos and listen as he shared his deepest fears, most embarrassing moments, and secret crushes. As I worked my way through the essays, it became clear this was not going to be that kind of slumber party. Not exactly. The first time I encountered Neil Gaiman, I didn’t know who he was or what he was all about. I was in seventh grade, and head over heels in love with SimCity2000. I’d cheat code the heck out of it because I’m an idiot at most things including city planning, and with my pile of ill-gotten Simoleons I would stack my simulated city with libraries until they outnumbered my residents. I am what I am. I also liked to click on everything I could, because as I said I’m curious. Something special happens when you click on your libraryâ€"you have the option to “ruminate.” It was a big word for me, but I clicked it anyway. And that’s how I learned that “ruminate” is a just another way of saying “read a short essay by Nail Gaiman about the wonder and terror and personalities and anthropomorphic essence of cities.” It was incredible, and I loved it and was kind of shaken by it. But I loved it. I ruminated often. Even before I was a fully bloomed reader, I was a book lover. I know how backward that sounds, believe me. I would ruminate over the white shelf in our basement that held my dad’s science fiction and fantasy collection. I would admire the spines and the covers and wonder what secrets they would tell me if these books and I were sitting on our pillows swapping stories late into the night. But I hesitated to find out; I don’t really know why. There was too much SimCity2000 to play, I suppose. Too many Cheetos to crunch. Neil Gaiman also loves books. (see also: surprise!) He has loved reading and books for pretty much the whole of his life, and most of the essays collected in The View from the Cheap Seats are book-related. Most are introductions, many are speeches, some are interviews and short works of journalism. And as I kept going, as I kept turning the pages, I realized that was I was actually doing was following Neil as he ruminated through the stacks of the SimLibrary central to his career, his character, his everything. He was ruminating. And he was letting us ruminate with him. John Waters gave famous advice about what to do if you accept an invitation upstairs with someone you might want to spend a night with. Let’s assume they do indeed own books, and you do indeed stay the night, and they do indeed get up for a drink of water and you have just enough time to scamper to their shelf and admire the spines and covers of their personal collection. That, my friends, is intimacy; that’s vulnerability. That’s rumination. This changed the way I finished reading this book. I forgave in an instant what at first felt like too much psychic distance for my taste. As he pointed out volumes or pulled them from the metaphysical shelf as we passed together, I took them in my arms lovingly. It’s how I found The Einstein Intersection , The Kryptonite Kid, and many many more. He was giving gifts. In addition to introducing us to the books he loved, Neil Gaiman also introduces us to people living and dead that he loved in various ways. The essays he wrote for Amanda Palmer each admire her differently from different points on their timeline (they’re married now, in case you did not know). His words for Terry Pratchett capture a life from different points on a timeline, too. (He has since passed away, in case you did not know.) All are tender, honest, and celebratory even when weighed down with sadness. I dare you to read “Jack Kirby: King of Comics” and not find yourself on fire for the comic book legend on whose shoulders Neil stood to recreate Sandman. I double dog dare you to read “Hi, by the Way” or its successor and not feel even slightly tipsy by proxy from sexy Spanish wine and the madcap beauty of Neil’s friendship with Tori Amos. I triple dog dare you to read “So Many Ways To Die in Syria Now: May 2014”, for which Neil turns down the volume on his writi ng at the sentence level in order to lift up the voice of the subjectâ€"human beings crying out for help in real-timeâ€"and not feel called to action. He loves these refugees, and hopes we will love them too and will extend a hand in whatever way we can. These essays are all about love, and though the intimacy seems peripheral it’s there in great supply. And maybe there’s wisdom in keeping the intimacy somewhat oblique. In “Waiting for the Man” Gaiman interviews Lou Reed, a personal and creative hero of his. As Reed moves from periphery into plain sightâ€"warts and prickliness and allâ€"Neil has a moment of understanding that this is probably too close for comfort. “I’d been around long enough,” he writes, “to know the person isn’t the art…I went back to being a fan, happy to celebrate the magic without the magician.” My craving for a Neil Gaiman tell-all may never be satisfied. I’m okay with that now. We have his stories, marbled to varying degrees with his beliefs, his fears, his memories, his secret crushes, his not secret crushes, his dreams, and of course of course of course his magic. You can keep your Cheetos. Just pass me more of that instead. Actually who am I kidding, I’ll take some Cheetos, too.

Do Children with Divorced Parents Have a Different Love...

Do Children with Divorced Parents have a Different â€Å"Love Language† than those who Don’t? Divorce is a rattling subject that roughly 1,000,000 children face each year (www.divorcerate.org). Many children respond by wanting nothing to do with their parents, while others respond by wanting more time with their parents (www.understandingteenagers.com). Children without divorced parents tend to have a variety of different â€Å"love languages.† Some children react to love differently. Research has said that there are few differences between a child with married parents and a child with divorced. Few kids have problems that carry on throughout their life. Four out of ten face divorce, yet of those four, one will face serious social, emotional, and psychological problems. Only one out of ten children whose parents stay together will have the same problems (Scientific American). Divorce alters lives. Children start to pull away from their parents and peers. Kids whose parents stay together usually have better grades than those who’s were divorced. There is only a small difference though. Teens start to understand divorce and blame themselves, causing them to have a low self-esteem. Teens become more aggressive, anxious, irritable, and depressed when their parents are divorced. Some teens start to behave better to try and bring their parents back together. Most children feel like their world is falling apart. Parents are supposed to make sacrifices for their kid, not theShow MoreRelatedEssay on Effects of Divorce on a Child1464 Words   |  6 Pagesoften not taken into consideration: How it affects children. Every year 1.1 million children are affected by divorce (Benjamin, 2000). Children from divorce or separation often exhibit behavioral and long-term adjustment problems (Kelly, 2000). Throughout this paper I will discuss divorces effects on children at different age levels, how they react, and what can be done to help them. 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The Human Immunodeficiency Virus ( Hiv ) Essay - 2078 Words

Introduction The Human Immunodeficiency Virus (HIV) is a Lentivirus (a subgroup of retrovirus) that causes HIV infection and over time Acquired Immunodeficiency Syndrome (AIDS). AIDS is a condition in humans in which progressive failure of the immune system allows life-threatening opportunistic infections and cancers to thrive, without treatment, average survival time after infection with HIV is estimated to be 9 to 11 years, depending on the HIV subtype. HIV infects vital cells in the human immune system such as helper T cells (specifically CD4+ T cells), macrophages, and dendritic cells. HIV infection leads to low levels of CD4+ T cells through a number of mechanisms, including Pyroptosis of abortively infected T cells, apoptosis of uninfected bystander cells, direct viral killing of infected cells, and killing of infected CD4+ T cells by CD8 cytotoxic lymphocytes that recognize infected cells. When CD4+ T cell numbers decline below a critical level, cell-mediated immunity is lost, and the body becomes progressively more susceptible to opportunistic infections. Infection with HIV occurs by the transfer of blood, semen, vaginal fluid, pre-ejaculate, and breast milk. Within these bodily fluids, HIV is present as both free virus particles and virus within infected immune cells. Medical technology is one of the professions that is very prone to accidental exposure to this blood borne pathogen due to their nature of work. In a review made by the World Health organization (WHO)Show MoreRelatedHuman Immunodeficiency Virus ( Hiv )1359 Words   |  6 PagesThis paper explores the human immunodeficiency virus (HIV) as well as the simian immunodeficiency virus (SIV). The virus has infected two million adults and children by the year 2005 already. 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Even with proper treatment, an infected person has a life expectancy of less than ten years.As the virus weakens t he human immune systems, this effectleaves the patient compromised and at risk to opportunistic infections

Performance Indicator Case Analysis Free Essays

PRODUCT FLOW ALONG SUPPLY CHAIN: SOURCING IN CHINA vs. HONG KONG They are many aspects involved making a decision on which styles to source from China and which styles to source from Hong Kong. The differences between the producing the products in China and Hong Kong are: * ORDER SIZES: The minimum production quantity for a style in China is 1200 units while in Hong Kong it is 600 units. We will write a custom essay sample on Performance Indicator Case Analysis or any similar topic only for you Order Now Thus Hong Kong factory can produce smaller order quantities effectively, thus enabling the company’s to increase the range of products it offered and manage the inventory risk. Reason: This difference in production abilities is mainly due to the high skilled labor coupled with shorter production lines in Hong Kong compared to the low skilled and long production lines in China * LABOUR The workers in Hong Kong worked about 50% faster compared to the workers in China. As a result the parka line in Hong Kong requires only 10 workers to complete all the operations whereas the parka line in China require up to 40 workers. This resulted in the longer production lines. In spite of the high quality of workers in Hong Kong, the unemployment rate in the country is very low and most of the younger workers prefer office jobs. Hence it is difficult to acquire labor in Hong Kong. Reason: The differences in the efficiency might be due to the variances in the trainings given to the workers in China and Hong Kong. The workers in Hong Kong were more cross functional and were trained to work in broader range of jobs compared to the Chinese workers. * TOTAL COST The overall cost of production is lower in China as compared to Hong Kong. Though there is a definite cost advantage, there are strict quota restrictions by the U. S government on shipping goods from China when compared to Hong Kong. Reason: The lower production costs in China can be mostly attributed to the low wage rates compared to the wage rates paid in Hong Kong. The workers are paid $0. 16 per hour in China compared to $3. 84 per hour paid in Hong Kong. * QUALITY Another main difference between sourcing in China and Hong Kong is the quality of the products. The quality and reliability of the products from China is relatives low when compared to Hong Kong. Reason: The difference in quality could mainly be attributed to the labor skill and efficiency in both the regions. The workers in Hong Kong have the capability to ramp up the production faster and thus they had the shorter production lines. Longer production lines in China led to the greater imbalances both in the quality and time required in manufacturing the product. Recommendation Based on our analysis we found the order quantity for each of the 10 parkas. A detailed order quantity for each of the 10 parkas is given in appendix 3. Steps for calculating order quantity: For Obermeyer we have Cu = $27 and Co = $9 from this we calculate CSL for Obermeyer = . 75. This means that there is 25% probability for a stock out applicable for each of the 10 parkas. * We used two standard deviations for the normal distribution of demand. * By using the formula Q=Z. S. D+mean for 25% stock out the overall quantity to be ordered is calculated to be 26412. * Since we need to order 10,000 units the summation of order quantity of all the 10 parkas is equal to 10,000. * We assume that the demand for each of the 10 parkas will be in same proposition. Using this we calculate for Z; Z=1. 06. * Using the z value, mean and standard deviation we calculate the order quantity for each of the 10 parkas. (See appendix 3) * Also total expected profit for 10 parkas is approximately $2. 3 Million and average left over quantity is 69 units per parka. APPENDIX 1) Cost analysis at different stages of production. OBERSPORT| Â  | | | cost if made in hongkong | $60. 08 | | | cost if made in China | $51. 92 | | | weighted average cost | $56. 00 | | | | | | | Greig Shell fabric | $9. 00 | | | Finishing of Shell fabric | $3. 90 | | | Finished lining fabric| $3. 90 | | | Insulation | $4. 80 | | | Zippers | $3. 60 | | | Thread| $0. 60 | | | Logo,Patches etc | $3. 00 | | | Snaps| $0. 90 | | | Dyeing of snaps | $0. 30 | | | | $30. 00 | | | | | | | Agent fee| Â  | | | Hong Kong | 3. 49| | | China| 2. 98| | | | Â  | | | Labor cost per unit | Â  | | | China| 0. 78| | | Hong Kong| 10| | | | | | | Tranportation cost (weighted average ) | Quantity| charge/unit| total| Ocean | 160000| 1. 4| 224000| Air | 40000| 5| 200000| weighted average | 200000| | 424000| weighted average/unit| Â  | Â  | $2. 12 | Appendix 2 Appendix 3 How to cite Performance Indicator Case Analysis, Essay examples

Monopolistic Competitive Market free essay sample

The term market refers to the place where buyers and sellers meet to engage in transactions that entail the exchange of goods or the provision of services for a consideration. A market is not only characterized by a building where people carry out business transactions. This is because any place that people carry out commerce can be referred to as a market. A market is characterized by various mechanisms that facilitate trade. These mechanisms usually pertain to the supply and demand of products and services (Bergin, 2005). From this explanation it should be clear that a market is comprised of three main elements. The sellers these are the people who bring the products or services to the market to be procured by the willing buyers. At this stage it is imperative to highlight that in most cases sellers are the produces however in other instances the sellers are not necessarily the producers instead they can be traders. The second element of the market is the buyers. Buyers are individual who are willing and able to acquire the products or services being offered at the prevailing market price. Buyers are of two types; there are those that buy the products or services for their own consumption and there are those that buy the products or services in order to resell them in different markets. The buyers who buy the products for their own consumption are referred to as consumers whereas buyers who buy the products or services in order to resell them in different market are commonly referred to as trades and they can also be called arbitragers (Nicholson amp; Snyder, 2008). The third element of the market is the products that are being traded. The term product can be used to refer to either goods or services that are being offered in exchange for a consideration. The term product can also be used to refer to commodities only. General Objectives One of the general objectives of this paper is to facilitate the readers of this document to gain an understanding of how markets work and most importantly how a monopolistic competitive market works. This paper will achieve this through briefly discussing various types of markets and their characteristics. Another general objective of this paper is to compare and contrast the various characteristics of the different forms of market structures. This will serve to enable the readers to carry out a comparative analysis of the various forms of market structures thus they will be able to enhance their knowledge on market structures. This objective will be attained through the analysis of the factors, which are mainly in play for the existence of a particular form of market. The paper will also seek to analyze how the various factors in such markets interrelate in order to develop a market mechanism for that form of market structure. This is because all forms of markets structures have market mechanisms. These market mechanisms are usually as result of the interaction of various factors that are both internal and external to a particular market. Specific Objectives One of the specific objectives of this paper is to discuss the conceptual theory of a monopolistic competitive market. The discussion of the monopolistic competitive market entails analyzing the various factors that characterize this particular form of market structure. This is will be important form enhance the knowledge of the readers of this paper, on monopolistic competitive market structure. The discussion of the conceptual theory will also enable the readers to have a good basis for analyzing and responding to questions that relate to monopolistic competitive market structure. Another objective is to discuss the characteristics of a monopolistic competitive market. The discussion of the characteristics of a monopolistic competitive market structure is important because it will serve to explain how the various factors involved in this type of market structure interrelate in order to this unique type of market. The discussion of the characteristic of a monopolistic competitive market will serve to enhance the understanding of the readers of how companies that operate in such a market carry out their operations. The discussion of these characteristics will serve to inform the readers the various factors that companies operating in this type of market put into consideration during decision-making. This discussion will also enable the readers to be able to identify a monopolistic competitive market in a real business situation. This paper also aims at establishing how market equilibrium is achieved both in the long – run and in the short run. This is mainly because in a monopolistic competitive market structure, market equilibrium is achieved differently both in the short – run and in the long – run. This analysis is imperative mainly because this knowledge enables the management to have a good basis for decision-making. The analysis will provide factors that the management should put into consideration whenever they are making decisions concerning either the short term or the long – term future of a company. The illustration of how market equilibriums are achieved in the short run or in the long run will enable the readers to gain understanding of how the various factors in this market structure relate in the determination of the equilibrium market prices. It will also enable to understand how companies that operate in a monopolistic competitive market adapt themselves in order to be able to operate in this particular form of market at minimal costs and manage to obtain maximum profits. This paper will also provide a practical example of a monopolistic competitive market. In this example, the paper will seek to illustrate how the conceptual theory is exhibited in this form of market structure. This paper will utilize this example in order to enhance the knowledge of the reader on how market equilibrium is attained both in the long – run and in the short – run. This example will illustrate how the various factors are displayed in a real market situation, also this paper will utilize the example to look at the type of decisions that are made by mangers of companies that operate in a monopolistic competitive markets structure. Conceptual Theory There are four forms of market structure namely, monopoly, perfect competition, monopolistic competition and oligopoly. These forms of market structures are characterized by different market conditions. Markets are mainly classified according to the number of firms in the industry or the form of products sold in them. The number of firms operating in a particular market determines the level of competition in that market. Product markets are mainly categorized according to the number of firms in the industry and the degree of competition that is prevalent in a particular industry. At this stage it is also important to highlight that equilibrium prices in these markets are subject to the forces of supply and demand. The forces of supply and demand are known as the price mechanism. An individual firm on itself cannot influence the price of a commodity and can therefore only take the price prevailing in the market. Due to this condition a firm is therefore said to be a price taker (Nicholson amp; Snyder, 2008). The movement along a demand curve is caused by changes in price of a commodity. An increase in price results in a decrease in quantity demanded hence a movement along the demand curve to the left. A shift in the demand curve is caused by changes in factors other than the price of the commodity in question. Different quantities are therefore demanded at the original price. A shift in the demand curve outwards to the right indicates that more quantities are demanded at the original price whereas a shift inwards to the left indicates that fewer quantities are demanded at the original price (Dwivedi, 2006). Movement in the supply curve is similar to movement in the demand curve. A shift in the supply curve refers to a relocation of the supply curve either outwards to the right or inwards to the left due to change in the factors that affect supply other than price. This means that at each price, a different quantity will be supplied that was previously supplied. Equilibrium price refers to the price, where the quantity demanded equals that supplied. It is the price at which the amount the customers are able and willing to buy is equal to the quantity producers willing and able to supply. The equilibrium point, refers to a point at which the demand and the supply curve intersect. Any price above the equilibrium price leads to excess supply, whereas any price below the equilibrium price leads to excess demand. Excess demand or supply causes disequilibrium in the market. Due to the excess demand for a particular commodity in the market, a shortage is created. This shortage causes the consumers to compete for the limited commodity in the market thus making the price of that commodity go up. As he price continues to rise, suppliers put more of the commodity into the market (Mandal, 2007). On the other hand, the high price also discourages some consumers from buying the commodity. This scenario of increased supply and reducing demand continues until the equilibrium price and quantity are set. When there is excess supply of a commodity in the market the prices begins to fall. As the price falls more consumers purchase the commodity. The suppliers also reduce the amount of t he commodity they are releasing into the market due to the falling prices. This scenario of falling supply and increasing demand continues until the equilibrium price and quantity are set. It is also important to highlight that a general assumption in the study of this subject is that firms aim at attaining maximum profits using minimal costs possible. This means during decision making the managers of the firm will always aim at using the least resources possible and utilise them efficiently in order to attain the maximum achievable profits possible. The level of output that will bring about maximum profit in a firm depends on the costs incurred and the revenues earned. Revenues refers to incomes obtained by a firm from the sale of its outputs and they may be categorized into three namely, total revenue, average revenue and marginal revenue. Total revenue refers to the total income earned by a firm from the sale of its output. Total revenue is obtained through multiplying the total output sold by the price. Average revenue refers to income per unit of output. Average revenue can be obtained by dividing the total revenue obtained by the number of units of output. It is important to note that the average revenue is the same as the price of the commodity (Dwivedi, 2006). This implies that the average revenue curve, which relates average revenues to output, is the same as the demand curve, which relates prices to output. Marginal revenue refers to the addition to the total revenue arising from the sale of an additional unit of output. Marginal revenue can also be obtained by subtracting the previous total revenue from the current one and can be seen to be equal to the price and average revenue. Characteristics of a monopolistic competitive market This is a market structure that combines aspects of perfect competition and those of a monopoly. There are many sellers and many buyers just like in perfect competition. The commodities dealt with are similar but each firm tends to differentiate its products from those of its competitors through acts such as branding, packing, wrapping and coloring. A monopolistic competitive market structure is a combination of the features that will be discussed in the succeeding paragraphs. In a monopolistic competitive market there exist many buyers and sellers. This comes in adequately because there is no single firm that can influence the prices of commodities or services in the market. If a business sells its goods or services above the market price then consumers can buy their goods from other businessmen. If a company sells its products at a lower price then chances of making a loss is very high (Mandal, 2007). Though a business may increase its prices in a perfect competition, the action may be risky since customers will move to another business. This is not the case with a monopolistic business, though a firm may lose some of the customers, some will remain due to the kind of relationship they have with the seller or even the quality of the given products. All the aforementioned factors are due to the fact that there is a large number of buyers and customers that act independently. In this form of market structure it is assumed that the sellers and the buyers of commodities are well informed about the market. That is they know the prices, quality of products and all the factors affecting the market. In this market the products are differentiated. The products from different producers either vary in quality or the product is a group of commodities which are close substitutes of each other (Mandal, 2007). For instance, in the toothpaste industry there are different brands such as Colgate, Close– up and Aquafresh. This differentiation of products from different firms enables each firm to enjoy a certain degree of monopoly power. A monopolistic competitive market is characterized by freedom of entry and exit. This means there are no barriers to a business entering or living the market. This means that new firms wishing to supply the same commodity are free to do so (Bergin, 2005). Similarly, existing firms wishing to leave the market are free to do so. How to determine equilibrium in the short – run and long – run on Monopolistic Competitive Market Structure Price and output determination under monopolistic competition Due to product differentiation, a firm under monopolistic competition is able to exercise some influence on the price of the product. This means that a firm can raise prices yet some customers will still buy at these high prices (Dwivedi, 2006). However, many customers will switch to rivals’ products. On the other hand, if the firm lowers the price, it would attract some buyers from the rival firms, thereby increasing its product’s demand. A monopolistically competitive market has a demand curve that slopes downward from left to right. In a monopolistic competitive market the demand curve is fairly elastic. This means that a small change in price will bring about more than proportionate changes in quantities demanded. This is because there are many substitutes in the market. The demand curve is more elastic than the one faced by a monopolist but less elastic than a perfectly competitive market whose demand is perfectly elastic (Jehle amp; Reny, 2011). The relationship between average revenue and marginal revenue is similar to that of a monopolist. For average revenue to be increasing as more units of output are sold, the marginal revenue must be lower than the average revenue. Short – run equilibrium output under monopolistic competition A firm under monopolistic competition will be at equilibrium at an output when profits are maximized. This is the position when marginal revenue is equal to marginal cost. This is at price P1 and quantity Qe. However, there still excess demand and the firm can maximize its profits by changing price Pe. The firm will therefore produce quantity Qe and sell at price Pe (Jehle amp; Reny, 2011). Qe represents equilibrium output and P1 represents equilibrium price. The price at which the equilibrium output can be sold is determined by the demand Curve (Average Revenue) and its price. Profits are maximized at a level of output between O (zero) and the equilibrium quantity demanded. Long – run equilibrium output under monopolistic competition A firm under monopolistic competition can make supernormal profits in the short – run. Since there is free entry of new firm into the market, the supernormal profits will attract the new firms with the effect that demand for the old firm’s customers will be taken by new firms. The demand curve for the old firm therefore shifts right to left (Mandal, 2007). A lower quantity is demanded at each price. Firms are likely to increase expenditure on product promotion due to increased competition, which in turn would cause the average total cost curve to shift upwards. New firms will continue to enter the market as long as the existing equilibrium is achieved and all firms would be earning normal profits. The equilibrium point is where the average revenue is equal to the average cost. This point is achieved in the long run when the average revenue curve is a tangent to the average cost curve. The firm will be at equilibrium when it produces output at the equilibrium quantity demanded (Bergin, 2005). This is where the marginal revenues equal the marginal cost because the firm is in the business of profit maximization. At the point of equilibrium, the average cost is equal to the average revenue. This is so because competitive pressure means that a firm can neither make a loss nor earn supernormal profits. At this point of equilibrium the firm is making normal profits only. Conclusion An example of a monopolistic competitive market is the toothpaste market. The toothpaste market is characterized by firms that offers products that are similar but they are highly differentiated. Consumers of Colgate toothpaste believe that Colgate is the number one brand of toothpaste that ensures strong teeth. As a result of this the consumers are normally willing to buy toothpaste regardless of the price. Consumers of Aquafresh toothpaste believe that Aquafresh is the number one brand that ensures healthy germs and fresh breathe. As a result of this customers are willing to always procure the Aquafresh toothpaste regardless of the price.