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.

Alcatraz Island And Prison Essays - Alcatraz Island, Free Essays

Alcatraz Island And Prison Essays - Alcatraz Island, Free Essays Alcatraz Island And Prison Alcatraz Island has quite a distinct history. Many people know that Alcatraz served as a federal prison, but most are reluctant to know that this island served as fort. Built before the Civil War, it served two main purposes. First, that it was to guard the San Francisco bay area from enemy ships against a foreign invasion, and second, to hold hostage prisoners of war or POW's as they were called. In this report, I'll show you how this fortress came to be a federal prison, why it is no longer in operation today, and most importantly, to show why it was built in the first place. When the great Gold Rush of 1849 first started, California grew from what would be considered a small, unpopulated state, into what it is now. California is now one of the most populated states and it was mostly the gold rush that brought attention to California. As the government saw all of this happening, they realized that California was much more important than they ever realized. In their realization, they decided that California must be protected. San Francisco has one of the largest bays in all of California, and so this was where enemy countries would most likely to try to invade the country. So this is where Alcatraz was to lie, to serve as a military fort. It was supposed to serve as a secondary base in companionship to another base located on the other side of Golden Gate Bridge. But with severe problems trying to build this other base, Alcatraz was to remain alone. Out in the middle of the San Francisco Bay, the island of Alcatraz is definitely a world unto itself. Isolation is just one of the many constants of island life for any inhabitant on Alcatraz Island. It is the most reoccurring theme in the unfolding history of Alcatraz Island. Alcatraz Island is one of Golden Gate National Recreation Area's most popular destinations, offering a close-up look at a historic and infamous federal prison long off-limits to the public. Visitors to the island can not only explore the remnants of the prison, but learn of the American occupation of 1969 - 1971, early military fortifications and the West Coast's first and oldest operating lighthouse. These structures stand among the island's many natural features - gardens, tidepools, bird nests, and bay views beyond compare. (1) Fortress Alcatraz ran in operation from 1850 - 1933. It served as San Francisco's only major defense. It started off with only eleven cannons, that were transported onto the island in 1854. By the early 1860's, Alcatraz had 111 cannons. Some were enormous, firing a fifteen-inch ball weighing over 450 pounds. Defenses included a row of brick enclosed gun positions called case mates to protect the dock; a fortified gateway or a Sally Port to block the entrance road; and a three-story citadel on top of the island. This served both as an armed barracks and as a last line defense strategy. Even though Alcatraz was built to withstand a foreign invasion, its most important use was during the Civil War, 1861 - 1865. Seeing as it was the only completed fort in the entire bay, it was vital in the protecting from Confederate Raiders. Early in the war, ten thousand rifles were moved to Alcatraz from the State armory, to prevent them from being used by southern sympathizers. The crew of a Confederate privateer were among the first inmates to be held within The Rock. Alcatraz's notoriety as a penitentiary overshadows its earlier, and longer use by the Army. Surprisingly, this small island once was the most powerful fort west of the Mississippi River. There was some limited modernization of the island's defenses after the Civil War. Rifled cannons were mounted. In 1854 some 450 electrically controlled underwater mines were brought to the island to protect the Bay. However, as the ships of potential enemies became more and more powerful, the defenses were increasing! ly obsolete. In 1907 Alcatraz officially ceased being a fortress and became Pacific Branch, U.S. Military Prison. Alcatraz Island's use as a prison began in December 1859 with the arrival of the first permanent garrison. Eleven of these soldiers were confined in the Sally Port basement. The Army recognized that the cold water (53 F) and swift currents surrounding Alcatraz made it an ideal site for a prison, and in 1861 the post was designated as the military prison for the Department of the Pacific - most

Winning Ideas to Create Research Articles

Winning Ideas to Create Research Articles Winning Ideas to Create Research Articles Research articles are made up of results achieved from conducting original research. These results can be obtained through either primary or secondary analysis.   Fundamental research involves collecting and capturing information directly from the source. Secondary research includes obtaining information from the previous researches done by others and recording it. The essential requirement of a research paper is to look for information relating to the topic, taking a stand/side on the issue and providing evidence for the position taken in an organized manner. The objective of the paper is the essence of a research paper.    A good research paper shows the findings of the research in a clear and concise manner without being mixed up by the wordplay of the author. A cook follows a written recipe to prepare a delicious meal. It is also the same with the author. There is a guideline/recipe that an author should use for him/her to have an interesting research paper. The following is a guideline to writing a good research paper. Selecting the Topic Choosing your topic is the first and the most crucial step in a research project. Before choosing a research topic, a student/author should ask himself/herself such questions: Has this topic been researched upon extensively? Is this topic unique and timely? Is it coherent with my career choice? A student should always choose a topic that he/she is interested. Whenever possible, the author needs to choose a topic that he/she is passionate about. For example, if you are interested in Business Management, write things that involve business issues or evolution of businesses. Do not deviate from your topic. Always consult with your friends and teachers about your chosen topic to get new ideas. If you realize that the topic you chose is not right for you, do not hesitate change. Researching the Topic After selecting a topic suitable for you, you should now start researching. Research can be done using several resources such as journal articles, web pages, books, posts on various blogs, interviews, newsletters, and magazines. You can also apply different online research methods that are well-known these days. Do not rely on one or two sources rather, use at least five sources. Books should be your primary tools to use when researching. Reading as much as you can will help you understand and connect things clearly. You will have the ability to see and seal any loopholes in your research. Analyze and Plan Every type of writing has its own approach. If your research becomes complicated for you, you can prepare a flowchart so that you can know all the stages in a sequence and prepare for them. Print out the research you have gathered online, highlight the key areas in the books you have read and read your research again. Identify if your research paper is argumentative or analytic. An argumentative research paper involves the author taking a side and arguing from that perspective. An analytic paper is prepared when the author freshly reviews an important issue. Lastly, the author should know his/her audience. If you are writing to people who are conversant with topic, you need not explain your ideas using theories. Preparing the Draft of a Research Article Organize your outline. Include in-text citations at the end of an important point. Depending on your paper requirements, follow the formatting guidelines in every part of your paper. You should acknowledge authors by citing your research paper. This is always mandatory. Inserting your citations properly will reduce the chances of your paper being rejected. Preparing the Final Draft Put aside your draft for a day before revising it for you to see any gaps. Rethink your ideas and organize again your paragraphs and sentences when revising. Read your paper out loud or have someone read it for you. Put it all together using the format authorized by your institution. Some universities have their unique way of formatting papers. Your supervisor should assist you by ensuring that the format is correct and the citations well placed before submission. To summarize, there are ten stages that experts go through to ensure that their research article is lovely and entertaining to their readers. The ten steps will help you in creating a hypothesis, testing your ideas and presenting your findings: First, always choose a topic that is right for you. You should enjoy studying and researching it. Secondly, plan your dissertation by creating an outline to organize and reasonably present ideas. Third, make use of transitions. This communicates to the readers that you are moving from one topic to another. Also separate your ideas using paragraphs. Two different ideas should not be put in one section instead, create a new paragraph for a different idea. Direct quotes should be included in your dissertation. They act as pieces of evidence from your sources. The direct quote should prove a point for your topic. Sixth, your paper should be formatted correctly with the help of your supervisor. Continue to write your draft so that it is error free. Ensure your research article has citations that are well placed. All sources should be cited. Create a desirable title for your article. Your topic should go hand in hand with your hypothesis. Lastly, form a memorable conclusion that should prove your point. At our service, we are committed to providing students with expert research paper writing help on different topics and disciplines.

Knowledge management, social networks and innovation Coursework - 2

Knowledge management, social networks and innovation - Coursework Example Knowledge Management (KM), in this regards, is considered the sole requisite to enhance innovation that would act as an added advantage for organisations to maintain their dominance in the global environment. Hence, organisations in the present era are maintaining its competitive edge based on the efficient handling of strategies, such as OL as well as KM (Prange, 1999). Hence, with the developments in the concepts of practice and technology orientation, the organisations are illustrating, the general concepts sustained within the diversified business world (Argyris, 1999). In this context, the paper convolutes on creation of knowledge as well as transfer within organisation. The organisational dynamics will be duly elaborated based on the needs of social dynamics and engendered innovations. Furthermore, the paper inclined towards addressing the complex problems that are prominent within the business domain to enhance the ability of the organisation to assess knowledge. Correspondingly, by addressing the development within the domain of technology, the paper develops a better understanding of the diverse applications of changing business needs. With changing environment and dynamic needs of business, OL has become a major area of interest among business personnel that might help them to develop the quality of operation. Continuous development within the research and development field, as well as in the technical field has in turn acted as a stimulus for integrating OL into the system of business operation (Argote & Miron-Spektor, 2005). With the need to maintain a continuous process of growth and sustainability within the global edge, the organisations are fostering continuous learning process too (Schulz, 2011; Torlak, n.d.). It must be noted in this context that learning is often attributed as a prerequisite for developing the ability of employees in general by enhancing their capacity to perform within the global domain. OL herewith refers to a

Auditing Case Study Example | Topics and Well Written Essays - 3750 words

Auditing - Case Study Example The authorization of gambling is not an issue for a number of states in the US but the major issue is in the form of developing quality audit programs to measure and analyze the operations of the casinos in a systematic manner (Arens, 2012). A number of states in the US have stated the fact that gambling and especially casinos promote economic development. Nevada’s statute declares that gaming industry is vital for the state development and general welfare of people while New Jersey’s statute states that casinos promotes tourism, resort, and recreational activities leading to the creation of economic value in the long run. There is no doubt that several states in the US have promoted casinos in a legal manner but the obvious question surrounding the operations of casinos is in the form of use of auditing tools in order to assess and analyze the overall success factors associated with it. In order to do so, the major purpose of the discussion is to analyze the usefulness of auditing in the context of analyzing the case study of Sands Hotel and Casino. This will help in understanding the relevance and importance of auditing in making business operations fair and transparent. Auditing refers to a systematic review and examination of books, accounts, journals, documents, and vouchers of organizations to analyze and assess the validity and reliability of financial statements in terms of absolute trueness and fairness. Additionally, auditing is considered as an independent examination of data, statements, records, and performance of organizations. Auditing is a complex process requiring high degree of honesty and understanding of the financial statements. An auditor is required to analyze and assess the evidences along with evaluating the same on the basis of the skilled judgment. Additionally, an auditor needs to offer clear and true verdict of his findings through a systematic report

Effect of Water Velocity on Erosion Corrosion Behavior

Effect of Water Velocity on Erosion Corrosion Behavior Effect of water velocity on erosion  corrosion behavior of materials used  in marine conditions Corrosion, among others, is one of the main and considerable causes which is liable for the failure of the equipment and the material used in marine applications. Up to now, the majority of the materials that have been developed for marine applications are carbon steel, copper-base alloys, nickel-base alloys, titanium and apparently stainless steel and its variations such as super austenitic, duplex and super duplex stainless steel. (Meng, 2009) Last decade, the use of composites in maritime industry has also increased. (Jones Summerscales, 2016) One parameter, which influences the extent of corrosion on these materials is the water flow velocity, as a result of mass transfer and other incidents, such as erosion corrosion. (Scheers, 1992) For that reason, they are required to withstand to a wide range of velocities. Water can be either static during shutdown periods or have movement. At low movement speed, the cathode reactants affect the rate of the erosion corrosion process. This most usually brings about higher rates of deterioration, but there are some cases in the case of passive alloys, that this results in decreased rates. Furthermore, the provision of oxygen on the external surface of the corroding metal is extremely dependent on the water velocity. (Chandler, 1985) Oxygen can fuel the cathodic reaction in seawater which can also lead to higher corrosion rates. In conditions where the water velocity is increased, apart from the corrosion arising from the electrochemical process of corrosion, there is also mechanical action with much worse consequences. In other words, high velocity results in enhanced erosion corrosion of the components and the installation parts. The concentration gradients in the bulk of the fluid are destroyed by the turbulent conditions. The action which affects neg atively the phenomenon of erosion corrosion appears in a very thin layer of the fluid which is bordering to the pipe wall. (Scheers, 1992) In addition to, there is also the impingement attack and cavitation corrosion which are more extreme forms of erosion corrosion. Conditions offering high water velocity can be found in tubes, pipes and rotating machinery. Figure 1:Schematic of turbulent eddy mechanism for downstream undercutting of erosion-corrosion pits On this dissertation, the effects of water velocity on erosion corrosion behavior of the materials that are used in marine conditions will be examined. Furthermore, the second part of this project will include the impingement of the water from different angles while the amount of the material loss during the impingement and electrochemical corrosion varies between different angles. Cathodic can be also applied, in order to investigate the effects on the erosion corrosion during the changes in flow velocity. It is very important and crucial to know exactly the effects of velocity because the combination of the electrochemical reactions with the synergy of the mechanical reactions due to the impingement in aqueous environments can cause horrible failures of the metallic components used in industry (Meng, 2009) . In addition there is also great need to know the difference in the number and in the size of the pits while velocity is increased (Wing, et al., 2016), as long as materials have suffered and caused serious accidents before in the marine environment and in the hole marine society. Moreover, pipes are used everywhere in ships and offshore structures, so after the study engineers will construct them with bigger safety and reliability (Jin, et al., 2016). The dissertation I about the experimental investigation of the consequences on erosion corrosion behavior in materials, as long as the impact of the impingement from different angles. Afterwards, an anode will be placed on the specimen to investigate with accuracy the changes on erosion corrosion. The major aim of this project is the accurate plot of the corrosion rates, in comparison with the different flow velocities. What is more, one of the aims of this research is the determination of the difference on corrosion behavior between materials and compare the deterioration process and extent of erosion to them. In other words, erosion corrosion, might not be the same in all marine materials, therefore engineers will have a better indication of the effect on each on of them, because in conditions where high velocity occurs, as the dissolved oxygen controls the rate of corrosion in sea water (Larson King, 1954) . It is still very difficult to choose the most optimum material for a specific job in the current working environment, selecting a more erosion corrosion resistant material. (Meng, 2009) The ongoing protocols for design and selection are extremely basic and are based on empirical service data (Neville Hu, 2001). Moreover, another aim is to compare the degree of electrochemical and mechanical reactions in changing angles. The durability of steels and cast iron and other materials will be further interpreted. Lastly, the removal of the protective oxide film in stainless steels might accelerate corrosion (Bonner, 2016) Many water characteristics influence the rate of corrosion process, like Ph, dissolved gases, temperature, dissolved salts, but the one under consideration is the flow velocity. The effect of velocity on corrosion is also Ph dependent. Seawater is alkaline and it is more at the base side 7.9-9.0 and carbonate ion concentrations increase as ph increases (Sabrowski Silva, 2010). Therefore, in basic or alkaline water, the higher velocities have as a consequence enhanced supply of the cathodic reactant, oxygen. For that reason, the cathodic reaction is stimulated and higher corrosion rates take place, causing erosive damage to the metal surface (Hodgkiess, 2013). According to (Meng, 2009), an increase on velocity has as a result the acceleration of corrosion on behalf of the motion of the fluid, as well as (Neville, et al., 1995) state that the reason of the increased rate of corrosion is the enhanced turbulence and the mixing of water on account of the supply of oxygen. Furthermore, as Giourntas stats in his study (Giourntas, et al., 2015), stainless steels have the ability to abide high flow rates. However, in the presence of solids I seawater the persistence is decreased. It also states the application of cathodic protection as a very important feature. As reported by (Neville, et al., 1999), with or without the absence of solids, the E corr drifts to more positive values, during the impingement. As stated by (Neville Hu, 2001), in places with high velocity and sudden changes in direction because of pimps, elbows in pipeworks etc. higher rates occur. Moreover, as Weber reports in (Webber, 1992) the effects are divided in three categories at low flow velocity, medium and high velocity. In the first category, natural convention is responsible, while at the second corrosion increases but without any significant mechanical effect of flow. During high velocities, the damage mechanisms becomes very complex. In keeping with (Li, et al., 1994), erosion corrosion problems enlarge catastrophically but the outflow of water. In agreement with Lin and Shao, with increasing impingement angles and velocities, the erosion is developing also. The rate of 1020 steel is lower than pure aluminums. During erosion conditions, many mechanisms act but only one or two of them is the principal mechanism. (Lin Shao, 1990) Concerning (Scheers, 1992), the simultaneous effects of velocity and ph have been investigated and turn out that in mild steel, there is an increase in corrosion rate with the velocity of flow, according to the ph value. Not to mention that, L. Wang notices that erosion corrosion increases rapidly with the development of the flow velocity at 14 m/s at 80% HR (Wang, et al., 2016). The dissertation of the effects of water velocity on erosion corrosion behavior of materials is mostly experimental. First of all, all available sources, papers and books will be investigated concerning erosion corrosion on materials that are used in marine condition. Furthermore, the effects of velocity and impingement angle will be searched. Relating the experiment, specimens have to be chosen. Possibly, only the major materials of maritime industry will be selected. These will have a cylindrical shape. Furthermore, those specimens will be placed in a recirculating rig as shown in the figure below. Afterwards, saline water will pass through a pump and therefore accelerate. Water will flow through pipes, where at the end of the piping system, a nozzle is installed, in order for the flow to take the exact preferable velocity. Nozzles will be changed. Directly vertical from the direction of the flow is the stagnation point. In the figure besides is a representation of the region where the liquid jet impinges to the solid material (Neville, 1995). The velocity depends on the diameter of the nozzle. Thence, water will impinge to the specimen causing erosive and corrosive damage. With the use of an equipment, the vertical impingement will change and erosive damage from different angles will be investigated. Afterwards, the exact amount of the material that has been degragated will be investigated through scale and metallography. References Bonner, R., 2016. Passivation coatings for micro-channel Coolers. s.l.:s.n. Chandler, K., 1985. Marine and offshore corrosion. s.l.:s.n. Giourntas, L. G., Hodgkiess, T. Galloway, A., 2015. Comparative study of erosion-corrosion performance on a range of stainless steels. s.l.:s.n. Hodgkiess, T., 2013. University of Strathclyde: General-Surface Corrosion. s.l.:s.n. Jin, H. ÃŽÂ ºÃƒÅ½Ã‚ ±ÃƒÅ½Ã‚ ¹ à Ã†â€™Ãƒ Ã¢â‚¬ ¦ÃƒÅ½Ã‚ ½., 2016. Failure analysis of multiphase flow corrosion-erosion with three-way injecting water pipe. s.l.:s.n. Jones, G. Summerscales, J., 2016. Marine applications of advanced fibre-reinforced composites. s.l.:s.n. Larson, T. King, R., 1954. Corrosion by Water at Low Flow Velocity. s.l.:s.n. Lin, F. Shao, H., 1990. Effect of impact velocity on slurry erosion and a new design of a slurry erosion tester. s.l.:s.n. Li, Y., Burstein, G. 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