Improvement in Operational Efficiency Due Essay Example for Free

Improvement in Operational Efficiency Due Essay IT Investments ply chain integration; and euro conversion. Many IT landmarks have been achieved during this period: more than 4 billion Web pages on the Internet; creation of software to combat cyber worms, viruses, and warfare; millions of distributed databases; and widespread utilization of data warehouses and data mining for decision support systems. To support these IT initiatives and to achieve these landmarks, IT budgets of most companies during this decade Copyright  © 2006, Idea Group Inc. Copying or distributing in print or electronic forms without written permission of Idea Group Inc. is prohibited. Information Resources Management Journal, 19(2), 18-36, April-June 2006 19 increased substantially (Seewald, 2002). There is, however, a growing criticism of escalating IT investments (Mears Dubie, 2002) and their lack of justification (Krochmel, 1999). ERP systems are software systems to support and to automate the business processes, providing timely and accurate enterprise-wide information for decision making. ERP systems have a long history of evolution. The production scheduling, material ordering, and product shipment systems evolved from manual reorder point systems for material procurement to computerized Materials Requirement Planning (MRP) to Manufacturing Resource Planning (MRP-II) systems that integrated MRP and capacity requirements planning to Manufacturing Execution Systems (MES) that further integrated MRP-II and shop floor and device control systems, and finally to ERP systems. Much of the streamlining of materials procurement process was achieved by MRP and MRP-II. By the late 1980s, tens of thousands of firms were using MRP-II systems (Rondeau Litteral, 2001). The SAP R/3 modules and submodules consisting of sales and distribution, materials management, warehouse management, quality management, production planning for process industries, financial accounting, controlling, project system, and office communication were expected to reduce inventories, improve cash management, and cut down operating expenses. Kalling (2003) recently provided a theoretical framework in which resource-based views (RBV) are advanced to understand how ERP can provide sustainable competitive advantage. The RBV is not universally accepted as a final explanation of competitive advantage. Some believe that dynamic capabilities, not resources, are the source of competitive advantage. It is possible that ERP provides both unique resources as well as dynamic capabilities in the form of improved information and decision making to improve competitive advantage. Enterprise Resource Planning (ERP) Systems To avoid struggling with integrating myriad IT applications, many companies implemented ERP systems that required substantial investment of time, internal resources, and capital, resulting in significant organizational change (Dorien Wolf, 2002). Often, ERP system implementation is accompanied by other improvements and enhancements in existing legacy systems. Due to many simultaneous changes that accompany ERP system implementation, it is hard to attribute any performance changes after ERP system installation solely to ERP systems. However, ERP system implementation is, by far, the most criticized aspect of IT investments. ERP systems require outlays ranging from a few million dollars to several hundred million dollars (Mabert et al. , 2001). Despite high expenditures, ERP implementations have resulted in problems. Rushed software installations and inadequate training are blamed for well-publicized troubles with ERP. In 1999, soon after the rollout of its ERP system, Hershey Food Corp. , in the third quarter of that year, lost $60. 4 million due to problems in customer service, warehousing, order processing, and timely shipments to retailers. ERP implementation problems of Whirlpool Corporation and W. L. Gore Associates Inc. also have received considerable attention (Collett, 1999). The bankruptcy of FoxMeyer (a drug distribution company) in 1996 is directly attributed by many to flawed implementation of ERP systems. www. igi-global. com/article/improvement-operational-efficiency-due-erp/1289 www. igi-global. com/chapter/tutor/13373 www. igi-global. com/chapter/object-database-benchmarks/14575

Explain the importance of business planning to the survival and growth

Explain the importance of business planning to the survival and growth of organisations. A business plan should always for a business start up, the use of the business plan should not stop there, and businesses should be planning constantly in order to run their business effectively and efficiently. Businesses have to think about how they are going to plan for survival or growth, therefore they need to do business planning, to help the business survive and to grow. Business planning means the stages the business would need to build up the business. Business planning is a written document which is used by various many types of people such as financial advisors such as banks, etc, it shows that the business has taken the time and discipline to think about where the business is and where the business wants to go. This is called a Business Plan. Business planning is essentially about taking a more in depth approach to thinking strategically about the future of the business whilst taking the businesses present situation into account, when planning Businesses think about two basic goals, it would be the description of the over view of the business idea and provide financial data, to show that the business is making good money for future developments, this record can be used in future to show financial institutions for example: if the business needs money for a new project in order to grow the business and goes to a bank for some finance, it means if the business can show that the business is doing well then the business will be eligible for this finance, it essentially allows the business to asses the businesses current situation so that they can plan for the future or make predictions as to what might happen, etc. Many Businesses invest in the time and energy into business planning for example by planning for a business it can save a lot of money. Should plans go wrong, where if it were planned business would have a back up plan to correct this situation, it automatically saves money and time. The most common reason is to obtain financial support from lenders to operate or expand the business for example in other cases where a business might be experiencing trading difficulties, business planning is a well process for any business undergoing significant changes for example if company wants to develop new products, new mark... ...prepared, the profit and loss and cash flow forecasts, These 2 documents help the business significantly and help the business to make decisions in order to grow and to survive. If the business needs to borrow money, and as a result will have a debt to service, the Profit and Loss forecast will show whether the business can afford to do this. If, as with the majority of start-ups, the business will run at a loss for a period of time, the P&L forecast will also indicate how long this is likely to be (based upon achieving the stated sales expectations) and at what point in its development the business will breakeven. Having drawn this up, if a P&L forecast shows that the new business is not likely to breakeven until month 20, Then at least the business will be in informed of there position and will judge the risk of committing the business life’s savings to the venture. Having prepared a business plan, which includes customer and market research, a sales forecast, a promotional strategy, a breakeven analysis and budgets and financial forecasts, there should then be indications as to how viable the business will be, and the likely returns on any investment made.

Hockey Cross Country Comparison Essay

Hockey and Cross country are two completely different sports in many aspects for example one is played on ice and is very physical and the other you are running on dry ground and all you do is run. But in many aspects these two sports have more in common than most people would think. These two sports in some aspects are polar opposes but having played them both I can say they are very similar. First off they both require extremely high levels of physical endurance and strength. Hockey requires you to have physical strength, quickness, and hand eye coordination. As cross country requires physical strength as well, but it also requires you to put your mind over your body, this means that no matter what kind of physical pain you may be in you have to block out the pain and keep running. Now most people think that cross country is not a team sport and only individuals run cross country right? Well they are very wrong cross country is just as much of a team sport as hockey. In cross country you rely on your team mates to place well in their race to score points just as a hockey player would in hockey. Both hockey and cross country require immense amounts of training. Hockey you have to train your hand eye coordination as well as having good vision and being physically strong. Cross country you must train your endurance you must have massive amounts of stamina as well as mental strength. Cross country you need a strong core and legs and stamina, but hockey requires you to be strong in every muscle group. Hockey is a physical sport that requires you to be able to block out pain after a big hit or a player takes a puck where they don’t have any padding.

Involuntary Unemployment And Its Effects On The Economy

Contrary to what some economists believe, involuntary unemployment is a very real and continuous presence in the economy, both past and present. In the United States, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. According to the Bureau of Labor Statistics (BLS), the current unemployment rate is at 5.4 percent, down from the high unemployment levels of a lingering 10 percent during the most recent recession less than six years ago. This rate fails to include other failures in reaching full employment, such as â€Å"the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) †¦ These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job† (Taborda, BLS). Involuntary unemployment is a common occurrence in capitalism that happens wh en, rather than simply not choosing to work at the set wage, a person is willing to work at the prevailing wage and yet remains unemployed. What many economists have sought and continue to seek to find out is the cause of high unemployment levels, whether that be what motivates humans to act in the economy or the nature of the system of capitalism. Some modern economists praise our current economic system of capitalism and suggest that it is not the cause of prolonged recessions while others condemn itsShow MoreRelatedEffects Of Recession On The Employment Level1106 Words   |  5 PagesRecessions generally occur due to an effect of adverse demand shock. Unemployment is one of the most prominent effects of recession. Due to the economic downturn, companies try to save money rather than investing it in a production process. On the other hand, the consumption power of the consumers also reduces by a significant level. These factors have a serious impact on the employment level. After the recovery from the recession period (2007-2009), although the unemployment rate reduced gradually, howeverRead MoreEssay about General Theory of Employment1708 Words   |  7 Pagesthese economies do not suffer with involuntary unemployment. These economies do have the state of full Employment. According to Keynes these economies do not have a l ong term economic development plan which he termed as the major concern with the underdeveloped economics. Prior to the analysis of Keynesian economic approach in Indian context.I would like to discuss the concept of Full employment and the concept of Involuntary Unemployment. The condition of full employment and Involuntary EmploymentRead MoreCost Push Inflation On The Prices1101 Words   |  5 Pagesaccording to Balami (2006). This as shown in the diagram, Demand-pull inflation happens when aggregate demand (AD) increases in an economy and intersects the short run aggregate supply curve (SRAS) to the right of where SRAS and long run aggregate supply (LRAS) cross. This causes some inflation to occur in the short run, and even more in the long run as the economy adjusts (and the labor market moves back to equilibrium). Demand-pull inflation can occur for an reason that causes AD to increaseRead MoreThe Cost Of Real Money1690 Words   |  7 PagesHowever, with the LM curve moving to bring the economy to full employment, it seems impossible, in this case, to have sustained price rises ( i.e. inflation) as the monetary side seems to close off the story entirely. One could subsequently argue that, as real wages (w/p) declined in the process, then workers would try to bid their money wages back up and thus regenerate the gap. However, recall that from the four-quadrant IS-LM diagram (our earlier Figure 4), when IS-LM centers on the full employmentRead MoreNew Classical Macroeconomics Arose From The Monetarism And Rational Expectation School Essay922 Words   |  4 Pagesspontaneously, which could solve the unemployment, recession and a series of macroeconomic issues. Keynesian economists believe that changes in the money supply will lead to changes in effective demand that will changes in the total economy. For economic cycle fluctuation, Keynesian economists believe that is a disequilibrium phenomenon. In 1960s, Keynesian economists appealed to the Phillips curve, which means monetary or fiscal policy will lead to lower unemployment rate and cause higher inflationR ead MoreSupply and Demand Essay1417 Words   |  6 Pagesmodel seeks equilibrium. For example, when the aggregate demand is higher, it will move the economy to equilibrium with higher levels of output and price levels. This model is used to predict quantity of goods and services preformed, and to predict the average price level. This model allows economist to make economic predictions about unemployment and the GDP (Colander, 2010). Unemployment Unemployment is defined as people over the age of 16- who are looking and willing to work, but they areRead MoreArgumentative Essay on Unemployment829 Words   |  4 PagesThesis: â€Å"People are Unemployed because they want to be†, should not be used as a rationale for the overall level of unemployment currently being experienced. Presented by: Kevin Henry Northern Caribbean University College of Business and Hospitality Management Department of Professional and Continuing Education Presented in partial fulfillment of the course ENGL120: Freshman Composition 2 Presented to: Ozette Waugh-Fagan (Mrs.) Date: November 18, 2010 In a country characterizedRead MoreThe Classical And Keynesian Theories Of Unemployment1817 Words   |  8 PagesClassical and Keynesian theories of unemployment offer explanations to describe why unemployment rises in an economy. They are both different school of thoughts and have different views when it comes to unemployment. The Classical school was created before Keynes and their theories were seen as the staple theories to follow when it came to economic theory. All Classical explanations of unemployment assume that the labour market clears and the theory of unemployment implies that the labour market performanceRead MoreSouth Africa: Battling Unemployment. QUESTION 1 1.1) Unemployment: Occurs when those people who are1000 Words   |  4 Pages South Africa: Battling Unemployment. QUESTION 1 1.1) Unemployment: Occurs when those people who are busy seeking and searching for work are not able to find job and those who are not patient enough stopped looking for work. ï‚ § Types of unemployment: ïÆ'Ëœ Structural unemployment having an increased number of unskilled workers to fill the many positions that are currently vacant for skilled workers. ïÆ'Ëœ Seasonal unemployment many of the new jobs added are more active in theRead MoreLabour Market Dynamics, Unemployment And Economic Growth Essay1454 Words   |  6 PagesLABOUR MARKET DYNAMICS, UNEMPLOYMENT AND ECONOMIC GROWTH IN GHANA INTRODUCTION Owing to a GDP rebasing in 2011, Ghana became the fastest growing economy in the world with a GDP growth pinned at 20%, the largest per capita income in West Africa and the 21st in the continent. Ghana joined the league of oil producing countries in December 2010 with 85,000 barrels of crude oil in a day . Fiscal deficit fell from 5.9% of GDP in 2010 to an estimated 4.3% in 2011 due to strong revenue performance . Despite