Factors Affecting Operations Management Today Essay

Factors Affecting Operations Management Today - Essay Example This brings to light the notion of discussing the structural basis of the organizations themselves. For starters, these organizations might not be that easy to understand at the very beginning. These can encompass a variety of different aspects, features and traditional mindsets which make up their structures. (Llewellyn, 2002) The topic for this paper is of understanding where the field of operations management stands today and how the same has evolved over a period of time within the domains of an organization. This paper will touch issues of significance, all of which come under the realms of the operations management study. Within operations management, an organization can either be formally aligned in its ways and means of doing things and different processes or the same might just be in a way informal in quite a few of its activities and tasks. The manner in which it runs across this paradigm is something that needs to be studied in depth before we reach further consensus on their purposes and the kind of achievements that they have had. The communication within an organization can flow in one of three ways or in all the three directions. This means that these three directions pave the way for the ease of communication and there are as such no barriers to arise from the whole equation. The first communication flow is from top to bottom, which means that the communication starts from the top management and goes down towards the middle and lower management. The second form could be the one that starts from the lower or middle management and goes up towards the top management. (Axley, 1996) The third co mmunication flow could be in the kind of peer to peer communication and interaction. This means that the employees and the workers at the same level communicate within their own capacities and as such there are no hindrances arising from the whole communication matrix. Apart from this, within an

Pfizer - puffery or deception Essay Example | Topics and Well Written Essays - 250 words - 2

Pfizer - puffery or deception - Essay Example In order to avoid such as situation, Pfizer should use someone in the advertisement who is a practicing physician. The reason for this is so that their advertisement can be authenticated. 2. A likeable public figure should be used in Pfizer’s advertising campaign because this person will be well-known and satisfactory to the people interested in purchasing the product. It would be an added advantage if the person in the advertisement had a personal association with it and is not just collecting their pay check. The type of advertising used should avoid the use of puffery and spend more time on the evidence behind the drug Liptor. 3. A company crosses the line between puffery and outright deception when it tries to proclaim something without facts. Pfizer needs to be honest about the strengths and weaknesses so that their customers can make an informed decision before purchasing the

Definition of SETS, Union, Intersection and Complement

Definition of SETS, Union, Intersection and Complement Benjamin Quarshie Section A Assignment Information Set Theory Explain the following terms:       SETS The word set is generally associated with the idea of grouping objects, such as a set of records, books, crop plants and other words such as herd, herd, herd, plots, peasantry, family, etc. Saying the word set denotes a collection of elements clearly between them, which keep some characteristic in common. Be it numbers, people, figures, ideas and concepts. In math, the concept of a set is considered primitive and does not give a definition of it, but rather works with the notation of collection and grouping of objects, so it may be said that the ideas of element and belonging are considered primitive. The essential characteristic of a set is to be well defined, i.e. given a particular object, to determine whether or not it belongs to the set. For example, if we consider the set of digit numbers, we know that 3 belong to the set, but 19 do not. On the other hand the set of beautiful musical works is not a well defined set, since different people can include different works in the set. Objects that form a set are called members or elements. For example the set of letters of alphabet; A b c x, y, z which can be written like this: Example of two sets, A and B: UNION The union of sets corresponds to the unification of the elements of two conjuncts or even more sets, which may from this constitute a new form of set, in which the elements within it correspond to the elements of the original sets. When an element is repeated, it forms part of the union set once only; This differs from the union of sets in the traditional conception of addition, in which common elements are considered as many times as they are in the totality of sets. We can say that the union of sets is a binary operation (that mathematical operation, which requires the operator and two arguments to be able to calculate a value) in the set of all subsets of a U, Universal Set consisting of all elements of the reference theme) given. By which each pair of sets A and B of U is associated with another set (A U B) of U. If A and B are two sets, the union is defined as follows: INTERSECTION The Intersection of two or more sets is the set formed by the elements that have in common both sets. The intersection of A and B is denoted. In diagrams all the elements in their respective sets are first represented and then the zone belonging to both sets is coloured. COMPLEMENT The complement of a complementary set or set is another set that contains all elements that are not in the original set. In order to define it, it is necessary to specify what type of elements are being used, or otherwise, what the universal set is. For example, if one speaks of natural numbers, the complement of the set of prime numbers P is the set of non-prime numbers C, which is composed of the compound numbers and the 1: UNIVERSAL SET This is called the set that contains all the elements. This set depends on the problem being studied, is a set whose object of study are the subsets of it. Primarily the universal whole was considered as the set of all things, but at present it is proved that this set does not exist. At the present time it should be made clear which set is being treated. If we treat sets whose elements are letters, the universal set would be the one that was formed by all the letters of the alphabet. The complement of the universe (or referential) set is the empty set. The universal set is indicated by the letter U and sometimes indicated by the letter S. POWER SET 2.5 Venn Diagrams SET A (EVEN NUMBERS)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   SET B (NUMBERS DIVISIBLE BY 5) Show the 2 sets using bracket notation SET A = {2,4,6,8,10,12,14,16,18,20} SET B = {5,10,15,20,25,30} 2.2 The union of set A and set B are listed below:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A U B = {2,4,5,6,8,10,12,14,15,16,18,20,25,30} 2.2 The intersection of Set A and Set B A n B = {30,8,2,10,14,25} 2.3 The Complement of Set A d) D is the set of dogs which includes the following subsets B (the set of Boxers), L (the set of Labradors) and P (the set of Poodles). Express the power set of D using bracket notation. SET B SET P SET L References Webpage [http://study.com/academy/lesson/union-of-sets-in-math-definition-terms-symbol.html] Accessed on [24/02/2017] Webpage [https://www.reference.com/math/well-defined-set-mathematics-4895437ff1cbabd9] Accessed on [24/02/2017] Webpage [http://searchsecurity.techtarget.com/definition/set] Accessed on [27/02/2017]

The Dustbowl of America in the 1930s :: American America History

The Dustbowl of America in the 1930s The Dust Bowl of North America refers to a catastrophe in the early 1930's when vast areas of the Midwestern and Western farm lands of America became wastelands. This occurred due to a series of dry years which coincided with the extension of agriculture in unsuitable lands. Droughts and dust storms caused by poor tillage practices devastated farms and ranches of the Great Plains; therefore, causing a great exodus of its inhabitants to other, more fertile, lands. The problem had become so great that a nation wide effort was made to resolve the problem. Beginning in 1935, extensive efforts were made by both federal and state governments to develop adequate programs for soil conservation and for the rehabilitation of the dust bowl. Eventually, thanks to government aid, farming became possible again in the Dust Bowl; consequently, farmers have learnt many valuable lessons from this dilemma. The European settlers who first arrived at the Great Plains found hardy grasslands that held the fine-grained soil in place in spite of the long recurrent droughts and occasional torrential rains. A large number of the travelers settled down in this area and built farms and ranches. These land uses led to soil exposure and great erosion. The cattle ranches were very profitable for the settlers; unfortunately, this led to overgrazing and degradation of the soil. In addition, farmers began to plow the natural grass cover and plant their own crops. Without the original root systems of the grass to anchor the soil, much of it blew away. The wide row crops were very disastrous because between the crops, the land was kept bare; as a result, this area was exposed to the elements. Also, the nutrients in the soil were used up by the plants faster than they could be replaced. The soil had become exhausted. The Great Plains are a vast expanse of land located in a region east of the Rocky Mountains in North America. Precipitation in the region is sparse because it is found in the rainshadow of the Rockies; as a result, rain is very unpredictable as to when it will fall so farmers had to make due with what they had back in the 1930's. This lack of water created a hard dry soil that was very difficult to cultivate for agricultural purposes. The farmers, however, continued to cultivate the land and eventually disaster struck.

Oil Drilling and Gas Extraction Industry in the US Analysis

DATE: September 16, 2012 TO: Patricia Bennett, Supervising Principal FROM: Connor Sims, Associate SUBJECT: Oil Drilling & Gas Extraction Industry in the US Analysis (21111) This report presents information regarding the industry, the primary operator of oil and gas field properties. The industry fuels its key buyers, the Natural Gas Distribution (22121) and the Petroleum Refining (32411) industries, with crude oil and natural gas. The industry continuously battles a shortage of available oil. In addition, many major oil fields have been in use for decades, slowly waning.Currently, the industry grosses among the most profitable in the US despite these and similar obstacles. The benefits of investing here potentially outweigh concerning risks. Because of the esteemed value of the industry’s products, consistent demand for its products, and its positive near-future outlook, diversification into this industry may produce rewarding profitability in the short-term. High Product Valu e Crude Oil Prices The key economic driver for the Oil Drilling & Gas Extraction Industry, crude oil prices, determines much of its profitability according to supply and demand.Price trends in West Texas Intermediate, a grade of crude oil used as a benchmark in oil pricing, display the growth of its value in the past 3 years and past decade. An average barrel of crude oil grew from $26. 18 in 2002 to $61. 95 in 2009, $79. 48 in 2010, and $94. 87 in 2011 (Airlines, 2012). JP Morgan analysts project average annual prices above $99 in upcoming years (Sethuraman, 2012). Such upward growth points to lucrative profits. Natural Gas Outlook Natural gas production accounts for 41. 6% of industry revenue in 2012. Prices n natural gas reached a 10-year low in April this year, but have erupted by more than 70% since (Hargreaves, 2012). Natural gas has seen an abundantly large output due to recent discoveries of natural gas in the Appalachian Basin; this large supply has kept prices relatively l ow recently, leaving opportunity for even higher profitability in future years. Consistent Demand Fueling US Industries The Oil Drilling & Gas Extraction Industry is the sole supply industry for its two demand industries, Petroleum Refining and Natural Gas Distribution (Hersch).The US internally consumes 19,150,000 barrels of oil per day, doubling the world’s second largest consumer, China (Index, 2012). IBIS World describes the industry’s demand industries as â€Å"mature,† assuring the stable demand for our industry’s products (Hersch). Rising Exports, Foreign Buyers Current international relations appear conducive to this industry’s profitability. In 2011, for the first time since 1949, the US exported more refined oil than it imported (Winters, 2012); this evidences the success between the supply industry and its demand industries detailed above.Additionally, oil exports to China will surge as it industrializes quickly. China’s exponenti ally growing demand leads to worldwide price increases (Hersch). Any increases, particularly increase this substantial, raise the WTI average price per barrel, increasing profitability. Positive Current Standing Favorable Market Concentration The four largest firms in the industry comprise of approximately 30. 0% of total revenue (Hersch, 2012). Market share concentration is low, allowing firms of any size to portion the industry’s $345. 9 billion revenue this year.The competitive aspect of entering this industry would not be a difficult obstacle to overcome. Profit Margin The Oil Drilling and Gas Extraction Industry reels in a significantly larger margin in comparison to related industries. 46% of all industry revenue goes to profit, higher than the average for the entire mining sector, 39. 2% (Hersch, 2012). In 2008, the industry returned the 7th highest profit margin among US industries (Hargreaves). Profit margins have increased in the past 5 years as result of rising cru de oil prices. Risks and Concerns Barriers of EntryMost major oil and gas producers integrate services beyond drilling and extracting; many dualize as refining or distribution firms, circumventing demand industries en route to more direct profitability. New firms lacking this versatility may find an obstacle upon entry to the industry (Hersch, 2012). Additionally, firms in this industry must specialize in exploration and discovery for oil and gas resources. Firms may struggle finding initial success in this role due to the limited nature of resources. Long-term Resource Depletion ‘Peak oil’ refers to the prime of any field’s production, after which goes into terminal decline.Most major US oil fields are beyond peak oil. The largest US oil field, Prudhoe Bay, has been depleting since 1979 (Prudhoe, 2012). The US Energy Information Administration indicates much production, particularly in the Alaskan North Slope, depends on world oil prices (Energy, 2012). Geophysi cists and politicians debate over specifications regarding overall US peak oil, arguing the year in which US peak oil occurred. International Comparison In addition to the US peak oil situation, the US Oil Drilling and Gas Extraction Industry faces heavy foreign market competition.In 2011, the US ranked 3rd in oil production, behind Saudi Arabia and Russia (Energy, 2012). Saudi Arabia’s OPEC governor expects Saudi output to rise steadily beyond 2030 with a 1. 5 million barrel per day spare production capacity then (Energy, 2012). Russia holds the world’s largest natural gas reserves, and its fuel exports have steadily increased since each year since 1999 (Energy, 2012). Conclusion Despite entry risks and threats of limited resources, evidence supports the likelihood of success for us to diversify into the industry under certain stipulations.A new firm will implicitly face the challenge of exploring for land not already claimed by another firm. Additionally, alternative methods of energy will irrefutably have to replace oil drilling and gas extraction within an uncertain future; the remaining supply simply cannot match the demand forever. Two central obstacles hesitate immediate diversification: a barrier of entry and a negative long-term outlook. However, we must decide whether the benefits outweigh the concerns. World prices of oil and gas and China’s growing demand directly affect profitability.Because evidence above shows substantial progress in both of these drivers with a very positive short-term outlook, diversification must be considered. If presence in the industry can be established quickly and will remain only until profitability falls, I recommend diversification. References Airlines For America (2012). Annual Crude Oil and Jet Fuel Prices. http://www. airlines. org/Pages/Annual-Crude-Oil-and- Jet-Fuel-Prices. aspx.. Retrieved September 16, 2012. Energy Information Administration (2012). Project Alaska North Slope oil production at risk beyond 2025 if oil prices drop sharply. Today In Energy. http://www. ia. gov/todayinenergy/detail. cfm? id=7970 Retrieved September 16, 2012. Prudhoe Bay Fact Sheet (2012). British Petroleum. www. bp. com/assets/bp†¦ us†¦ /A03_prudhoe_bay_fact_sheet. pdf Retrieved September 16, 2012. Hargreaves, Steve (2012). Natural gas prices surge 70%. CNN Money. http://money. cnn. com/2012/07/24/investing/natural-gas- – prices/index. htm. Retrieved September 16, 2012. Hersch, Laura. (2012). IBIS World Industry Report 21111. Oil Drilling & Extraction In the US. Retrieved September 16, 2012 from IBIS World Database. How the US Uses Oil (2012). Alternative Energy. Retrieved September 16, 2012. ttp://alternativeenergy. procon. org/view. resource. php? resourceID=001797 Index Mundi (2012). http://www. indexmundi. com/g/r. aspx? c=us&v=91. Retrieved September 16, 2012. Sethuraman, Nathan (2012). Poll: Increasing numbers see oil below $100 in 2013, 2014. Reuters. http://www. r euters. com/article/2012/06/27/us-oil-poll- idUSBRE85Q14720120627. Retrieved September 16, 2012. Winter, Michael (2012). U. S. Exported more gasoline than imported last year. USA Today. http://content. usatoday. com/communities/ondeadline/post/2012/0 2/us-exported-more-gasoline-than-imported-last-year/1#. UFav7BhGhgI

Retail Management Essay

Bobcat India Limited revolutionized footwear selling in India. The company hit upon the idea of reaching customers through exclusive retail stores way back in 1932 and set up its own outlets, which numbered around 1,200. it was no mean task setting up such a large network of retail outlets, especially when 90% of them were owned and operated by the company, the rest being dealer-owned and operated. This chain store format identity has been a strong differentiating factor in the Indian retail sector, being the first of its kind. Combined with the high quality of the footwear, the brand soon had top-of-the-mind recall and stayed there for many years. Until a few years ago, the name ‘Bobcat’ Was synonymous with organized retailing in India, the only one of its kind. The Chain Store Format The Bobcat chain store format had its own credo a signature store-design with exclusive signage and windows in order to facilitate easy association in the minds of the Indian consumers. At present there are only two major categories of store in the Bobcat Chain Store format: a) Bobcat Family Stores b) Bobcat Bazaar a) Bobcat Family Stores These are sub-divided into two formats again, based on the size of the stores. They are: I) Super Stores, generally more than 5,000 sq.ft. catering to customers in the footwear category. II) High-street stores that are anywhere between 500 and 1,500 sq.ft., found in busy shopping areas. b) Bobcat Bazaar Bobcat Bazaar stores sell the company’s planned economy product lines and market- down merchandise round the year. Known as R-pair stores, their performance depends heavily upon the availability of marked-down merchandise. Such markdowns are done on products that have suffered quality accidents, are shop-soiled, lines that are closed-out etc. Recent Format Developments New retail formats have begun to supersede conventional ones. Independent big-box multi-brand department stores have started selling footwear as a category, especially in metros and cities. Malls are another new shopping format that is growing rapidly in the metros. Many upcoming footwear retailers are obtaining space inside the malls as mall partners to take advantage of the ready footfalls available. For the existing independent Bobcat stores it is expensive now to run campaigns and promotions to attain the required footfalls and expected conversions. Merchandising in Bobcat Family Stores The exclusivity of the ‘Bobcat’ brand to the Bobcat retail stores was the differentiating factor for customers until recently. However, a few years ago the company decided to sell Bobcat branded goods through its channel sales wing called Bobcat Wholesale. Hitherto, the wholesale channel had a different brand for itself called BSC. This wholesale channel supplies merchandise to footwear retailers across India through its authorized distributors. The brand Bobcat has now been extended to this wholesale channel too, which means that Bobcat branded goods are available in every other local footwear store. The exclusivity of the brand to its own outlets has come to an end. And, even as the sales of the wholesale division remain stagnant, what compelling reasons can a customer have to visit a Bobcat Store now? A peculiar feature of the Bobcat store was its odd price points: Rs 149.95, 199.95, etc. Merchandise Presentation and Visual Merchandising Bobcat pioneered the concept of show window displays in India with a style that was unique to the company. It was professionally managed, with an exclusive team handling the motif and the design. Every month the direction to decorate the show windows were given by a mailer prepared by special decorators. Sales personnel in each store were trained to be window decorators too. Recently, these windows had to be done away with because the company thought that they should follow the contemporary practice of free-access retailing, where all merchandise pairs are displayed in open shelves to enable customers to help themselves. Remember, in India footwear is always tried on a footstool and bought after considerable service extended by the salesperson personally. Free-access retailing may work when there is adequate space inside a store to move around. The effect of such ‘pigeon-hole’ free access is that they give an impression that they are Bobcat’s R-Pair outlets. What can now entice the customer into entering a bobcat store? Customer Service Though Bobcat faces tough manpower challenges (the store sales personnel and managers have separate labour unions), the sales personeel who are on its permanent rolls are trained in selling footwear. However, there is a large proportion of untrained temporary hands. Further, salespersons do not wear any uniform and hence customers can hardly identify them. There is as yet no loyalty programme to create customer stickiness to any store or the brand, and most of the stores are not connected by a central information system or ERP (enterprise-wide resource planning) as the organization has its limitations when it comes to investing in such initiatives. Organized retail companies need to have non-negotiable standards of customer service or they will lose customers to its competitors. The company is now losing its market share despite its strong position in categories like men’s footwear, children’s uniform shoes, etc. However, the number of stores it has around the country is around the same, at 1,200. The company now needs to put together a plan for both its survival and growth on a war footing. The top Management is revisiting its strategies in every functional area to turn the company around.