Principles of Operations Management Assignment Example | Topics and Well Written Essays - 1250 words

Principles of Operations Management - Assignment Example Receipt of raw materials and dispatch of products From the requirements projected it is learned that this firm has a receipt of raw materials and dispatch of produced goods in quite reasonable quality. This demands the following. a) Receipt area should be near to the road, b) Receipt area has sufficient vehicle parking area. c) Receipt area has sufficient space for material handling equipments and men to work. d) Dispatch area should again be near to road e) In order to avoid difficulties in traffic management ,both receipt and dispatch area is required to be at both axis. Re-Layout of shop floor Generally when considering a re lay out the following should be kept in the mind. a)saving space by utilizing unused areas, b)save resources by reducing distances between similar machineries and related process, c) arrange the equipments/machineries/steps in progressive manner, d) save man and machine efforts by placing more of raw/incomplete products in a given sequence to achieve shorter distance, e)further developments :- always think 10 years in advance and anticipate the automation and use of robots for all production activities. Justification of layout of sections 1. Saw Sawing is given 90 sqm according to the requirement. It need to be near the entrance to facilitate easy movements of raw materials to the shop. Since here the receipt of raw materials is involved there will be lot of movements of personnel consignment carriers had own supervisors and workers. Hence it is located next to the walkway .IT is placed near to the road at the approach to facilitate sufficient parking space to the vehicles. safety of the workers is very important at this sect. 2. Press 1 This is a process required immediately after sawing. Hence need to be next or near to sawing area to

Statement of Purpose for applying master program Essay

Statement of Purpose for applying master program - Essay Example For example, back then I would make small investments in form of lending money to my roommate for his sandwich, and waiting for him to return the favor in form of a sandwich and an extra cup of coffee. After I attended college, I realized that in theoretical terminology the coffee I got along with the sandwich was the interest payment. Such small associations between simple life instances and the field of Finance allured me all the more and initiated my love for the subject. My mother, who has a Masters in Finance, would often enquire what I learnt at school over video chat from Beijing and my answers would include terms such as â€Å"journal recording, cap rate, Excel usage for IRR calculation etc.† Obviously she understood the terms and would advice me to practice and apply the acquired skills. However a single question had always been embedded in my mind- a question that even my mother could not answer- Why do the concepts I learnt at school look so simple?I would often try to understand the reason behind learning and applying the skills, because if a simple Excel function and basic coding was enough to calculate the things such as the IRR, then according to me ,investment banks such as J.P. Morgan simply wasted money in hiring financial analysts to do the â€Å"simple calculations† that even a computer programming could do. Similar questions related to this has always been on my mind for example even though tons of NBA players have the ability to shoot the basket well, why does Kobe Bryant earn the highest salary? I would always look for an answer that would help me understand such puzzling occurrences.Lastly, I have found the answer to my question in just three words- â€Å"Nearest to perfect† and even to this day I believe in it. The truth is, every single student attending a valuation class learns the skills of forecasting a firm’s next year’s cash flows and using Discounted Cash Flow Model to calculate the NPV.

Balanced Scorecard In Hsbc Bank Accounting Essay

Balanced Scorecard In Hsbc Bank Accounting Essay CHAPTER 1 In the past decades, many organizations were facing intensive pressures for changes in strategies and structures without a proper human resource management and performance management model (Weng, 2011). It has been a challenge to many managers to measure and appraise their human capital with an increasing and constantly changing volume of employees across the organization at different levels as well as across different geographic locations with high consistency and standards. Therefore, it is crucial that organizations have a strategic management tool. Much debate has been taken to find the most effective way of measuring not only a companys financial performance but also how the company satisfies its customers and employees (Kocakulah and Austill, 2007). Then in 1992, Kaplan and Norton introduced a BSC model. Their concept of BSC has opened a new field in the literature of management control (Franco and Bourne, 2003). Since then, BSC has been an interesting topic that many academic authors choose to write. The reasons why the researcher is interested to write about BSC are as following. First, it is essential that performance measurement be of great significance to an organization, playing as a tool in conveying the companys strategies to individuals objectives (Smith and Kim, 2005). Drucker (1954) also highlighted that all employees, from a big boss to a junior clerk, should have personal performance objectives that aligns strongly to the companys strategy. Therefore, the application of BSC really helps organizations to depict such objectives evidently. According to Kocakulah and Austill (2007), when structural changes and job specifications become more complex, it is required to develop a methodology and formula that can align the organizational strategies and main principles with performance measurement and management indicators. Kaplan and Norton (1992, cited in Kaplan, 2010) recognized that any comprehensive measurement and management system has to link operational performance improvements to customer and financial performance. Second, BSC was presented as the most practical and comprehensive performance measurement model and has then become a popular strategic tool amongst managers all over the world (Sanayei et al., 2011). In recent years, the BSC has been a comprehensive model when looking at management issues for financial and non-financial purposes and has been very popular as it attracts a lot of attention (Norreklit, 2000). It has been widely used by many companies and has gained worldwide acceptance as a useful tool for management. From 1992 to 2000, more than 200 companies adopted the BSC method (Kaplan and Norton, 2001 cited in Kocakulah and Austill, 2007). In 2001, David Norton estimated that about 50 percent of large organizations in the United States were using the BSC, about 45 percent in Europe; and about a third of the large organizations in Australia used the BSC (Weber et al., 2001 cited in Kocakulah and Austill, 2007). Another recent study by Bain Company indicated that 57 percent of fir ms worldwide use the balanced scorecard, including 75 percent of large firms and 64 percent of firms in North America (Rigby and Bilodeau, 2005). The Harvard Business Review in 1997 listed it as one of the 75 most influential ideas of the 20th century (Bible et al., 2006). Apparently, BSC  has become the leading strategic management system of the 21st century. Organizations use the scorecard to create an entirely new performance management framework that puts strategy at the centre of key management processes and systems (Kaplan and Norton, 2001). Third, BSC has been chosen by many financial and banking institutions as a key to achieving a successful execution of their strategic plans (Frigo et al., 2000), whereas Aranda and Arellano (2010) stated that it is for strategic development and performance measurement. As a result, BSC was chosen by HSBC Bank to put into use in its early stage of starting business in Vietnam. Throughout all these stages, BSC has always been used at all levels as (i) a strategic tool to connect organizational goals with 1500-employees targets and (ii) a standard performance measurement system to drive individual performance, evaluate their achievements and create values (HSBC Vietnam, 2011). HSBC Bank, a member of HSBC Holdings Group, is one of the worlds largest financial institutions and the biggest foreign bank in Vietnam. It established the first full-service branch in Ho Chi Minh City in 1995 and then expanded to 17 branches and offices across the nation. It strategically focuses on Premier Centers with a purpose of delivering world-class international services to high-profile customers. Currently there are one Premier Centre in Hanoi (the North) and one in Ho Chi Minh City (the South) (HSBC Vietnam, 2012) serving a number of 6,000 Premier customers. Forth, the role of BSC in HSBC has been strongly recognized by either employees or managers at all levels. At Group and business level, it supports the implementation of the business strategy, ensuring that all aspects that contribute to its success are taken into account. At a team level, it helps managers align their objectives with those of the business and focus their efforts and resources on what is most relevant. Individually, it helps an employee understand how her/his work links with and affects the success of the organization (HSBC Vietnam, 2011). The effects of performance measurement and management at HSBC Vietnam have been evaluated through surveys conducted bank-wide to collect employees feedback and response. Such surveys then supported managements strategic analysis and improvement plan (HSBC Vietnam, 2011). However, there has been little empirical research into whether the balanced scorecard actually works in practice (Neely, 2008). Moreover, as pointed out by Hung-Yi Wu (2012), most of the BSC-related studies have focused mainly on performance measures rather than the causal relationships between key performance indicators for the purpose of strategy implementation. This is the first time a research is conducted in HSBC (Vietnam) Ltd. at a more focused level with specific attributes directly related to individual BSCs perspectives and potential relationships as well as their impacts. Accordingly, the author chooses to study on the below topic: BALANCED SCORECARD IN HSBC BANK (VIETNAM) LTD. PREMIER CENTERS: POSITIVE AND NEGATIVE EFFECTS 1.2. SIGNIFICANCE OF STUDY The initial purpose of this study is to gain further understanding of BSC and its role as a performance management tool in an organization. Many studies by Gates (1999), Lingle and Schiemann (1996) suggested that organizations managed through balanced performance measurement systems perform better than those that are not. Therefore, the research can help figure out positive results on a specific organization using the scorecard to support those ideas. Besides, it will serve as a guide to business strategy planning. According to Davis and Albright (2004) and Littler et al. (2000), banks can save an enormous amount of time and money if they understand which measures, financial or non-financial, are best suited to their needs. As such, it is expected that the study can indicate whether the current BSC applied in HSBC is ideal in a way that an appropriate mix of performance drivers and outcome measures has been tailored to the business units strategy (Frigo et al., 2000). In addition, the study reemphasizes the important role and positive effects of BSC on an organizations strategy implementation. As mentioned by Hung-Yi Wu in his 2012 work, banking institutions must develop an effective way to align their strategies with corporate goals based on performance analyses if they are to sustain their competitive advantages. Such effective way is recommended to be the BSC model, which is proved to be a useful and efficient tool in communicating organizations goals and targets to all bank staff and in performance measurement (Bible, et al., 2006). Moreover, the research is to identify good points related to BSC in both academic publications and real-world experiences of an organization. Apart from that, the research helps the author and readers analyze the difference of BSC from theoretical to practical perspectives based upon feedback of surveyed employees. Accordingly, it is good to understand how BSC has been adapted and implemented in the context of HSBC in Vietnam, which is, as pointed out by Burney and Swanson (2010), integral to the development of systems that will effectively obtain organizational goals. The research will definitely give more insights of the banks BSC implementation process and effectiveness. Furthermore, the research will reveal HSBC employees satisfaction level and specific feedback on the banks BSC system and increase understanding of its strategic link and potential relationships between BSC measures in practice. It allows the business to stay competitive and profitable (Zeng and Zhao, 2005) in sustainable development. However, apart from the positive effects of BSC on HSBCs execution of strategy, the research also helps to figure out some gaps and areas for attention and improvement that will be analyzed in the following chapters. In case its results are appreciated and draw the attention of higher management then it can make further contribution to the development and acknowledged effectiveness of BSC in HSBC Vietnam. This article may help the management to focus on the need to complete the implementation of BSC system to maximize its benefits and minimize the negative effects. The disclosure of the shortcomings, if any, is crucial as it will entice organizations to search for measurement systems that support them better in the challenging business environment (de Waal and Counet, 2009). With these above reasons, the author strongly believes that the topic Balanced Scorecard in HSBC Bank (Vietnam) Ltd. Premier Centers: positive and negative effects will help the readers get more into the research. 1.3 RESEARCH OBJECTIVES AND QUESTIONS According to Varkevisser, Pathmanathan Brownlee (2003), the objectives of a research project summarize what is to be achieved by the study. It is advised by Ababa (2005) that if specific objectives are properly formulated, they will facilitate the development of research methodology and will help to orient the collection, analysis, interpretation and utilization of data. Therefore, these objectives should be closely related to the research problem (Saunders et al., 2009). Furthermore, objectives should be logical, coherent, feasible, realistic and considering local conditions as well as being defined in operational terms that can be measured and phrased to clearly meet the purpose of the study (Ababa, 2005). With the topic: Balanced Scorecard in HSBC Vietnam Ltd. Premier Centers: positive and negative effects, six objectives of the study are determined as following. To understand the concept of BSC and its perspectives as a performance measurement tool, To identify positive and negative effects of BSC in HSBC Vietnam, To measure if HSBC BSC model is different compared to an ideal model, To evaluate the relationship between employee understanding of the organizations objectives with a well-performing organization, To analyze the causal relationships (if any) amongst four perspectives of BSC, and To identify the weakest one of the four perspectives to improve. With these research objectives, the study is to be conducted to clearly answer the questions relevant to the topic as below. What is the Balanced Scorecard and its four components? What are HSBC BSC positive and negative effects? What is an ideal BSC model and what is HSBC BSC compared to it? How do HSBC employees understand the organizations objectives and its relationship with a well performing organization? Are there any relationships amongst four perspectives? Which one among the four perspectives needs more focus? 1.4 BOUNDARY OF THE STUDY Due to the limitation of time and scope of work, this research only focuses on a small group of employees, hereinafter mentioned as those working at two Premier Centers in Hanoi and Ho Chi Minh City, but not extended to the entire number of about 1500 employees bank-wide. Two Premier Centers have a number of 60 staff including Premier Center Managers, Sales Managers, Relationship Officers, Services Managers, Services Assistants, Counter Officers and tellers. As such, the findings and results are only representative of part of the real figures and possibly not completely accurate. In addition, the research is only conducted at employees level or a single group of employees point of view rather than on the senior managements stand point, then there will be some imbalanced justifications and explanation after the survey. It is hoped that once the research methodology is proved to be trustworthy enough to the representative sample, it will be supported to apply to the whole bank with full participation of employees at all levels including senior managers to get a broader view and more precise results. 1.5 OUTLINE STRUCTURE This paper consists of five main chapters. Chapter 1: Introduction This 2389-word section is an introduction to the research, serving as an explanatory background to what leads the author to the chosen topic and why to choose the topic. In addition, it is followed by a brief summary of significance of the study and key issues that the research work intends to address. The scope of study is also included in the first chapter in order to narrow the boundary and put the focus on the research area. Chapter 2: Literature Review This 4836-word chapter is the theoretical background of the study focusing on the relevant literature and theories on performance measurement, balanced scorecard and its perspectives. It helps to demonstrate an understanding of the research topic and its surrounding content. At this stage, it is important to critically review many academic authors points of view on the research topic and related issues. From those literatures, specific hypotheses are developed as a foundation to start the research. Chapter 3: Methodology In this part, the research philosophy, strategy, method and approach used in this study are described. It also presents the process of gathering data, sampling method, implementation of questionnaires and techniques of analysis. Some ethical issues when conducting this research in a banking organization like HSBC are also mentioned. 3836 is the number of words in this chapter. Chapter 4: Data Analysis and Discussion This section outlines the findings and results of information collection at HSBC as conducted in chapter 3. Feedback from its employees will be revealed through a list of figures and tables. The proposed hypotheses will be further discussed based on the results. There are 3897 words for this chapter. Chapter 5: Conclusions and Recommendations This is a summary of the main conclusions of this research and feasible recommendations to the research issues. Some limitations and suggestions for next researches are also included. CHAPTER 2 LITERATURE REVIEW 2.1 Introduction This chapter will cover the literature on performance measurement, strategy map, balance scorecard and its role in aligning organizational goals to the strategy. By studying related literature on BSC, it is seen that BSC really plays a significant role in the success of an organization and that it helps to measure the success of the strategy (Kaplan and Norton, 2001). Schneiderman (1999) stated that balanced scorecards that did not have a sound foundation would fail. Therefore, this chapter will summarize the positive and negative effects of BSC collected from many studies and elaborate hypotheses to predict the effects of BSC in practice of a specific organization. Additionally, it is learnt from this chapter that the four perspectives of BSC are inter-related, and that even though financial results are very important, delivering long term value and success will require a focus on non-financial factors including high performing people, efficient processes and effective customer serv ices (Kaplan and Norton, 1996). The following part is related conceptualization on the research content. 2.2 Performance Measurement 2.2.1 Definition Performance measurement is defined by Lebas (1995) as a system by which a company monitors its daily operations and evaluates whether it is attaining its objectives. Meanwhile, Lichiello and Turnock (1999) define it as the selection and use of quantitative measures of capacities, processes, and outcomes to develop information about critical aspects of activities, including their effect on the public. Basically, it is considered part of a performance management system (Sanayei et al., 2011) and is set aligned with the organizations strategy. According to Hronec (1993), performance measurement system is a tool for balancing multiple measures (cost, quality, and time) across multiple levels (organization, processes and people). While it was suggested by Green et al. (1991) to target the value-added activities of the company, Kaplan (1991) suggested that an effective performance measurement system should provide timely, accurate feedback on the efficiency and effectiveness of operations. In fact, organizations always plan to build an effective tool to help them manage the performance and well achieve the targets. 2.2.2 The role of performance measurement According to Christian C. Johnson (2007), it is important to understand why measuring an organizations performance is both necessary and vital. à ¢Ã¢â€š ¬Ã‚ ¦ An organization operating without a performance measurement system is like an airplane flying without a compass, a Formula One race car driver guiding his car blindfolded, or a CEO operating a company without a strategic planà ¢Ã¢â€š ¬Ã‚ ¦ The purpose of measuring performance is not only to know how a business is performing but also to enable it to perform better. The ultimate aim of implementing a performance measurement system is to improve the performance of an organization so that it may better serve its customers, employees, owners, and stakeholders. Basically, a performance measurement system enables an enterprise to plan, measure, and control its performance according to a pre-defined strategy (Johnson, 2007). Many authors including Atkinson and McCrindell (1997), De Toni and Tonchia (2001), as cited in Pongatichat and Johnston (2008), have identified its benefits as a tool to (i) communicate the organizations strategic direction, strategic priorities, (ii) create a shared understanding, (iii) monitor and track the implementation of strategy, (iv) align short-term actions with long-term strategy, (v) make clear the links between performance of individuals and sub-units, and sub-units and overall organizational performance, (vi) promote integration among various organizational processes, (vii) focus change efforts, and (viii) facilitate organizational learning. 2.2.3 Different performance measurement models Many researches on banking performance measurement used traditional measures like statistical analysis (Arshadi Lawrence, 1987; Devlin Gerrard, 2005), structural equation models (SEM) (Collier, 1995), multi-criteria classification methodology (PARCLAS) (Kosmidou et al., 2006) and DEA (Giokas, 2008). In the meantime, Wu et al. (2011), Chen et al. (2008), and Meyer and Markiewicz (1997) chose to adopt the four BSC perspectives, including both financial and non-financial indicators. In their 1992 work, Kaplan and Norton also described performance measurement as a way to review an organizations financial and non-financial goals. Figure 2.1 summarizes the selection indicators of banking performance measurement that have been investigated in several important studies, along with their main analytical methods (Wu et al., 2011). According to Weber et al. (2001) and Bible et al. (2006), traditional measures no longer worked effectively because those measures relied so strongly on financial indicators and did not sufficiently cover other critical factors like skills, competencies, and motivation of employees; customer and supplier relationships; innovative product development; databases and information technologies; efficient and responsive operating processes; innovation in products and services; customer loyalty and relationships; and political, regulatory, and societal approval. Meanwhile, the BSC can cover all these measures in a more specific and appropriate way that supports management in implementing organizational goals.

Inherit the Wind- Freedom to Think Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Inherit the Wind, based on the famous â€Å"Scopes Monkey Trial† in the small town Dayton, Tennessee, was written by Jerome Lawrence and Robert E. Lee. The play was not intended to depict the actual history or the proceedings in the Scopes’ trial but it was used as a vehicle for exploring social anxiety and ant-intellectualism that existed in the Americas during the1950s. Lawrence and Lee wrote the play as a response to the threat to intellectual freedom presented by the anti-Communist hysteria of the McCarthy era. The major themes depicted in the Inherit the Wind include the intellectual curiosity, narrow-mindedness or limited perception, the importance of religion, and the relationship between the perception of others and self-worth portrayed by the characters in the play. The characters include Henry Drummond, Matthew Harrison Brady, E.K Hornbeck, Bert Cates and Rachel Brown; they represented the ideas and ways of thinking that existed then and no w.   Ã‚  Ã‚  Ã‚  Ã‚  Inherit the Wind took place in the small town of Hillsboro in which ‘the time was not too long ago.’ Bert Cates, a young teacher, who is imprisoned in the jail for teaching evolution to his high school biology class. The Reverend’s daughter and Cate’s fiancà ©e, Rachel, urges Cates to tell the town what he did was wrong and he is sorry; however, the town firmly believes that Cates is wrong and awaiting for Matthew Harrison Brady to come to town to prosecute Cates. Brady is a three time presidential candidate and firm believer in the Bible. The town hung a banner â€Å"Read your Bible† on courthouse and paraded the streets enthusiastically singing â€Å"Give me that old-time religion† when Brady arrives into town. Also arriving in Hillsboro, is E.K Hornbeck of the Baltimore Herald, who is cynical reporter and comments on everything. Hornbeck informs Brady that he will be arguing against Henry Drummond in court. The town see s Drummond as the devils advocate. Drummond arrives in town with little notice and is shunned by the people in town. In the course of the trial, Brady starts out confidently and chooses witnesses who profess strong religious belief. Brady calls for Rachel to be on the witness stand and twists her words about what Cates has told her. Meanwhile, the judge excludes all Drummond’s scientific witness on the grounds of evolution itself is not on trial. D... ...will appeal the case; however, his victory is setting an example for others who choose to think. It will make it easier for the next person. Cates finds a new life with Rachel away from the small town Hillsboro. The trial in Hillsboro is an allegory for the situation in the 1950s. In the 50’s, the government condemns people who supported Communism; thus leading to the censorious climate of McCarthyism. In addition to the witch-hunt and anti-Communist hysteria, regional conflicts between northern and southern states in the east of America. Laurence and Lee wrote the play to parallel some of conflicts of idea and subtly review them to the people. It was the method of exploring the major themes in the theses conflicts between intellectuals and believers, thinkers vs. narrow mindedness, and the relationship between the perception of others and self worth. Ultimately, Inherit the Wind encourages the right to think and the freedom of thought. In the attacking the value of free thought and speech upon which this country is built, nothing is obtained just like the situation in which Brady attacks his own house and inherits the wind—nothing.   Ã‚  Ã‚  Ã‚  Ã‚  

Evaluating La Donna Beatty’s “What Makes a Serial Killer”

In exploring the concept of the serial killer, La Donna Beatty looks toward the violence of modern society, biology, and family. In addition, she observes the possible correlations between the de-institutionalization of the American mental health system as well as alcoholism. However, as with any attempt to map the mentality of the modern day serial killer, she is left largely with theories and inconclusive statistics. Given the broad range of factors which contribute to human behavior and experiences, the search continues while evidence, both complimentary and contradictory, builds. I expect that La Donna would largely agree that while she sets out to explore â€Å"What Makes a Serial Killer,† she comes no closer to a conclusive definition than where she began. While the facts she provides are compelling, her personal interpretations and conclusions are at times based on fallacy rather than consistently proven logic. Beatty begins her presentation of theories by touching on the most popular of modern theories for the prevalence of violence in American society – violence in the media. While she does briefly address it later, upon initially presenting this issue, Beatty does not look at the large number of people who are also exposed to media violence but do not grow up to be serial killers. Taken a step farther in relation to criminal impulses, just as not every person who is exposed to violent video games or movies becomes violent, those who do become violent do not always become serial killers. In fact, only a small percentage could ever be classified in this manner. This does not, of course, discredit the possibility of media violence as disturbing a child already inclined to such behavior and like much of the evidence in defining serial killers, the problems with the argument do not negate the possibility of some effect. Such media violence naturally leads into the subject of personal experiences with violence. I agree with the assertion that the high incident rate of domestic abuse in the childhoods of serial killers proves too common to be simple coincidence. Combined with the visibility of violence in society, such violence in the home could be volatile in the future killer’s behavior. However, some of Beatty’s connections are more forced than naturally conclusive. In particular she notes, â€Å"with 79 percent of the population believing that slapping a twelve-year-old is either necessary, normal, or good, it is no wonder that serial killers relate tales of physical abuse† (Beatty). In this, Beatty is drawing a connection that does not truly exist in her initial argument. While she should have tried to show the extreme types of parental attitudes serial killers may have experienced as children she instead shows the general public’s feelings of parental discipline. The issues of alcoholism and de-institutionalization of the American mental health system can be addressed together for the assumptions at the basis of Beatty’s fallacies on these issues. As with the problem of media violence, Beatty’s sources fail to look at the broader issues of the human rights of the mentally ill or the inconsistencies of the argument that the de-institutionalization of mental hospitals unleashed a wave of violence. While restrictions of unlawful and forced stays may create issues, as in the notable cases of Richard Chase and Edmund Kemper, it is impossible and potentially cruel to re-evaluate a system that is built to serve a broad spectrum of people where these kinds of violent men are not the norm. In her discussion of alcoholism, Beatty presents an even more illogical idea when she supposes that had Jeffrey Dahmer been treated for alcoholism he may not have become an infamous murderer. I cannot say with certainty that he would have killed had he gotten his alcoholism under control. Certainly, sobriety would have brought some self-control but it would be oversimplifying a complex issue and broad range of crimes by calling it a case of alcoholism gone badly. Taken individually, no theory presented by Beatty has yet to clearly define a serial killer class or disorder in our society. More likely, it is a combination of factors, some presented in Beatty’s essay and others of a more personal significance that may never consistently present itself in every killer. However, in the search for the reason behind their compulsions should we look for a solution? Should we attempt to find a way to stop those situations that damage these individuals, making their pain â€Å"so intense that it demands bloody revenge† (Beatty)? Even Beatty seems at a loss to decide between knowledgeable prevention and/or treatment and the reality of such men as Ted Bundy who she quotes at the end of her essay. Bundy certainly did not feel himself capable of being saved but, unspoken, is the question of whether he could be prevented. Like Beatty and Bundy, I have no answer but remain open to the theories that though they may not ever make it possible to stop everyone of these killers, can help us understand how they can veer so far from the beaten moral path.

Market Models

The main objective of a private firm is to maximize profits and without the control over costs, they try to sell at higher prices. This is true if the operating industry has an inelastic demand schedule as a price rise brings in higher revenue. The Marginal revenue concept states that in order to increase revenues, firms need to lower prices if they are operating in a price-elastic industry but a fall in price in a relatively in-elastic demand adds a deficit to the revenue that so firms increase their prices in order to attain a higher profit. 2) The US airline industry operates in the oligopolistic structure. That is the big four firms namely American, Southwest, United and Delta have a combined share of more than 40% of the market which supports the fact that these firms can be classified as oligopolies. Further the firms do not react to price increases that sharply as it is a characteristic of an oligopoly to react more towards a price fall rather than an increase except for the case of a market leader. 3) No, the result will not differ whether we consider the entire domestic market or just the market for San Francisco and Seattle. The firms operating are same and customers are quite rational that is the service being offered is homogenous so it would not matter if we look at it as a whole or individually. Here a price rise in the case of a single market would mean that the competitor may gain an advantage and attain higher revenue. 4) There are many advantages of collusion or price fixing related to competitors. One of them being an equal share for all, this means that they can share areas among themselves and reduce competition. This helps reduce uncertainty as the market saturation is done and firms are bound by agreement to receive equal share. This would further give rise to profits and most of all this behavior is a very strong entry barrier as firms can unite in order to drive away an entrant. Collusive pricing also means a restricted supply therefore firms can ask higher prices as there is a quota in place thus creating an in-elastic demand. 5) No, an oligopoly operates in between both extremes of its demand schedule that is the elastic region and the in-elastic region. The reason that the firm rescinds from increasing prices is due to the fear of losing its market share as the products in this industry are homogenous and so the customers would shift easily to other airlines. The oligopolists must consider how their rivals will react to any change in the price, output, characteristics, or advertising. Oligopoly is thus characterized by strategic behaviour and mutual interdependence. By strategic behaviour we simply mean self interested behaviour that takes into account the reaction of others. So we can not associate that such advertisements or statements are for a fixture in price. Bibliography 1)Parkin, Michael. (2004) Economics. Addison Wesley Publishing Company