...speaks from very rich experience that has allowed him to create environments that encourage people to venture into the gap that separates the ordinary from the extraordinary, and encourages people to make what seems impossible- possible. Kurt Lewin’s Change Theory is considered the oldest, simplest, yet robust and applicable change management theory developed is considered the epitome of change models, suitable for personal, group and organizational change (Burnes, 2004). Lewin believed that the key to resolving social conflict was to facilitate learning and so enable individuals to understand and restructure their perceptions of the world around them. Though Field Theory, Group Dynamics, Action Research and the 3-Step model of change are often treated as separate themes of his work, Lewin saw them as a unified whole with each element supporting and reinforcing the others and all of them necessary to understand and bring about planned change, whether it be at the level of the individual, group, organization or even society. John Kotter, an expert in leadership and change management, proved through 30 years of research that 70% of all major change efforts in organizations fail due to the holistic approach required to see the change through (Stragalas, 2010). The 3 stages are unfreezing, moving to a new level or changing, and refreezing (Kaminski, J, 2011). The unfreezing stage consists of encouraging individuals to replace old behaviors and attitudes with those desired by management...
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...Change Is Always Go Tommy Robertson Feb 22, 2012 Change Is Always Good By. Tommy Robertson I. Introduction A. “No matter who you are, no matter what you did, no matter where you've come from, you can always change; become a better version of yourself.” B. In today’s society, people now have to make changes in their life like Michael Vick, Domestic Diva, and 50 cent. C. C. I believe that most people have to experience something bad in their life to realize change is really good in for the better. For example like spending time in jail. II. Body A. First I’m gone to talk about when Michael Vick went to jail for running an illegal interstate dog fighting ring. B. Michael was sentenced to three years prison time in jail. Team members and football fan had no clue if he would be returning to the game again. C. So Michael decided to plead guilty to felony charges and will serve one year and eight months in prison. III. Next I will be talking about 50 Cent who is known for rapping and real name which is Curtis Jackson III who spends time in jail for drug-related charges. A. So the judge decides to sentence him 3 to 9 year’s prison time in 1994. 50 cent was still an aspiring rapper who was very determined to do something positive with his life once he was released from jail. B. 50 cent did his time and also earned six month boot camp...
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...WHICH DEVELOPMENT TOPIC RESONATES WITH YOU (US) the most & why Good morning to everyone, it’s great to see you all here. My name is Siva Perumal, you may call me Siva. I am a credit analyst with Personal Credit Center in Markham. I’ll be addressing the 2nd question that is WHICH DEVELOPMENT TOPIC RESONATES WITH YOU (US) the most & why Our Group members have unanimously agreed that the 3 topics that resonates the most as a result from the meetings & discussions that we have had. 1st being the: 1. Networking • It’s mutual & all about connections: “It’s not WHAT you know, but WHO you know”. • Networking given us with great opportunity to be connected with people from different area of businesses in TDCT as well as it created opportunity for us to meet and talk to some of the TDCT executives that we wouldn’t otherwise be able to easily get connected with. Example: Marlon Reid & Anna …. • We definately gain visibility from networking. We had the opportunity to get advice from the people that we are networking on topics related to personal & career development. • It is an absolute fact that by regularly networking, and pushing ourselves to talk to people we don’t know, it will help to increase our confident level the more we do this.. 2. Is be able to start a conversation with someone you meet for the first time • Try to break the ice by making small talk • If possible always be prepared with 30-Second Elevator Speech about yourself • We find that this is an important...
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...Change...It'll Do You Good Change…It’ll Do You Good A Recommendation for Implementation of Activity-based Costing Joann Harper BU264: Managerial Accounting, Spring 2011 Dr. Henry Bryan April 13, 2011 Outline I. Introduction A. Comparison of traditional costing vs. activity-based costing B. Pros and cons of activity-based costing C. 4 companies selected for review i. General Electric ii. Dennison Manufacturing Co. iii. South-western Ohio Steel Inc. iv. Insurance companies D. Thesis Statement: An examination of four companies that have successfully implemented activity-based costing/activity-based management has led to my recommendation that transitioning to activity-based costing is the right move for our company. Although there are many benefits to activity-based costing, we would directly benefit from the relative ease of implementation for a company our size, the ability to view our product costs differently and target process improvements which in turn will lead to an improved line of products and allow us to be more competitive in our market niche. II. General Electric A. A brief history of activity-based costing B. Outcome of General Electric and activity-based costing III. Dennison Manufacturing A. How Dennison Manufacturing uses activity-based costing B. Outcome of Dennison Manufacturing’s...
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...“responsiveness of one variable to changes in another.” In proper words, it is the relative response of one variable to changes in another variable. The phrase “relative response” is best interpreted as the percentage change. The quantity of a commodity demanded per unit of time depends upon various factors such as the price of a commodity, the money income of consumers, the prices of related goods, the tastes of the people, etc., etc. Whenever there is a change in any of -the-variables stated above, it brings about a change in the quantity of the commodity purchased over a specified period of time. The elasticity of demand measures the responsiveness of quantity demanded to a change in any one of the above factors by keeping other factors constant. When the relative responsiveness or sensitiveness of the quantity demanded is measured to changes in its price, the elasticity is said be price elasticity of demand. When the change in demand is the result of the given change in income, it is named income elasticity of demand. Sometimes, a change in the price of one good causes a change in the demand for the other. The elasticity here is called cross electricity of demand. The three Main types of elasticity are now discussed in brief. (1) Price elasticity of demand The concept of price elasticity of demand is commonly used in economic literature. Price elasticity of demand is the degree of responsiveness of quantity demanded of a good to a change in its price. Precisely, it is defined...
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...demand elasticity refers to the responsiveness of demand due to changes in other economic variables. It is an important concept introduced by the economist A. Marshall, which helps firms to anticipate effects of changes in economic variables so as to adopt an optimal competitive behavior. To better understand the concept of elasticity of demand we will first concentrate on the economic factors affecting demand. Demand is referred to as being the amount of goods and services that consumers want and have the capacity to buy at a specific price and location for a particular period in time. It is very important for demand to be effective that the consumers have the purchasing capacity and willingness to buy the goods or services. There are five main factors that determine the demand for a good; the price of the product, the prices of other products, the consumer’s income and wealth, the consumer’s tastes and the various individual- specific or environmental factors. For the concern of this essay we are going to concentrate on the 3 first determinants of demand mentioned above and how they are measured. The first factor influencing demand is the price of the good itself. Consumers react according to the price set by the producer. The lower the price the greater will be the amount of goods demanded. This statement is known as the law of demand. It shows the inverse relationship between the quantity demanded of a good and its price assuming all other things being equal- ceteris parabus...
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...EGT 1 Task 2 A. Define the following three terms: 1. Elasticity of demand The responsiveness or sensitivity of consumers to changes in pricing of products is measured with elasticity of demand. The more reactive consumers are to a price change, the more elastic or simply elastic a product is considered. The less reactive consumers are the less elastic or inelastic the product is (McConnnell,Brue 2011). 2. Cross-price elasticity (include substitutes and complements) The change in demand in one product caused by a price change in another good is called cross price elasticity. The change in the price of one product or goods that causes a change in the demand for another product is measured on the x axis of the demand curve with the cross price elasticity (McConnnell,Brue 2011). Goods can be complimentary; such as a dvd movie (complementary good) that must be viewed with a dvd player (base good) or substitute; such as one brand of soup for another. When goods are complementary that means they work together, so the relationship in their use reflects in the elasticity of price in relation to each other by moving in opposite directions. When goods work in conjunction with each other, cross price elasticity is negative- meaning an increase in the price of one product causes the demand for the other to decrease and a decrease in the price of one causes demand for the other to increase. For example if the price of dvd players decreases the demand increases and the price...
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...of demand From Wikipedia, the free encyclopedia Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price (holding constant all the other determinants of demand, such as income). It was devised by Alfred Marshall. Price elasticities are almost always negative, although analysts tend to ignore the sign even though this can lead to ambiguity. Only goods which do not conform to the law of demand, such as Veblen and Giffen goods, have a positive PED. In general, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a relatively small effect on the quantity of the good demanded. The demand for a good is said to be elastic (or relatively elastic) when its PED is greater than one (in absolute value): that is, changes in price have a relatively large effect on the quantity of a good demanded. Revenue is maximised when price is set so that the PED is exactly one. The PED of a good can also be used to predict the incidence (or "burden") of a tax on that good. Various research methods are used to determine price elasticity, including test markets, analysis of historical sales data and conjoint analysis. Contents [hide] * 1 Definition * 1.1...
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...responsiveness of quantity demanded to changes in price * addresses the percentage change in quantity demanded for a given percentage change in price * Coefficient of price elasticity of demand (E sub d) = Percentage Change in Quantity Demanded/ Percentage change in price * From Perfectly Elastic to Perfectly Inelastic Demand * Ed > 1 = Elastic * Ed <1 = Inelastic * Ed = 1 = Unit Elastic * Ed = Infinity = Perfectly Elastic * Ed = 0 = Perfectly Inelastic * Elastic Demand and Inelastic Demand * Elastic Demand: If the numerator (percentage change in quantity demanded) is greater than the denominator (percentage change in price), the elasticity coefficient is greater than 1 and demand is elastic * Inelastic Demand: If the numerator (percentage change in quantity demanded) is less than the denominator (percentage change in price), the elasticity coefficient is less than 1 and demand is inelastic * Unit Elastic Demand and Perfectly Elastic Demand * Unit Elastic Demand: If the numerator (percentage change in quantity demanded) equals the denominator (percentage change in price), the elasticity coefficient is 1 * Perfectly Elastic Demand: If quantity demanded is extremely responsive to changes in price, the result is perfectly elastic demand * Perfectly Inelastic Demand * Perfectly Inelastic Demand: If quantity demanded is completely unresponsive to changes in price, the result is perfectly...
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...of nature of relationship between demand and its determinants alone is not sufficient. What is more important is the extent of relationship or the degree of responsiveness of demand to the changes in its determinants. The degree of responsiveness of demand to the change in its determinants is called elasticity of demand. The concept of elasticity of demand plays a crucial role in business-decisions regarding maneuvering of prices with a view to making larger profits. Almost most businessmen are intuitively aware of the elasticity of demand of the goods they make, however, the use of precise estimates of elasticity of demand will add precision to their business decisions. In this paper we will discuss * The various kinds of elasticity of demand * The nature of change and how it affects the decision taking. * How demand decisions in response to price changes vary for different types of goods? * Factors influencing the elasticity of demand INTRODUCTION Governments, business firms, supermarkets, consumers, and law courts need a way to measure how responsive demand is to price changes—for example, will a 10 percent cut in the price of commodity X increase quantity of X demanded a little or a lot? Economists measure the responsiveness of quantity demanded to price changes via a concept called elasticity. Marketers sometimes use estimates of elasticity to decide how to price their products...
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...of demand is describes as the degree of percentage change in demand for a good or service due to variation in price. Elasticity measurements can be expressed by three types of demand; inelastic demand, unit elastic demand, or relatively elastic demand. To determine the percentage of change in demand for a product or service the price elasticity equation and coefficient are used. The coefficient Ed is defined as “the percentage change in quantity demanded of product divided by the percentage change in price of product X” (McConnell, Brue, Flynn, 2012, pg. 76) The three expressions of Ed are Elastic, Inelastic, and Unit Elasticity. Elastic demand occurs “if a specific percentage change in price results in a larger percentage change in quantity demanded” (McConnell, Brue, Flynn, 2012, pg. 77). For a product with inelastic demand Ed < 1. An example of elastic demand is when there is a 2% decrease in the price of chocolate that results in a 6% increase in quantity. Ed= .06/.02 = 3 Inelastic demand occurs “if a specific percentage change in price produces a smaller percentage change in quantity demanded.”(McConnell, Brue, Flynn, 2012, pg. 77) For products with inelastic demand Ed <1. An example of inelastic demand is when there’s a 2% decrease in the price of milk that results in a 1% increase of demand. Ed= .01/.02 = .5 Unit elasticity of demand occurs “where a percentage change in price and the resulting percentage change in quantity demanded are the same” (McConnell, Brue...
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... demanders respond to a change in the price of a good. The price elasticity of demand can be used to make quantitative predictions of how changes affect the price and quantity demanded of a good. The income elasticity of demand measures how strongly demanders respond to a change in income, and the cross elasticity of demand measures how strongly demanders respond to the change in the price of another good. The price elasticity of supply measures how strongly suppliers respond to a change in the price of a good. Price Elasticity of Demand • In general, elasticity measures responsiveness. The price elasticity of demand measures how responsive demanders are to a change in the price of the good. This information is often useful for both businesses and governments. • The price elasticity of demand is a units-‐free measure of the responsiveness of the quantity demanded of a good to a change in its price when...
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...demand for a good to a price change. If the price of a good matters little, a change in the price of that good will have a small impact on one’s willingness to sell or buy and this would indicate an inelastic situation. However, if a small change in prices causes substantial changes in one’s willingness to buy or sell, the good is said to be elastic. McConnell, Brue, and Flynn (2012) note that when demand is elastic a decrease in price will increase total revenue because even though the price is less the additional goods sold make up the difference. Conversely, if the demand is inelastic, price decreases reduce total revenue. When the percent of increase or decrease in the price of a good is equal to the demand percentage the case is unit elastic. 2. Cross-price elasticity of demand measures the sensitivity of quantity demanded of a good when the price changes on another good. When two goods are substitutes, the price of one good increases the demand for another good. Airlines A and B have routes that are the same. As airline, A raises the price of their tickets consumers will likely change to airline B. This is a simple explanation of substitution. A good is considered a complement to another when the demand of product A is increased after the price of product B is decreased. 3. Income elasticity measures the relationship between a change in demand for a good and the change in income. Income elasticity is calculated by dividing the percent of change in demand by...
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...that the consumers will demand more of goods or services if the price goes down. The variable of the price drop creates an incentive to increase the demand for the goods and services. The law of supply moves in the opposite direction with its main focus being the suppliers of goods or services. There will be a larger incentive for the increase of goods supplied if the price increases. Both of these laws use the “other things equal” assumption or ceteris paribus. This assumption is used when identifying the relationship between two variables like a price and quantity. By using this assumption, economists can isolate the variables so other factors will not affect the development of the theory. When we see the term other things equal we know that this assumption is made to indicate that other variables are not changing or affecting the variables of interest. Without this assumption it would be impossible to develop theories about the relationships and make a causal connection between two variables that can be identified. 2 In your own words, explain the difference between a movement along the demand curve and a shift in demand. Then, provide an example from your own personal life where you have experienced each one. Answer: The demand curve is technically a graph of demand schedule where the customer’s demand is represented. This graph lists the quantities of goods or services that customers are willing to buy at different prices. The change in the quantity demanded is a movement...
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...Income elasticity of demand measures the relationship between a change in quantity demanded for good X and a change in real income. The formula for calculating income elasticity is: % change in demand divided by the % change in income Normal Goods Normal goods have a positive income elasticity of demand so as consumers’ income rises more is demanded at each price i.e. there is an outward shift of the demand curve Normal necessities have an income elasticity of demand of between 0 and +1 for example, if income increases by 10% and the demand for fresh fruit increases by 4% then the income elasticity is +0.4. Demand is rising less than proportionately to income. Luxury goods and services have an income elasticity of demand > +1 i.e. demand rises more than proportionate to a change in income – for example a 8% increase in income might lead to a 10% rise in the demand for new kitchens. The income elasticity of demand in this example is +1.25. Inferior Goods Inferior goods have a negative income elasticity of demand meaning that demand falls as income rises. Typically inferior goods or services exist where superior goods are available if the consumer has the money to be able to buy it. Examples include the demand for cigarettes, low-priced own label foods in supermarkets and the demand for council-owned properties. The income elasticity of demand is usually strongly positive for • Fine wines and spirits, high quality chocolates and luxury holidays overseas. • Sports...
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