...Discuss the problems of forecasting future trends in transport markets 15 marks Transport is a derived demand. People and businesses demand transport not for its own sake, but because of the services that it provides. For example, air travel is demanded as people travel abroad for vacation or for business. However, forecasting the demand for transport comes with several difficulties. The nature of the demand for transport makes such forecasting a difficult undertaking. This is partly because the provision of infrastructure may itself influence demand. For example, there has been considerable debate about the effect of road building and improvement schemes. It has been argued that road improvements have the effect of increasing the amount of traffic on the roads, rather than reducing congestion. The fact that much of the transport infrastructure is publicly provided means that such forecasting is an integral part of the process – and it also means that the authorities need a way of taking externalities into account when formulating a transport strategy. There also needs to be careful coordination of transport planning, given the interactions between the demands for different modes of transport. For example, decisions taken now about improvements to the rail network may have implications for the future demand for road transport, and hence for the present need to invest in the road system. Another reason why forecasting...
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...Question 1. :-Define economics? Answer:-It is the study of allocation of resources available to organization or business. It is fundamentally concerned with the art of economizing i.e. making rational choice to yield maximum return of output in minimum resources & efforts by selecting best alternative course of action among various. Question 2. : - Contraction and extension of demand? Answer:-A variation in demand implies “extension” or “contraction” of demand. When with a fall in price more of a commodity is bought there is an extension of demand. Similarly, when a lesser quantity is demanded with a rise in price there is a contraction of demand. In short demand extends when the price falls and it contracts when the price rises. Both of the terms are technically used in stating the law of demand. Question 3. :-Opportunity cost / alternative cost? Answer:-It is measure in terms of the forgone benefits from the next best alternatives use of a given resources in simple words scarifies or loss of alternative use of a given resource is turn as an opportunity cost. The alternative or opportunity cost of one unit of product A is the amount of product B that has been sacrificed by allocating the resources to produce A rather than B. Question 4. :-Low of Demand? Answer:-According to Ceteris Paribus, “The higher the price of the commodity the smaller is the quantity demanded and lover the price larger the quantity demanded other things remain...
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...economics. First, the paper documents inaccuracy and risk in project management. Second, it explains inaccuracy in terms of optimism bias and strategic misrepresentation. Third, the theoretical basis is presented for a promising new method called "reference class forecasting," which achieves accuracy by basing forecasts on actual performance in a reference class of comparable projects and thereby bypassing both optimism bias and strategic misrepresentation. Fourth, the paper presents the first instance of practical reference class forecasting, which concerns cost forecasts for large transportation infrastructure projects. Finally, potentials for and barriers to reference class forecasting are assessed. The American Planning Association Endorses Reference Class Forecasting In April 2005, based on a study of inaccuracy in demand forecasts for public works projects by Flyvbjerg, Holm, and Buhl (2005), the American Planning Association (APA) officially endorsed a promising new forecasting method called "reference class forecasting" and made the strong recommendation that planners should never rely solely on conventional forecasting techniques when making forecasts: "APA encourages planners to use reference class forecasting in addition to traditional methods as a way to improve...
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...Financial Management Financial Forecasting Aug 6, 2010 Table of Contents FINANCIAL FORECASTING...........................................................................................2 Usefulness of Financial Forecasting.........................................................................2 II. Limitations of Financial Forecasting.................................................................2 III. Cases when a company may not find forecasting a justifiable investment......2 IV. Financial Forecasting Techniques .....................................................................2 Subjective Forecasting (Judgmental Approach)...................................................2 Trend Analysis ........................................................................................................3 Correlation Forecasting...........................................................................................7 FORECAST FINANCIAL STATEMENTS...........................................................................8 FORECAST INCOME STATEMENT..............................................................................9 FORECAST BALANCE SHEET..................................................................................10 ASSETS...............................................................................................................11 LIABILITES..........................................................................................................11 CAPITAL.......
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...country in terms of Purchasing Power Parity (PPP) and constitutes one of the fastest growing markets in the world. Globalization of businesses, infrastructural bottlenecks, increasing uncertainty of supply chain networks, shortening of product life cycles and proliferation of product variety have forced Indian firms to look beyond their four walls. They face issues related to choosing and working with the right supply chain partners (suppliers, customers and logistics service providers), fostering trust between them and designing the right system of gauging performance. In this paper, we present a snapshot picture of logistics and Supply Chain Management (SCM) practices in India. It is borne out of the felt need by managers, expert professionals and academicians to address logistics and supply chain practices at the national level. Our exploratory study is based on both field visits and secondary data. We capture facts, figures as well as qualitative responses about the logistics infrastructure and supply chain practices. We focus on supply chain collaboration and partnerships, supply chain structure, facilities network design, transportation and logistics and the role of Information and Communications Technologies (ICT). Field visits to at least one major facility of 25 firms were carried out during 2005. We analyze and assess existing logistics and SCM practices and discern emerging trends as well as areas of concern. The paper gives insights into how far the firms and their...
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...CHAPTER PART 2 2 Forecasting Demand and Supply FORECASTING DEMAND AND SUPPLY LEARNING OBJECTIVES • • • • • • Understand and select information required to forecast HRP Identify members of the HR planning team Understand the four steps in the HRP process Apply techniques to forecast HR demand and supply Describe various methods for assessing labour planning (quantitative and qualitative) Discuss key challenges in forecasting HR demand and supply 26 Part 2 | Forecasting Demand and Supply ■ PROFILE The Great Pyramid of Giza The Great Pyramid of Giza has fascinated the world for centuries and is revered as one of the greatest mysteries of time. When it was first built it was 145 metres tall, making it the tallest structure on the earth for over 4,300 years. Egyptologists argue that even with all of the human and computer advancements achieved to date, it would be near impossible to replicate the production of these pyramids. The HR planning scale of the project would be among the biggest challenges to face. Archaeologists have their own methods for determining how many workers (mostly slaves) were employed at Giza, but a majority agree that the Great Pyramid was built by approximately 4,000 primary labourers—quarry workers, haulers, and masons. These primary labourers would have been supported by 16,000 to 20,000 secondary workers—ramp builders, tool-makers, mortar mixers, and those providing back-up services such as supplying food, clothing, and fuel. These estimates suggest...
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...is a non-profit, web-based initiative aiming to advance knowledge exchange on seaport studies. Developed by researchers affiliated to various academic institutions throughout Europe, it provides freely accessible research, education and network-building material on critical issues of port economics, management and policies. PLEASE SCROLL DOWN FOR MANUSCRIPT Notteboom, Van Laeken – Maritime education and research Challenges facing maritime education and research in a changing environment: implications for ITMMA Theo Notteboom Frank Van Laeken 1 | The key role and unique nature of the maritime industry Shipping has always been seen as much more than a means of transport. It is linked to broader concepts of technology and growth. History taught us that the most advanced nations are also those who navigate the most. Shipping has shaped and...
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...delineate the system and metrics system used for their recruiting strategies and how the call center comes to a specific number to decide on how many people to hire. Company Background The Brand Finance Banking 500 in the February 2014 edition of Banker Magazine recognized Wells Fargo as the world’s most profitable bank. (Wells Fargo Tops, 2014) But they weren’t always on top. And to understand the high profit trajectory of a Bank like Wells Fargo, you have to understand their history and background. Wells Fargo has been in business since 1852 when it was founded by Henry Wells and William Fargo. (Wells Fargo Timeline, 2011) During the Gold rush in San Francisco Wells Fargo used the classic stage coach and established its’ logo to transport gold. They established the Great Overland Mail service using the stagecoach and adding rail road, telegraph, steam ship and pony rider to get their messages delivered. They were nationalized by the U.S. government in 1918 and they were known as...
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...Chain 6. Process of Supply Chain Management 7. 8. 9. 10. 11. 12. 13. Supply Chain Management Planning & Sourcing Activities involve in Supply Chain Management Supply Chain Coordination and Use of Technology Information Systems that Support the Supply Chain Advantages & Disadvantanges Supply Chain Conclusion Biblography BASIC CONCEPTS OF SUPPLY CHAIN MANAGEMENT Supply chains encompass the companies and the business activities needed to design, make, deliver, and use a product or service. Businesses depend on their supply chains to provide them with what they need to survive and thrive. Every business fits into one or more supply chains and has a role to play in each of them. The pace of change and the uncertainty about how markets will evolve has made it increasingly important for companies to be aware of the supply chains they participate in and to understand the roles that they play. Those companies that learn how to build and participate in strong supply chains will have a substantial...
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...part of the final assignment in week six. Select a new, realistic good or service for an existing industry. Write the economic analysis section of a business proposal. This will include statements about the market structure and the elasticity of demand for the good or service, based on text book principles. You need to create hypothetical data, based on similar real world products to estimate fixed and variable costs. Required Elements: * Identify market structure * Identify elasticity of the product * Include rationale for the following questions: * How will pricing relate to elasticity of your product? * How will changes in the quantity supplied as a result of your pricing decisions affect marginal cost and marginal revenue? * Besides your pricing decisions, what are your suggested nonpricing strategies? What nonpricing strategies will you use to increase barriers to entry? * How could changes in your business operations alter the mix of fixed and variable costs in line with your strategy? * No more than 1400 words * Your proposal is consistent with APA guidelines Business Proposal - Thomas Money Service, Inc. Scenario The following pages will discuss the subsidiary of Thomas Money Service, Inc., Future Growth Inc. (FGI). It will be presented as a business proposal with an emphasis on product differentiation, increasing revenue, and maximizing profit. As there is an absence of historical data, many assumptions must...
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...Unit 1 Concepts of Managerial Economics Learning Outcome After going through this unit, you will be able to: • • • • Explain succinctly the meaning and definition of managerial economics Elucidate on the characteristics and scope of managerial economics Describe the techniques of managerial economics Explain the application of managerial economics in various aspects of decision making • Explicate the application of managerial economics in marginal analysis and optimisation Time Required to Complete the unit 1. 2. 1st Reading: It will need 3 Hrs for reading a unit 2nd Reading with understanding: It will need 4 Hrs for reading and understanding a unit 3. 4. 5. Self Assessment: It will need 3 Hrs for reading and understanding a unit Assignment: It will need 2 Hrs for completing an assignment Revision and Further Reading: It is a continuous process Content Map 1.1 1.2 Introduction Concept of Managerial Economics 1.2.1 Meaning of Managerial Economics 1.2.2 Definitions of Managerial Economics Managerial Economics 1 1.2.3 Characteristics of Managerial Economics 1.2.4 Scope of Managerial Economics 1.2.5 Why Managers Need to Know Economics? 1.3 1.4 Techniques of Managerial Economics Managerial Economics - Its application in Marginal Analysis and Optimisation 1.4.1 1.4.2 1.5 1.6 1.7 Application of Managerial Economics Tools of Decision Science and Managerial Economics Summary Self Assessment Test Further Reading 2 Managerial Economics 1.1 Introduction ...
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...Class: 1 Type: Lecture Introduction Nobody will dispute the fact that operations are becoming increasingly international or even global in nature. Less clear, though, is what this actually means for operations. Drivers of globalization include increased competitiveness through offshore manufacturing and increased sales by expanding into new markets, but the associated opportunities and challenges are totally different and highly industry-dependent. Clearly, the issues facing a hi-tech firm are different than those facing a global consulting firm, software is a different ballgame than textile, etc. "Global operations" can refer to, among others, global sourcing, to having manufacturing or service or R&D facilities world-wide, or to supplying global markets, each of which have very different ramifications: Global sourcing Global manufacturing Global distribution . dealing with foreign . facility location . local content regulations suppliers . coordinating networks . managing global . managing international of plants distribution logistics . coordinating networks . managing risk . managing risk of R&D facilities . operations in other countries Page intentionally left blank. Class: 2a Type: Lecture Supply Chain Management & Service The goal in this part is to introduce the two main sections of the course, international...
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...aspiring for good leadership and achievement of organizational objectives be equipped with relevant economic principles and applications. Unfortunately, a gap has been observed in this respect among today’s managers. It is therefore the aim of this course to bridge such gap. THE COURSE OBJECTIVES On completion of the requirements of this course, students and managers alike will be expected to: 1. Understand the relative importance of Managerial Economics; 2. Know how the application of the principles of managerial economics can aid in the achievement of business objectives; 3. Understand the modern managerial decision rules and optimization techniques; 4. Be equipped with tools necessary in the analysis of consumer behaviours, as well as in forecasting product demand; 5. Be equipped with the tools for analyzing production and costs; 6. Understand and be able to apply latest pricing strategies; THE COURSE STRUCTURE This course will be presented in modules, each of which is designed to achieve specific managerial objectives. In a nutshell the course contents are as follows: 2 MODULE 1: Basic Principles in the Application of Managerial Economics 1.1 Introduction (a) Definition of Managerial Economics (b) Economic...
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...Supply Chain Management and Advanced Planning Hartmut Stadtler ´ Christoph Kilger (Eds.) Supply Chain Management and Advanced Planning Concepts, Models, Software and Case Studies Third Edition With 173 Figures and 56 Tables 12 Professor Dr. Hartmut Stadtler FG Produktion und Supply Chain Management FB Rechts- und Wirtschaftswissenschaften TU Darmstadt Hochschulstraûe 1 64289 Darmstadt Germany stadtler@bwl.tu-darmstadt.de Dr. Christoph Kilger j&m Management Consulting AG Kaiserringforum Willy-Brandt-Platz 5 68161 Mannheim Germany christoph.kilger@jnm.de Cataloging-in-Publication Data Library of Congress Control Number: 2004110194 ISBN 3-540-22065-8 Springer Berlin Heidelberg New York ISBN 3-540-43450-X 2nd edition Springer Berlin Heidelberg New York This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. Springer is a part of Springer Science+Business Media springeronline.com ° Springer Berlin ´ Heidelberg 2000, 2002, 2005 Printed...
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...the different steps of Performance Appraisal Ans: Performance appraisal means the systematic evaluation or appraisal of the performance of an employee by some qualified persons. It is the appraisal of the relative worth to the company of an employee’s services in his job. It is the process of obtaining, analyzing and recording information about the relative worth of an employee. The focus of the performance appraisal is measuring and improving the actual performance of the employee and also the future potential of the employee. Its aim is to measure what an employee does. According to Flippo, a prominent personality in the field of Human resources, "performance appraisal is the systematic, periodic and an impartial rating of an employee’s excellence in the matters pertaining to his present job and his potential for a better job." Performance appraisal is a systematic way of reviewing and assessing the performance of an employee during a given period of time and planning for his future. It is a powerful tool to calibrate, refine and reward the performance of the employee. It helps to analyze his achievements and evaluate his contribution towards the achievements of the overall organizational goals. By focusing the attention on performance, performance appraisal goes to the heart of personnel management and reflects the management's interest in the progress of the employees. Stolz observes that “the process of Performance Appraisal follows a set pattern, viz., a man’s performance...
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