...Failure, something that every human being that has, does, or will exist sometime within the time they are among the earth, it matters not how successfull you are, one day, if it has not already transpired, you will fail. Here, in this post, I am going to enlighten you with a story of "failure" of my own. Keep in mind that it is not going to be the most internesting thing in which you have ever read, because frankly, it is not. Ah, I remember it like it was just recently, but in reality, it was a mere four years ago. Back when I was a Freshman, I was ignorent of the world around me, nothing seamed "real" nothing seamed like it was happening "right then and there" I had thought that understanding how the ways in which the world works where easy, that I already knew everything about it. That was until I met...
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...Team B - Business Failure Analysis Jeffery Rhymes, Terri Zubrod, Abel Dominguez, Eric Paniagua, Su Rodriguez LDR/531 January 11, 2015 Professor David Warren Introduction The mission statement for Redbox and Blockbuster both have focused on providing customer satisfaction with media entertainment that includes movies and games. In the years prior to the inception of Redbox in 2002, Blockbuster offered customers a value price entertainment experience, combining the broad product depth of a specialty retailer with local neighborhood convenience (Poggi, 2010). Blockbuster Inc. was a global business with 8,000 stores and offered movie and game rentals for home use by consumers (Poggi, 2010). Since 1992, Outerwall LLC had looking for ways to provide value, convenience and simplicity to consumers and retailers with the kiosk brands best known, Coinstar a leader in money services and Redbox, the best value in home entertainment. Outerwall LLC has a network of more than 66,000 kiosks and will be re-imagining new retail solutions to fit everyday consumer needs for the present and the future (Outerwall.com, 2015). Blockbuster – Success and Failure Blockbuster’s vision Statement: "At Blockbuster, diversity means valuing differences. It's a corporate value that must be continually developed, embraced and incorporated into the way we do business" (Poggi, 2010). Blockbuster was a video rental store that started in Dallas, Texas the first store was opened in October, 1985 and the...
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...following topic: Select an information systems case study for which you are familiar and are able to get access to appropriate information. The information system of concern should have experienced some sort of significant incident or failure sometime over the last 2 years. You report should start by briefly describing the information system and the incident of concern. You should then provide an analysis the information system with respect to the major topics that have been covered in this unit. The issues you should cover include: a description and the major components of the information system. This should be facilitated by using models of the information system and its associated business processes using the tools covered in the unit – for example, you should provide, as a minimum, a rich picture of the situation and at least one business process model. The description of the system should include an identification of key stakeholders and their needs with respect to the system; the organisation this information system sits in, and the connections the system has with organisational innovation. The strategic context for the system is likely to be relevant to this, and you might find that the Porter’s Five Forces model might assist with the analysis in this area; a brief summary of issues that may appear in a business case for this system. For example, consider the rationale that management may have used to justify an investment in the system and the risks they may have attempted...
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...Failure of Business Enterprises; Caused by Productivity or Management? RAJKOOMAR Manish Table of Contents Definition of Business Failure3 Closures and Failures: The Numbers3 Reasons For Business Failures Failure Due to Production Related Issues4 Failure Due to Management Related Issues5 Recovering From Business Failures8 Conclusion9 Definition of Business Failure Business failure is defined as the termination of a business that results in financial loss for at least one of the business's creditors. All entrepreneurs who decide to establish their own business face the possibility of failure, and a good deal of sources holds that failure is not only possible but probable for the small business owner seeking to launch his or her own enterprise. It has long been said that four out of five new businesses fail within five years of their establishment, for instance, but current studies indicate that such gloomy forecasts often present a false picture of entrepreneurial realities. Indeed, many business experts that the majority of small business owners are actually successful with their ventures. , The US Chamber of Commerce - published newsletter; Nation’s Business pointed out "Outright failures of small businesses are in fact remarkably rare." Moreover, Nation’s Business explained that "if failure is defined, reasonably enough, as a business closing that results in losses to creditors because the firm files for bankruptcy or because it simply closes its doors...
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...Internal Analysis Earlier we explained differences in firm performance as being a function of their external environment. However, this is only part of the story. Obviously, each firm has some unique aspects. How can these be analyzed to understand differences in firm performance? Resources and Capabilities. Economics generally models firms as generic black boxes that transform inputs into outputs in an efficient manner. Edith Penrose (1950) is generally credited with being the first person to model firms as unique bundles of resources. Some individuals like to make distinctions between resources, what companies have, versus capabilities, things companies can do. A classic example might be my personal computer. As a resource it is more powerful than the original computer on the Space Shuttle, however, I could not land the Space Shuttle with it. So in this case I have a superior resource but an inferior capability. Resources and capabilities can take many different forms. Literally anything an organization possesses can be considered a resource. Examples include financial resources, plants, equipment, technology, reputation, brands, and organizational expertise. In short there is no potential constraint on what can be considered a firm's resources or capabilities. VRIO Analysis Given that almost anything a firm possesses can be considered a resource or capability how should you attempt to narrow down the ones that explain why firm performance differs? In order to lead to a sustainable...
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...MOM350 CONDITION MONITORING AND MANAGEMENT PROJECT 2 – SPRING 2013 LINN WETTELAND STUD.NR 204592 “USING FAULT TREES TO DETERMINE THE ROOT CAUSE OF ROTATING EQUIPMENT FAILURES” (Robert X. Perez) In the paper “Using fault trees to determine the root cause of rotating equipment failures”, the author, Robert X Perez, explains through his own experience as a senior reliability engineer at Citgo Petroleum Corporation, and through examples of various events in different systems the importance of finding the root cause(s) of failures in rotating equipment. The author explains these “major failures causing significant undesired events are the result of a series of events, and compares it to the reaction of a domino line being tipped over by a single domino chip. And studying chain of event, or probable scenarios is at the heart of RFCA’s” (Perez) The author focuses on FTA (Fault tree analysis) as a tool to determine such root causes. And gives examples of cases where use of these tools could have OR have prevented multiple damages due to one component failure causing failure in surrounding components. RCFA – Root Cause Failure analysis “Root Cause Failure analysis is a structured process to identify any physical, human and latent causes of undesirable event(s).And how such a process can be used in achieving continuous plant reliability improvements by targeting mechanical and organizational deficiencies in a process facility” (Perez). A tool for “Identification and correction...
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...Internal Analysis Earlier we explained differences in firm performance as being a function of their external environment. However, this is only part of the story. Obviously, each firm has some unique aspects. How can these be analyzed to understand differences in firm performance? Resources and Capabilities. Economics generally models firms as generic black boxes that transform inputs into outputs in an efficient manner. Edith Penrose (1950) is generally credited with being the first person to model firms as unique bundles of resources. Some individuals like to make distinctions between resources, what companies have, versus capabilities, things companies can do. A classic example might be my personal computer. As a resource it is more powerful than the original computer on the Space Shuttle, however, I could not land the Space Shuttle with it. So in this case I have a superior resource but an inferior capability. Resources and capabilities can take many different forms. Literally anything an organization possesses can be considered a resource. Examples include financial resources, plants, equipment, technology, reputation, brands, and organizational expertise. In short there is no potential constraint on what can be considered a firm's resources or capabilities. VRIO Analysis Given that almost anything a firm possesses can be considered a resource or capability how should you attempt to narrow down the ones that explain why firm performance differs? In order to lead to a sustainable...
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...Safety Analysis of a High Voltage Test Lab by David Wallace for ISE 6173 Instructor: Dr. Kari Babski-Reeves Spring 2015 ABSTRACT In the production of electrical transformers, dielectric test must be performed to certify the transformer will function properly in the field. These tests are conducted in a high voltage test lab (HVTL) where voltages can reach in excess of 500,000 volts. This health and safety assessment was performed on a HVTL to identify potential safety and health hazards within the lab and apply engineering controls, administrative controls and personal protective equipment to mitigate the hazard. This assessment was accomplished through the use of risk assessment, deviation analysis, job safety analysis, HAZOP and fault tree analysis following a five step method. Each hazard was quantified based on the consequence and the probability of occurring and classified based on the type of risk and the acceptance of the risk. From this analysis, the ten most critical hazards were chosen. These ten were then mitigated using the various controls listed above. * TABLE OF CONTENTS ABSTRACTii INTRODUCTION1 METHODS2 2.1 Safety and Health Analysis Tools2 2.1.1 Risk Assessment Analysis2 2.1.2 Deviation Analysis3 2.1.3 Job Safety Analysis5 2.1.4 Hazard and Operability Analysis5 2.1.5 Fault Tree Analysis6 2.2 Procedures for Five-Step Analysis6 2.2.1 Risk Assessment Analysis of Building and Facility7 2.2.2 Deviation Analysis of Hazardous Substances7 2.2.3 Job Safety Analysis...
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...THE COST OF QUALITY (Recent Concept) 1. CONSEQUENCES OF FAILURE TO MEET CUSTOMER (I & E) REQUIREMENTS ← Replacements ← Rectification – Reworks. ← Warranties Payments. ← Recall. ← Results in Loss of Money. 2. WHY HAS COSTS OF QUALITY CONCEPT NEGLECTED ← Lack of effective cost control system. ← Reluctance to change existing financial control systems. ← Most office and manufacturing processes produce defect levels around 20%. ← Twenty percent is accepted as the norm. ← No organized effort is made to change the situation until a ‘real’ quality problem is found. ← All efforts are then expended to solve the problem and return to the previously acceptable level. 3. ELEMENTS OF THE COST OF QUALITY (COQ) 1. Prevention Costs – Price of Conformance (POC) ← Expected costs of getting things right first time, always the first time. 2. Appraisal Costs – Inspection and Testing ← Inspection and testing required to some extent. ← Minimize. 3. Failure Costs – Price of Non-Conformance a) Internal Costs of Failures: ← Identified. ← Corrected. b) External ← Returned of defective/customers non-conforming products. ← Engineer/personnel...
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...ASSIGHNMENT #2: AIS ATTACKS AND FAILURES: WHO TO BLAME Introduction In this paper, I am going to present about an accounting information system attacks and failures: who to blame. I am also going to discuss the following related topics in the following order: Firstly, I will take a position on whether a firm and its management team should or should not be held liable for losses sustained in a successful attack made on their AIS by outside source. Secondly, I will suggest who should pay for the losses, to whom, and state why. Thirdly, I will give my opinion regarding the role, if any; the federal government should have deciding and enforcing remedies and punishment. Finally, I will evaluate how AIS can contribute or not to contribute to the losses. A Firm and its Management Team Should Be Held Liable for the Losses According to the Control Objectives for Information and Related Technology (COBIT) framework and the Trust Services framework, achieving organization’s business and governance objective require adequate control over IT resources. IT processes must be properly managed and controlled in order to produce information that satisfies the seven criteria: effectiveness, efficiency, confidentiality, integrity, availability, compliance and reliability. These IT processes are grouped into the following four management activities or domains (Romney & Steinbart, 2012). 1. Plan and Organize (PO), 2. Acquire and Implement (AI), 3. Deliver and Support (DS)...
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...The second important idea that can be shared from Didion’s essay is that the person with self-respect is always capable of accepting the price of mistakes and failures that he/she faces in everyday life. In this case, it is important to mention that for the majority of people serious failure or mistake can become a reason to avoid further actions. It is widely known that one significant failure can corrupt the human character, and destroy his/her will for challenge and competition. Such phenomenon was relevant for common people and the brightest representatives of each epoch. Here, the difference is only in the level of failure and corresponding pressure that is caused by the person in a certain environment. A human psychology is quite flexible...
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...and reasons are outlined to communicate a manager’s fear of failure, reluctance to make decisions and inability to make effective decisions when required at all hierarchical levels. If a decision must be made, particularly for an unexpected situation or problem, there is a tendency to look up, at superior’s intents and desires, and look around, at the general consensus of peers, before making any decisions. Jackall also explains managerial short term focus, the corporate culture of self interest and the reasons for each. In particular, he explains the manager’s interest in their progression and preference for short term, self promoting, often political, decisions over rational decisions that benefit the organisation in the long term. These passages show that personal ambition prevents good, rational decisions being made. Jackall also shows how this extends to the blaming of others and changing jobs in order to avoid being accountable for the consequences of previous decisions or strategies that enabled individual corporate progression. In essence, if you ‘outrun your mistakes’ through promotion or transfer, you will succeed no matter the impact on the organisation or others. This is facilitated through a lack of accountability at all levels. Without ever explicitly expressing it, the author is criticising these methods, this culture and the acceptance of it. He highlights the negative consequences of a focus on personal interest...
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...HEALTH, SAFETY AND ENVIRONMENT TITLE: FRACTIONAL DISTILLATION PROCESS CONTENTS 1. Title………………………………………………………………………….1 2. Summary…………………………………………………………………….3 3. Introduction of Case Study…………….…………………………………….4 4. Risk Scenario Development…….…………………………………………...5 5. Justification of Fault Tree Analysis…………………………………………6 6. Procedures of Fault Tree Analysis…………………………………………..7 7. Fault Tree Analysis…………………………………………………………8 8. Possible Risk Associated with Hazards….………………………………...11 9. Accident Consequences…………………………………………………….13 10. Method to Control the Risk………………………………………………...15 11. Solution to Minimize the Risk……………………………………………..17 12. Conclusion………………………………………………………………….18 13. References………………………………………………………………….19 SUMMARY Figure 1: Fractioning Column (Copyright of science-resources.co.uk, 2009) Figure 1: Fractioning Column (Copyright of science-resources.co.uk, 2009) Crude oil is one the most important non-renewable sources on Earth. Demand for this black viscous liquid is growing every day in this era if modern technology. Electricity, vehicles and synthetics are among the major consumers of petroleum fluids or crude oil. Crude oil could be referred to as the ‘black gold’ due to its expensive price and complicated production process. Unlike gold, crude oil naturally is useless in its primary form. A process called fractional distillation or petroleum refining need to be carried out onto the crude oil to separate...
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...Abstract Over the past years, and as a result of high profile firm failures, the economic crisis, and increased regulatory pressure, many organizations have placed a large emphasis on financial risk assessments. The risk assessment process is needed to identify risks that need to be treated within an organization, as well as to provide strategies and methods that are most appropriate to treat these risks. Because many organizations are poorly aligned between their risk exposure and their risk appetite, it is important to engage in the risk assessment procedures. These procedures can help an organization prevent risk exposure and determine if their current operations will result in an increase or decrease of market value and owners’ wealth. As a result of the economic crisis, and the recent increase in corporate failures, organizations can now learn from the mistakes of others. This paper will discuss the mistakes that lead WorldCom, a telecom company that was once the fourth-ranked in Fortune 500, to bankruptcy in 2002, in an effort to demonstrate the importance of successful risk assessment and alignment implementation. Keywords: corporate failure, risk analysis, risk assessment, risk management, WorldCom Over the past years, and as a result of high profile firm failures, the economic crisis, and increased regulatory pressure, many organizations have placed a large emphasis on financial risk assessments. Risk assessment is the process where risk managers analyze...
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...Tyco International – Epic Failure Dionne Flinn March 25, 2013 LDR/531 Thea Miller Tyco International – Epic Failure A business is successful not only if it has the right “product” that consumers want, but also if it is managed and lead by strong, ethical and invested leaders. In the past two decades unethical, corrupt, greedy and incompetent CEO’s have brought down multi-million corporations and cost thousands of American workers their jobs. One such CEO, Dennis Kozlowski of Tyco International, destroyed his company through his arrogance, greed, lack of ethics, and overall disdain for his company. An effective leader puts his own personal interests aside and works for the greater success of his company for their employees and shareholders. Tyco International experienced a boom in profits in the 1990’s through continuous acquisitions of smaller companies and financial manipulation of accounting records. This resulted in rampant greed and corruption, with managers who shared the same values as Dennis Kozlowski advancing into upper management ranks. The main charges against Kozlowski involve “using company funds to purchase millions of dollars worth of artwork as well as an $18 million apartment in Manhattan. Kozlowski used company “loans” for the purchases, allowing him to avoid paying income tax on the money used” (Kay, 2002). Kozlowski allegedly transported crates of artwork to Tyco’s operating headquarters in New Hampshire to avoid paying sales tax. Instead, the...
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