...Three foreign Assistant Language Teachers (ALT’s), Mark, Suzanne, and Kelly are employed in a teaching program titled Japan Exchange and Teaching (JET). The Japanese government developed JET in an effort to better the English language education in Japan through the use of international teachers. It was also hoped that the program would promote an understanding at the local level of the importance and value of the differences between various cultures. Any differences that presented themselves between the ALT’s and their employers would be heard by the Conference of Local Authorities for International Relations (CLAIR). An issue however, was that, by agreement, CLAIR would only become involved if the employer would not or would not resolve the problem itself. Issue In this case study, Kelly and the other ALT’s had taken two days off for being sick. The ALT’s were directed by their boss Mr. Higashi to get a doctors note before returning to work and were told they could not use sick leave, instead they would have to use accumulated vacation time for their absence. Mr. Higashi explained that the work ethic is different in Japanese workers and they feel guilty missing work generally and especially because they are sick. When time is missed because of illness, the works use vacation time. Sick time is only used when the employee has exhausted all their vacation time. This was not consistent with what Kelly and the other ALT’s were told before going to Japan, nor was it consistent...
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...2014/11/20 Why do we need inventory? 1 WE IE Managing economics of scale in a SC Cycle inventory (Ch 11) Managing uncertainty in a SC Safety inventory and risk polling (Ch 12, 13) 2 WE IE 1 2014/11/20 Managing Uncertainty in a Supply Chain — Safety Inventory Chapter 12 Wen‐Chih Chen Dept. of Industrial Engineering & Management National Chiao Tung University, TAIWAN 3 WE IE Safety Inventory Safety inventory is carried to satisfy possible demand that exceeds the amount forecasted. 4 WE IE 2 2014/11/20 Determining the Safety Stock Level Safety inventory uncertainty uncertainty Supply Demand Performance: availability (responsiveness), costs (efficiency) 5 WE IE Key Decisions What is the appropriate level of product availability? How much safety inventory is needed for the desired level of product availability? What actions can be taken to improve product availability while reducing safety inventory? 6 WE IE 3 2014/11/20 Measuring Product Availability Product fill rate (fr) % of product demand satisfied from product in inventory % of orders filled from available inventory % of replenishment cycles that end with ALL customer demand being met Order fill rate Cycle service level (CSL) 7 WE IE Measuring Demand Uncertainty : avg. demand @ period i : standard deviation (標準差) of demand (forecast...
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...Lister Director – STO & EPC Project Consulting IPEC Project Systems, Malaysia Knowing the Enemy Managing risk during day-to-day operations in the manufacturing industry is challenging enough without periodically having to shut down to ensure asset and process integrity. With complex processes generating high pressure, high temperature and high flow-rates, combined with hydrocarbons, chemicals and vapors, any loss of control can amount to significant, even catastrophic failures—often resulting in social and financial losses. Industry has come a long way in reducing and mitigating risk during day-to-day operations. When it comes to navigating complex projects like Shutdowns and Turnarounds, however, the ability to manage risk remains one of Management’s greatest challenges. Although the consequences remain the same— human, environment, social, financial, reputation and asset losses—the probability of an occurrence during the execution of a Shutdown or Turnaround is much greater. The very nature of executing complex and risky projects every few years, under pressure to keep costs low and outage durations short, increases the potential for something to go wrong. This paper explores the top five risks encountered in a Shutdown or Turnaround and their probability and consequence, along with suggestions to minimize their impact. Companies have a great deal to learn when it comes to managing risk during a Shutdown or Turnaround project. The investment is relatively small in comparison...
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...to capitalize on Cleveland's reputation as a world class medical center by bringing medical shows and conventions to the city. The Medical Mart concept is modeled after that of the Merchandise Mart in Chicago, and will be managed by MMPI, the same company that operates the Merchandise Mart and will open in 2013(About Cleveland MMCC , 2011). This paper will discuss how risks were identified, ranked, and monitored for the Cleveland Medical Mart project. Identifying Risk Risk management is the identification, assessment, and prioritization risk in a project. It attempts to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures, at any phase in design, development, production, or sustainment life-cycles, legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attack...
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...Meaning of Risk: Risk is defined as the probability of an event and its consequences. Risk management is the practice of using processes, methods and tools for managing these risks. Meaning of Uncertainty: Uncertainty is a state where the extent of risk and when the risk hits is unknown, (ie) – we know what the risk is but are uncertain of the outcome yet. The main categories of risk to consider are: • Strategic Risk: Strategic risks are those risks associated with operating in a particular industry. - for example a competitor coming on to the market • Compliance: Compliance risks are those associated with the need to comply with laws and regulations. They also apply to the need to act in a manner which investors and customers expect, for example, by ensuring proper corporate governance.- for example the introduction of new health and safety legislation • Financial: Financial risks are associated with the financial structure of your business, the transactions your business makes and the financial systems you already have in place. -for example non-payment by a customer or increased interest charges on a business loan • Operational: Operational risks are associated with your business' operational and administrative procedures- for example the breakdown or theft of key equipment Other risks include: • environmental risks, including natural disasters • employee risk management, such as maintaining sufficient staff numbers and cover, employee safety and up-to-date...
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...Analysis of the Regency Plaza case study 4.0 Risk Evaluation and Management of Regency Hotel Project Any project will presents risk elements that represent opportunities or threats that can undermine the smooth running or even completion of the project. Similarly the Regency Plaza project with its high stake of the deliverables, careful managing of risk should be top priority. Using the four stages of Risk Management framework, we shall attempt to evaluate how well risk was managed in the case Regency Plaza project. 4.1 Risk Identification: Sources of Risk Identifying the sources of risk is paramount; detect as many as possible and should be directly related to the project objectives. Uncertainties will happen during the project runtime; hence identification of all possible of risk elements should be meticulously specified, and in the case of Regency Plaza, it can be associated with the design, development, quality, staffing, schedule and budget. Since the Regency Plaza was a mixed use project, and being the first of its kind undertaken by the Group, they may lack the experience in running this project. This was further compounded by the complication of the size and layout of the floor plate in terms of the difficulty of designing a structure to accommodate condominiums over the hotel rooms, seated over a parking garage. Elevator core location and column spacing were essentially fixed by these constraints. At the same time issues such as length of the hallways, floor...
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...representatives per state. 5. Which is the following is an example of an ecosystem service? Water filtration Landscaping services Coal mining Pollution abatement 6. Trading pollution permits is an example of:market-based mechanisms. privatization of resources. community control of resources. environmental justice. 7. Environmental justice violations: only occur accidentally. are adequately addressed by existing law. may cause the displacement of environmental damage across space or time. are generally superficial and harmless to the environment. 8. Characteristics of environmental policy include all of the following, except: scientific uncertainty and risk. greenwashing. spatial and temporal mismatch. externalities. 9. Hallmarks of environmental policy-making include all of the following, except: (Points : 1) managing risk. subjective assessments. scientific certainty. cost-benefit analysis. 10. According to the precautionary principle, we are ethically bound: to ensure that businesses are not harmed by environmental policies. to take no...
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...Social Innovation Centre Risk Management for Energy Efficiency Projects in Developing Countries _______________ Paul KLEINDORFER 2010/18/TOM/ISIC Risk Management for Energy Efficiency Projects in Developing Countries 1 Paul Kleindorfer * * The Paul Dubrule Chaired Professor of Sustainable D evelopment, Distinguished Research Professor at INSEAD Social Innovation Centre, Boule vard de Constance, 77305 Fontainebleau , France and Anheuser-Busch Professor Emeritus of Man age ment Science and Publi c Pol icy, The Wharton School of the Universi ty of Pennsylvani a Ph: +33 (0) 1 60 72 91 28 Email: paul.kleindorfe r@insead.edu A working paper in the INSEAD Working Paper Series is intended as a means whe reby a faculty researcher's thoughts and findings may be communi ca ted to interested readers. The paper should be considered preliminary in nature and may require re vi sion. Printed at INSEAD, Fontainebleau, France. K indly do not reproduce or circulate without permission. 1 Paper prepared for the UNIDO Project “If industrial energy efficiency pays, why is it no t happening?” Risk Management for EE Projects (V3) 15/3/2010 2 Risk Management for Energy Efficiency Projects in D eveloping Countries Abstract/Summary The present paper addresses risk management fundame ntals for energy efficiency (EE) projects in developing countries. The starting point for th is paper is that there are many profitable EE projects in nearly...
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...Maruti dominated the Indian passenger car industry from the very first year and still does so. The company has never seen a 2nd spot in its entire age even after the industry was flooded by Japanese, US and German automobile giants. The company understood the uncertainties and environmental forces surrounding the business operations and acted proactively to keep itself stable. MSIL huge amount of part localization1 and has been the de facto for its success in this competition intense market. Also the MSIL core operations are very much dependent on raw material and intermediate products (70 % of turnover) which create a lot of uncertainty regarding the resources. In this uncertain environment, Maruti has adopted different strategies in line with resource dependence Theory2. In the following few paragraphs we will discuss some Inter-organizational strategies used by MSIL for managing resource dependencies (Figure 1.1). These strategies are formal as well as informal. Figure 1.1 Explains strategies of resource dependence theory and their sub strategies. Resource Dependence Strategies :- 1. Reputation: Maruti, s esteemed reputation has always helped it to be in the good books of its vendors, suppliers and customers. Maruti has done this by timely payment of bills, equitable profit sharing, sustainable growth and high quality service. This informal method had helped and will help MSIL to retain its Number 1 Spot. 2. Co-optation: Maruti in the recent years have been...
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...technology that allow these companies to greater manage their risk, accountability and decision making. In this new and growing field, Governance, risk and compliance (GRC), programmers are showing how much they can provide for companies. The problem lies in that even though GRC programmers and making steady advances, in terms of where businesses expectations are, there tend to be gaps. Understanding this is easier when each part is explained more. According to Enzer (2012), to break it down further, governance is the culture, policies, processes, laws, and institutions that define the structure by which companies are directed and managed, risk is the effect of uncertainty on business objectives; risk management is the coordinated activities to direct and control an organization to realize opportunities while managing negative events, and compliance is the act of adhering to, and demonstrating adherence to, external laws and regulations as well as corporate policies and corporate procedures. (p. 3) GRC programmers are working on ways to make this all automated. This new platform is called Enterprise GRC (EGRC). The main focus of these is to assist auditors, executives and legal professional in dealing with the documentation and reporting. In conclusion we can see how...
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...AGRICULTURAL RISK Agricultural risk are element or factor that constraint agricultural production and expose them to danger or loss. Agricultural risks can range from independent (for example, localized hail losses or an individual farmer’s illness) to highly correlated (for example, market price risk or widespread drought). Managing risks in agriculture is particularly challenging, as many risks are highly correlated, resulting in whole communities being affected at the same time. Clearly, given the widespread nature of resultant loss, financial recovery is particularly difficult and challenging. For governments, the fiscal implications of social safety net payments or the rebuilding of damaged infrastructure can be serious. For insurers, sudden losses suffered by a large number of policyholders places a strain on their reserves and financial stability. For farming communities, there is often no other option than to sell assets, normally at distressed prices. MAJOR RISKS IN AGRICULTURAL TYPE OF RISK | EXAMPLES | Weather | Periodic deficit or excess rainfall, varying temperatures, hail storms, strong winds | Natural disaster (including extreme weather events) | Major floods, droughts, hurricanes, cyclones, typhoons, earthquakes, volcanic activity | Biology and environment | Crop/livestock pests and diseases; contamination caused by poor sanitation, humans, or illnesses; contamination affecting food safety, natural resources/environment, or production and...
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...carries great risks. The first section of this report endeavours to identify the risks associated with such a large scale change in general terms, but also with respect to the specifics considered in the title of this report. The second section concerns itself with the means of mitigating those risks and making preparations to help avoid them. It also considers both the general aspects of change and those specific to the title of this report. Finally the conclusion consists of a concise summary of the main points identified throughout the report. Contents 1. Introduction 2. Identification of risks 2.1 General risks associated with change 2.2 Risks specific to this project 3. Preparation and mitigation of those risks 3.1 Managing risks common to the change process 3.2 Mitigation and preparation for specific risks associated with this project 4. Conclusion 5. Bibliography 1. Introduction Appreciating the scale of change implemented in transformation outsourcing goes some way to understanding the risks and payback involved with such a change. There are many risks which can be considered common to the change process in any organisation routing from the resistance to the change progression itself. But there are also risks which need to be considered which are specific to the circumstances of the case...
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...Mathematicians have the concept of rigorous proof, which leads to knowing something with complete certainty. Consider the extent to which complete certainty might be achievable in mathematics and at least one another area of knowledge. When we look at it at first mathematics and history seems to be two areas of knowledge where proof leads to absolute certainity on the subject. A large proportion of people believe that in history that if there is an evidence based on a claim , whether big or small, then the claim is true. But the actual thing is if there is a proof based on a claim it gives us an idea about the claim and the rest we will have to figure out with our own perception and reasoning skills. Mathematics is comparatively free of all other ways of knowing other than reasoning. Certainty in mathematics need not always be achieved through proof. Consider the case of axioms. Consider the axiom which suggests that things that are equal to same thing are equal to one another. There is actually no formal proof which backs up this axiom or any other axiom. It is just right under your nose. Although it is said rigorous proof leads to complete certainty in mathematics, as we look more deep into the areas of knowledge the level of uncertainity increases. Proof in mathematics is completely different from proof in history. The definition of proof differs in both the contexts. In mathematics proof, refers to a multitude of theorems and definitions...
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...What is the role of technology? Is the role different than of your view of today’s technology role? How does uncertainty impact your ability to plan for the future work? Predicting the future, or in this case the future of work, has and always will be one of those uncertain tasks that all individuals, managers, entrepreneurs, etc. question and try to determine. Although predicting the future of work is impossible, it doesn’t mean that one can’t reasonably assume what lies ahead. As the videos allude to, research, analyze and be certain in your direction! The technology has morphed throughout history, from ancient civilization techniques to modern computer devices, and one to believe that technology can’t and won’t change in the future will be left behind. Technology will always drive the workplace, regardless of the industry. Without technology, it will be very difficult to nearly impossible to be transparent, flat, competitive, and on demand. Today’s world of technology is a phenomenon in which people can interact, communicate, plan, organize, and manage work from across the globe in mere seconds and at little to no cost. Technology as we know it today may be much different in 2, 5, 10, and even 20 years from now. Innovation drives technology. Today’s role of technology isn’t much different than my view of its role. As a public employee, it has been difficult at times to “keep up” with the latest and greatest technological enhancements available due to budget and work constraints...
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...Tort Risk Prevention through ERM Jaime Rodriguez LAWP/531 May 25, 2013 Gregory Martin Tort Risk Prevention through ERM The business regulation simulation proved to have a variety of potential tort risks in the exercise. Alumina Inc. had the misfortune of being caught with a violation by the EPA and failure to have appropriate measures in place led to the allegations from Kelly Bates. Although the company corrected the problem, it was not clear what steps Alumina Inc. continued to take after the incident occurred. Following the seven steps as defined by Tony Harb would provide Alumina Inc with a structured model to follow and to manage their risk with greater efficiency. Tort Violations The initial violation that Alumina Inc. was found guilty of was having a discharge that was above the standards set by the Environmental Protection Agency (EPA). With Alumina Inc. being situated in proximity to Lake Dira, they need to have stringent policies in place to ensure that any discharge from their plant would not exceed the maximum amount allowed by the EPA. Failing to maintain this standard has resulted in negligence on their part regardless of whether or not they addressed the problem in a prompt manner. Although the issue was corrected quickly, the damages continued further down the road and exposed the corporation to the potential for lawsuits against...
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