...person’s actions on someone else. g. Productivity: The amount of goods or services produced. h. Incentives: Something that controls how a person will act. i. Property Rights: The ability of someone to own scarce items. 2. i. Inflation is the increase in the prices in the economy. The cause of inflation is the Government prints too much money, therefore there is a lot more money out there so prices rise. ii. The short-term trade-off between inflation and unemployment is the government spends more money (stimulus) which increases the demand for goods and services. The higher demand makes businesses raise their prices, but it also makes them hire more workers to help with the demand. The more people that are hired, the lower unemployment percentages. 3. Absolute advantage is when one company produces a good using less inputs than another company. Comparative advantage is when one company can produce a product with a lower opportunity cost that the other company. 4. Comparative advantage is more important for trade. It takes in both the idea of time and if it makes sense for that person to make a good when they can make something...
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...products by faulty services cause failure costs. * Internal failures are failures that are discovered during the production process or prior to the customer ever coming into contact with the product. There are many reasons the internal failures can occur including defective materials, incorrect methods or processing, or faulty equipment. * External failures are failures that are discovered after the customer has the product. This type of failure becomes very costly to the company due to increase costs of warranty work, liability, payments to customers, providing the customer with a replacement unit, and the costs of handling customer complaints. The three types of costs are not independent from each other. There is a trade-off relationship between the costs. For example an increase in prevention and appraisal costs results in an...
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...1. Do you think there is a trade-off between the positive (high performance) and negative (increased stress) effects of stretch goals? Setting goals is part of organizational life and a powerful way to keep employees aligned and clear about expectations. But how tough should the goals be? How high should you set the bar? Some leaders like to set goals at a low to moderate level, based on the concept that they want everyone to be successful. They believe that success increases employee motivation and satisfaction. A second approach is to set the goals fairly high, expecting that a good portion of the employees will achieve them, but everyone has to work pretty hard to be successful. The third approach is to make the goals so high that only the very best performers might attain them, but not too often. This is based on the premise that if you set the bar really high then everyone will work their hardest to go as far as they can. However, stretch goals can have a tradeoff between the positive and negative effects. On the positive side, it can increase high work performance since it enables employees to reach their fullest potential. Sometimes employees find stretch goals very motivating and make it a challenge to attain it, because managers generally attach incentives such as recognition and other forms of rewards for attaining these goals. Nevertheless, stretch goals also have negative effects and this is the stress that employees go through when unrealistic goals are set by...
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...According to the static trade-off theory firms with higher profits tend to have higher leverage ratio. But this statement contradicts with empirical evidence: more profitable companies have lower leverage ratio. Such findings lead to rejection of the static trade-off theory and more attention to other theories such as dynamic trade-off theory, pecking order theory and other. In the given article, Frank and Goyal pursue the aim to prove that the literature has misinterpreted the evidence as a result of applying irrelevant empirical methods (leverage ratios). For example, leverage ratios do not distinguish variations that operate through an effect on E and D. The static theory gives results for financial decisions at the margin, while leverage ratios are an evaerage of totals. The difference in cost structure of large and small firms is also omitted and leads to wrong results. So the authors argue that such ratios have undesirable properties for examining the static trade-off theory. Conducting the research, the authors obtained the data from Compustat and CRSP. Frank and Goyal also state that using leverage ratios is not right, because it omits several features. They investigated the static trade-off model of capital structure using 2 regressions that explain debt and equity respectively. The authors describe how to deal with the exogeneity of profits. Frank and Goyal research led to several results: highly profitable firms issue debt and buyback shares while less profitable...
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...12 Globalization and International Trade “Globalization” refers to the growing interdependence of countries resulting from the increasing integration of trade, finance, people, and ideas in one global marketplace. International trade and cross-border investment flows are the main elements of this integration. Globalization started after World War II but has accelerated considerably since the mid-1980s, driven by two main factors. One involves technological advances that have lowered the costs of transportation, communication, and computation to the extent that it is often economically feasible for a firm to locate different phases of production in different countries. The other factor has to do with the increasing liberalization of trade and capital markets: more and more governments are refusing to protect their economies from foreign competition or influence through import tariffs and nontariff barriers such as import quotas, export restraints, and legal prohibitions. A number of international institutions established in the wake of World War II—including the World Bank, International Monetary Fund (IMF), and General Agreement on Tariffs and Trade (GATT), succeeded in 1995 by the World Trade Organization (WTO)—have played an 66 important role in promoting free trade in place of protectionism. Empirical evidence suggests that globalization has significantly boosted economic growth in East Asian economies such as Hong Kong (China), the Republic of Korea, and Singapore....
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...have to do a lot of work outside of classes. In fact, students spend more time in books at home than in classes. Every day, I face a choice in whether I should study or do my leisure activities. As I look at those two options, I make a decision using simple decision rules. If I choose to do my homework and keep myself up to date in my courses, then I will probably have better grades at the exams and quizzes, but I won’t really like my evening and go to bed bored. However, if I occupy my time to my leisure activity, I’ll have a better evening, whether I go out with my friends or I pass some time watching sports on TV, but I’ll start being late in my courses and it will be hard to make up for all the time I wasted. To conclude, this trade-off is decided more by what I want now, versus what I later. Hence, I will often choose to study and make my homework, but still give myself a little brake once in a while. ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- -------------------------------------------------...
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...Claire Adamski, Jessica Anderson, Hannah Sweet Biol 3131 - JIT #7 - 11/2/15 1. Why are trade-offs among life history traits so commonly observed? An organism experiences growth from birth to maturity, mating, reproduction, and even survival throughout its life. The lifespan of each organism varies, but passing on its genes to offspring is the desired outcome. The ability to reproduce is restricted by time, nutrients, environmental factors, and available energy. Some organisms are able to survive in a habitat over others due to a certain life history traits. These organisms have allocated their resources to increase their fitness and therefore have performed trade-off of other life history traits. The organism that has higher fitness will reproduce and pass its genes onto its offspring. These offspring have variable amounts of resources available and will allocate the resources towards what will be beneficial in that environment. Trade-offs of life history traits occur so that an organism can adapt to the conditions of the environment and maximize fitness resulting in reproduction. 2. Why would organisms with low annual survival rates begin to reproduce at an early age? Many organisms face a trade off between...
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...Expert Systems with Applications 41 (2014) 1830–1846 Contents lists available at ScienceDirect Expert Systems with Applications journal homepage: www.elsevier.com/locate/eswa A new multi-objective multi-mode model for solving preemptive time–cost–quality trade-off project scheduling problems Madjid Tavana a,b,⇑, Amir-Reza Abtahi c, Kaveh Khalili-Damghani d a Business Systems and Analytics Department, Lindback Distinguished Chair of Information Systems and Decision Sciences, La Salle University, Philadelphia, PA 19141, USA Business Information Systems Department, Faculty of Business Administration and Economics, University of Paderborn, D-33098 Paderborn, Germany c Department of Knowledge Engineering and Decision Sciences, University of Economic Sciences, Tehran, Iran d Department of Industrial Engineering, South-Tehran Branch, Islamic Azad University, Tehran, Iran b a r t i c l e i n f o a b s t r a c t Considering the trade-offs between conflicting objectives in project scheduling problems (PSPs) is a difficult task. We propose a new multi-objective multi-mode model for solving discrete time–cost–quality trade-off problems (DTCQTPs) with preemption and generalized precedence relations. The proposed model has three unique features: (1) preemption of activities (with some restrictions as a minimum time before the first interruption, a maximum number of interruptions for each activity, and a maximum time between interruption and restarting); (2) simultaneous...
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...Expert Systems with Applications 41 (2014) 1830–1846 Contents lists available at ScienceDirect Expert Systems with Applications journal homepage: www.elsevier.com/locate/eswa A new multi-objective multi-mode model for solving preemptive time–cost–quality trade-off project scheduling problems Madjid Tavana a,b,⇑, Amir-Reza Abtahi c, Kaveh Khalili-Damghani d a Business Systems and Analytics Department, Lindback Distinguished Chair of Information Systems and Decision Sciences, La Salle University, Philadelphia, PA 19141, USA Business Information Systems Department, Faculty of Business Administration and Economics, University of Paderborn, D-33098 Paderborn, Germany c Department of Knowledge Engineering and Decision Sciences, University of Economic Sciences, Tehran, Iran d Department of Industrial Engineering, South-Tehran Branch, Islamic Azad University, Tehran, Iran b a r t i c l e i n f o a b s t r a c t Considering the trade-offs between conflicting objectives in project scheduling problems (PSPs) is a difficult task. We propose a new multi-objective multi-mode model for solving discrete time–cost–quality trade-off problems (DTCQTPs) with preemption and generalized precedence relations. The proposed model has three unique features: (1) preemption of activities (with some restrictions as a minimum time before the first interruption, a maximum number of interruptions for each activity, and a maximum time between interruption and restarting); (2) simultaneous...
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...Speed-Accuracy Tradeoff Mikko Allen D. San Miguel Pamantasan ng Lungsod ng Maynila Abstract In Speed-Accuracy Tradeoff, a low speed means higher accuracy and a high speed means lower accuracy. This principle is applied in terms of reading. It is predicted that when people read faster, they tend to be less accurate about what they read. This is tested by compelling subjects, to read faster. The subjects were asked to read faster than average, by increasing the target number of lines they were required to read. Also, they were asked to cross-out all the letter e’s that they see as they go through a reading material. Most of the results are consistent with the prediction. When subjects read faster, they committed more mistakes and when they read slower, they were able to commit less. However, other findings are inconsistent with this prediction. For example, even when the subjects were not required to read faster than average, they were still unable to gain a higher score in correctly crossing-out the letter e’s that they came across. Introduction Is a job done fast, a job done inaccurately or can a job be done both fast and accurate? Individuals attempt to perform well in both factors (Zimmerman, 2011). Everyone wants a job well done in a minimum amount of time. For example, it would be amazing if a repairman can fix a broken phone properly in less than the average time it usually takes; this is beneficial to both parties. The client saves more time than usual. Similarly...
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...Risk & Return, a trade off What is a risk? Dictionary meaning of risk could be exposure, hazard, uncertainty, and chance. It conveys a negative sense like possibility of incurring loss or misfortune or injury. It is the probability that a hazard may turn into a disaster or, in other words, the probability that a disaster may happen. Fortunately, risk can be foreseen and managed by various ways such as (i) passing it on to others through insurance, guarantees and sub-contracting, (ii) sharing it by formation of consortium or syndicates, or (iii) reducing it by diversification of possessions or portfolio. What is a return? It means compensation, gain, income, reward, pay off or yield. It would be notice that the word ‘return’ conveys a positive sense as against the word ‘risk’ which forewarns of dangers. Risk & Return Trade Off When one says high risk, high returns, it means that chance of getting high returns are most uncertain or lower. To be blunt, an investor can get high return if he or she is willing to sustain a total losse like in a lottery. One may purchase a share in the stock-exchange in the hope of making a big profit over a short period of time. This is not investing but gambling as there is no guarantee that one will get the desired returns. Some shares in the past have shown a tremendous growth but such occurrences are rare. Source: wikipedia.org Risk & Return Two Major Investment Soundness Indicators 1 - Internal Rate of Return...
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...Trade-off between service and inventory costs Rationalizing safety stock settings within NXP Semiconductors by M.W.H. Roeloffzen Trade-off between service and inventory costs Rationalizing safety stock settings within NXP Semiconductors Graduation Company: NXP Semiconductors SCM Competence Center High Tech Campus – 60 (5.50) Professor Holstlaan 4 P.O. Box 80073 5600 K.A. Eindhoven The Netherlands University Supervisors: Dr. Ir. Leo van der Wegen (UT) Prof. Dr. Ir. Ton de Kok (TU/e) (Dr. Ir. Matthieu van der Heijden (UT)) Company Supervisors: Ir. Sander Kok Ir. Ruud Driesen Ir. Erik van Wachem University of Twente, Enschede Industrial Engineering and Management Science Specialization: Production and Logistic Management Mark W.H. Roeloffzen October 9th, 2007. Summary Summary ----------Context NXP operates in a highly dynamic and globalized semiconductor market. The NXP supply chain control is like it peers in semiconductor business quite complex. To manage the supply chain and to deal with the market characteristics, six so called Business Renewal II objectives were launched as part of the one page strategy. On one hand the BR II objectives target for a lower break-even point and on the other hand it aims for operational excellence. For supply chain management this translates in lower stock targets on one hand and better supply chain performance on the other hand. Because of the existing link between these two objectives, this research will support the inventory...
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...One of the rules John Maxwell mentioned was having to make trade-offs (2016). I personally have seen what the trade-off is when transitioning from a floor nurse to a leader. Our old Director of Surgical Specialties Units was my charge nurse when I was first hired. I loved working on the days she was there. We were all happy for her and her promotion, unfortunately all the close relationships she had with the nurses had to be altered because now she was in a position of authority. In an article by Ray (2012), the author describes how initially coworkers turned supervisors try to play both sides but, in the end, there is a shift in social dynamics. The trade-off to be a leader is having to change your relationship from a lunchtime gossip friend...
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...PASSING OFF – a common law Definition: Perry v Truefitt: Lord Langdale: a man is not to sell his own goods under the pretence that they are goods of another man; he cannot be permitted to practice such a deception, nor to use the means which contribute to the end. He cannot therefore to use names, marks, letters or other indicia by which may induces others to believe, the goods are manufacture by another. Erven Warninch v Townend: Lord Diplock: 5 characteristics: 1) misrepresentation 2) made by a trader in the course of trade 3) to prospective customers of his or ultimate consumer of goods or services supplied by him 4) which may injure the business or goodwill of another 5) cause actual damage to a business or goodwill of the trade Lord Fraser; 5 characteristic 1) In England, particular trade name applies 2) Class of goods clearly defined, trade name distinguish from other similar goods 3) Reputation lead to goodwill 4) Claimant must be owner of the goodwill 5) Suffered substantial damage, to his goodwill, because of the falsely described by the trade name of the defendant. Reckitt & Colman v Borden (Jif lemon): Lord Oliver Classic Trinity: * Claimant has reputation which lead to goodwill, * Defendant made a misrepresentation that is likely to deceive the public, * By inducing confusion, damages REPUTATION :who, trading, where,what Goodwill: definition: IRC v Muller: Lord Macnaghten: Goodwill...
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...Design Elements: Set it Off ENG 225 Design Elements: Set it Off From the beginning films have helped pinpoint different elements of design. Through these elements, both film critics and viewers have been able to identify with what the director is trying to convey. According to this week’s assignment, we are to choose a scene from movieclips.com and in a three to five page paper, analyze the mise-en-scène through the elements of design. This leads me to my chosen film, Set it Off. This movie is formed around an extreme bank robbery in which reveals the dwells upon the lives of four women. This film takes place the streets of Southern California and helps give inside as to how these women do any and everything just to get by and make it on their own. Because tragedy and poverty strikes the women’s’ lives, they matters into their own hands and turn to robbing banks to make an escape from the city and lifestyle they have been surrounded by for years. The key actors in Set it Off are the following: Queen Latifah played as Cleopatra Sims (Cleo), Vivica Fox played as Francesca Sutton (Frankie), Jada Pinkett played as Lida Newsom (Stony), and Kimberly Elise played as Tisean Williams (T.T). These four childhood friends felt that the series of unfortunate events that have constantly occurred in their lives were just enough to push them over the edge and into the world of bank robbery (Polluck & Gray, 1996). This story is set to touch those who have been...
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