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Letter to the Editor, Wall Street Journal

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Letter to the Editor, Wall Street Journal

The debate on competition instigated by Peter Thiel’s article ‘Competition is for Losers, Review September 13’ begs some comments. It is an accepted economic truth that competition drives down profits. However, the company that wishes to make profits develops a cost strategy that maximizes the sales of its products to attract as many consumers as possible. A company must address the issue of cost structures among other things, if it is to be competitive. Thus, it is altruism to generalize the issue of competition based on low price only. Those companies which position themselves at a high price level do not fair better on profitability than those that embrace the low price approach. Capitalism reigns over the most efficient economy and offers the widest choices for consumers. After all, it is the consumers who drive the profits. The enterprises that continuously innovate in order to lower costs and remain competitive will always win in the long term.

Thiel’s claim that competition and capitalism are opposites, is fallacious. Competition is the foundation of capitalism. Lack of competition, in any economy, leads to mediocre products since there are no incentives to innovate. It is one of the reasons why socialist and communist economies failed. Thiel also confuses market power with monopoly. Monopoly is a theoretical construct used by economists to describe a market where there is only a single player. Market power, on the other hand, is the measure of the ability of the enterprise to increase its prices without affecting sales and, hence, increase profits. Google is more profitable not because of the monopoly, but because it can attract more consumers, and, consequently, gain bigger market share.

In conclusion, the views presented in Thiel’s article are incorrect. Stating that competition is for losers is misguided and unsubstantiated. Competition is healthy and is embraced by large and small economies and businesses alike.

Nutrition analysis

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Nutrition analysis

Introduction

I noticed abnormal weight at the age of thirteen while I was still in school. My parents used to work with the army, and most were the times I was left with the house help who rarely cooked most of the times. Most were the times I ate junk foods and packed them for lunch in school; little did I know the harm I was causing to myself. Weight gain lowered my self-esteem with my peers as I watched them play during break time; I could not even participate in basketball which was my best despite having a pitch in town. I often got sick, thus missing most of the classes in school, which even made me repeat some classes. When I got admitted to the hospital and explaining to the doctor my feeding habits, he got shocked and recommended some of the foods I should take. I had to change my routine programs such that I had to allocate more time to physical exercises. I was the firstborn in the family. I did not want my small brothers and sisters to through the same situation as I did. I wanted to help such people with the same condition as I wanted to become a nutritionist after school.

Nutrition analysis

It is easy to maintain a well-balanced diet and helps prevent usual health problems, including heart and diabetes. It can be hard to tell if the food you eat meets your diet’s nutrients and standards, and it is essential to be aware of this, especially if you are trying to develop healthier habits. I could calculate my calories, carbohydrates, proteins, fats, minerals, and vitamins consumption in their database. To create a scale for people to measure their eating habits, both sex, age, weight, exercise levels and height were included in the database. The findings of a dietary analysis were studied, and numerous experiments were subsequently correlated with DRI (Dietary Reference Intake). In determining how much food I shall consume one day, this was extremely helpful. Finally, I have planned a regimen to keep my diet balanced. I had to consult my nutritionist, Dr Peter waters, to guide me in this. He discouraged eating junk foods as I used to do; he then advised my parents to employ a home health giver to look after me.

In my diet, Peter Waters emphasized the importance of three macronutrients: proteins, fats, and carbohydrates. Carbohydrates, which include sugars, cellulose, and starches, are primarily organic compounds abundant in food and living tissues. A protein is a nitrogenous organic compound made up of larger molecules that contain one or more long amino acid chains. They are a necessary component for the physical components of the body’s tissues, such as hair, muscles, and collagen. Protein can be consumed at a rate of 0.8 grams per kilogram of body weight (kg). Finally, the fat in one’s diet provides a large portion of one’s nutrition. Per gram of dietary fat, nine (9) calories are present. Because of its high caloric content, increased fat consumption increases the risk of obesity value. My intake of carbohydrates is just over half of the minimum recommended amount.

With the database modified to my information, I should take between 1,100 carb calories a day. These results show I intake approximately 550 carb calories. Suppose you don’t have enough carbohydrates in your diet. In that case, it can cause an energy deficit, resulting in your body breaking down the stored energy, and your body will try to obtain energy from a less good food source, which could produce unwanted side effects. Carbohydrates are the body’s primary source of glucose, which offers the required fuel for every cell in your body. Recommended protein levels show a minimum of about 240 protein calories a day and a maximum of about 875 calories ( Alexon). My intake averaged to be about 300 protein calories. This is within my range, but it is at the lower level. There are two main categories of protein deficiencies when one consumes enough calories but not enough protein calories; one will suffer from kwashiorkor. When one doesn’t consume enough calories or enough protein calories, one will suffer from marasmus. Reduction in protein synthesis inside the cells is one of the primary outcomes of protein deficiencies. Your body wouldn’t access essential compounds needed to create new protein molecules if you fail to consume critical amino acids, which eventually decelerates the production of new proteins. My recommended fat intake was between 490 fat calories and 850 fat calories per day. I averaged roughly 460 fat calories, which is just under the recommended daily intake. When someone doesn’t get enough fat in their diet, they could suffer from depression, an increased risk of blood pressure and cholesterol and poor vitamin absorption.

Micronutrients are frequently addressed as vitamins and minerals and are huge dietary components. Although they are usually only needed for the body in small amounts, they are essential in the development, prevention of diseases, and overall well-being (Kinstler et al.). The body can’t produce them, so your diet is where they are derived from. According to the results, my average caloric intake throughout the 3-day analysis was 1287kcal, expending an average of 2664kcal each day. This is a net loss of -1377kcal/day. The database concluded my recommended daily calorie intake is 2429kcal, which is just under double my actual average intake. A full data-sheet can be found in appendix C, Energy Balance. The predesigned equation to calculate estimated energy requirements (EER) left only weight, height, age and physical activity levels. My EER was calculated as 2438.12kcal/day. This is very close to the databases calculation, with just a difference of -9.12kcal. I am not getting nearly as many calories as I should be. To help this issue, I can eat regularly and according to my DRI. This analysis indeed indicates my personal nutrient ingesting isn’t as healthy as I initially thought it was. Consuming foods from primary groups, such as fats, carbohydrates, or fibres, is not generous in other essential nutrients.

Conclusion

In a nutshell, understanding foods are critical to ensure a healthy amount is going into your body each day. Some nutrients are only needed in small amounts, and this range varies based on what it is, but that doesn’t go to say a small amount of a nutrient is unimportant. Although people think you can have a deficiency for a particular nutrient, you can consume too much of something, which causes issues within the body. Since many people are so naïve to a lot of generic information, using this database will make people think about what they’re eating before eating it. This type of analysis can help people who have unhealthy lifestyles and diets to change with nothing more than statistics and personal motivation. This can be extremely rewarding and inspire the individual to keep going and change their diets and lifestyles and others as well. Parents should play a role in ensuring that their children are fed in an appropriate way by the care givers whom they leave with their children. Lack of proper diet can lead to diseases such a kwashiorkor as well as marasmus. Poor nutrition in children can lead to brain damage in thus the child becomes a poor performer in school.

Work cited

Axelson, Marta L., Terri L. Federline, and David Brinberg. “A meta-analysis of food-and nutrition-related research.” Journal of Nutrition Education 17.2 (1985): 51-54.

Kinstler, Angela et al. “Frequent Emesis With Enternal Nutition: Are Formula Hang Times A Factor? An Evidence Synthesis”. Journal Of Pediatric Nursing, vol 26, no. 4, 2011, p. e25. Elsevier BV, doi:10.1016/j.pedn.2011.01.277.

Krause, Marie V. Food, nutrition and diet therapy. Saunders, 1979.

Correlation and Regression with SPSS

Correlation and Regression with SPSS

Statistical assumptions for the study

The difference is zero

The data is normally distributed

The variance of the two variables are equal (homoscedasticity)

The study wishes to analyze the correlation that exists between education and affirmative action. During the study, t-test will be used for hypothesis testing. The independent variable is education while affirmative action is the dependent variable. During the study regression analysis will also be used. The regression line takes the following form:

Y= Bo + BX + e……whereY is the dependent variable (affirmative action), Bo is the constant, X is the independent variable (education) and finally e is the error term.

Hypothesis Statement

Ho: there is no relationship between education and affirmative action.

Ha: there is relationship between grade in elementary and high school and affirmative action.

In hypothesis testing we shall use the SPSS results found in Anova tables. The level of significance is 0.05. The p-value is 0.127 with 29 degrees of freedom.

The p-value (0.127)>0.05. Therefore we reject the null hypothesis but accept the alternative hypothesis. Therefore we conclude that there is a relationship between grade in elementary and high school and affirmative action.

Results

Regression

Y= -20.600 +0.67X + e

Interpretation of the regression at 95% confidence level

(-20.600) is the constant of the regression line. The coefficient of the independent variable (education) is given by 0.67. This means that; holding other factors constant, an increase in the level of education by one unit will raise the level of affirmative action by 0.67.

Correlation coefficients

Using Pearson correlation from the SPSS output, the coefficient between highest grade in elementary or high school and affirmative action is 0.67. This is a strong positive correlation; meaning that they both move in the same direction. Increasing grade in elementary and high school will result to a positive increase in affirmative action.

Cost and Budget Management

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Cost and Budget Management

The Central Artery/Tunnel (CA/T) project had an enormous problem with cost and value management. As a result, the project which took slightly over 20 years to complete, remains a monumental disaster that reminds tax-payers of the billions of dollars that have been wasted.

If an effective cost and value management strategy was employed from the onset of the project, it would have been completed successfully. One of the major problems the Big Dig project faced was an ever increasing budgetary quotation which soared from 2.5 billion dollars on its inception back in the year 1983 to 14.63 billion dollars in 2003, twenty years later. This resulted from a failure on the part of project management to forecast and plan adequately in terms of finances, personnel and any other resources in case of changes during the project implementation. The project management team ought to have considered the life-cycle of the project against cost so as to arrive at a life-cycle cost effective budget. Further, the project management team should have continually tested for the viability of this budget through employment of cost management to evaluate the functions of materials, the construction equipment involved as well as the processes involved so as to ascertain that the objectives are met at the lowest cost. The contractors should have been made accountable for their actions. This would have gone a long way in ensuring that they offered high quality work at reasonable costs. The audits however reveal contradictory information stating that there was no accountability demanded from the contractors who made mistakes.

Had the project management been keen in monitoring and controlling, which are key aspects of an effective cost and value project, the technical mishaps such as the collapsing of a section of the road would not have occurred in 2006. Through regular monitoring and evaluation, the progress of the project would be closely monitored to ensure that the project’s objectives were being met. Also, this would have enabled any correctional measures to be taken in order to avoid resultant dangers. However, it is clearly evident that this was not done because had it been done, the project management team would have detected the sub-standard concrete that the contractor used along with the poor quality of workmanship. It would have then taken corrective and preventive measures long before any detrimental effects such as death of a commuter were felt.

The principles of value management stipulate that a critical appraisal be done by the project management with a thorough analysis of all the project procedures so as to make decisions which reduce the number of wasteful processes and inefficiency while at the same time improving the benefits enjoyed by the customer. If this process was done, the numerous numbers of wasteful processes such as the repairs to the collapsed road section as a result of using sub-standard materials would have been avoided. This would have also enabled commuters a faster access to the road whose main aim was to ease traffic from the very beginning. The delays caused by the uncountable repairs deny the commuter the value he/she is supposed to be getting from the road due to extended shutdowns. The unfortunate delays caused throughout the project would have been avoided if proper planning, implementation, monitoring and evaluation were done.

In conclusion, cost and value management are key components of project management and should be accorded the importance that they hold. Even after completion of the Big Dig project, the many years delay coupled with the billions of tax payer’s money lost as a result of poor management have over-shadowed its value.

Cost Benefit Analysis

Part 3

Cost Benefit Analysis

This is generally used to compute the aggregate evaluated expense being contrasted and the aggregate unsurprising advantages just to choose whether this undertaking is valuable for the organization of not. This technique is simple, versatile and easy to get it. This will help determine the flow of the cash flow in addition to its reliability in decision making. Yet you will discover numerous contentions against this. A group ought to first evaluate the all the objectives and necessities of the undertaking and afterward will assess all the needs of the conceivable disadvantages to choose climate the expense advantage examination is a helpful hypothesis of recourses and time (Boardman, 2010). This systems is generally used to choose that whether a change ought to be made or not. Just the expense advantage investigation is yielded utilizing the budgetary profits and expenses. Like for instance expense advantage investigation for building a street will be ascertained by taking the expense needed to manufacture and deduct this with the profit of financial which is as enhanced cost analysis of the cash flow (Liu, 2010). An alternate method for building the expense advantage models is by putting the fiscal esteem on the elusive profits and expenses.

Strengths for cost benefit analysis Cash Flow Innovation

Cost benefit analysis serves to pick the best conceivable proposal regarding the utilizations of stores, different assets and human help to give the organization a tremendous net benefit. Format for the expense advantage investigation helps you in auditing numerous distinctive activities and their suggestions and by changing over this data to the banquet for each cash entry (Pauker & Kassirer, 1975). This will likewise help in picking the best conceivable alternative. An expense advantage investigation spare a ton of trusts, important time and the anxiety, as it is exceptionally basic and straightforward.

Challenges of cost benefit analysis for the Cash Flow Innovation

Cost benefit analysis perceive all the profits and costs, and measured effectively. In any case as this is just done physically by the people, it for the most part dispenses with a few advantages and cost because of disappointment to anticipate these roundabout interfacing relations. When they apply the budgetary worth to the elusive things prompts a mistaken expense advantage investigation, and this would prompt raise the level of danger and choice making gets to be useless. The aggregate subjectivity involved by evaluating, approximating and perceiving the different profits and expenses is additionally a downside of expense advantage examination in light of the fact that a few advantages and expense are non-budgetary. All the appraisals and forecast is basically focused around prospect and past encounters, which are generally out of line. So this additionally prompts deluding and wrong cost advantage investigation.

Risk Analysis

Event Tree Analysis

Event tree analysis (event tree analysis, ETA) otherwise called choice tree investigation, is an alternate vital technique for danger examination that will be used to determine the effective of the cash flow technology being implemented. It is the occasions of a given framework, the investigation of the occasions may cause an arrangement of results, and subsequently assesses the likelihood of the framework (Mann et al,. 2002). Occasion tree is given a beginning occasion all conceivable ways and method for advancement, each part of the occasion tree occasions (with the exception of the top episodes) are the execution of specific capacities of measures to avert mishaps, and all have twofold results (achievement or disappointment). While the occasion tree outlines the different episodes reasons for the mischance arrangement bunch. Through different transitional steps in the mischance arrangement gathering can arrange the multifaceted nature of the relationship between the beginning episode and the likelihood of systemic danger lessening estimation, and recognize the mishap grouping gathering. So we can compute the likelihood of each of the key succession of occasions happened.

Part 4

Action sales plan Business planning is crucial in giving a schema of what is to be attained and how, which is the first venture to make effective deals.

First Step:The initial phase in the deals region plan, before actually making the arrangement I will make myself a master on my organization and the item. To make deals I need to peruse and know everything about the organization and the item, at the end of the day I say I need to achieve the master level that no one knows any data about them more than me. I accept that my insight will be my essential instrument.

Second Step: A SWOT investigation (Strengths, Weaknesses, Opportunities and Threats) which will incorporate all parts of the region, e.g. deals and exercises, qualities and shortcomings of key customer connections, the opposition and conceivable new rivalries. All elements, both positive and negative ought to be considered. The SWOT investigation will encourage me to figure out the key components for future achievement in this domain (Sunstein, 2000).

Third Step:Right now I will begin to contact my clients to present myself. I will begin on the biggest customers in the new domain and the devoted clients to my item and my organization to continue the relationship and guarantee on our prevalence against our rivals. My arrangement right now will be 1-creating long haul offering arrangement with the biggest customers 2- I will attempt to create heads with those real customers to extend my base. * I accept that the initial three steps will be my need and center at the initial 30 to 45 days in my new position..

Fourth Step:At this stage I will put more concentrate on picking up more customers and piece of the overall industry. In the wake of checking on the gave data on Cash Flow Innovation I see my offering focuses will be compressed in: 1. financially savvy (It is 20% more financial than different brands with same quality). 2. High Safety profile for all ages with the sterile bundles and the distinctive sizes. 3. All around perceived with high caliber. My procedure will be regulate eye to eye presentations to all the potential customers in my region utilizing all the deals and showcasing materials to push our offering focuses and its essentialness to the clients with week after week catching up on the results. Month to month exercises (Speaker gatherings, lunch gatherings and healing center battles) will of an extraordinary profit. In the meantime I can utilize other advertising means with all my prospective customers like conveying letters and press discharges as a presentation for our organization and our items.

Fifth Step: Cash Flow Innovation has a quick draining control with high security profile, simple to utilize and a monetary value preferences. Taking into account these peculiarities I will recommend on the advertising administration beginning drug store crusade to acquaint Cash Flow Innovation with drug stores and crisis rooms as a medical aid item for mending of little shallow cuts.

Sixth Step:I will make month to month assessment to permit me to screen and track the deals, make conformities where vital and to figure out whether deals are keeping pace with the objectives.

I will be close to home taking care of the positions for promoting and deals force. For the procuring procedure we can enlist outside or interior. Inside we can begin with .this will develop the lesson of the works realizing that we deal with our own. The primary step is to create a successful technique for spreading the saying about openings. We can utilize email or we can post recognizes on announcement sheets in break rooms or distribute them in the worker pamphlet. The key is to verify that everybody knows where and how to discover the information. Next, review inside employment recognizes the same way you set up those for outside postings. Make sure to incorporate all data: a concise depiction of the position alongside the coveted level of rank, exceptional abilities, degrees and some other necessities. In the event that competitors don’t essentially require a degree or expert certificate, make certain to note this in the employment description. After we use up inside applicants, are enrolling specific ability or more elevated amount positions, or have settled on a cognizant choice to select remotely. A show of sources exists to look over including, yet not constrained to: daily paper and exchange production

References

Boardman, A. E. (2010). Cost-benefit analysis.

Liu, B. (2010). Uncertain risk analysis and uncertain reliability analysis. Journal of Uncertain Systems, 4(3), 163-170.

Pauker, S. G., & Kassirer, J. P. (1975). Therapeutic decision making: a cost-benefit analysis. New England Journal of Medicine, 293(5), 229-234.

Reynolds, A. J., Temple, J. A., Robertson, D. L., & Mann, E. A. (2002). Age 21 cost-benefit analysis of the Title I Chicago child-parent centers. Educational Evaluation and Policy Analysis, 24(4), 267-303.

Sunstein, C. R. (2000). Cognition and cost-benefit analysis. The Journal of Legal Studies, 29(S2), 1059-1103.

Vose, D. (2008). Risk analysis: a quantitative guide. John Wiley & Sons.

Cost Curves and Economics

Cost Curves and Economics

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Date

Question 1

We use seven cost curves to make decisions in economics.

Total cost curve: Firms produce at the lowest possible total cost for the produced quantity.

Total cost (TC) = Fixed Costs (FC) + Variable Costs (VC)

Fixed Costs (FC) – These are costs that have to be met no matter the production level.

Variable costs (VC) – These change with output produced

Marginal Costs (MC) – This is the additional cost of producing of one extra unit.

MC = σTC

MC = dTC/dQ = d(FC+VC)/dQ = dVC/dQ

MC is the gradient of the VC or TC implying that the magnitude of change in cost depends on variable costs.

Marginal costs increase as production increases in a law called diminishing returns. This continues to a point where the production of one more unit is untenable since the cost is greater than the revenue

On the other hand, Average fixed costs will always decrease with an increase in production but since marginal cost of production eats into the gain, the firm might be losing out at the lowest AFC.

Average costs.

AC = TC/Q = (FC+VC)/Q = FC/Q + VC/Q = AFC + AVC

AFC decrease as production rises while AVC doesn’t.

AVC is dependent to the MC.

The MC intercepts both AFC and AVC at their minimum points. This is because if marginal cost goes below the average cost, the average cost must be decreasing. Whenever MC<AC, the AC will fall regardless of whether MC is rising or not.

When diminishing returns to scale kick in at Q1, marginal cost curve begins to rise while ATC begins to fall until we get to point Q2 where an increase in AVC is equal to the decrease in AFC. In the short run, the output Q2 is lowest point of the average total cost and the output Q2 is known as the ‘productive efficiency output’ (Black 2002).

Question 2

Figures 1 and 2 prove that no economic profit is possible for firms in a perfectly competitive market, any gain in profits a firm makes by alterations in the equilibrium price or quantity by a single firm will be offset by a loss in efficiency, price or quantity produced. The equilibrium in the long run will always remain at the point where MR = MC.

In choosing the best production mix, we are assuming that the firm’s management is rational in making the decisions they make and that consumers are also rational and will choose the product that best suits them at the best suitable prices.

Profit maximization occurs at the output level which corresponds with the equality point between marginal costs and marginal revenue given that a profit maximizing firm operates at a point where total revenue less total cost is highest. In the Long run the firm will have to explore different options.

Output Q1 with Average cost 1

Output Q2 with AC3

Output Q3 with AC3

Output Q4 with AC2

All the production combinations above the LRAC are attainable but not realistic, while all the combinations below it are unrealistic for a firm focused on profit maximisation.

At Q1 the firm is producing but at a level below potential, given the resource mix present. As the firm takes advantage of economies of scale and becomes more efficient, it will start enjoying increasing returns to scale. As firms expand, the economies of scale will come from factors such as more availability of cheap credit, more specialization of its labour, more discounts and bargaining power among others. The point Q2 is referred to as minimum efficient point, which is the point at which a firm has exhausted its economies of scale.

Over a certain range of output (Q2 – Q3), the Average cost could be constant but after some time, the benefits brought about by the economies of scale will start getting eroded. The erosion will arise from factors such as rising administrative costs, increased investments in capital goods such as space and equipment. The management will also start meeting challenges and this and other factors will cause the average cost to rise from here. The returns to scale will also start to decrease resulting to diseconomies of scale.

Question 3: The Perfect Market

A perfect market or perfect competition is hypothetically a market where competition is at its best. The neo-classical theory proffered that this is the market form that would yield the outcomes that would best suit all stakeholders; society, consumers and producers. The competitive market theory operates under certain assumptions.

References

Top of Form

Baumol, W & Blackman, S 2001, Perfect markets and easy virtue: business ethics and the invisible hand, Cambridge, Mass., USA, B. Blackwell.

Top of Form

Cassidy, J 2009, How markets fail: the logic of economic calamities, New York, Farrar, Straus and Giroux.

Black, J 2002, Perfect Markets and Economics today,Top of Form Cambridge, MA, MIT Press.

Miller, R 2001, Paving Wall Street: experimental economics and the quest for the perfect market, New York, Wiley.

Bottom of Form

Bottom of Form

Cost-Benefits Analysis Matrix

Project Management

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Institution

Table of Contents

TOC o “1-3” h z u HYPERLINK l “_Toc387902625” Cost-Benefits Analysis Matrix PAGEREF _Toc387902625 h 3

HYPERLINK l “_Toc387902626” Risks of Integrating a New Payroll System PAGEREF _Toc387902626 h 4

HYPERLINK l “_Toc387902627” Gantt Charts PAGEREF _Toc387902627 h 5

HYPERLINK l “_Toc387902628” Performance Evaluation and Reviewing Technique (PERT) PAGEREF _Toc387902628 h 6

HYPERLINK l “_Toc387902629” Critical Path Method (CPM) PAGEREF _Toc387902629 h 6

HYPERLINK l “_Toc387902630” Feedback PAGEREF _Toc387902630 h 7

HYPERLINK l “_Toc387902631” Types of Behavioral Problems PAGEREF _Toc387902631 h 8

HYPERLINK l “_Toc387902632” References PAGEREF _Toc387902632 h 9

Project Management

Cost-Benefits Analysis MatrixAn organization that is planning to replace its internal payroll system with an outsourcing service has to consider the costs and benefits of outsourcing. Outsourcing is an effective way of dealing with internal problems and making the processes of organizations simple and efficient. While planning to implement a new system requires the managers to identify the costs involved. Replacing the old internal payroll system with a new outsourced payroll system will help in enhancing the productivity and performance of employees. It will help in analyzing the performance of employees continuously so that they are praised according to their performance. The employees will be able to focus on productive tasks so that they can accomplish their goals and targets (Santos, 1999).

Implementing a new system will have an impact on the costs and performance of the organization. The cost benefit analysis helps in determining that whether the costs are being used efficiently to gain advantage through it or not. A new payroll system will help organizations in achieving competitive advantage over its competitors. It will reduce the cost of using internal systems, which require both time and efforts. Outsourcing is often considered as a way of saving costs by hiring professionals. The companies can avoid penalties and legal complaints if they are using an efficient payroll system, which will protect the reputation and image of the business. Technology advancements help organizations in enhancing their processes and reducing their costs up to a significant extent.

Cost analysis matrix

Goals and objectives of the organization

Alternative plans of achieving the goals. There is need for data gathering.

Calculating benefits of each alternatives and choosing the best alternative

Making the diagram representing the matrix through an x and y axis.

Risks of Integrating a New Payroll SystemEvery business requires an effective and efficient payroll system, which can help in easily processing employee compensation. The payroll systems continuously evolve with the advancement of technology. These days, technology is updating technology tools and systems, which are helping organizations in performing various tasks. The systems help in the process of recording, reporting, and processing the working hours of employees, which helps in making the payroll process efficient. Businesses keep on integrating new and advanced payroll systems, which can help in making their compensation process easier and efficient (Santos, 1999).

There are certain risks involved in integrating a new payroll system, and it is necessary that the management analyze and evaluate these risks. The risks involve the lack of knowledge and awareness of the new system, which exerts pressure on the human resource management.. Implementing advanced technology requires the company to bear higher costs, which affects their budgets. Integrating new payroll systems requires proper training, which can help in effectively handling the payroll process and issues. If the training is not provided to employees and HR managers, they will not be able to manage the system efficiently (Anand, Gardner & Morris, 2007).

The risks in the payroll will be minimised through data integrity. Having data concerning the employees that is not compromised to reduce the possibility of having ghost workers in the the payroll. Data integrity also enables a manager to know the specific work which an employee is performing in the organization.

Outsourcing to payroll service bureaus is another method that ensures that the new payroll has the required dat. Through outsourcing there is need for a proper in-house preparation to ensure that all the required activities are put into consideration. The in-house preparation must be conducted in time to avoid messing with the payroll through rushing over issues. Proper outsourcing will reduce the problem of accountability of the payroll system. It will enable the payroll to be able to beat the strict deadlines that may result to improper payments.

Gantt ChartsGantt Charts are widely being used by organizations all over the world to manage their projects efficiently and effectively (Raz & Barnes, 2003). There are various advantages and disadvantages of Gantt Charts that help in understanding its use and implications.

The advantages of Gantt Charts are listed below in this paper:

It helps in making a clear picture of the plan of a project, which helps in understanding its complexity. The diagrams and charts help in understanding the process in a better way.

Gantt Charts help in planning the process in a timely manner by organizing the thoughts in the best possible manner.

It helps in demonstrating the tasks of the project and the required resources for each task. It helps in evaluating that whether the organization has all the required resources for accomplishing the goal of any project or not.

The Gantt Charts can easily be shared among the project management team and employees of the organization. It helps the employees in continuously keeping track of all the tasks involved in the project and how much time is required by each of the tasks.

There are some disadvantages of Gantt Charts, which should be known by the management of organizations. Some of these disadvantages are discussed below:

For larger projects, Gantt Charts can often become complex. There would be a large number of tasks involved and each task will require time and other resources. The project manager will be required to make employees understand the Gantt Charts so that they can understand their work.

Gantt Charts requires constant updates, and continuously updating the charts require both time and efforts. While working on a project, many things change continuously and making everything available on the Gantt Charts require continuous updates.

Example of a Gantt chart

NO. ACTIVITIES Task

1. Week 1 2. Week 2 3. Week 3 4. Week 4 5. Week 5 6. Week 6 Performance Evaluation and Reviewing Technique (PERT)PERT is a statistical tool, which helps in evaluating and reviewing all the tasks involved in completing a project. It is an effective project management tool, which helps the management in tracking each activity involved in the project. By comparing the PERT charts and Gantt Charts, it can be said that Gantt Charts are more useful for smaller projects as compared to the larger ones. Gantt Charts provide optimum opportunity to highlight each task of the project specifically. Gantt Charts also present an overview of all the resources that would be used in completing a project. PERT charts just provide an outline of all the tasks that are interconnected in a project (Raz & Barnes, 2003).

Critical Path Method (CPM)CPM is another important statistical tool, which is widely used for managing projects in different organizations. The CPM helps in calculating the time required for each and every activity or task involved in the project. It helps in aligning all the functions involved in the project management. By comparing CPM with Gantt Charts, it can be said that Gantt Charts are more helpful in proving a chart of all the activities along with all the resources and time required (Raz & Barnes, 2003).

Feedback

When a new system is being implemented in the organization, it is necessary to make sure that the users of the system do not face any problem. The system is designed to help its users in efficiently and effectively managing their role and responsibilities (Anand, Gardner & Morris, 2007). When a new payroll system is being implemented in an organization, it is necessary for the project managers to take continuous feedback from the HR managers. The new payroll system will be used by the HR managers to carry out the process of compensation and salaries. So, it is necessary that the project managers take feedback from the HR managers. The feedback will help in the following ways:

Suggestions, advices and ideas will help in bringing positive and relevant changes in the project.

Feedback will help the project managers and HR managers in designing an efficient and effective system that can make their project successful.

The feedback will also help in making sure that the HR managers and employees adapt the new system, which will help in making the integration process easier.

It is the responsibility of the project management team to take continuous feedback from the managers and employees. Once the feedback is taken, the project team has to filter out the irrelevant information so that they can use the relevant feedback to bring positive changes. Analysis and evaluation of the feedback will help in determining that what information is relevant and what is irrelevant. It will help in critically evaluating the useful information and making sure that an effective system is designed and implemented (Anand, Gardner & Morris, 2007).

A feedback loop is important in getting all the required data. The feedback loop is after the action. The action in this point is the payroll of the employees and the nature in which the payroll is administered to the employees.

Types of Behavioral Problems

Outsourcing the organization’s legacy payroll system is a major decision of the organization and will have a significant impact on the behavior of managers and employees. Many employees do not favor outsourcing the payroll system as it will share their personal information and data with the firms that are providing outsourcing services. Bringing change in any function or system of the organization requires acceptance from the managers and employees. A change has both positive and negative impact on employees, and it is necessary to evaluate the behavioral problems that might arise. The project team managers can evaluate the behavior problems to make sure that the outsourcing process is integrated successfully (Beer, 1997).

The behavior of employees and managers towards an outsourced payroll system won’t be favorable in all ways. They might not like the way they are being evaluated and judged by other firms. The HR managers might face problems in integrating the new payroll system into the organization because of the unfavorable response of employees. The project management team should continuously coordinate and communicate with the employees and HR managers so that they can get relevant feedback from them. The suggestions and feedback will help in focusing on the critical needs of employees and HR managers so that they can be catered successfully.

References

Anand, N., Gardner, K. and Morris, T. (2007). Knowledge based Innovation: Emergence and Embedding of new Practice areas in Management Consulting Firms. Academy of Management Review vol. 23, pp. 242-266. Retrieved from ( HYPERLINK “http://www.aom.pace.edu/amj/unassigned/anand.pdf” http://www.aom.pace.edu/amj/unassigned/anand.pdf).

Beer, M. (1997). The Transformation of the Human Resource Function: Resolving the Tension between a Traditional Administrative and a New Strategic Goal. Human Resource Management vol. 36 (1), pp. 49-53. Retrieved from ( HYPERLINK “http://www.e-campus.uvsq.fr/claroline/backends/download.php?url=L0JlZXJfdGFuc2Zvcm1hdGlvbl9SSC5wZGY%3D&cidReset=true&cidReq=ERH” http://www.e-campus.uvsq.fr/claroline/backends/download.php?url=L0JlZXJfdGFuc2Zvcm1hdGlvbl9SSC5wZGY%3D&cidReset=true&cidReq=ERH).

Raz, T. & Barnes, R. (2003). A Critical Look at Critical Chain Project Management. Project Management Journal, vol. 1 (1), 22-34. Retrieved from ( HYPERLINK “http://www.kupasazshomal.com/Editor/assets/magazine/Project%20Management%20Journal%20,December%202003.pdf#page=26” http://www.kupasazshomal.com/Editor/assets/magazine/Project%20Management%20Journal%20,December%202003.pdf#page=26).

Santos, B.D. (1999). Justifying investments in New Information Technologies. Journal of Management Information Systems, vol. 7 (4), pp. 71-90. Retrieved from ( HYPERLINK “http://www.mesharpe.com/MISVirtual/11Santos.pdf” http://www.mesharpe.com/MISVirtual/11Santos.pdf).

Costs and Benefits of Hosting a Sports Event

Costs and Benefits of Hosting a Sports Event

Bringing a Major League Baseball A-League Team to an Area

Arranging for any event is usually a complex process for the planner with an intention of achieving a well balanced realization of the intended purposes. Any social event must be comprised of a number of targets in order for the planners to ensure that every aspect of the various areas involved is catered for in positive way. Gathering people for any form of social event is therefore an important social planning area that must comprehensively be considered. A good example can be captured in planning to host a Major League Baseball A-League team in a local setting to achieve certain social objectives. High profile athletes being involved in a sporting cum social event is an important gathering which involves certain considerations in terms of local government and the community at both the local and extended level. Defining the scope of the event to such a level must incorporate the specific costs and benefits which impact directly on the wellbeing of the society.

Social events need a clear analysis of the actual social consequences against the quickly anticipated social benefits after the gathering. Alternatively, economic deliberations must also be factored in an event to ensure that it is not only sustainable to host such gatherings but leave positive economic impacts for similar future engagements as well. Such considerations are performed during the overall impact assessment for a social event which involves an expansive aspect of a particular society as the main research question of this discourse illustrates (Lyck, 2006). According to the author, mega events for sports or any other gathering that the society becomes involved in have economic and social impacts which must be assessed in advance for the appropriate determination of viability in the respective perspective intended. In a similar manner, by hosting a superstars-filled team from the Major League Baseball A-League, the local community as well as the extended communities will be involved in a massive way due to the high profile guests. It follows that the authorities at the local setting must be involved at various levels to ensure that it is within the expected regulations to avoid a social problem.

Literature touching ion the effectiveness of planning of events and the social detail involved therein is currently available in a wide spectrum of perspectives. Sport is a common channel through which the community can be involved positively for both individual and community development (TSE Consulting, 2007). The local authorities will be involved in the arranging of the sports event since it affects the sport and sport policy at both the local and national level. According to Gratton and Henry (2001), sports are an important policy tools that the local and central governments can employ to formulate useful changes in the society such as positive behavior campaigns among the youths. Such policy tools are well considered by the authorities to ensure that positive impacts are experienced on the economy as well as on the social front. The UN (2005) has recognized the impact of sport for the wellbeing of the societies due to promotion of peace and coexistence among the participants. It therefore implies that the success of the event at a local event hosting high profile athletes will involve several people thereby achieving great socialization success. Both the local and the extended communities will partake in the event in some form of engagement due to the services needed in the venue. Gratton and Henry (2001) reckon that the integration aspect is an important element of sport for people near and far that passionately following the event. However, the consequences of such events such as unrests during such gathering must be avoided in order to ensure that other benefits such as economic gains do not override safety in unruly gatherings.

Perhaps some of the missing aspects of such events are on how to quantify risks in order to eliminate negative impacts of social events in case they turn out to be tarnished. Literature is available on how to quantify positive aspects of social events such as sports at various contexts but specific attention on how risk can be assessed is conspicuously missing (TSE Consulting, 2007, p18). Apparently, research would be most welcome particularly in terms of risk quantification with regard to various stakeholders to such events such as the government and the local and extended communities.

Social planning and management of events would well be served with information detailing the magnitude of positive and negative impacts of events and gatherings at various community levels. It is particularly an important social policy and strategy input to have the appropriate assessment of the costs and benefits of hosting any event involving the masses. Avoiding social crises would not necessarily be the main purpose of carrying out an assessment of the consequences but assist in making future events more successful and influential. The modern sociologist would take a keen following on the development of such topics since the social process takes different shapes under different circumstances. Finding out how social processes become beneficial and less harmful to the society would be the most important aspect of the planning involved in arranging such events.

References

Gratton, C. & Henry, I. P. (2001) Sport in the City: the role of sport in economic and social regeneration. London, UK; Routledge

Lyck, L. (2006) “Mega Sports Events” Retrieved from: HYPERLINK “http://openarchive.cbs.dk/bitstream/handle/10398/6631/working%20paper%205%20-%20megasports%20event.pdf?sequence=1” http://openarchive.cbs.dk/bitstream/handle/10398/6631/working%20paper%205%20-%20megasports%20event.pdf?sequence=1

TSE Consulting (2007) “Quantifying the Social Impacts of Hosting Sports Events,” Retrieved from: HYPERLINK “http://www.culturalwellbeing.govt.nz/files/Report%20on%20social%20impacts%20of%20hosting%20sporting%20events.pdf” http://www.culturalwellbeing.govt.nz/files/Report%20on%20social%20impacts%20of%20hosting%20sporting%20events.pdf

United Nations (2005) “International Year for Sport and Physical Education,” Retrieved from: HYPERLINK “http://www.un.org/sport2005/index.html” www.un.org/sport2005/index.html.

Costs Associated with Chinas Three Gorges dam

Presented by

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Costs Associated with Chinas Three Gorges dam

The Three Gorges Dam (TGD) in China is the largest integrated water project in the world. During its implementation and use, TGD created many environmental, social and economic impacts to the citizens of China. The commencement of the project was approved in 1992 with a cost estimate of 8.3 billion dollars. In general, the total cost for construction of TGD was enormous and financial experts have not yet produced the exact figures. First, the construction costs made on major parts of the project were estimated at a range of 25-60 billion dollars. The Chinese government faced many cost related issues associated with construction of the Dam. The government had to resettle people from the dam construction site, build for them new houses, and compensate them for their land. Second, a lot of country’s natural resources were depleted that could be used as sources of income for the citizens (Gleick 141-145).

On the other hand, the construction of Three Gorges Dam improved the financial status of the country. First, the thermal power generated could run many industries manufacturing various goods for export. In addition, dams and reservoirs constructed provided suitable fishing grounds that created job opportunities for locals. Moreover, the calm, deep waters provided wider shipping lanes and encouraged both local and international tourists. Second, Three Gorgers Dam the projected would be able to raise water levels at Yangtze River whereby, adjustments could be made depending on flood-control needs (Gleick 142). This would save the country the emergency costs associated with floods and loss of property by citizens. Finally, TGD would save the country the cost of importing coal that was initially used to run engines for power generation. Developing a hydro thermal power plant would limit the amount of carbon dioxide produced by coal plants that causes global warming (Hays 2011).

Work cited

Gleick, H. P. Three Gorges Dam Project, Yangtze River, China. Water Brief 3. 2009. Retrieved

from:

http://www.worldwater.org/data20082009/WB03.pdf

Hays, J. Three Gorges Dam: Benefits, Problems and Costs. 2011. Retrieved from:

http://factsanddetails.com/china.php?itemid=1046

Cotton-Picking Time by Maya Angelou

Non-Fiction

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“Cotton-Picking Time” by Maya Angelou was my favorite non-fiction compared to “from Man to Boy” by John Coleman. Angelou highlights some of the sufferings cotton pickers undergo right from the morning to the evening. Despite working hard and sacrificing in the cotton plantation, the cotton workers’ wages still do not satisfy them. The author’s mother wakes up with a lot of optimism and strong belief in God but her hopes and expectations do not bring the results expected. Angelou explains that, “their wages wouldn’t even get them out of debt to my grandmother, not to mention the staggering bill that waited on them at the white commissary downtown.” The other work only narrates a story about a name, which is not as touchy as the cotton plantation worker’s plight.

The overall theme of the work I preferred was the sufferings associated with poverty and slavery. Angelou explains that, “No matter how much they had picked, it wasn’t enough.” The lesson learned is the significance of persistence and determination amongst the less privileged individuals.

I connect with the character narrating the story because of the history and stories I have heard and read about cotton pickers in the South during slavery. The narrator narrates almost everything about what I have heard. Angelou says that, “During the picking season my grandmother would get out of bed at four o’clock (she never used an alarm clock) and creak down to her knees and chant in a sleep-filled voice.”

The fact that these are NON-FICTION essays (based on real experiences) greatly change the way I view/read the work because they attract my attention and enhance seriousness. Suppose they were fiction, I would have not taken them more serious.

I would you read more NON-FICTION essays like these rather than reading FICTION short stories from the week before because NON-FICTION are based on real experiences and are very touchy compared to the FICTION.