Cost Accounting

Cost Accounting

Cost Accounting

Cost-Volume-Profit analysis also abbreviated as CVP refers to a model in cost accounting usually very useful when it comes to the making of short run decisions as well as in the provision of elementary instruction. The model is especially important as it allows for the estimation of future costs, revenues and profits, therefore allowing for planning and effective monitoring of operations. The model itself entails examination of changes in profits as a result of changes in the prices, costs and sales volumes. This not only allows for planning on levels of operating activity to be used in future, but also helps in providing information on products to be emphasized on, revenues required to avoid making losses, budgets for discretionary expenditures that may arise, whether fixed costs need to be increased, the volumes of sales that would enable the organization realize its target profit margins as well as whether or not the fixed costs currently being utilized expose the organization to a level of risk that may be unacceptable (“Cost Volume Profit Analysis,” n.d).

CVP can be used for the tablet simulation in order to determine the relationship between volumes of sales and the profits, as well as the costs involved in the making of each model. For instance, making the X6 costs less than making an X5 by 27,674,418, and yet the profit differences are just 6,411458, a meager profit difference, considering the cost and volumes of sales for the two products. The best product to concentrate on therefore based on Cost-Volume-Profit analysis would therefore be X6 tablets, as they cost less to produce, require lesser sales volumes to create the target profit margins, making them the ideal product out of the three.

Utilizing this information when it comes to the break even analysis definitely helps, as it means that concentrating on the production of X6 will allow for an earlier break even point, due to the fact that it requires less costs to produce and realizes the required profits at lower volumes of sales a definite advantage if one considers the need to break even. The risk associated with losses is also lower, meaning that breaking even would come sooner if the X6 tablet was the only product being produced by the company. Using CVP in break even analysis is therefore of tremendous value, as it would help the company reduce the number of units required to be sold in order to break even by encouraging adoption of the best and most prudent market strategy.

CVP can help in determining pricing, by allowing for projections on future sales and their relation to pricing. This can therefore help determine whether the best market strategy is to target huge sales volumes, or lower sales volumes with higher profit margins. CVP would also help determine the probability of a new product performing well and therefore the need for more research and development, while at the same time allowing for projections on potential costs.

The other financial technique that might be of help in the simulation data is the differential cost analysis, as this would only focus on the costs that are associated with each product, as well as the differences ion income associated with each product, and a decision on the best course of action made based on this information (Rajasekaran, 2010).

References

Rajasekaran, V. (2010). Cost Accounting. Pearson.

n.a, (n.d). Cost Volume Profit Analysis. Retrieved from HYPERLINK “http://www.wiley.com/college/sc/eldenburg/ch03.pdf” http://www.wiley.com/college/sc/eldenburg/ch03.pdf

HYPERLINK “http://forio.com/simulate/jelson/tablet-development-sim-1/simulation/#p=page1” http://forio.com/simulate/jelson/tablet-development-sim-1/simulation/#p=page1

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Cost Benefit Analysis

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.

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Cost Curves and Economics

Cost Curves and Economics

Cost Curves and Economics

Name

University

Course

Tutor

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

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Cost Effectiveness Analysis of Flexible Optical Scopes for Tracheal Intubation

Cost Effectiveness Analysis of Flexible Optical Scopes for Tracheal Intubation

Cost Effectiveness Analysis of Flexible Optical Scopes for Tracheal Intubation

Introduction

The flexible optic scope is a primary method of performing intubations as a way of managing the difficult airway algorithms. The process is common among anesthesiologists. The method is only among other methods that could be initiated to serve the same purpose. The major differences among the various methods, which could be used, are costs effectiveness and reliability. This paper entails an analysis of the flexible optical scopes and the associated effectiveness in tracheal incubation. Flexible Optic Scopes in this case referred to both fiber-optic scopes and video scopes. The flexible fiber-optic form of intubation refers to an integral part of the Difficult Airways Algorithm but it has limited use mainly the non-emergent scenarios of difficult airways. The reason behind this limited use is its high costs of purchasing and maintenance. This type of incubation also requires the initiation of advanced training. While there exists two distinct forms of flexible scopes in terms of usability, the flexible health care facilities have been using for a long time (Tvede et al, 2012). For this research, the single use FOS is found to be the most cost-efficient.

An alternative to the flexible fiber-optic could be the Ambua Scope, which can be accessed easily within various scenarios in emergent clinics. It is also more cost effective compared to other techniques, which have failed due to other reasons besides high costs. Intubation with the use of the flexible optical scope is a great technique in the management of any predicted as well as unpredicted difficulty airway. While the total costs of making use of flexible scopes are entirely unknown, establishing a way to analyze the effectiveness of the technique would be a great idea. This is important especially considering that fiber optic scopes entail both video scopes and the fiber optic scopes. The introduction of flexible scopes, which are disposable, has initiated great change in healthcare and especially in the management of difficult airway according to Smith (2012). The cost effectiveness could however be inadequate for each of the two types of flexible optical scopes.

Background

Decision-making is hardly an easy process since requires significant attention, thoughts and wisdom according to Muennig (2007). This happens in all forms of organization although the health sector and its organizational setting require a bit more creativity in making decisions. Making decisions in the health sector is usually based on factual information rather than on assumptions. Other than the cost effectiveness of the flexible optical scopes, consideration of the health implications is a major consideration. The disposable flexible optical scope is fast gaining popularity among health practitioners (Tvede et al, 2012). The cost associated to the reusable flexible optical scope in performing intubation is however unknown. The real cost is influenced by various factors including its initial cost, its maintenance cost, the cleaning cost, and disinfector costs among other cost factors. In contrasts, the single use flexible optical scope does not need any repair activities or disinfection. It is purchased and used by physicians to perform intubation, with the exclusion of maintenance costs lowering its general costs.

An analysis of the various cost factors associated with the reusable fiber optical scope, would make it easier to recommend the single use fiber optical scope for use in hospital procedures. The definite choice is initiated by fact that the single use fiber optic scope does not need much servicing or cleaning even after use due to its disposable feature (Tvede et al, 2012). It is however vital to conduct a critical analysis of both fiber optic scopes to determine the most effective and efficient especially given that the actual cost implication of the reusable type has never been extracted in any existing or previous research. The background of this cost comparison idea is that the advancement of technological knowledge within the health sector is meant for the benefit of the patient (DeCusatis & DeCusatis, 2006). The technology can hardly be achieved without an aspect of cost considerations. This calls for the essence of scrutinizing all health care approaches to ensure that patients get quality care at an affordable cost (Smith, 2012). This is the central rationale behind carrying out a cost effective analysis for both the re-usable and the disposable flexible optical scans.

Deciding on the best fiber optic scope to use between the single use and the reusable type requires that health practitioners have to put much into consideration. Some considerations made include the aspect of the reusable FOS of having to be cleaned after every intubation. The cost implication associated with this case may not be direct but indirect, adding to the main cost of purchases. Indirect costs have been reported in the form of cases of diseases resulting from the process of decontamination. This aspect could be seen in the case of case of Creutzfeld Jakob disease, which was been diagnosed (Tvede et al, 2012). Technicians find the single use FOS as a significant step in addressing this challenge. This is provided in this case to signify the severity of the issue and the essence of carrying out a cost effective analysis on the two FOS to recommend on the way forward in selecting the most cost effective one.

Such reasoning could be shallow, a factor that would highly call for the use of cost analysis techniques to establish the best method of which to make use. Going by non-factual reasoning would lead people to engage in some critical thinking. This is because, although the use of the single use optical scope may appear cheaper at first but the indirect costs and the prolonged usage could prove it as being the most expensive type of flexible optical scope. Adaptation of new technologies may have own implications especially in the aspect of cost, which brings in ungrounded reasons for re-adapting earlier technologies due to their simplicity. New technologies usually consider cost implications, which could imply that the disposable optical scope has some cost advantages over the single use type. This argument is the ground for the cost effective analysis carried out in this paper.

The main challenge today is the adaptation to new technologies quickly without making any considerations such as the effects of adapting to them (Smith, 2012). It is true that most technological changes aim at improving on the present conditions, however, this does not mean that there is no need for exercising thoughts and considerations (Smith, 2012). In any case, there should be a thorough analysis of each form of intubation before a choice decision is made. This means that it is unnecessarily adequate to recommend one single FOS to manage all cases of predicted and unpredicted difficult airway. This is because each of the method may prove to be cost effective in different circumstances (Smith, 2012). For instance, physicians should consider the number of booked intubations before making the final decision oHin which FOS to use. This could ensure that the right equipment is used at the right time with the observation of cost effectiveness.

Literature review

Studies have been conducted on various scopes to investigate the cost advantages and effectiveness of each of the two types of flexible optical scopes. Numerous studies have been conducted in various parts of the world to carry out cost effective analyses on the two FOS. In one of the studies, this paper examines the detail aspects in the attempt to analyzing the cost effectiveness of both the disposable and the reusable flexible optical scopes. In countries like Denmark, similar analysis was carried out, in this case, in Copenhagen university hospital (Tvede et al, 2012). The study established that in the hospital, where the study was conducted, use Classical FOS containing optical fibers with an eyepiece at the proximal end were in use until during recent years. The study further revealed that sometimes a separate video camera would be attached to the eyepiece. However, during recent years several video, fiber, or hybrid scopes have become available (Tvede et al, 2012). This has led to the hospital offering disposable flexible video scopes to its anesthetists. According to the study, the recent introduction of the disposable FOS has called for a cost analysis (Tvede et al, 2012). The initiation of a cost-analysis process was to find the cost advantage of the disposable flexible optical scope in order to allow a cheap or affordable adaptability. From the study results, some people are strongly requesting a healthy economic study, which deals with the subject. This confirms that the single use flexible optical scopes are rapidly gaining influence in health settings.

From the study, it comes out that the total cost associated with flexible optical scope intubation has hardly been published any time before. Again, the costs of repairing equipments used in bronchoscopes have once been calculated, but the study focused on repair costs only in a pulmonology setting (Tvede et al, 2012). They measured and calculated actual total costs per intubation. This was done using a combination of traditional fiber and video scopes. The cost incurred was compared to the cost of using a single use flexible video scope. To understand the study, it is necessary to comprehend the method used. This is vital as the study is used in the paper to determine the cost effectiveness of the two FOS.

The cost of intubation using reusable FOSs was identified and calculated. One of the people underrating the study was a health economist. The duty of the economist was to ensure that the methodology of the study addressed the purpose (Tvede et al, 2012). The study was taking place at a multidisciplinary university affiliated anesthesia department. It provides about 80000 operations per year. This is especially within burns and plastics, oral and maxillofacial, eye, trauma, ear-nose, orthopedic and throat surgery. The number of actual intubations was extracted from the relevant database. The study also provides that the department have about 12 FOS at its disposal (Tvede et al, 2012). This means that the number of FOS is high enough to address multiple cases at once. According to the study, anesthesia activities in the department are spread in about four different areas. These places are situated at different floors. It is further revealed that the disinfectant-washer is placed on one floor (Tvede et al, 2012). This is to say that all the entire FOSs have to be brought to one floor for cleaning and disinfecting after every intubation.

In order to calculate total costs incurred, when using FOS, the procedure was observed from the start to the end. The process of data collection that involved observing the procedures took place for a period of two months (Tvede et al, 2012). At the beginning of the period, the observations were made by authors and team members. Information regarding the purchase of the available FOS and equipments that are directly related to the functioning of the FOS was gotten from the technical department of the hospital. Another relevant piece of information is the expected life of scopes and racks. Information regarding the cost of repairs was obtained from the hospital’s maintenance recordings of the hospital’s medical technical department (Tvede et al, 2012). During the collection of this information, it was revealed that a hospital medical technician used half of her working time servicing endoscopic equipment belonging to the hospital. The 12 FOS given to this department (multidisciplinary anesthesia) constitute of about 5% of the hospitals equipment (Tvede et al, 2012).

The cost of buying and operating the department’s washer-disinfector for the FOS was obtained from the manufacturer (Tvede et al, 2012). The cost of the space needed to be used in washing and disinfecting the endoscopes is estimated from the cost of an average square meter in a hospital setting in the city of Copenhagen. The cost of additional necessary, which is used for the procedure, was given to the researchers by the procurement department (Tvede et al, 2012). The various costs are listed to help the reader gain a clear understanding of the factors that are considered when establishing a cost effective analysis.

The calculated cost per every intubation encompasses all elements or aspects linked to the procedure except the time used by the physicians (anesthesiologists) to perform m the actual intubation. This is because this factor varies a lot. For instance, each doctor may have a different skill level. Doctors with high skills tend to perform the intubation faster than doctors with low skills. Teaching situations could also influence the length of an intubation (Tvede et al, 2012). These levels are disregarded when determining the cost analysis, as they cannot be adjusted to be used in the analysis.

In the study cost per intubation, reusable was said to be the total cost of all miscellaneous elements divided by the sum of intubations performed annually. After all the calculations were done, it was discovered that the cost of using reusable flexible optical scope was £ 177.7 per intubation (Tvede et al, 2012). The cost of using the disposable video scope was £204.4 (Tvede et al, 2012). These figures reveal that using reusable FOS is more cost effective than using disposable FOS. However, when other factors were considered, the results changed. For instance, a subgroup analysis indicated that the cost of intubation of a person using a reusable scope with a video monitor was £204.5 (Tvede et al, 2012). This reveals that looking at a specific set of factors may not yield the proper results. It is essential to integrate as many factors as possible when determining cost effectiveness (Smith, 2012). This helps one to get informed views from different point of views. This is helpful as one is able to choose the cost-effective approach based on the prevailing circumstances.

Decisional Model

The main aim of this decision model is to aid in making informed choices on the flexible optical scopes. This would a better way of settling into a conclusion about the most cost efficient flexible optical scope in contrast to the attitudes of many people to make choices out of tradition or habit according to Muennig (2007). In many cases, such people hardly undertake a systematic approach to decision making (Muennig, 2007). In this case, it is essential to adopt a systematic approach to decision making. This is because, if one is not careful, decision-making can be influenced by a variety of factors such as emotions that affect decision making negatively (Smith, 2012). Still, lack of information and proper skills leads to bad decisions. Because of the reasons provided and many others, this article adopts a professional model to help in making the right decision while choosing the most cost effective FOSs.

Figure1: A Decision Analysis Model

From the decision analysis model, it can be evident that the single use FOS is more cost efficient than the reusable FOS. The cost of the single use FOS is relatively lower than the cost of the reusable FOS. To get into the final solution in the decision making process, various steps are conducted before reaching a feasible conclusion. The various stages are designed to help decision makers approach issues comprehensively and systematically. The decision makers have to start from a point and there is also an ending point after the entire process of decision-making. In the identification of the problem or situation, the decision makers need to have a clear objective such as the cost effectiveness they would like to achieve from the use of a specific method. The major decision in this case is making the right choice out of the flexible optical method that would lead to cost effectiveness. From the two choices available, the decision makers would be able to identify possible alternatives. Identification of alternatives would require that the better of the two methods be chosen. The identification of alternatives is done using specific strategies. The alternatives have to have to indicate the possibility of reaching good decisions. From the available strategies, they would then decompose and model the problem, which is cost effectiveness in this case. The best alternative is then chosen. The choice of the best alternative is done carefully and with respect to the established objectives. In this case, the single use FOS could be chosen over the reusable alternative because it is much cheaper, the repair and maintenance costs are lower, there are low or no chances of disinfection cost, and the repair to procedure cost is lower than that of the reusable FOS. In this case, the repair to procedure ratio is 1:39 for the single use FOS compared to

Estimating probabilities

To estimate probabilities, there is the need to have some information on both the usage of reusable and disposable FOS. In the case of the reusable FAO, one has to collect data regarding the buying price, the maintenance cost, for a given period of time. Other costs to consider in this case include the cost of the washing-disinfectant and other costs related to the use of the device. On the other hand, the cost associated with the disposable FOS is the purchasing cost and the labor cost (Tvede et al, 2012). Other costs are either negligible or do not exist for this kind of FOS. After establishing this information, calculations would be carried out and adjusted to reflect different periods of time (Tvede et al, 2012). The information obtained after the calculations is useful in comparing and establishing the best approach to use in different occasions. The data collected is presented in the table below:

Table 1: Cost Differences between the Reusable and the Single-Use FOS

Costs Reusable Single Use

Purchase cost 557 300

Repair cost 53.46 53.48

Disinfection and preparation cost 33.16 0

Intubation Cost 119.75 120

Total Cost for Each type 763.37 473.48

The probability that the management would choose to use the single use FOS or the reusable FOS depends on the respective costs. The management chooses the option characterized by higher cost effectiveness. In this case, the probability of choosing one kind of the FOS could be established from the relative total costs for each FOS type. From the sensitivity analysis section, the total cost estimate for the reusable FOS is $763.37 while that of the single use FOS is $473.48. The total cost of using the two types of FOS is $1236.85. This implies that the fraction representing the total cost of the reusable FOS would be 763.37/1236.85, which comes to 0.6171888264542992. On the other hand, the cost fraction for the single use FOS is 473.48/1236.85, which becomes 0.3828111735457008. In this case the cost effectiveness would be higher for the smaller fraction while. Therefore, the probability that the management would make use of the single use FOS over the reusable FOS is 763.37/1236.85, which is equal to 0.617. The probability that the management would continue with the use of the reusable FOS is 473.48/1236.85, which is presented as 0.38.

Cost estimates

The cost estimates for the two FOS types depict significant differences, which signify great reasons why the two types of FOS have different effectiveness. The cost purchasing a single reusable FOS is about $557. This implies that for 6 units, the cost of purchase is $3342. The cost of purchasing the single use FOS is $300, an implication that the latter is cheaper. With respect to other cost implications, the reusable FOS is more costly than the single use FOS. The repair cost for one unit is estimated to be $53.46 while the repair cost for the single use is almost equal amounting to $53.48. While the disinfection and preparation cost for the reusable FOS is estimated to be $33.16, the single user has not disinfection or preparation cost. It has however, a slightly higher or almost equal intubation cost, $120, over 119.75 for the reusable FOS. The total cost is much higher for the reusable FOS since it stands at $763.37 against $473.48 for the single use FOS.

Sensitivity analysis

The sensitivity analysis involves the consideration the factors that may influence the alternative selected. It involves the establishment of the way the uncertainty in the selection between the reusable FOS and the single use FOS would be apportioned. This would differentiate the source uncertainties in the use of the two forms of FOS. The costs can be compared in a table as shown in the table presentation below:

Costs Reusable ($) Single Use($)

Purchase cost 557 300

Repair cost 53.46 53.48

Disinfection and preparation cost 33.16 0

Intubation Cost 119.75 120

Total Cost for Each type 763.37 473.48

From the table, the cost for a single unit for each unit is $763.37 for the reusable FOS and $473.48 for the single use FOS. The difference is $289.89, which would increase as the number of units increase. This means that if the organization uses 10 units of the reusable FOS instead of the single use FOS, it would incur and extra cost of $2898.9.

Summary

As discussed in the paper, cost effectiveness of any of the FOS ‘depend on a variety of factors that are directly related to cost. On the other hand when conducting few flexible optical nerves, a disposable flexible optical scope is cost effective. The best choice depends on the prevailing factors. It is advisable for health practitioners to use the decision analysis model provided in the article to come up with the best option in terms of cost effectiveness. In addition to this consideration, it is also necessary to bear in mind that other factors must also be considered. For this case, it can be concluded that the single use is the best since it has a higher level of cost effectiveness.

References

DeCusatis, C., & DeCusatis, C. J. S. (2006). Fiber optic essentials. Amsterdam: Elsevier/Academic Press.

Muennig, P. (2007). Cost-Effectiveness Analysis in Health: A Practical Approach. Hoboken: John Wiley & Sons.

Smith, A. D. (2012). Smith’s textbook of endourology. Chichester, U.K: Wiley.

HYPERLINK “http://www.ncbi.nlm.nih.gov/pubmed?term=Tvede%20MF%5BAuthor%5D&cauthor=true&cauthor_uid=22338623” Tvede MF, HYPERLINK “http://www.ncbi.nlm.nih.gov/pubmed?term=Kristensen%20MS%5BAuthor%5D&cauthor=true&cauthor_uid=22338623” Kristensen MS, HYPERLINK “http://www.ncbi.nlm.nih.gov/pubmed?term=Nyhus-Andreasen%20M%5BAuthor%5D&cauthor=true&cauthor_uid=22338623” Nyhus-Andreasen M. (2012). A cost analysis of reusable and disposable flexible optical scopes for intubation.. Pub med.gov. Retrieved from HYPERLINK “http://www.ncbi.nlm.nih.gov/pubmed/22338623” http://www.ncbi.nlm.nih.gov/pubmed/22338623

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Cost-benefit analysis for environmental policy making

Cost-benefit analysis for environmental policy making

Cost-benefit analysis for environmental policy making

Name:

Institution:

Course:

Tutor:

Date:

The Environment is an important area of major concern in the current world. This term encompasses the often fuzzy and unnoticeable boundaries between natural and man-made environments. Issues of concern in this respect ranges from non-human species and ecosystems to those concerned with social and health problems related to demographic issues and the processes of industrialization. In caring for the environment, there is need to consider all the key contexts for decision making and other critical issues.

The natural resource policy making process takes into consideration many factors in making guidelines into effective environment management. Sometimes there arises a conflict between which of the alternatives gives the best framework upon which policy issues can be built. Compared to equity concerns, economic efficiency seems to offer the better platforms upon which these issues can be articulated. This is because of the following factors; it is evident that problems within our environment possess key economic perspectives that need to be given priority in enhancing the social awareness (Nicolaisen, Dean & Hoeller P., 1991). In 1970s the subject of global insufficiency of natural resources were much debated. Currently, countries are now accepting that the economy of the world is slowly progressing towards a crisis in terms of natural resources.

Equity issues have been cited by some quarters with regard to environmental management, specifically on the allocation of costs and benefits. The problem with this approach is that its objectives highly clash with other policy objectives. As a matter of fact, there is an existing trade-off between economic efficiency concerns and equity efficiency issues. This issue brings attention to the whole subject of environmental economics, with the key question of how best it can be considered. One ideal solution that seems of significance is the wider concerns which economic efficiency addresses. Decision making for policy issues should therefore give due preference for economic efficiency over equity considerations

References

Nicolaisen J. Dean A & Hoeller P., (1991) Economics and the Environment:

A Survey of Issues and Policy Options. Retrieved from; < HYPERLINK “http://www.oecd.org/eco/greeneco/34281824.pdf” http://www.oecd.org/eco/greeneco/34281824.pdf>

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Cost-Benefit Analysis matrix. The paper also highlights the advantages and disadvantages of other tools such as PERT and Gant

Cost-Benefit Analysis matrix. The paper also highlights the advantages and disadvantages of other tools such as PERT and Gant

Project Management

Name

Affiliation

Abstract

Adopting to change is one of the hardest processes that organization or companies face. The paper shows how changing from an old system to a new system entails. Despite the fact that employee accept change to take place in their organizations, most of them are against change. This is because they fear that they might lose their jobs. The paper also highlights the advantages and disadvantages of other tools such as PERT and Gantt charts.

Construct a Cost-Benefit Analysis matrix for an organization that is considering replacing its internal payroll system with a payroll outsourcing service. Include direct and indirect revenue enhancements and direct and indirect cost reductions.

One of the biggest challenges facing human resource managers and executives today is the justification of costs related with the implementation and purchase of human resource information system (HRIS). For institutions or organizations, considering changing it internal payroll systems to a payroll outsourcing service is it vital to understand the benefits that come with the new system. Will the service lower cost? Will it increase revenue of income? What is the future benefit for the system to the company? The probable returns at the end of a given duration and the investment choice have to be evaluated in order to make a decision. For this to be possible, a cost-benefit analysis is developed to answer the above questions (Kavanagh, 2012).

Direct Indirect

Benefits Reductions The venders are going to be canceled Free time for staff to handle issues

Revenue Improve employee job performance Better reporting of information and faster system

Cost New implementation There will be out of pocket cost Technical issue will be present

The above chart shows the display in general the benefit and the cost of implementing a new HRIS system. The justification of the new HRIS system has various challenges since some of the items cannot be quantified while others can. By defining both sides of cost-analysis, a company has to consider the indirect and direct costs and benefits that come with the new payroll system. Most organizations or companies are always concerned if the new system will increase revenue (Kerzner, 2010). Employees’ job performance will progress because there are exposed to more efficient system. On the other hand, the company will save money save money on paying other outside vendors to handle the work. The more efficient the system is will permit staff to have more time to manage demanding issue. The company should research and establish the systems that best fit financially for them.

Assess the risks associated with integrating a new payroll system and suggest what the project management team can do to minimize those risks

Any implementation of a new system comes with itself various risks. In most cases, integration includes replacing various related systems, such as payroll system, personnel databases, and benefit system, which one HRIS covers all. Anytime that a new system is changed or implemented there are bound to some accidents, some can be user errors and others system errors. Any change to the payroll system also develops a learning curve as human resource personnel and manager adapt to the new payroll system (Kumar, 2005). With the implementation of a system that is faster than human beings are, the question arises for employees are their position in the organization since the system has replaced them. Some of the employees are not always willing to accept change especially if they consider the change as a negative issue. It is vital for the project manager to be ready to provide a strategy and answer for changes that are in progress. This explains why communication is a very significant tool. The PM should be to answer staff questions as they come in a more efficient and elaborate way. They should advise them of the changes, the benefits that come with it, and the reasons why the change took place. If the change will prompt loss of job, then the PM should offer options.

Compose the tasks that would be needed to complete a Gantt chart (project schedule) for outsourcing the company’s payroll system. Compare the advantages and disadvantages of using a Gantt chart versus using the Performance evaluation and review technique (PERT) and critical path method (CPM) when managing projects.

Gantt charts are easy to construct and to understand, and they offer a powerful visual tool for managing projects. Gantt charts show tasks, activities or events displayed against a certain timeframe. The chart aids in scheduling the work within a project from the start of the project to the end. A proper work breakdown structure is developed in a chart to indicate the level of time as well as the resources needed at each stage of project execution. The tasks needed to complete a Gantt chart for outsourcing payroll system would be:

Select the vender

Carryout a cost benefit analysis

Evaluate the workability of the new system

Close the current system

Conduct a research on the vendor systems for outsourcing payroll system

There are various merits of using a Gantt chart. It is very simple to create and to develop. It can help in putting the tasks into a realistic timeline. The demerits of the Gantt chart also exist. It cannot display the cost attached and you would have to complete more than one chart if alternative outcome is expected. Performance evaluation and Review technique (PERT) also offers a visual representation of the tasks at assigned to the project (Doody & Noonan, 2013). This project management tool addresses events, time, manpower and costs needed to complete the project. PERT can predict the timeframe of task completion as well as the completion of the entire project. The merit of using PERT is that it improves decision-making and planning by presenting and integrating data from various departments. However, PERT only works with larger projects hence a small business will not able to benefit from this method. The lack of proper timeframe on most CPM/PERT charts makes it difficult to indicate the status of a project.

Propose three (3) types of feedback loops the project management team can implement so that potential users of the new payroll system can provide advice, suggestions, and guidance to the team during project development and implementation. Suggest how the project management team can filter out irrelevant information and target critical information provided by potential users of the new system

Feedback is always essential. It permits you to gain information on how projects are running and how others think about the changes. It is not always easy to have feedback because of lack of communication, fear of retaliation, and low employee morale. Ways to curb these concerns are to provide feedback loops. This offers the users of the new system a safe arena to address their opinions. First, I would recommend that the users of the system to be an ambassador. The ambassador acts as a spokesman of the organization and stakeholders. They attend meeting to voice the concerns of the employees and others, offer suggestions and offer advice for a new system (Doody & Noonan, 2013). The help desk should be implanting to help workers that come across any issues while working with the new payroll system. Help desk operations are also able to provide systematic experts and guidance with the system. The use of focus groups is also pronounced ways of for employees to gather and offer suggestions or raise concerns on how companies can help them with their work or job. The best way to sieve the information is to ensure that accurate and reliable information is offered and that when questions arise the project manager adheres to the facts offered or presented.

Suggest three (3) types of behavioral problems that employees can manifest as a result of replacing the organization’s legacy payroll system with an outsourced solution. Compose three (3) guidelines that a project manager can use to mitigate employee resistance to change

With the existing change of technology and that of business change, practices and systems must also change. Change helps Company and organizations stay competitive in their market. Despite the fact that change is good it not easy for employees to accept change. In order for change to be efficient and effective, management and communication are important. Employee always shows their discontent for change by showing lack of motivation, low morale and decreasing productivity. It is the obligations of the HR department and the project manager to assist resolve the problems that come with change amid the employees (Kavanagh, 2012). There are several processes that that are used to mitigate employee’s resistance to change. First, the company should consider the process of unfreezing. This is the process of getting people to believe and see the purpose in it offering recognition and rewards. Psychological safety is one of the processes of assisting employees overcome their nature of anxiety for change by addressing and understanding their needs. Transition/change is the process of assisting the employee accepts change by highlighting the merits of the new process versus the old.

Conclusion

Many company or organizations will come to a situation where they will need to update their HRIS system. It is vital that they do their research. Noting all the options is vital, but even more is weighing the costs of projects versus the benefit. A cost analysis is a good way to determine if the system is right for an organization or company. Effective project management is essential to the implementation of the project. There will always be a resistance and risk with any form of change. However, it is up to the project manager to be ready to handle the issues as they come. One of the most important tools of handling resistance is addressing the loopholes of communication because workers need answers hence it is up to the project manager to offer alternatives and benefits that come with change.References

Doody, O., & Noonan, M. (2013). Preparing and Conducting Interviews to collect data Nurse Researcher, 20(5), 28-32.

Kavanagh, M. (2012). Human Resource Information Systems. Determining HRIS Needs

Kerzner, H. (2010). Project management: A systems approach to planning, scheduling, and controlling (6th ed.). New York: John Wiley & Sons.

Kumar, P. (2005). Effective Use of Gantt Chart for Managing Large Scale Projects. Cost Engineering, 47(7), 14-21.

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Cost-Benefits Analysis Matrix

Cost-Benefits Analysis Matrix

Project Management

Name

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).

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Costs and Benefits of Hosting a Sports Event

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.

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Costs Associated with Chinas Three Gorges dam

Costs Associated with Chinas Three Gorges dam

Presented by

Professor

Subject

Date

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

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Cotton-Picking Time by Maya Angelou

Cotton-Picking Time by Maya Angelou

Non-Fiction

Name

Course

Course instructor

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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.

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