Technology and New Technological Generation

The tremendous development in technology and the diversity in this industry have drastically changed the lifestyle of people in society. The progress in technology has good impacts as well as bad implications to people. In many ways, technology simplifies life,and it has many beneficial effects to the community and the human condition. On the other hand, the result of the technological progress has brought many complications to our lives.However, the negative and positive effects of technology depends completely on people’s exposure to it and the use that they give it. To begin, the enormous progress in technology is responsible for the great forward revolution in the fields of agriculture, manufacturing, warfare, transportation, information, medicine, communication and so on. The mass media, for instance, is one of the most representative areas. We have radio, television, telephones, Internet, and every other device that will fit in the palm of the hand.Another example is the technological advance in the area of medicine that has introduced the latest tools to improve quality patient care. Furthermore, technology plays an important role in international trade because the world market has been globalizing by it. In other words, the most important contribution of technology to society is making the lives of common people much easier and helping them achieve what was previously not possible. On the other hand, the huge development in technology has also complicated life, and it has many negative effects on people.First of all, the new technology in mass media changes cultural values and social behaviors by spreading ideas, values, behavior patterns within a society and among different groups. Some technologies also have negative effects on the environment, such as pollution, and lack of sustainability because they are designed to economic effects only. The new forms of entertainment, such as Internet, and video games have serious effects on children and ad ults causing obesity, laziness, and loss of personality.In addition, through the Internet, the pornographic and gambling industries have been introduced for the various web sites. Therfore, the consequences of the technological advance does not only affect the people it also affect the planet. As a matter in fact, technology has been part of life on the earth since the advent of the human species like language, rituals, commerce, and the arts. Technology is an intrinsic part of human culture and it shapes society as well as is shaped by society.However, the positive or negative effect of technology on society will depend on the choices that people make. These choices between increasing technology include, rising to consumer demands, products channels of distribution, and people’s ability to gain these products with ease. Other effects of technology are beliefs regarding to freedom of choice, materialism, consumerism, and the utilization of technologies just as people requests . To illustrate, technology could be used to maintain, prolong, or terminate a life depend on the patient’s desire.Therefore, the difference in a person attitude towards technology is dependent on that person’s exposure to it rather that the notion she/he has of it. In conclusion, the technologies available to people greatly influence how their lives are as well as people have influence on technology’s development and how it is used. Indeed, the industrial revolution is still underway changing patterns of work and bringing with it the economic and social consequences. The more obvious economic effect of the industrial revolution is the depletion of nonrenewable natural resources such as petroleum, coal, and ores.The social consequences of the technological modernization are the negative impact on people’s behavior and the creation of the new technological generation. However, people should take advantage of the technology advances and use it wisely in ben efit to their lives. For example, people could use technology to create shortcuts in working and making tasks easy too. On the contrary, unfortunately, people could use technology to create weapons of massive destruction. Finally, we are the new technological generation, so not only the future of this civilization but the future of the planet is in our hands. Technology and New Technological Generation The tremendous development in technology and the diversity in this industry have drastically changed the lifestyle of people in society. The progress in technology has good impacts as well as bad implications to people. In many ways, technology simplifies life,and it has many beneficial effects to the community and the human condition. On the other hand, the result of the technological progress has brought many complications to our lives.However, the negative and positive effects of technology depends completely on people’s exposure to it and the use that they give it. To begin, the enormous progress in technology is responsible for the great forward revolution in the fields of agriculture, manufacturing, warfare, transportation, information, medicine, communication and so on. The mass media, for instance, is one of the most representative areas. We have radio, television, telephones, Internet, and every other device that will fit in the palm of the hand.Another example is the technological advance in the area of medicine that has introduced the latest tools to improve quality patient care. Furthermore, technology plays an important role in international trade because the world market has been globalizing by it. In other words, the most important contribution of technology to society is making the lives of common people much easier and helping them achieve what was previously not possible. On the other hand, the huge development in technology has also complicated life, and it has many negative effects on people.First of all, the new technology in mass media changes cultural values and social behaviors by spreading ideas, values, behavior patterns within a society and among different groups. Some technologies also have negative effects on the environment, such as pollution, and lack of sustainability because they are designed to economic effects only. The new forms of entertainment, such as Internet, and video games have serious effects on children and ad ults causing obesity, laziness, and loss of personality.In addition, through the Internet, the pornographic and gambling industries have been introduced for the various web sites. Therfore, the consequences of the technological advance does not only affect the people it also affect the planet. As a matter in fact, technology has been part of life on the earth since the advent of the human species like language, rituals, commerce, and the arts. Technology is an intrinsic part of human culture and it shapes society as well as is shaped by society.However, the positive or negative effect of technology on society will depend on the choices that people make. These choices between increasing technology include, rising to consumer demands, products channels of distribution, and people’s ability to gain these products with ease. Other effects of technology are beliefs regarding to freedom of choice, materialism, consumerism, and the utilization of technologies just as people requests . To illustrate, technology could be used to maintain, prolong, or terminate a life depend on the patient’s desire.Therefore, the difference in a person attitude towards technology is dependent on that person’s exposure to it rather that the notion she/he has of it. In conclusion, the technologies available to people greatly influence how their lives are as well as people have influence on technology’s development and how it is used. Indeed, the industrial revolution is still underway changing patterns of work and bringing with it the economic and social consequences. The more obvious economic effect of the industrial revolution is the depletion of nonrenewable natural resources such as petroleum, coal, and ores.The social consequences of the technological modernization are the negative impact on people’s behavior and the creation of the new technological generation. However, people should take advantage of the technology advances and use it wisely in ben efit to their lives. For example, people could use technology to create shortcuts in working and making tasks easy too. On the contrary, unfortunately, people could use technology to create weapons of massive destruction. Finally, we are the new technological generation, so not only the future of this civilization but the future of the planet is in our hands.

Monopoly and olygopoly Essay

A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity (this contrasts with amonopsony which relates to a single entity’s control of a market to purchase a good or service, and with oligopoly which consists of a few entities dominating an industry) Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods. The verb â€Å"monopolize† refers to the process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power, to charge high prices. Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market). A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service ; a monopoly may also have monopsony control of a sector of a market. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations such that one or a few of the entities have market power and therefore interact with their customers (monopoly), suppliers (monopsony) and the other companies (oligopoly) in ways that leave market interactions distorted. When not coerced legally to do otherwise, monopolies typically maximize their profit by producing fewer goods and selling them at higher prices than would be the case for perfect competition Monopolies can be established by a government, form naturally, or form by integration. In economics, the idea of monopoly is important for the study of market structures, which directly concerns normative aspects of economic competition, and provides the basis for topics such asindustrial organization and economics of regulation. There are four basic types of market structures by traditional economic analysis: perfect competition, monopolistic competition, oligopoly and monopoly. A monopoly is a market structure in which a single supplier produces and sells a given product. If there is a single seller in a certain industry and there are not any close substitutes for the product, then the market structure is that of a â€Å"pure monopoly†. Sometimes, there are many sellers in an industry and/or there exist many close substitutes for the goods being produced, but nevertheless companies retain some market power. This is termed monopolistic competition, whereas by oligopoly the companies interact strategically. Characteristics †¢ Profit Maximizer: Maximizes profits. †¢ Price Maker: Decides the price of the good or product to be sold. †¢ High Barriers to Entry: Other sellers are unable to enter the market of the monopoly. †¢ Single seller: In a monopoly, there is one seller of the good that produces all the output. Therefore, the whole market is being served by a single company, and for practical purposes, the company is the same as the industry. †¢ Price Discrimination: A monopolist can change the price and quality of the product. He sells more quantities charging less price for the product in a very elastic market and sells less quantities charging high price in a less elastic market. Natural monopoly A natural monopoly is a company that experiences increasing returns to scale over the relevant range of output and relatively high fixed costs. A natural monopoly occurs where the average cost of production â€Å"declines throughout the relevant range of product demand†. The relevant range of product demand is where the average cost curve is below the demand curve. When this situation occurs, it is always cheaper for one large company to supply the market than multiple smaller companies; in fact, absent government intervention in such markets, will naturally evolve into a monopoly. An early market entrant that takes advantage of the cost structure and can expand rapidly can exclude smaller companies from entering and can drive or buy out other companies. A natural monopoly suffers from the same inefficiencies as any other monopoly. Left to its own devices, a profit-seeking natural monopoly will produce where marginal revenue equals marginal costs. Regulation of natural monopolies is problematic. Government-granted monopoly A government-granted monopoly (also called a â€Å"de jure monopoly†) is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or company to be the sole provider of a commodity; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement OLIGOPOLY An oligopoly is a market structure in which a few firms dominate. When a market is shared between a few firms, it is said to be highly concentrated. Although only a few firms dominate, it is possible that many small firms may also operate in the market. For example, major airlines like British Airways (BA) and Air Franceoperate their routes with only a few close competitors, but there are also many small airlines catering for the holidaymaker or offering specialist services. Concentration ratios. Oligopolies may be identified using concentration ratios, which measure the proportion of total market share controlled by a given number of firms. When there is a high concentration ratio in an industry, economiststend to identify the industry as an oligopoly. Characteristics †¢ Profit maximization conditions: An oligopoly maximizes profits by producing where marginal revenue equals marginal costs. †¢ Ability to set price: Oligopolies are price setters rather than price takers. †¢ Entry and exit: Barriers to entry are high. [3] The most important barriers are economies of scale, patents, access to expensive and complex technology, and strategic actions by incumbent firms designed to discourage or destroy nascent firms. Additional sources of barriers to entry often result from government regulation favoring existing firms making it difficult for new firms to enter the market. †¢ Number of firms: â€Å"Few† – a â€Å"handful† of sellers. [3] There are so few firms that the actions of one firm can influence the actions of the other firms. [5] †¢ Long run profits: Oligopolies can retain long run abnormal profits. High barriers of entry prevent sideline firms from entering market to capture excess profits. †¢ Product differentiation: Product may be homogeneous (steel) or differentiated (automobiles). †¢ Perfect knowledge: Assumptions about perfect knowledge vary but the knowledge of various economic factors can be generally described as selective. Oligopolies have perfect knowledge of their own cost and demand functions but their inter-firm information may be incomplete. Buyers have only imperfect knowledge as to price, cost and product quality. †¢ Interdependence: The distinctive feature of an oligopoly is interdependence. Oligopolies are typically composed of a few large firms. Each firm is so large that its actions affect market conditions. Therefore the competing firms will be aware of a firm’s market actions and will respond appropriately. This means that in contemplating a market action, a firm must take into consideration the possible reactions of all competing firms and the firm’s countermoves. It is very much like a game of chess or pool in which a player must anticipate a whole sequence of moves and countermoves in determining how to achieve his or her objectives. For example, an oligopoly considering a price reduction may wish to estimate the likelihood that competing firms would also lower their prices and possibly trigger a ruinous price war. Or if the firm is considering a price increase, it may want to know whether other firms will also increase prices or hold existing prices constant. This high degree of interdependence and need to be aware of what other firms are doing or might do is to be contrasted with lack of interdependence in other market structures. In a perfectly competitive (PC) market there is zero interdependence because no firm is large enough to affect market price. All firms in a PC market are price takers, as current market selling price can be followed predictably to maximize short-term profits. In a monopoly, there are no competitors to be concerned about. In a monopolistically-competitive market, each firm’s effects on market conditions is so negligible as to be safely ignored by competitors. †¢ Non-Price Competition: Oligopolies tend to compete on terms other than price. Loyalty schemes, advertisement, and product differentiation are all examples of non-price competition. Advantages of Oligopoly Big Businesses Gain Massive Profits †¢ One of the greatest advantages that occurs from an oligopoly is for the few businesses which control the market for a product or service to build large profits due to reduced sales costs. If just a few companies are in control of the market, the companies have limited competition. It is able to reduce the costs of sales, advertising, promotion and public relations because there is very limited competition to pull the customers away. These reductions in cost can allow the companies in the oligopoly to build larger profits than they would have earned if there were more competitiors. Ability to Determine Prices. Instead of having to keep up with the market, the oligopolies essentially control the market. Unlike other markets where there are more competitiors, the companies in an oligopoly are less concerned about what other companies charge. They are able to establish prices for goods that people want and need based on what the companies in the oligopoly want to charge. Long Term Profits. These companies not only make massive profits, but they are able to retain them for the long haul. It takes a long time and a lot of money for a company to work its way into being a major supplier and part of the oligopoly. During this time, the existing oligopoly companies are able to maintain their profits. Disadvantages of Oligopoly Power in the Hands of a Few. If only a few companies control the availability of a specific product or service, these companies control everything about those products – what they look like, what they cost and how they are sold. Putting this power in the hand of a few companies takes away the normal influences of the market and the consumer. The market and the consumer are now totally relying on the companies to make the right decisions, even during periods of market unrest such as limited availability of a specific component, or escalating prices of raw materials. When the wealth is concentrated in the hands of a few companies, smaller businesses have a harder time being seen as a powerful player in the market. They would have to spend a lot of advertising and sales money to compete with the large powerful oligopoly companies. Creativity. When the knowledge and awareness of a product or service is concentrated in just a few companies, it can be difficult for new ideas to come into play. The existing companies may decide to minimize new products and new distribution methods since they are happy with their current processes and they don’t have any motivation to be competitive by lowering prices or introducing new products or processes. For the individual consumer this lack of creativity leads to out-of-date products and services. Setting Prices. These big businesses have the power to determine what the prices will be, without any concern for competition. This is a negative for the consumer and for other businesses. The whole idea of competitive pricing is thrown out the window when these businesses go about their pricing practices. As you can probably see, oligopolies appear to be beneficial for the companies involved in them, but not so great for the other businesses and consumers in the society. GLOBALISATION Globalization (or Globalisation) is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Globalization describes the interplay across cultures of macro-social forces. These forces include religion, politics, and economics. Globalization can erode and universalize the characteristics of a local group. Advances in transportation andtelecommunications infrastructure, including the rise of the Internet, are major factors in globalization, generating further interdependence of economic and cultural activities. Though several scholars place the origins of globalization in modern times, others trace its history long before the European age of discoveryand voyages to the New World. Some even trace the origins to the third millennium BCE. Since the beginning of the 20th century, the pace of globalization has proceeded at an rapid rate. Benefits of Globalisation †¢ By buying products from other nations customers are offered a much wider choice of goods and services. †¢ Creates competition for local firms and thus keeps costs down. †¢ Globalisation promotes specialisation. Countries can begin to specialise in those products they are best at making. †¢ Economic Interdependence among different nations can build improved political and social links. Drawbacks of Globalisation. †¢ Cheap imports from developing nations could lead to unemployment in developed countries where the cost of production is high. †¢ Choosing to specialise in certain products may lead to unemployment in other sectors which are not prioritised. †¢ Increased competition for infant industry. †¢ ‘Dumping’ of goods by certain countries at below cost price may harm industries in order countries. Economic globalization is the increasing economic interdependence of national economies across the world through a rapid increase in cross-bordermovement of goods, service, technology and capital. Whereas the globalization of business is centered around the diminution of international trade regulations as well as tariffs, taxes, and other impediments that suppresses global trade, economic globalization is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market. Depending on the paradigm, economic globalization can be viewed as either a positive or a negative phenomenon. Economic globalization comprises the globalization of production, markets, competition, technology, and corporations and industries. Current globalization trends can be largely accounted for by developed economies integrating with less developed economies, by means of foreign direct investment, the reduction of trade barriers as well as other economic reforms and, in many cases, immigration. Support and criticism Reactions to processes contributing to globalization have varied widely with a history as long as extraterritorial contact and trade. Philosophical differences regarding the costs and benefits of such processes give rise to a broad-range of ideologies and social movements. Proponents of economic growth, expansion and development, in general, view globalizing processes as desirable or necessary to the well-being of human society[209] Antagonists view one or more globalizing processes as detrimental to social well-being on a global or local scale;[209] this includes those who question either the social or natural sustainability of long-term and continuous economic expansion, the social structural inequality caused by these processes, and the colonial, Imperialistic, orhegemonic ethnocentrism, cultural assimilation and cultural appropriation that underlie such processes. The basic function of economy system Every economic system provides solutions to four questions: what goods and services will be produced; how they will be produced; for whom they will be produced; and how they will be allocated between consumption (for present use) and investment (for future use). In a decentralized (usually private enterprise) economic system, these questions are resolved, and economic coordination is achieved, through the price mechanism. Allocation Competitive markets — not corporate-dominated oligopolies — can perform well here so long as side-effects, such as externalities, are incorporated into prices. Ecological economists recognize a legitimate role of the market in society based on the efficiency of allocation of resources. A major improvement in markets includes the side-effects, so markets tell the ecological and social truth. However, pollution provides a subsidy to firms who would otherwise have to clean up their mess. They are easy to hide, hard to calculate, so they persist. This is called a market failure. If markets fail, this means becomes a central point of contention. ESS thus should make a big deal over market failure, which then becomes an institutional failure. Externalities. An externality is a consequence, positive or negative, of an economic activity that affects other parties without this affect being incorporated into market prices. Thus, market price deviates from the â€Å"true† social cost, sending the wrong signal. Note also the subtle linguistic trivialization. Interestingly, the economics profession has long neglected to assess the size or significance of externalities or to calculate the damages perpetrated on its victims, who by definition had these harms inflicted upon them without their participation-despite the obvious dysfunctions of industrialization and urbanization. Indeed, the bias of public policy in the USA has been to protect the producers, not the public at large. Daly comments on the trivialization of externalities by neoclassical economics: When increasingly vital facts, including the very capacity of the earth to support life, have to be treated as â€Å"externalities,† then it is past time to change the basic framework of our thinking so that we can treat these critical issues internally and centrally. Global Fairness Read Sachs and grasp his message. This is authentic social ecology. Without a grand social contract, cooperation between the Global North and the Global South will fail. The results will be disastrous. Sachs realizes that copycat development, the replication of the economic development practices of the global rich, will surely lead to global ruin: more poverty within vast ecological catastrophe. Orthodox western economics can neither be extended to the majority of the earth’s human inhabitants nor can it be sustained indefinitely by the 20% or so who enjoy its cornucopia. Sachs reveals the parasitical political character of global capitalism masquerading as shared economic development. The USA enjoys the opportunity to provide leadership here, but this moral authority has been squandered. ESS requires such leadership, soon. A good place to start is Africa. Brown provides much insight here. Left to itself, a market society will produce large maldistributions in wealth and income. In practice, the market-driven returns to capital, as profits and capital gains, accrue to the wealthy few, the capitalist class, while the returns to labor, wages and salaries, go to a multitude, the working class. This dynamic produces a class-based inequality of both wealth and income, which translates into differential political power. In the past, the inequalities were mitigated by redistributive tax policies–anathema to neo-liberalism, as exhibited by the recent Bush tax cuts. In the era of economic globalization, inequality has grown sharply within nations, including the USA, and on the global scene. Yet, economists regard this normative concern as outside the ken of â€Å"scientific economics. † Therefore, when issues of social justice are openly discussed in the context of sustainable development, do not turn to economics for insight. The usual deflection of the fairness discussion,now in play in the USA since the 2006 election, is to promote economic growth. Grow the pie rather than quibble over the size of the slices. But if the ingredients for physical growth become scarce, growth slows down and the quibbles morph into arguments. This can easily spin out of control. Count on it. Innovation Growth remains the engine of economic globalization without which the system as constituted would crash–although with runaway material growth earth’s ecosystems will surely crash. Schumpeter put it this way: Capitalism, then, is by nature a form of economic change and not only never is but never can be stationary. Schumpeter derided the â€Å"textbook picture† that depicted economic progress as the result of market-based competition . Rather, he pointed to innovation in products, sources of supply, organization, and technology that created a new context â€Å"which strikes not at the margins of the profits and the outputs of the existing firms but at their foundations and their very lives† . Indeed, Schumpeter foresaw that capitalism itself would fall victim to the turbulent task environment of its own making: The capitalist process not only destroys its own institutional framework but it also creates the conditions for another. Destruction may not be the right word after all. Perhaps I should have spoken of transformation . The pivotal move of ESS is to open up a horizon for enormous technical and social progress while maintaining and even restoring harmony with nature. Thus, sustainability offers enormous opportunity. The language of hope must replace the language of despair. There is real opportunity here. ^ Perverse Subsidies A related topic, rarely brought into view, is the plethora of perverse, often hidden, subsidies, including externalities, enjoyed by corporations in such established industries as energy, agriculture, and transportation. Not only do these gifts typically promote older, dirtier, less efficient industries, but they also stymie the development of innovative, cleaner alternatives –depressing prospects for sustainability. For example, subsidies to cotton farmers in the USA disadvantage cotton cultivators in Africa and subsidies to nuclear power generators present an unfair advantage to start-up wind power producers. These often hidden subsidies undermine economic efficiency and promote environmental damage, but go largely neglected in the economic literature. A study released in 2001 by Norman Myers and Jennifer Kent estimates the global cost of perverse subsidies at two trillion dollars, about 5. 6% of the $35 trillion global economy. The subsidy-rich, environmentally poor Bush-Cheney energy policy was formulated behind closed doors with input from energy giants like Enron but with no public disclosure. Eliminating perverse subsidies must be a first step toward building a sustainable economy. Thus, grappling with perverse subsidies and tilting the market toward renewable resources must be high on an ESS agenda. There are multiple components to economic systems. Decision-making structures of an economy determine the use of economic inputs (the means of production), distribution of output, the level of centralization in decision-making, and who makes these decisions. Decisions might be carried out byindustrial councils, by a government agency, or by private owners. Some aspects of these structures include: †¢ Coordination mechanism: How information is obtained and used to coordinate economic activity. The two dominant forms of coordination includeplanning and the market; planning can be either centralized or de-centralized, and the two mechanisms are not mutually exclusive. †¢ Productive property rights: This refers to ownership (rights to the proceeds of output generated) and control over the use of the means of production. They may be owned privately, by the state, by those who use it, or held in common by society. †¢ Incentive system: A mechanism for inducing certain economic agents to engage in productive activity; it can be based on either material reward (compensation) or moral reward (social prestige).

Public Toilet

G answer B F A 1) J I C E D 2) Cycle Time (CT) = Productive time per hour Output per day = 7 hrs. /day X 60 min/hr X 60 sec/min 1008 units/day = 25,200 sec 1008 units = 25 sec/unit 6 5 4 3 2 1 3) Workstation = J I G H F E C D B ATask Time 24 25 25 25 25 24 Idle Time = 1 0 0 0 0 1 ( Total = 2 sec ) 4) WS = Sum of task times Cycle time (CT) = 148 sec 25 sec/units = 5. 2 ? 6 units of WS 5) Efficiency = Sum of task times X 100% CT * Actual # of (WS) = 148 sec * 100 % ( 25 sec/units * 4 units of WS) = 98. 67 % ) Idle time per units = (CT * actual # of WS) – sum of task times = (25 sec/unit X 6 units of WS) – 148 seconds = 2 sec/units Idle time in seconds per day = idle time per units X output per day (in unit) = 2 sec/unit X 1008units/day = 2016 sec/day Idle time in hour per day = Idle time in seconds per day 60 min/hr X 60 sec/min = 2016 sec/day 60 min/hr X 60 sec/min = 0. 56 hr/day Thus,The cost of idleness per week = Idle time in hour per day X wage rate per hour X # working day per week = 0. 56 hr/day X RM 40 per day = RM 22. 40 per week QUESTION 4 Claytan Fine China, a well-known dinner ware producer has upgraded its moulding procedure by using the most sophisticated equipment. The mouding process consists of 10 elements. The following table shows the task element in alphabetical order and their precedence element task(s) and times in seconds.Task Element| Precedence Task| Task Time (seconds)| A| -| 24| B| A| 25| C| A| 13| D| -| 10| E| C, D| 12| F| B, E| 11| G| B| 15| H| -| 14| I| F,G. H| 10| J| I| 24| 1. Draw a precedence diagram 2. If the expected weekly output is 5040 dinner sets and daily productive time is 7 hours (in a 5 day work-week), compute the cycle for the process. 3. Compute the theoretical number of workstations. 4. Arrange the task element into proper workstations by using the longest task-time heuristic/rule. 5. Calculate the efficiency of the balanced line and balance delay. 6. If the wage rate is RM 40 per day, calcula te the idleness cost per week.QUESTION 8 Hakim Bidaman Enterprise is in the process of developing an aggregate capacity plan for the month of Jan-Sept 2010. The company has gathered the data as shown in the following table: MONTH| Jan| Feb| Mar| Apr| May| Jun| Jul | Aug| Sept| Forecast Demand (unit)| 5000| 4900| 4500| 4200| 6300| 5000| 5100| 4800| 4700| Other information to be considered: 1. Each output requires 26 minute to be produced. 2. Labour cost per hour is RM 5. 00 3. Overtime rate per hour is RM 7. 50 4. Overtime given to 4 workers only with a limitation of 2 hours per day. 5. Beginning inventory is 400 units. . The inventory carrying cost is RM 2. 40 per unit. 7. Hiring cost per worker is RM 400 and lay off cost per worker is RM 600 8. Subcontracting cost is RM 20 per unit. 9. Current workforce level is 10 workers. 10. The company operates 8 hours daily in 26 days a month. Determine the production cost for the planning horizon by using all five strategies. Apply informatio n given as necessary for a certain strategy. ANWER STRATEGY 1 Monthly forecast output = number of day per monthly X daily standard output = 26 days (60 minutes/hr ? 6 minutes/unit X 8 hours/day) = 480 units per worker per month MONTH| FORECASTDEMAND (UNIT)=UNIT PRODUCED| CURRENT WORKER| WORKERS REQUIRED| HIRE| LAY OFF| Jan| 5000 – 400 = 4600| 10| 4600/480 = 10| | | Feb| 4900| 10| 4900/480 = 10| | | Mar| 4500| 10| 4500/480 = 9| | 1| Apr| 4200| 9| 4200/480 = 9| | | May| 6300| 9| 6300/480 = 13| 4| | Jun| 5000| 13| 5000/480 = 10| | 3| Jul| 5100| 10| 5100/480 = 11| 1| | Aug| 4800| 11| 4800/480 = 10| | 1| Sept| 4700| 10| 4700/480 = 10| | | | 44100| | | 5| 5| TOTAL PRODUCTION COST Regular production cost = (44100 units) X (RM5/hr) X (26 minute/unit ? 0 minute/hr) = RM 95,550 Hire worker = (5 worker) X (RM400) = RM 2,000 Lay off worker = (5 worker) X (RM600) = RM 3,000 Thus, total cost = RM 100,500 STRATEGY 2 Units Produced = (number of day per monthly) X (working days per pe daily ) X (standard output per day) = (10 worker) X (26 day) X (60 minutes/hr ? 26 minutes/unit X 8hr) = 4800 unitsMONTH| FORECAST DEMAND (UNIT)| UNIT PRODUCED| UNITEXCESS| UNIT SHORTAGE| OTUNITS| ENDINV| Jan| 5000 – 400 = 4600| 4800| 200| | | 200| Feb| 4900| 4800| | 100| 100| | Mar| 4500| 4800| 300| | | 300| Apr| 4200| 4800| 600| | | 600| May| 6300| 4800| | 1500| 1500| | Jun| 5000| 4800| | 200| 200| | Jul| 5100| 4800| | 300| | 300| Aug| 4800| 4800| | -| -| -| Sept| 4700| 4800| 100| | | 100| | | 43200| | | 1800| 1500| TOTAL PRODUCTION COST Regular Production Cost = (43200 units) X (26 days ? 8 hr) X (26 minute/unit ? 60 minute/hr) = RM 60,840 Overtime Cost (1800 unit) X (RM7. 50/hr) X (26 minute/unit ? 60 minute/hr) = RM 5,850 Inv. Holding Cost = (1500 unit) X (RM2. 40 per unit) = RM 3,600 Thus, total cost = RM 70,290 STRATEGY 3 Units Produced = (number of day per monthly) X (working days per pe daily) X (standard output per day) = (10 worker) X (26 day) X (60 minutes/hr ? 26 minu tes/unit X 8hr) = 4800 units MONTH| FORECAST DEMAND (UNIT)| UNIT PRODUCED|UNITEXCESS| UNIT SHORTAGE| OTUNITS| ENDINV| Jan| 5000 – 400 = 4600| 4800| 200| | | 200| Feb| 4900| 4800| | 100| | 100| Mar| 4500| 4800| 300| | | 300| Apr| 4200| 4800| 600| | | 600| May| 6300| 4800| | 1500| 900| | Jun| 5000| 4800| | 200| 200| | Jul| 5100| 4800| | 300| 300| | Aug| 4800| 4800| -| -| -| -| Sept| 4700| 4800| 100| | | 100| | | 43200| | | 1400| 1300| TOTAL PRODUCTION COST Regular Production Cost = (43200) X (RM5/hr) X (26 minute/unit ? 0 minute/hr) = RM 93,600 Overtime Cost = (1400 units) X (RM5/hr) X (26 minute/unit ? 60 minute/hr) = RM 3,033 Inv. Holding Cost = (1300 units) X (RM2. 40 per unit) = RM 3,120 Thus, total cost = RM 99, 753 STRATEGY 4 Units Produced = (number of day per monthly) X (working days per pe daily) X (standard output per day) = (10 worker) X (26 day) X (60 minutes/hr ? 26 minutes/unit X 8hr) = 4800 unitsMONTH| FORECAST DEMAND (UNIT)| UNIT PRODUCED| UNITEXCESS| UNIT SHOR TAGE| OTUNITS| ENDINV| Jan| 5000 – 400 = 4600| 4800| 200| | | 200| Feb| 4900| 4800| | 100| | 100| Mar| 4500| 4800| 300| | | 400| Apr| 4200| 4800| 600| | | 1000| May| 6300| 4800| | 1500| 1500| | Jun| 5000| 4800| | 200| 200| | Jul| 5100| 4800| | 300| 300| | Aug| 4800| 4800| -| -| -| -| Sept| 4700| 4800| 100| | | 100| | | 43200| | | 1000| 1800| TOTAL PRODUCTION COST Regular production cost = (43200) X (RM5/hr) X (26 minute/unit ? 0 minute/hr) = RM 93,600 Overtime Cost = (1000 units) X (RM7. 50/hr) X (26 minute/unit ? 60 minute/hr) = RM 3,250 Inv. Holding Cost = (1800 units) X (RM2. 40 per unit) = RM 4,320 Thus, total cost = RM 101,170 STRATEGY 5 Units Produced = (number of day per monthly) X (working days per pe daily) X (standard output per day) = (10 worker) X (26 day) X (60 minutes/hr ? 26 minutes/unit X 8hr) = 4800 unitsMONTH| FORECAST DEMAND (UNIT)| UNIT PRODUCED| UNITEXCESS| UNIT SHORTAGE| OT UNITS(max=480Unit)| ENDINV| SUBUNIT| Jan| 5000 – 400 = 4600| 4800| 200| | | 200| | Feb| 4900| 4800| | 100| | 100| | Mar| 4500| 4800| 300| | | 400| | Apr| 4200| 4800| 600| | | 1000| | May| 6300| 4800| | 1500| 480| | 20| Jun| 5000| 4800| | 200| 200| | | Jul| 5100| 4800| | 300| 300| | | Aug| 4800| 4800| -| -| -| -| | Sept| 4700| 4800| 100| | | 100| | | | 43200| | | 980| 1800| 20| Overtime unit max = 4 X 2 X 26 per month ? 6 month/unit X 60 minute/unit = 480 units TOTAL PRODUCTION COST Regular Production Cost = (43200) X (RM5/hr) X (26 minute/unit ? 60 minute/hr) = RM 93,600 Overtime Cost = (980 units) X (RM7. 50/hr) X (26 minute/unit ? 60 minute/hr) = RM 3,185 Inv. Holding Cost = (1800 units) X (RM2. 40 per unit) = RM 4,320 Subcontracting Cost = (20 units) X (RM20 per unit) = RM 400 Thus, total cost = RM 101,505

Women In the Antebellum Reform Research Paper Example | Topics and Well Written Essays - 3000 words

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Visual Arts - Art and Technology Essay Example | Topics and Well Written Essays - 1250 words

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Buyer Behaviour Case Study Example | Topics and Well Written Essays - 1750 words

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Relatinoship between alcohol anonymous and aclcohol addicted patients Research Proposal

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Environmental Statutes Research Paper Example | Topics and Well Written Essays - 250 words

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Ibrahim Pasha Essay Example for Free

Ibrahim Pasha Essay Ibrahim Pasha makes the sculpturer he found make a sculpture of himself. Kanuni gets very angry with Ibrahim pahsa because of this disrespect of him and doesn’t share his feelings about this with anyone. But later on he shares his feelings with Ibrahim pahsa. As a result of this , he wants to resign since he is afraid of Kanuni’s anger. Then, Ibrahim pahsa comes back to the palace to pick his belongings from his servants. Ibrahim Pasha’s wife Hatice Sultan asks why he is going, whether he will come back to the palace or not. But he doesnt want to say anything about the situation despite of her insists then he leaves. Hatice Sultan has a nightmare, her nightmare is that: her husband is killed by Kanuni and the head of her wife is in a sack on the table . When she wakes up, she cries and goes to the salon; she opens the sack and sees the head of Ibrahim Pasha’s sculpture. She thinks her husband has been killed. Then, she goes to her Kanuni’s palace and asks him whether her husband has been killed or not. Kanuni says he is okay, nevertheless she doesn’t believe. Later, Mustafa leaded on his aunt and she went to her mothers room. When Valide Sultan saw Hatice Sultan, she went to speak with her son for this situation and she teaches that Ibrahim Pasche was well . Later; she mentioned this situation to her sister. I think this part was the resolution of this episode. At the same time, Ibrahim Pasche was together with his twin brother and he confessed that he didnt love Hatice Sultan and he loved Nigar.

Estimation With Cost Significant Elements In Malaysia Construction Essay

Estimation With Cost Significant Elements In Malaysia Construction Essay The construction estimation is an important content of the feasibility study of the projects. The accuracy of the cost estimation directly affects the decision of project, scale of construction, design scheme and economic effects, and affects the proceeding of projects. It is significant for the management and control of the project estimation to process the estimated practically, speedily, and exactly. Construction cost is an important element that should be monitored at different phases of the process of a building construction. It is also a factual process designed to give a reliable estimation or prediction of its financial cost. Cost estimating is a fundamental activity which combines a mechanical process and a subjective expertise undertaken to assess and predict the total cost to execute the construction works. It consists of an application with an appropriate method to estimate and to measure the final quantities of the building. The purpose of construction cost estimation is to provide information for constructors which include areas in the procurement and pricing of construction, establishing contractual amount of payment, and quantity control. Cost models serve a variety of purposes. It can be defined as the symbolic representation for a system, expressing the content of that system in terms of the factors which influence its costs (1). It is a procedure developed to reflect, by means of derived processes, adequately acceptable output for an established series of input data (2). Besides that, techniques used in the cost modeling can also forecast the estimated cost of a proposed construction project (3). Therefore, every method, technique or procedure used by quantity surveyors for cost estimation or cost forecast may be termed as cost models. All procurement systems require a contractor to predict the cost of a project, and to determine a price for the work within the constraints of time and to maintain the required quality without compromising to the wellbeing of other projects. In the traditional procurement system, Bill of Quantities (BQ) is an essential part of tender document that lists all the items of work to be co mpleted in a project which is to provide a mean of comparing bids from several contractors on a like for like basis. Since BQ has become an important tool for project costing and tendering it is also a document for architects and other consultants to have a sense of control on their projects in term of cost and finance. Today BQ are also used for cost planning, projected cash flows and budget, for valuation of interim payments and variation orders, and for settlement of final account. The objective of this paper is to present a formal method, the Cost Significant Element (CSE) method to accelerate the tendering process in the construction industry. The CSE has existed in the industry for a long time and has been used by many project stakeholders to deliver the project and to meet the specified targets and objectives set by the clients. Previous Studies The construction projects in Malaysia are getting more complicated and their scales are getting larger as the industrial development directly affects the construction sector. Hence it is getting more difficult to complete the projects within quality standards, budgeted cost limits and on time. Most of the time, decisions to be taken may be delayed due to the risk and uncertainties met by managers during the construction process and as a result some difficulties are arisen. One of these difficulties is caused by the lack of cost data whenever needed and in demanded quality. Therefore, the budgeted cost limits are often exceeded. However, it is well-known fact that the earlier cost planning is started on resulting in the more suitable outcome are obtained. In construction industry, Cost significant Element (CSE) method is a way to build up a simple cost estimate model by using historical bills of quantities (BQ) which the document that states how much is to be spent on each functional element of a proposed building in relation to a defined standard of space and quality. It is also an organized breakdown of cost data into the standard elements of a building. CSE facilitate the comparison between projects and the development of recording cost data for future cost planning in a simple way. It is important to identify the cost significant item in the research on CSE method. A research project has been carried out in Istanbul Technical University Faculty of Architecture intending to estimate most probable building cost in the early stage of the construction process taking the advantage of recent developments in the information and communication technology (ICT) [Orhon, 1996], [Tas and Yaman, 2002]. The main objectives of this research were collecting building construction cost data, processing data and transforming it into building cost information, storing and retrieving the cost data and information, connecting private and public sector data as well as information through a database, saving time and minimizing mistakes, by avoiding reproduction of the information that has already been stored somewhere in the sector. BQ is the traditional method that is commonly used by construction companies to predict the cost of a project in the detailed design phase and throughout the construction period. It will usually result in similar significant items being identified across different bills, but with each item having a minor difference. In order to overcome this problem, once the identification of cost of the elements, quantity or resource significant items is completed, the BQ items are aggregated into significant work elements. Whereas, it is one of the most important components of the tender documents along with technical drawings, specifications, conditions of contract, etc. Once a project is defined in detail, every item of work needed to complete the project is listed and priced by estimators. BQ for building work is counterproductive and leads to ambiguities and differences in interpretation, creating a potential for dispute. An acceptable level of simplification can be achieved through the aggreg ation of work items, presently required to be measured separately (Edwards and Edwards, 1995). The process of developing cost significant models has tended to consists of several steps. These include finding the cost significant items, grouping similar items together, and calculating a cost significant factor. The cost significant items to be identify in a project uses a technique proposed by Shereef (1981) where items are considered as significant when their value is higher than, or equal to, the mean bill value. Other than that, research at the University of Dundee has consistently shown that BQ analyses using this technique are successful in identifying the 20% of significant items that constitute 80% of the cost (Horner and Zakieh, 1993). However, it has long been recognized that in the value of the research work identified in the second stage of this process will not associate to the full cost of the trade. In Paretoà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s principle (commonly called 80:20 rule), when 80:20 rule is utilized the assumption is made that the 20 per cent of items are contributing 80 per cent of the value, and consequently the cost of the work packages identified in stage two equate to only approximately 80 per cent of the total cost of the trade. A model factor has to be applied to the total value of the work elements to determine the cost of the trade as a whole, to include a value for the 80 per cent of items not costed during this process. This factor is termed the cost model factor and is calculated by establishing the average proportion of the total cost of a trade that is accounted for by the significant work elements. The total cost of a trade can then be established by dividing the total cost of the si gnificant work elements by the cost model factor (Munns and Al-Haimus). Research Methodology In order to achieve the objectives of the study, there are two approaches to be carried out in this research. Firstly, primary data collected from a number of the construction companies in Johor Bahru area of Malaysia. Primary data are those data observed or collected directly from first-hand experience. It shows the advantage towards the accuracy of data since the specific information has been collected by the person who is doing the research. Twenty-five high cost double storey terrace housing projects historical BQ were collected in the data analysis. In this particular research is to develop a building cost estimation model based on cost significant work elements. Several important steps came to establish this model. These were including finding the cost significant work items in BQ, grouping similar work items together to select work packages, and calculating a cost significant value factor (CSVF). Cost significant element models rely on the well documented finding that 80 per cent of a billà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s value is contained within the 20 per cent of the items which are most expensive (Barnes 1971; Skinner 1981; Ashworth Skitmore 1983; PSA 1987). Projects which have similar features, the cost significant items are roughly the same. This model has covered the criteria that need to be considered and getting the result to prove the 20:80 rules in the estimating practice. In developing the model, literature reviews are adopted as secondary sources, and as such, it does not report any new or original experimental work. Cost-significant items can be grouped together, using a variety of techniques, into a smaller number of cost-significant element work packages, which within any given category of project consistently represent a fixed proportion of the total cost, usually close to 80 per cent. The total value of the project can then be calculated simply by multiplying the total price of the cost-significant work packages by an appropriate factor. The value of the factor varies slightly that to determine from an analysis of historical data (Poh, P.S.H. Horner, R.M.W.). Accuracy of the result in this model can be varied by coarsening or refining to match the quality of data available at each stage in the projectà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s life when calculating of the cost significant model factor.

Scheme of Remedies for Misrepresentation

Scheme of Remedies for Misrepresentation In pre-contractual negotiations, one party (the Representor) may make representations to another party (the Representee), which relate, by way of affirmation, denial, description or otherwise, to a statement of fact or present intention. If the representations made are untrue, they may be termed misrepresentations. The Representor may know that the statements are untrue; or they may be careless or reckless as to their truth. Alternatively, the Representor may hold an honest belief as to truth of the statements made. Generally there is no positive duty to act honestly in English Law a misrepresentation cannot be made by silence and even where one party proceeds, fully aware that the other is contracting on the basis of a misunderstanding of some fact, English law does not provide for a remedy. The exceptions are where the facts given are a half-truth, or where a statement is made, circumstances change and the maker of the statement fails to disclose this. Further exceptions are where a contract, such as one for insurance, is treated by the law as being of the utmost good faith and requiring the contracting party to disclose all relevant facts; or where the contract involves a fiduciary relationship such as between a company and its promoters. European Law, by contrast, imposes a positive duty to act in good faith and fair dealing, both during the course of negotiations and where a contract is concluded. It allows avoidance of the contract for fraudulent (deceitful) non-disclosure of information which, in accordance, with the principles of good faith and fair dealing, a party should have disclosed. The duty extends to situations where a contract is not even concluded: for example, where negotiations break down, or where one party is time wasting. This positive duty to act in good faith is common in other jurisdictions, including some common law systems. The scope of remedies for misrepresentation in English law depends on the type of misrepresentation that has occurred. Where the misrepresentation is fraudulent, the law sees the Representor as more blameworthy and the level of damages is not limited by, for example, remoteness, the duty to mitigate, and contributory negligence. The reasons for imposing wider liability on the intentional wrongdoer than on the innocent misrepresentor are certainly moral, but as Lord Steyn notes, the law and morality are inextricably interwoven and, to a large extent, the law is simply formulated and declared morality. It seems ironic, therefore, that there is no remedy whatsoever are where one party deliberately fails to disclose a material fact: an action that is intentionally dishonest, immoral and surely equally blameworthy. To be blameworthy means to be at fault or deserving of blame: from a moral standpoint, it implies conduct for which a party is guilty and deserves reproach or punishment. However, there is a logical consistency to, and a general policy of, not punishing intentional wrongdoers by civil remedies in English law: the primary remedy for civil wrongs is to provide compensatory damages, measured by the claimants loss; and the aim of providing a remedy, frequently cited, is to put the claimant into as good a position as if no wrong had occurred. However, the principles by which the remedies for fraudulent misrepresentation have developed do appear to go beyond this, having a punitive nature in their application. Fraudulent Misrepresentation Where the Representor makes a statement of fact (or a statement of intention, which involves a representation as to the existence of the intention which is itself a present fact) either knowingly, without belief in its truth, or recklessly, i.e., careless as to whether it is true or false, and this fact, being material, induces the other person to enter into the contract, this is a fraudulent misrepresentation. It does not matter that the Representee could have discovered the truth or spurned the opportunity to do so. The test as to whether fraudulent misrepresentation has taken place is whether there is an absence of honest belief; and honesty in this context refers to a subjective appreciation of events. The fact that the statement would not convince a reasonable person does not necessarily make it dishonest; however, where the statement is made recklessly or carelessly, the Court may make a finding of dishonesty, in that the person in question could not reasonably have believed in the truth of their statement. In all cases of fraudulent misrepresentation, however, dishonesty is a crucial factor damages cannot be claimed in deceit on the basis of recklessness alone since the basis of deceit is dishonesty. Where the misrepresentation is fraudulent, the Representee may rescind the contract a remedy available for nearly all types of misrepresentation and he may also recover any benefits that the Representor has enjoyed as a result of the contract being made, prior to the contract being rescinded. The Representee may also claim damages in the tort of deceit, and as noted, the damages are intended to restore the victim to the position he was in before the representation was made. The test for damages in fraud is one of direct consequence, rather than foreseeability, with damages being divided into two categories diminuation in value and consequential losses. Similar to damages for negligence, the House of Lords have confirmed that the Representor will be responsible for a sum representing the financial loss flowing directly from his alteration of position under the inducement of the fraudulent representations of the defendants. Unlike for negligence, however, the damages do not need to be foreseeable; as long as they have been caused by the transaction. This demonstrates that the Representors blameworthiness is important since the benefit of limiting liability to only foreseeable damages is not permitted to the dishonest person as it would be if the representation was made negligently: per Lord Denning in Doyle v Olby, it does not lie in the mouth of the fraudulent person to say that they could not have been reasonably foreseen. This decision was reaffirmed in Smith New Court. Further, the fact that the Representee had every opportunity to avoid the contract or transaction in question, or could have taken proceedings to rescind it, or asserted his rights to have it treated as void in proceedings brought to enforce it, does not bar his claim for damages. Once again, where dishonesty is involved, the law does not allow the misrepresentor any opportunity to reduce his liability, even where there is fault on the part of the Representee. Similarly, the contributory negligence of the Representee does not apply to reduce damages for the tort of deceit. Again, this feature has been applied because the tort involves dishonesty; regardless of the contributory negligence of the Representee, the Representor will have to pay for all damages because the law views him as blameworthy and cannot justify restricting his liability as a result of this. The Representee may also claim for consequential losses, although he is obliged to take all reasonable steps to mitigate those losses on discovery of the fraud. The type of damages that may be awarded to the Representee may include both special and general damages, as for A v B, where the claimant Representee was entitled to an award of  £7,500 in respect of general damages for distress even though his distressed state had not required medical attention. Although the potential heavier damages available to claimants may make a claim in fraudulent misrepresentation seem more attractive, it may be difficult to prove the Representors dishonesty and failure to succeed may result in an action for defamation; a claim under Section 2(1) of the Misrepresentation Act 1967 (MA1967) is more likely to be pursued for these reasons since the remedies available are similar. Negligent Misrepresentation The misrepresentation may alternatively give rise to an action for damages in the tort of negligence, if the statement is made (a) knowingly, (b) without belief in its truth or (c) recklessly, careless whether it be true or false; and a special relationship exists between the parties. A finding of dishonesty is not necessary: provided that it can be established that there is reasonable foreseeability of reliance on the statement and of the harm caused by that reliance. As established in Hedley Byrne, the Representor has a duty of care to do all that is reasonable to make sure their statement is accurate, regardless of the existence of a fiduciary or contractual relationship; only a sufficient degree of proximity between the parties is necessary for an action to be sustained. Such proximity would arise in professional relationships, such as those made with barristers and estate agents, and also in purely commercial transactions where the Representor has superior knowledge and experien ce to that of the Representee and it is reasonable for the Representee to rely on statements made by them. In all cases, it must be just and reasonable for the duty of care to be imposed. The remedies available to the Representee are rescission of the contract and damages in the tort of negligence; and, unlike a claim for fraudulent misrepresentation, damages will be subject to a test of reasonable foreseeability. The Court may however take account of benefits that the claimant has missed out on as a result of the misrepresentation. Despite the difficulties in establishing negligence, it should be noted that actions for negligent misrepresentation have the advantage that they are not limited to misrepresentations that induce contracts; nor are they limited to statements of fact. A parallel can be drawn with principles of European law, which recognise liability for losses during the process of negotiation, even if a contract is not made. However, whereas for negligent misrepresentation in English law a duty of care must be established, in European law no such duty is required. Such losses in European law include those incurred as a result of failure to act in good faith and fair dealing; a positive duty imposed on the parties, which may include failure to disclose pertinent information. Section 2(1) Misrepresentation Act 1967 More commonly, an action for misrepresentation will be made under Section 2(1) of the MA1967 where the misrepresentation results in a contract. Unlike an action in negligence, which requires the Representee to prove that a duty of care existed, the burden of proof is reversed: the Act requires that the Representors prove they had reasonable grounds to believe, and did believe up the time the contract was made, that the facts represented were true, and unless they can do this, they will be liable. This can be difficult to prove: a mere honest belief is not enough. Remedies available to the Representee are similar to those available for fraudulent misrepresentation unless the Representor is able to discharge this burden of proof (and if the Representor can discharge the burden, the Representee may still plead innocent misrepresentation with its consequent remedies). Effectively then, per Royscot Trust Ltd, damages in respect of an honest but careless representation are to be calculated as if the representation had been made fraudulently: this has attracted much criticism as it means in effect that the Courts are required to treat a person who is morally innocent as if he was guilty of fraud. However, under Section 2(1) the loss recoverable does not go beyond the consequences that arise from the negligent misrepresentation: this is narrower than the recoverable loss permitted for fraudulent misrepresentation per Doyle v Olby. In addition, unlike damages for fraudulent misrepresentation, the Court may reduce the sum if there is evidence of contributory negligence on the part of the Representee. The damages under Section 2(1) will be based on direct consequence (as for the tort of fraud/deceit) rather than what was reasonably foreseeable (as for the tort of negligence). In Royscot Trust, the Court of Appeal held that the correct measure of damages was based on the tort of deceit and that the Plaintiff was entitled to recover all losses even if those losses were unforeseeable, provided they were not otherwise too remote. Therefore, the measure for damages for innocent misrepresentation under Section 2(1) is the same measure as for fraudulent misrepresentation. This has since been questioned, however, and in Smith New Court Securities, Lord Steyn asked whether it was correct to treat a person who was morally innocent as if he were guilty of fraud when it comes to the measure of damages. This measure seems incorrect: especially as, per Avon v Swire (where representations as to the future were presented as statements as to existing intention), the section may be used to produce damages on a scale commensurate with fraud where otherwise the contract would allow no damages in the event of breach and there would be no damages for negligent misrepresentation in tort. Innocent Misrepresentation Where the statement made is innocent, in that there is no provable fault, the remedy is rescission of the contract unless the Court awards damages at its discretion under Section 2(2) MA1967; alternatively it may award rescission with an indemnity; the aim of the Court in all cases being not to unjustly enrich the Claimant. The equitable remedies that the Court may award discretionarily may include the setting aside of a deed or other instrument and the restitution of property, with any pecuniary adjustment that might be necessary on either side by way of accounting for profits or allowance for depreciation. Although there is no indication as to the level of damages, it is considered that this should be lower than the damages awarded under Section 2(1), as implied by Section 2(3). The Court exercises its discretion in accordance with the principles of equity and so there may be no remedy offered if the facts as a whole make it inequitable to grant the relief, or if there is improper conduct or suggestion of a harsh bargain on the part of the Representee. Mispresentation and blameworthiness: considerations It has been noted that misrepresentations can be made intentionally, carelessly or recklessly, or innocently. In each case, there is a remedy for the Representee; but the value of that remedy varies based on several factors. We have seen that where fraudulent misrepresentation is proved (for which dishonesty is required), the level of damages awarded may be far greater than for other types of misrepresentation: the Representor must pay all financial losses flowing directly from the misrepresentation. There are few limits to this: the damages do not need to be foreseeable and matters of the Representees conduct, such as the fact that he had the ability to avoid the contract or to discover the dishonesty, does not bar his claim. Similarly, his contributory negligence is irrelevant to the calculation of damages. The only restriction is that Representee needs to take reasonable steps to mitigate his consequential losses. Following the recent case of A v B, we have also seen that general damages may be available for distress suffered, even though this is not medical. Under the MA1967, we have seen that a Representee can claim damages on a scale commensurate with fraud even where the representation was innocent, although these will be limited by any contributory negligence. It seems unjust that the Representees contributory negligence is ignored in fraudulent misrepresentation: this is fault per se on the part of the Representee and if the reason for allowing wider damages is blameworthiness, surely the blameworthiness of the Representee must also be a consideration. The European approach of considering all circumstances, including, but not limited to, whether the Representee could reasonably acquire the information, seems fairer. The flexibility of this approach, in contrast to the unlimited scope of damages in English Law permitted for fraudulent misrepresentation, may demonstrate a better approach to the calculation of damages. The European approach may be contrasted to awards made for innocent misrepresentations in English law, which follow equitable principles; in such cases the conduct of all parties is taken into consideration before reaching a decision. The fault of both parties is balanced in order to reach a decision that is fair to both, and such a system would make a more just compromise between the heavy benefits of a successful claim for fraudulent misrepresentation. It has also been noted that it is entirely illogical that the law should take such an iron-handed approach where the Representor makes a positive statement which he knows to be incorrect; but provide no remedy whatsoever when the same person dishonestly fails to disclose a material fact that he knows would have a material bearing on the contract. James notes that the EU is taking tentative steps towards the abolition of national contract laws of member states, and the replacement with a single European code. If this happens, we will see the introduction of a positive obligation to act in good faith, both in pre-contractual negotiations and in the formation of contracts. This obligation on contracting parties to be open with each other in negotiations is foreign to English law; it has previously been avoided because of principles of contractual freedom and economic efficiency. However, a model which requires honesty and diligence on the part of both parties, and provides for remedies to either party where there is a loss to be made good, with each partys conduct assessed for fairness, seems a far more balanced approach than the present system of remedies in English law for misrepresentation, and accords more with the principle of restitutio in integrum that is inherent throughout our contract law system.

Executive Summary of Calyx $ Corolla Essay -- essays research papers

Executive Summary Calyx & Corolla is a young company that offers a very unique choice for customers who are interested in buying fresh flowers. Fresh flowers industry valued approximately $9 Billion in the United States in 1990 with steady market growth rate of 7.7% since 1985. However, the market potential did not reach the top yet. US fresh flowers market still has more room to grow. Per capita consumption of flowers and plants in the US was $36 per year, while the average in Europe was $60. Since a flower diminished its value everyday due to lacking of freshness, efficient distribution is the key to the flower industry. Calyx & Corolla has a distinctive way of delivering flowers to the consumers. Calyx & Corolla links its customers directly to the growers via the reliable delivery service of FedEx, whereas other companies rely on the traditional distribution channel which contains at least four layers: growers to regional distributors, regional distributors to wholesalers, wholesalers to retailers / florists, and florists to end-users. Thus, Calyx and Corolla can deliver fresher flowers to its customers bypassing those distribution processes. Calyx and Corolla also earns higher profit margin than its competitors due to its uncomplicated cost structure. For instance, Calyx and Corolla does not have to spread its profit to distributors and wholesalers. FTD was the biggest player in the fresh flowers market. FTD was a member-owned, worldwide cooperative of 25,000 florists. Florists usually used FTD to provide delivery service beyond their service area. The florists who originated the order received 20%, the florists who delivered the order 73%, and FTD 7%. The powerful network of 25,000 florists was the main advantage of FTD to penetrate the fresh flowers market. However, its price structure was not so flexible. â€Å"800-Flowers† was the largest member of FTD network and it was becoming more and more popular. 800-Flowers received 25% fee of the flower order from the delivering florist. Its revenues were about $16 Million in 1990. Another channel that we need to keep our eyes on was supermarkets. Supermarkets were becoming more popular and more powerful in the fresh flowers market. The average annual sales for supermarket floral departments were $104,950, having grown almost four times in the past ten years. However, supermarkets had two major... ...ing sufficient business customers can offset the sales of off-peak period. Business customers are more predictable with a special care. Calyx and Corolla has to build a long term relationship with them to ensure the steady sales, thus corporate account team is very important to ensure the long term growth. (iiii) Fund research for development of flowers growing techniques Differentiation point is very important especially in the business like flowers where many customers perceive that all flowers are the same. Funding research for new growing techniques, for instance, how to grow more durable flowers in cold weather can help Calyx and Corolla develop a closer relationship with its growers and also help Calyx and Corolla gain competitive advantage over others once the research is successful. Calyx and Corolla can also ensure its flowers quality to the customers and it also gives the image that Calyx and Corolla really cares about their products. Moreover Calyx and Corolla can also gain a positive image to the brand to the fact that they give something back to the community by funding research to universities. (especially in the town/state that the funded universities located)

James Boswell :: essays research papers

In 1757 it does not appear that he published any thing, except some of those articles in the Literary Magazine, which have been mentioned. That magazine, after Johnson ceased to write in it, gradually declined, though the popular epithet of Antigallican was added to it; and in July 1758 it expired. He probably prepared a part of his Shakspeare this year, and he dictated a speech on the subject of an address to the Throne, after the expedition to Rochfort, which was delivered by one of his friends, I know not in what publick meeting. It is printed in the Gentleman's Magazine for October 1785 as his, and bears sufficient marks of authenticity. By the favour of Mr. Joseph Cooper Walker, of the Treasury, Dublin, I have obtained a copy of the following letter from Johnson to the venerable authour of "Dissertations on the History of Ireland." "TO CHARLES O'CONNOR, ESQ.1 "SIR, "I HAVE lately, by the favour of Mr. Faulkner, seen your account of Ireland, and cannot forbear to solicit a prosecution of your design. Sir William Temple complains that Ireland is less known than any other country, as to its ancient state. The natives have had little leisure, and little encouragement for enquiry; and strangers, not knowing the language, have had no ability. "I have long wished that the Irish literature were cultivated.2 Ireland is known by tradition to have been once the seat of piety and learning; and surely it would be very acceptable to all those who are curious either in the original of nations, or the affinities of languages, to be further informed of the revolution of a people so ancient, and once so illustrious. "What relation there is between the Welsh and Irish language, or between the language of Ireland and that of Biscay, deserves enquiry. Of these provincial and unextended tongues, it seldom happens that more than one are understood by any one man; and, therefore, it seldom happens that a fair comparison can be made. I hope you will continue to cultivate this kind of learning, which has too long lain neglected, and which, if it be suffered to remain in oblivion for another century, may, perhaps, never be retrieved. As I wish well to all useful undertakings, I would not forbear to let you know how much you deserve in my opinion, from all lovers of study, and how much pleasure your work has given to, Sir,