Notes, abstracts, papers, exams and problems of Economy

Function Utilization and OSHA Standards

Function utilization is calculated as the system rate divided by the function's potential production. OSHA standards cover various aspects of forestry operations, including hand and portable power tools, machines, vehicles, tree harvesting, and training. It's important to note that men are more likely to be involved in fatal accidents than women in this industry.

OSHA Incident and Lost Workday Rates

The OSHA incident rate is calculated as the number of injuries multiplied by 200,000, then divided by the total hours worked. Similarly, the lost workday rate is calculated as the number of lost workdays multiplied by 200,000, then divided by the total hours worked.

Workers' Compensation and Safety Records

Maintaining... Continue reading "Forestry Operations and Timber Sale Management" »

Why Are Some Activities Directed by Market Forces and Others by Firms?

His answer was that firms are a response to the high cost of using markets. It is often cheaper to direct tasks than to negotiate and enforce separate contracts for every transaction. Such "exchange costs" are low in markets for standardized goods.

It argued that private bargaining could resolve social problems, such as pollution, as long as property rights are well defined and transaction costs are low (they rarely are).

Spot markets cover most transactions. Once money is exchanged for goods, the deal is completed. The transaction is simple: one party wants, another supplies. Spot markets are thus largely self-policing. They are well suited to simple, low-value transactions,

Monetary Policy and Transmission Mechanism

Impact on the Economy and Price Level

The transmission mechanism of monetary policy describes how decisions impact the economy and price level. This process involves a chain of cause-and-effect relationships linking policy decisions to price levels.

Key Impacts:

• Lower Interest Rates: Encourage consumption by reducing savings returns and stimulate investment by lowering borrowing costs.
• Asset Prices: Influence consumption and investment through wealth effects and changes in collateral value.

Goal of Monetary Policy: Price Stability

The primary objective of monetary policy in the euro area is to maintain price stability, defined as a year-on-year increase in the Harmonized Index of Consumer Prices (HICP) below... Continue reading "Monetary Policy and Transmission Mechanism in the Euro Area" »

After-Sales Service

It is the set of mechanisms and tasks that the organization uses after the sale is done in order to obtain total customer satisfaction. It is an important source of information and should be considered as an investment. It is easier to sell new products to a satisfied customer than finding new customers.

Advantages:

• It provides greater customer satisfaction.
• It improves the image of the company.
• It improves direct knowledge of the market.
• It involves potential customer loyalty.
• It implies a likely increase in sales.

Disadvantages:

• It involves certain costs.
• It needs to be controlled.
• It can cause a possible increase in the number of claims.
• It implies a greater demand for service and quality.
• It causes more staffing needs.

Types of After-

Accounting Fundamentals

Accounting is often called the language of business. It helps people make decisions.

Types of Accounting

Tax Accounting

Helps determine how much is owed to the government for taxes. Rules are set by the government. Users include businesses and the government.

Managerial Accounting

Helps people inside the business make decisions. There are no strict external rules; it's customized depending on the type of company. Users are typically internal managers.

Financial Accounting

Helps people outside the business make decisions. It produces multi-purpose results and follows established rules (like GAAP or IFRS). Users include investors, creditors, and others.

Functions and Responsibilities of an Accounting Department

• Payroll: Calculate

Company Overview

Key Company Details

• Company Name: The company is called...
• Nationality: It's...
• Company Type: It's a ... company.
• Products: It produces...
• Founding Year: It was founded in...
• Headquarters: The headquarters are in...
• Employees: It employs... people.
• Annual Revenue: Its annual revenue is... million dollars.
• Main Competitors: Its main competitors are...

Organizational Structure

The company has a typical manufacturing firm structure, divided into the following departments:

• Finance:
  • Financial Management (capital requirements, fund control, credit, and accounting)
• Production:
  • Production Control (scheduling and materials control)
  • Purchasing
  • Manufacturing (tooling, assembly, and fabrication)
  • Quality Control
  • Engineering Support
• Marketing:
  • Sales
  • Sales Promotion
  • Advertising
• Human

TMS – Required Readings

Chapter 1

A. Werner, Schuler & Jackson (WSJ)

Companies performance has an influence on financial outcome

• New technology is just helpful if human resource are implementing it successfully
• Create happy employees
  • Increase in profitability
  • Productivity
  • Market value

Everyone is in charge of talent management

• Ensuring that organisation is applying knowledge and legal requirements
  • HR
  • Line managers
  • Employees themselves

External environment

• Constrains and opportunities how human resources are managed

Stakeholder and organisation are influencing each other

• Stakeholder benefit from success and are harmed by failures
  • Organisation wants to please stakeholders

Effective HR practices and policies in order to achieve the goal which is visible in

• Customer

BIC

Define global strategy:A global corporation views the world As a single marketplace and has as its primarygoal the creation of a standardized goods and services that will address The needs ofcustomers worldwide. The global strategy is almost the exact opposite of the multidomestic strategy. Whereas The multidomestic firms believes that its customersin every country are fundamentally different and must be approached from Thatperspective, a global corporation Assumes that customers are fundamentally the sameregardless of their nationalities

How does BIC’s matrix structure enable it to Target geographic markets more effectivelyBy using geographical area as one part of the Matrix, BIC is able to create a marketing mix that is both appropriate

Strategic Management: Analyses, Decisions, and Actions

Strategic management involves the analyses, decisions, and actions an organization undertakes to create and maintain competitive advantages.

Strategic Management Process

• Strategy analysis
• Strategy formulation
• Strategy implementation

Strategic Levels

• Corporate level
• Business level (Cost leadership, differentiation, specialization)
• Operational level

Mission and Vision

• Mission: Current picture of the company.
• Vision: Goal of the company in the long term.

Criteria for Selecting Meaningful Objectives

• Timely: Defined time frame.
• Realistic: Achievable goals.
• Appropriate: Consistent with the mission and vision.
• Measurable: Includes key performance indicators (KPIs).
• Specific: Clear and concise message.

Organizational