from diseconomies of scale. As a firm expands its scale of operations‚ it is said to move into its long run. The benefits arising from expansion depend upon the effect of expansion on productive efficiency‚ which can be assessed by looking at changes in average costs at each stage of production. How does a firm expand? A firm can increase its scale of operations in two ways. 1. Internal growth‚ also called organic growth 2. External growth‚ also called integration - by merging with other
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Just in time (JIT) is described as a philosophy‚ managerial concept or manufacturing strategy. It achieved fame in the late 1970’s through Taiichi Ohno and is used in many companies till this day especially automotive industries. Just in time was originally a practice of the Toyota motor company in Japan. Chakravorty and Atwater 1995 (cited in Singh and Ahija‚ 2015) suggest that the fundamental of Just in time philosophy is continuous improvement in process through removal of all types of waste.
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Just-In-Time Distribution and Barilla SpA Anybody who knows something about business had heard the term Just-in-time (JIT) inventory. It involves producing only what is need‚ when it is needed. The principle of Just in time is to eliminate sources of manufacturing waste by getting the right quantity of raw materials and producing the right quantity of products in the right place at the right time.(1) In this way‚ manufactures receive parts and materials "just in time" to meet the day’s manufacturing
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responsibilities of internal auditor and external auditor in relation to: I. The design and operations of systems and controls Internal auditor | External auditor | Internal auditing activity is primarily directed at improving internal control. Internal auditors perform audits to evaluate whether the systems and processes are designed and operated effectively as well as providing recommendations for improvement. | External auditors may be called upon to determine if an organization ’s internal controls
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Positives 1) The changing face of business - Emergence of instant trade (bypassing stock brokers)‚ unrestricted global markets‚ business without borders‚ exchange of money at lightning speed‚ 2) The ever expanding job market – The top 10 in demand jobs in 2010 did not exist in 2004 3) Corporate giants and the world of e-commerce have increased their influence and profits 4) The regulation of economy by organisations such as the IMF and World Bank help economically struggling countries and corporations
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Positive and Negative Reinforcement Reinforcement is an essential part in identifying and encouraging a certain behavior. In the most classic definition‚ positive reinforcement is a method of identifying to children which behaviors are acceptable and appropriate and which are not (Sigler‚ E. & Aamidor‚ S‚ 2005). Reinforcement is often given as praise for doing a certain task. As educators‚ saying “great job” or a simple word like “fantastic” are expressed towards students as praise. However
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External and Internal Environmental Analysis “Environmental scanning is the internal communication of external information about issues that may potentially influence an organization ’s decision-making process” (Albright‚ 2004‚ p. 34). For organizations like Fresenius Medical Care‚ a worldwide company‚ the awareness of external environmental factors is vital to maintain competitive on the dialysis industry. Even though there are multiple external factors to analyze‚ in recent years the government
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whether change leaders should be internal or external to the organization. Consider the circumstances under which you would recommend internal verses external leadership Introduction There are varying views and opinions on whether external or internal consultants should be used in an organisation. Though the objective of having a consultant is the same‚ what each have to provide for the organisation differs vastly from Although external and internal consultants have much in common‚ their
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Ambition: the Positives and Negatives William Shakespeare’s Macbeth begins with three witches echoing “fair is foul and foul is fair‚” (I‚i‚12) which is exactly how we first see the play’s main character‚ Macbeth. Macbeth is told by the witches that he will one day become king. The fair and valiant warrior‚ Macbeth‚ puts himself above all others and turns to a path of darkness‚ murdering the existing king for power‚ then ruthlessly killing anyone else seen as a threat to his reign. Eventually‚ the
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JUST IN TIME ➢ INDEX 1) INTRODUCTION 3 2) HISTORY 5 3) REASONS FOR HIGH LEVEL OF INVENTORY 6 4) OBJECTIVES
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