An Overview of Cultural Heritage Months

Managerial Economics Chapter 9 Essay - 1641 Words

CHAPTER 9 Three conditions for a market to be perfectly competitive? Many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market. In perfectly competitive markets, prices are determined by The interaction of market demand and supply because firms and consumers are price takers. Price taker Buyer or seller that is unable to affect the market price. A buyer or seller that takes the market price as given When are firms likely to be price takers? A firm is likely to be a price taker when†¦.. it sells a product that is exactly the same as every other firm. It represents a small fraction of the total market. Consumers are usually price takers when they buy most goods and†¦show more content†¦For a given decrease in demand, More firms exit a constant-cost industry than an increasing-cost industry Why are consumers so powerful in a market system? Because it is consumers’ demand that influences the market price and dictates what producers will supply in the market. What is meant by allocative efficiency? Allocative efficiency is when every good or service Is produced up to the point where price equals marginal cost Product efficiency When a good or service is produced at lowest possible cost. Briefly discuss the difference between these two concepts. Productive efficiency pertains to production within an industry while allocative efficiency pertains to production across industries. Perfect competition leads to allocative and productive efficiency Because prices reflect consumer preferences Because firms are motivated by profit â€Å"In a perfectly competitive market, in the long run consumers benefit from reductions in cost, but firms don’t.† Don’t firms also benefit from cost reductions because they are able to earn greater profits? No. Because short-run profits encourage entry, firms earn zero economic profit in the long run. The supply curve for a firm in a perfectly competitive market in the short run is That firm’s marginal cost curve for prices at or above average variable cost. CHAPTER 10 What is a monopoly? A firm is the only seller of a good or service that does not have a closeShow MoreRelatedEssay on Chapter 1 Profits Managers And Markets 1 1201 Words   |  5 PagesCHAPTER 1 The Fundamentals of Managerial Economics McGraw-Hill/Irwin Copyright  © 2014 by The McGraw-Hill Companies, Inc. 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Leadership and Communication Management - 1261 Words

Leadership and Communication Management We all know how the computer system works: Without the talented operator or appropriate software, even if it is equipped with the most advanced hardware, the computer itself will not achieve any results. If we compare the computer system as Enterprise, leadership is the operator and communication management is one of the most efficient software. When these two important elements combine in a cohesive manner, the Enterprise should expect the best performance. R Inc. is a leading third party logistics company. It offers freight transportation logistics, outsource solutions, produce sourcing, and information services among many other services. As an employee with five years of service,†¦show more content†¦With poor communication management, leaders could deliver improper information which will impact negatively on employee decisions. Undoubtedly, as a return, the decision could negatively affect the business. To connect employee’s decision tightly toward company ’s strategy, it requires leadership to manage the communication system in the right manner. Here is one negative example that could prove my point: In my old branch, information wasn’t shared well on a regular basis. Sometimes, we were given two or three conflicting instructions from different team leads on the same task. Because the communication from leadership wasn’t well managed, we would decide individually on what we thought we were told to do or what we thought that was the easiest and best way to do. Will our decisions fit the company’s strategy or benefit the best? We did not know, we were not empowered with the vision, and we could not tell whether the decision we just made was right for the company. If leadership had managed the communication, employees could have followed the vision and made the proper decision for the company. When all of these employees’ decisions are added together, it will decide the future of the company. With or w ithout communication management from leadership to help those decisions be determined will make a big difference in the company’s future. Thirdly, Leadership has the greatest influence inside the company, and withShow MoreRelatedLeadership, Management And Communication Skills1683 Words   |  7 PagesUniversity and Kaitlyn attends Seaman High School. 5. EDUCATION/SKILLS/BACKGROUND: I graduated from Nemaha Valley High School in Seneca, Kansas. Beyond high school, my education has been learned from on the job experience. I have leadership, management and communication skills. In addition, I have the abilities to multi-task, problem solve, listen attentively, and teach effectively. 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Research On It Project Management Assessment - 942 Words

Research on IT Project Management Assessment Introduction: Project Management is a way to manage, maintain and to monitor the progress of a project. Project Manager is responsible for appropriate management; it is their duty to organize, plan, implement and deliver necessities with in time. Project Management deals with the rules, regulations, procedures and disciplines with respect to a particular project. In the world of today, several organizations are using the applications of project management because it assists in avoiding risk and it measures or evaluate quantitative and qualitative project outcomes more frequently. It can move without difficulty between industries and disciplines like IT projects, HR organizational change projects, events management etc. because the span of experience and understanding allows to understand what is required quickly enough, and the approach is strong enough that can manage almost anything. Explain project management as a discipline. Project Management as discipline describes how to teach, expedite, and help the team, helping it to deal with threats and difficulties found when building software. Project Management is a canopy discipline that influences, and is affected by, all other disciplines. Project management activities help to enhance value by creating a high-performance work environment where: †¢ Stakeholders rely on the team s capability to effectively deliver value and comprehend the abilities and tradeoffs of theShow MoreRelatedSample Resume : Chemical Engineering And Project Management1717 Words   |  7 PagesEngineering and Project Management. My experience includes team leadership and engineering design of water and wastewater treatment technologies, process management and water resources including flood and yield hydrology. In addition, I have a proven track of managing a portfolio of business projects including corporate risk management, project governance and non-compliance incident investigations. 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Literature Review on Digestive Enzymes free essay sample

Enzymes are complex proteins that cause a specific chemical change in all parts of the body (David C. Dugdale, 2011). When we understand enzymes we understand cells (Marshall Brian, 2001). In many organisms most chemical reactions are catalyzed -when a substance speeds up the rate of a chemical reaction- by enzymes. Each enzyme controls a certain function that happens in a cell. Still each one has its own process and rate that it converts molecules. Studying enzymes shows how chemical reactions work. Enzymes only work with particular molecules and if something is different or is out of place the oddity affects the enzyme from doing its job (Andrew Rader, 2012). The enzyme binds one or more specific molecules called reactants in its active site, which is specially shaped to fit it. The substance or substances on which an enzyme acts is called its substrate. The enzyme and substrates together make an enzyme-substrate complex. The interactions between substrates and enzymes weaken the chemical bonds in the substrates, which cause a link between the two, and leads to a formation of a different molecule. We will write a custom essay sample on Literature Review on Digestive Enzymes or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Furthermore, that new molecule is released from the active site, and the enzyme resumes its original shape and starts the process all over again (Nazir Okur, 2007). An essential enzyme in the body system is the digestive enzyme. It helps the body digest the foods we eat by breaking down food components such as proteins, carbohydrates, and fats (Theresa Phillips, 2008). Additionally they convert them into smaller absorbable nutrients that the body can use to build cells, tissues, and organs (Ron Harder, 2001). The most common enzymes are amylase, lactase, lipase, and proteases. Amylase enzymes are necessary for digestion of carbohydrates; it breaks down starches into sugars. Lactase enzymes break down the sugar and lactose found in dairy products. Lipase is the enzyme responsible for the fats that we consume breaking down. And then proteases enzymes break down proteins. The major types of proteases found within the digestive system are: chymotrypsin, pepsin, and trypsin (Barbara Bradley Bolen, 2012).

Hundreds Of Passengers Missed The Flight †Myassignmenthelp.Com

Question: Discuss About The Hundreds Of Passengers Missed The Flight? Answer: Introduction Service failure occurs when the performance of a service organization fails to meet the customer expectation or a wide gap exists between the service promise and the service delivery. Service recovery are the remedial measures taken by a service organization in response to the service failure .In service industry the front line executives are in direct contact with the customers and play an important role in the service delivery process. Service encounters also known as moments of truth have a huge impact on customer perceived value of services. Service failures have multiple reasons like failure of the front desk employees to follow the proper code of conduct as mentioned in service delivery process or technological errors in the service delivery process which can lead to customer dissatisfaction (Zurich, 2017). Discussion People of a service organization who are in direct contact with customers can lead to service failure if they fail to control the tangibles like if they do not wear clean uniform or they fail to maintain a satisfactory service environment, for instance, an airport should be kept clean, layout, decor and design of the airport should be attractive failure of which can lead to service failure. Service failure can be due lack of assurance and empathy of employees of service organization. Front-line people may fail to strict to the code of conduct like failure to acknowledge the customers or failure to listen to the customer. When people working in a service organization are not reliable or responsive, for example, when people work slowly or incorrectly and there is a technological disruption in the service delivery process, customers can be dissatisfied resulting in a service failure. Service is co-produced between people of the service organization and the customers, so service failures can also be attributed to customer like his lack of service knowledge can also lead to service failure (Heidenreich et al., 2015). Case Evidence Stansted airport is the fourth largest airport of the United Kingdom. The airport serves more than 170 destinations and more than 60,000 passengers pass through the airport everyday. In May 2017, at 4: 30 AM there was a problem with security scanners at the airport that left hundreds of passengers stranded. There was a technical issue with many X-ray machines in the main security areas. The airport authority took a lot of time to process the customers security-checking which led to long queue at the airport and many customers missed their flight (service failure, 2017). Commentary Stage Service failure lead to customer dissatisfaction There are two types of customers, one who complains and the other who dont .The customers who do not complain can either stay with the service organization or switch. The customers who complain can either do so to the service provider, spread negative word-of-mouth or take third party action. These customers can either stay with the company or exit (Forrester Maute, 2013). Customers can be of four types: Passives: These customers are least likely to take any action. Voicers: These customers actively complain to service providers but do not spread negative word of mouth. Irates: They spread negative word of mouth and switch service providers. Activists: They complain at all levels, more likely to complain to third parties (Sengupta, Balaji Krishnan, 2015) The passengers who were stranded at the airport responded to the failure in-social media sites like Twitter. Customers took photos of the crowd inside the terminal building of the airport and posted these pictures online (Gu Ye, 2014). They complained that flights were not kept on hold due to the security glitch and staffs of the airport were not helpful. The problem was fixed around 8: 30 AM. Passengers used words like hell, shambles and zombie apocalypse to describe their situation at airport. Few passengers passed out and passengers who were on wheelchairs were unable to make their way through the crowd. There can be several approaches to service recovery which are as follows: Early intervention-Service organization fixes the problem before customer is affected. Systematic response Service organizations need to identify critical failure points of service and uses a protocol for service recovery Case-by-case Service organizations address customers problem individually Substitute service-Service organizations can lose customers in this process by allowing rival firms to serve the customers. Service firms should have complaint handling policy for service delivery. Service recovery strategies can be of two types: To fix the customer or to fix the problem. Finance can be pacified in case of service failure by the service organization when they respond quickly to service failure, provide appropriate communication, treat customers fairly and cultivate relationships with customers (Wilson et al., 2012). The problem can be fixed by tracking complains, learning from past recovery experience and learning from lost customers. The service gaps which lead to service failure can be of following types: Gap 1- Gap between expected service and managements perception of customers expectations. Gap 2- Gap between managements perception of expected service and transaction of perception into service quality specification Gap 3- Gap between service quality specification and service delivery. Gap 4- Gap between service delivery and external communication to customers. Gap 5- Gap between customers perception and customers expectations. Service recovery: The airport authority did not inform the passengers initially about the technical glitch, so passengers were clueless. Passengers were not served any refreshment and flights were not put on hold. The airport authority took active action and fixed the problem by 8: 15 AM .Later on the Airport authority issued an apology statement for the glitch in the security scanners which were scanning the boarding passes of passengers. They expressed their apology for the inconvenience caused to customers in Twitter and blamed the situation on an IT glitch at the airport (Zhou et al., 2013). Conclusion The Stansted Airport is one of the busiest Airports in the United Kingdom. A technical glitch can lead to chaos as hundreds of customers will miss the flight. The airport authority should take active action to co-ordinate with airlines and put the flights on hold if any situation like this occurs further. Also, customers should be provided with refreshments and special hospitality for the inconvenience. Technical glitch should be avoided and fixed promptly. Reference Lists: Forrester, W. R., Maute, M. F. (2013). The impact of relationship satisfaction on attributions, emotions, and behaviors following service failure.Journal of Applied Business Research (JABR),17(1). Gu, B., Ye, Q. (2014). First step in social media: Measuring the influence of online management responses on customer satisfaction.Production and Operations Management,23(4), 570-582. Heidenreich, S., Wittkowski, K., Handrich, M., Falk, T. (2015). The dark side of customer co-creation: exploring the consequences of failed co-created services.Journal of the Academy of Marketing Science,43(3), 279-296. Sengupta, A. S., Balaji, M. S., Krishnan, B. C. (2015). How customers cope with service failure? A study of brand reputation and customer satisfaction.Journal of Business Research,68(3), 665-674. service failure. (2017).www.independent.co.uk. Retrieved 10 August 2017, from https://www.independent.co.uk/travel/news-and-advice/stansted-airport-latest-updates-passengers-stranded-security-scanner-faults-london-flights-holidays-a7725826.html Wilson, A., Zeithaml, V. A., Bitner, M. J., Gremler, D. D. (2012).Services marketing: Integrating customer focus across the firm. McGraw Hill. Zhou, Y., Huang, M., SL Tsang, A., Zhou, N. (2013). Recovery strategy for group service failures: The interaction effects between recovery modes and recovery dimensions.European Journal of Marketing,47(8), 1133-1156. Zurich, L. B. (2017). Service Operations and Management.