A contract is a legal agreement between two or more parties that establishes their obligations. Contracts are classified into several categories based on their validity, including invalid or deficient contracts (fasid) and void contracts (batil).
In legal terminology, both "fasid" (invalid or deficient) contracts and "batil" (void) contracts refer to agreements that are considered legally ineffective. However, there are differences between the two concepts:
Invalid or Deficient Contract (Fasid):
A fasid contract is one that is flawed or defective but not completely void. It means that the contract suffers from some defect or deficiency that renders it legally ineffective or unenforceable to some extent. While a fasid contract may have some legal consequences, its enforceability is limited due to the identified defect. The defect in a fasid contract can be a result of a legal technicality, violation of legal requirements, or lack of essential elements necessary for the formation of a valid contract. Parties to a fasid contract may have the option to either rectify the defect or terminate the contract.Void Contract (Batil):
A void contract, on the other hand, is one that is considered completely invalid from its inception. It means that the contract is deemed null and void, having no legal effect or enforceability right from the beginning. A void contract lacks essential elements required for the formation of a valid contract, such as lawful purpose, mutual consent, capacity of the parties, or legality. Since a void contract is regarded as legally non-existent, it cannot be enforced by either party, and the contract is treated as if it never existed. Any obligations or rights arising from a void contract are considered void ab initio (from the beginning).In summary, a fasid contract is flawed or deficient but may have some limited legal consequences, while a void contract is completely invalid and holds no legal effect from the outset.
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Predict what will happen in the market for Good B if the number of firms in the industry falls.
A. Price will rise and quantity will fall
B. Price will rise and quantity will rise
C. Price will fall and quantity will fall
D. Price will fall and quantity will rise
When the number of firms in an industry drops, it leads to a decrease in the market supply. Thus, the demand curve will intersect the supply curve at a higher equilibrium price and a lower equilibrium quantity. Hence, the correct option is A: Price will rise and quantity will fall.
Price will rise and quantity will fall. An increase in the number of firms in the market leads to a rise in the market supply. Therefore, the supply curve will shift to the right. As the supply curve shifts to the right, the equilibrium price decreases, and the equilibrium quantity increases.
On the other hand, a decrease in the number of firms in the market leads to a decrease in the market supply. Thus, the supply curve shifts to the left. As the supply curve shifts to the left, the equilibrium price increases, and the equilibrium quantity decreases.
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The Bicycle Thief restaurant achieved $72,500 in revenue January 2022. For January 2023 it is predicted there will be a 5.5% increase in monthly sales. What will be the restaurant's revenue forecast for January 2023? O a $74,488 b. $76,488 OC $78,488 O d. $72,488
To calculate the forecasted revenue for January 2023, we first need to determine the 5.5% increase in monthly sales that the restaurant is expecting.
Therefore the correct option is B.
We can do this by multiplying the January 2022 revenue by 0.055:
[tex]72,500 x 0.055 = 3,987.50[/tex] Next, we add this amount to the January 2022 revenue: [tex]72,500 + 3,987.50 = 76,487.50[/tex] Therefore, the restaurant's revenue forecast for January 2023 is option B: $76,488.
Based on the given information, we can calculate the predicted revenue for The Bicycle Thief restaurant in January 2023. If January 2022 generated $72,500 in revenue, a 5.5% increase would give us an additional $3,987.50 in revenue. Adding this to the January 2022 revenue, we get a predicted revenue forecast of $76,487.50 for January 2023
Hence the correct option is B
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Bor the Following Product Finction Q−K+4L Exhibits always exhibits Constant retuen to seale (2) Following Product Function Q=0.2 K0.7 L0.2 Qhibits A Constant return to scale o decrease return to scale C. Increase refuin to seale P no refurn to scale (3) Q=5K0.2 Exhibits A Constant return to scale B decrease return to sale C increase retumfo scale D no netum to scale (4) Following Product finction Q=20k0.54L. 6×21b+7 A Consfant refurn to suale B. decrease retarn to scale C increase return to seale P no refurn to sen.e
(2) Following Product Function Q = 0.2K^0.7L^0.2 exhibits a constant return to scale.What is the Constant Return to Scale?The Constant Return to Scale occurs when the proportion of factors used to produce an output remains the same.
In other words, if the proportion of inputs is doubled, the output is also doubled. The production function Q = f(K,L) is said to be a Constant Return to Scale (CRS) production function when this is the case. Mathematically, this is given by Q (tK, tL) = tQ (K, L).Thus, given that Q = 0.2K^0.7L^0.2, the Constant Return to Scale is exhibited by this production function.(3) Following Product Function Q = 5K^0.2 exhibits an increase return to scale.What is the Increasing Return to Scale?An increasing return to scale is when a firm's output increases in proportion to a larger increase in inputs.
When the amount of capital and labor used in production is doubled, tripled, or quadrupled, the output generated is doubled, tripled, or quadrupled. Mathematically, this is given by Q (tK, tL) > tQ (K, L).Thus, given that Q = 5K^0.2, an increase return to scale is exhibited by this production function.(4) Following Product function Q = 20K^0.54L^0.6 × 2^1b + 7 exhibits a constant return to scale.What is the Constant Return to Scale?The Constant Return to Scale occurs when the proportion of factors used to produce an output remains the same.
In other words, if the proportion of inputs is doubled, the output is also doubled. The production function Q = f(K,L) is said to be a Constant Return to Scale (CRS) production function when this is the case. Mathematically, this is given by Q (tK, tL) = tQ (K, L).Thus, given that Q = 20K^0.54L^0.6 × 2^1b + 7, the Constant Return to Scale is exhibited by this production function.
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How does the change to using self-serve check-out machines to process a customer's payment or self-service kiosks to take a customer's order, instead of using employees to process a customer's payment and take a customer's order, change a company's breakeven point in units (customers)? Why?
The implementation of self-serve check-out machines or self-service kiosks changes a company's breakeven point in units (customers) because it decreases the company's fixed costs. Self-serve machines eliminate the need for hiring and paying employees to perform the tasks of processing payments and taking orders. As a result, the company's fixed costs decrease, which changes its breakeven point in units.
Breakeven point in units is the number of units of a product or service that a company must sell to break even or cover its total costs. When fixed costs decrease, the breakeven point in units decreases because the company needs to sell fewer units to break even. The formula to calculate the breakeven point in units is:
Breakeven point in units = Fixed costs / Contribution margin per unit
As fixed costs decrease, the denominator of the formula decreases, resulting in a lower breakeven point in units. Therefore, the change to using self-serve check-out machines or self-service kiosks decreases a company's fixed costs and changes its breakeven point in units.
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On October 1, 2022, Bramble Company issued an $841000,12%,9-month interest-bearing note. If the Bramble Company is preparing financiai statements at December 31, 2022, the adjusting entry for accrued interest will include a: a) debit to Interest Expense of $25230 b) credit to Notes Payable of $25230. c) credit to Interest Payable of $50460. d) debit to Interest Expense of $37845.
On October 1, 2022, Bramble Company issued an $841000,12%,9-month interest-bearing note. If the Bramble Company is preparing financial statements at December 31, 2022, the adjusting entry for accrued interest will include a debit to Interest Expense of $25230.
Adjusting entries are journal entries made at the end of an accounting period to adjust income and expense accounts to account for transactions that have not been recorded in the accounts. The adjusting entry for accrued interest will be made to recognize the interest expense incurred for the three months between October 1 and December 31, 2022, because the interest-bearing note has a nine-month maturity date. Here, the annual interest rate is 12%, which means the interest rate per month is 1% (12%/12 months).
Therefore, the interest accrued for three months can be calculated as follows:Interest expense = $841,000 × 12% × 3/12= $30,120This amount will be the company's accrued interest as of December 31, 2022. Since the entry requires a debit to the Interest Expense account, the answer is option a) debit to Interest Expense of $25230.
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Shadee Corp. expects to sell 560 sun visors in May and 440 in June. Each visor sells for $19. Shadee's beginning and ending finished goods inventories for May are 70 and 50 units, respectively. Ending finished goods inventory for June will be 60 units. Suppose that each visor takes 0.30 direct labor hours to produce and Shadee pays its workers $7 per hour. Required: Determine Shadee's budgeted direct labor cost for May and June. (Do not round your intermediate values. Round your answers to 2 decimal places.)
Shadee's budgeted direct labor cost for May and June are $352.80 and $274.05 respectively.
Given: Sales of sun visors in May=560, Sales of sun visors in June=440Each visor sells for $19
Shadee's beginning finished goods inventory for May=70
Shadee's ending finished goods inventory for May=50
Ending finished goods inventory for June=60Each visor takes 0.30 direct labor hours to produce.
Shadee pays its workers $7 per hour.
Calculation: Budgeted sales for May= 560 × $19= $10,640Budgeted sales for June= 440 × $19= $8,360
Direct labor hours per unit= 0.30, Direct labor cost per hour= $7Direct labor cost per unit= $7 × 0.30= $2.10
Number of units produced in May= Sales + Beginning inventory – Ending inventory= 560 + 70 – 50= 580
Number of units produced in June= Sales + Beginning inventory – Ending inventory= 440 + 50 – 60= 430
Therefore, Budgeted direct labor cost for May= Direct labor hours per unit × Number of units produced in May × Direct labor cost per unit= 0.30 × 580 × $2.10= $352.80
Budgeted direct labor cost for June= Direct labor hours per unit × Number of units produced in June × Direct labor cost per unit= 0.30 × 430 × $2.10= $274.05
Hence, Shadee's budgeted direct labor cost for May and June are $352.80 and $274.05 respectively.
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A delivery van costing $35,000 is expected to have a $2,000 salvage value at the end of its useful life of five years. Assume that the truck was purchased on January 1. Compute the annual depreciation expense under the straight‑line depreciation method. (Round your answer to the nearest whole number.)
The annual depreciation expense for the delivery van, calculated using the straight-line method, is approximately $6,600.
To calculate the annual depreciation expense using the straight-line method, we subtract the salvage value from the initial cost and divide it by the useful life of the asset.
Depreciation Expense = (Initial Cost - Salvage Value) / Useful Life
In this case, the initial cost of the delivery van is $35,000, the salvage value is $2,000, and the useful life is 5 years.
Depreciation Expense = ($35,000 - $2,000) / 5 ≈ $6,600
The annual depreciation expense is calculated by subtracting the salvage value from the initial cost and dividing it by the useful life of the asset. In this case, the delivery van has an annual depreciation expense of approximately $6,600 ($35,000 - $2,000) / 5.
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What are the factors that led to the conservative culture in
energy organizations, and are they suitable for such a type?
The energy sector is a critical aspect of modern civilization. The factors that led to the conservative culture in energy organizations include bureaucratic control, lack of innovation, and the entrenchment of oil and gas interests. Conservative cultures in energy organizations are not suitable because they hamper progress in the sector
Bureaucratic control: This factor led to conservative culture in energy organizations as it gave the government the power to control energy organizations. This bureaucratic control meant that the government could impose regulations and control on the organizations, which led to a conservative culture in the sector.Lack of innovation: Another factor that led to the conservative culture in energy organizations was the lack of innovation. The sector has been slow to adopt new technologies and explore alternative energy sources. This lack of innovation has led to a conservative culture in the sector.Entrenchment of oil and gas interests: Oil and gas interests have also led to a conservative culture in energy organizations. These interests have a vested interest in maintaining the status quo and are often resistant to change. This resistance to change has led to a conservative culture in the sector.Suitability of conservative cultures in energy organizations: Conservative cultures are not suitable for energy organizations because they hamper progress in the sector. These cultures hinder innovation, which is essential for the sector to keep up with the demands of a rapidly changing world. Conservative cultures also limit the ability of energy organizations to adapt to new technologies and alternative energy sources, which are crucial for the future of the sector.In conclusion, conservative cultures in energy organizations are not suitable, and there is a need to foster innovation and embrace change to ensure the sector's future.
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A firm recently paid a $0,60 annual dividend. The dividend is expected to increase by 12 percent in each of the next four years. In the fourth year, the stock price is expected to be $110. If the required return for this stock is 14.5 percent, what is its current value? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Current value
To calculate the current value of the stock, we can use the dividend discount model (DDM) formula:
Current Value = Dividend / (Required Return - Dividend Growth Rate)
First, we need to calculate the dividends for each year based on the expected increase of 12 percent per year:
Year 1 Dividend = $0.60
Year 2 Dividend = Year 1 Dividend * (1 + Growth Rate) = $0.60 * (1 + 0.12) = $0.672
Year 3 Dividend = Year 2 Dividend * (1 + Growth Rate) = $0.672 * (1 + 0.12) = $0.75264
Year 4 Dividend = Year 3 Dividend * (1 + Growth Rate) = $0.75264 * (1 + 0.12) = $0.8422464
Now, we can calculate the current value of the stock:
Current Value = ($0.60 / (0.145 - 0.12)) + ($0.672 / (0.145 - 0.12)^2) + ($0.75264 / (0.145 - 0.12)^3) + ($0.8422464 / (0.145 - 0.12)^4) + ($110 / (1 + 0.145)^4)
Current Value ≈ $4.97 + $5.70 + $6.48 + $7.36 + $74.07
Current Value ≈ $98.58
Therefore, the current value of the stock is approximately $98.58.
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Your next task is to estimate the July through December sales based on the marketing data and the sales volume for the second half of the year. The marketing group has provided a list of all car models in identical order to the original data you received with the expected sales volumes for each car model. You can find this list in the Market.xlsx workbook. The marketing group assumes that the manufacturing costs and markups will be the same for the second half of the year as they were for the first half. With the data and assumptions in mind, insert a new worksheet named 2nd Half in the MTSU Sales.xlsx workbook, identical to the 1st Half worksheet. Copy and paste the sales volumes from the Market.xlsx workbook into your new worksheet. Verify that all the calculations in the new worksheet reflect the new data
The July through December sales will be estimated by copying and pasting the sales volumes from the Market.xlsx workbook into a new worksheet named "2nd Half" in the MTSU Sales.xlsx workbook. The calculations in the new worksheet will reflect the new data.
To estimate the sales for the second half of the year, we create a new worksheet in the MTSU Sales.xlsx workbook named "2nd Half." In this worksheet, we copy and paste the sales volumes from the Market.xlsx workbook, which contains the expected sales volumes for each car model. By doing this, we ensure that the calculations in the new worksheet accurately reflect the new data and allow us to estimate the July through December sales based on the provided marketing data.
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21,400 Total cost of work in process 208,300 (f) Work in process 12/31/20 (c) 12,100 Cost of goods manufactured 196,100 (g)
Simplifying:
[tex]f = 21,400 - 220,400[/tex]
f = -199,000
The missing value (f) is -199,000.
Based on the given information, we have:
Total cost of work in process (c) = 21,400
Work in process on December 3[tex]1, 2020 (c) = 208,300[/tex]
Cost of goods manufactured (g) = 12,100
Unknown value (f) = 196,100
To find the missing value, we can use the formula:
Total cost of work in process = Work in process on December 31, 2020 + Cost of goods manufactured
Substituting the given values:
[tex]21,400 = 208,300 + 12,100[/tex]
To solve for the missing value (f), we need to isolate it on one side of the equation.
[tex]f = 21,400 - (208,300 + 12,100)[/tex]
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37. A buyer agent could be accused of abandoning a buyer if the
a. buyer is shown only two properties per appointment
b. broker will not agree to view property on Sundays
c. buyer does not make time available for showings
d. broker fails to provide services agreed by a contract
38. An agent working for a seller may not work with
a. the buyer as a transaction broker and the purchase of the sellers property
b. the buyer as in agent in purchasing another property
c. other sellers as an agent and selling another property
d. the buyer as a customer in the purchase of the seller's property
37. A buyer agent could be accused of abandoning a buyer if the broker fails to provide services agreed by a contract. The correct option is d.
38. An agent working for a seller may not work with the buyer as a transaction broker and the purchase of the sellers property. The correct option is a.
37. A buyer agent could be accused of abandoning a buyer if the broker fails to provide services agreed by a contract. The answer is option (d). A buyer’s agent has a fiduciary duty to act in the buyer's best interest. If the agent fails to provide the services that were agreed upon in the contract, the buyer could accuse the agent of abandonment.
38. An agent working for a seller may not work with the buyer as a transaction broker and the purchase of the sellers property. The answer is option (a). When an agent is working for a seller, they have a duty to the seller to get the highest price and best terms for the property.
Therefore, it would not be ethical for the agent to work with the buyer as a transaction broker in the purchase of the seller's property because the agent could not represent both parties' interests equally.
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Develop a list of factors that would result in a firm having high supply risk and high demand risk.
Factors that can contribute to a firm having high supply risk and high demand risk include:Dependence on a single or limited number of suppliers: Relying heavily on a single supplier or a small group of suppliers increases the risk of disruption in the supply chain.
Any issues such as material shortages, production delays, or quality problems with these suppliers can severely impact the firm's ability to meet demand.Global supply chain complexity: Operating in regions with political instability, economic volatility, or unreliable infrastructure can lead to higher supply risk. International trade policies, tariffs, and currency fluctuations can also introduce uncertainties in the supply chain.Lack of supplier diversification: If a firm relies on a limited pool of suppliers without having alternate sources or backup plans, it becomes vulnerable to disruptions caused by supplier-related issues, such as bankruptcy, labor disputes, or natural disasters affecting supplier locations.Just-in-time (JIT) inventory management: While JIT can be an efficient inventory strategy, it can increase supply risk. Maintaining minimal inventory levels leaves little buffer for unexpected supply disruptions, making the firm highly susceptible to changes in supplier lead times or sudden demand fluctuations.Technological dependencies: If a firm relies heavily on specific technologies or key components from a single supplier, any disruptions or technology obsolescence in that area can significantly impact the firm's ability to meet demand or maintain production.Seasonality and demand volatility: Industries with highly seasonal demand patterns or fluctuating market.
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Compare and contrast the three most common new venture entry
strategies
Starting a new business can be risky, so business owners and entrepreneurs have a variety of options for getting into the market. This post compares and contrasts the three most common new venture entry strategies: start-up, acquisition, and franchising.
Start-up: Entrepreneurs start with a clean slate and create a company from the ground up. Entrepreneurs may prefer this option as they have complete control over the business. Entrepreneurs who believe they can create something better than existing businesses in the industry may prefer this method. Entrepreneurs who have a new product, service or idea that they want to bring to the market may choose this method. A start-up has the benefit of flexibility, which allows the entrepreneur to respond quickly to market changes and create a business that aligns with their vision.
Acquisition: This occurs when an entrepreneur purchases an existing business. Entrepreneurs may choose to acquire a business instead of starting one if they believe they can add value to the business and make it more profitable. Entrepreneurs may choose to acquire a business because the business already has an established customer base. There may be an opportunity to acquire a business that is struggling but has the potential to be profitable with some changes. This method of entering the market can be less risky because the business already has an established customer base.
Franchising: Franchising is another method of entering the market that is less risky because the business owner is buying into a pre-existing business model. The franchisee is responsible for running the business according to the franchisor's guidelines, which reduces the risk of failure. Franchising can be an attractive option for entrepreneurs who want a lower-risk way to enter the market. The franchisor will provide support and guidance to help the franchisee succeed .
However, it may be less attractive to entrepreneurs who want more freedom and control over their business. The franchisee must adhere to the franchisor's guidelines, which may limit their creativity or flexibility.
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Consider the following cash flow:
A1=−900
A2=−1,100,
A3=−1,300
A4=−1,500.
(1)Compute the future value at t = 4 based on an interest rate of 2%. Round to the nearest dollar
(2)Define an equal payment series of three cash flows over the time period [2, 4]. What would be the value of A? Round to the nearest dollar
1.) The future value at t = 4 is approximately $-5,192,
2.) the value of A for an equal payment series of three cash flows over the time period [2, 4] is approximately -$10,737.
(1) To compute the future value at t = 4 based on an interest rate of 2%, we can use the formula for future value of a cash flow:
Future Value = Present Value * (1 + interest rate)^n
Where:
Present Value = Sum of the cash flows at t = 4 = A1 + A2 + A3 + A4 = -900 - 1,100 - 1,300 - 1,500 = -4,800
Interest rate = 2%
n = Number of periods = 4
Plugging in these values into the formula, we get:
Future Value = -4,800 * (1 + 0.02)^4 ≈ -4,800 * 1.0824 ≈ -5,192
Rounding to the nearest dollar, the future value at t = 4 is approximately $-5,192.
(2) To find the equal payment series of three cash flows over the time period [2, 4], we need to determine the value of A. We can set up an equation using the formula for the present value of an annuity:
Present Value = A * [(1 - (1 + interest rate)^(-n)) / interest rate]
Where:
Present Value = Sum of the cash flows at t = 2, 3, and 4 = A2 + A3 + A4 = -1,100 - 1,300 - 1,500 = -3,900
Interest rate = 2%
n = Number of periods = 3
Plugging in these values into the formula and solving for A:
-3,900 = A * [(1 - (1 + 0.02)^(-3)) / 0.02]
Simplifying the equation gives:
-3,900 = A * (1 - 0.9426) / 0.02
-3,900 = A * 0.0574 / 0.02
A ≈ -10,737
Rounding to the nearest dollar, the value of A is approximately -$10,737.
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What is one similarity between international HM and domestic HRM?
a) both involve PCNs, TCNs and HCNs
b) the basic HR activities undertaken
c) both involve expatriates
d) the level of complexity involved
e) the number of countries and national cultures involved
The one similarity between international HM and domestic HRM is option (b) the basic HR activities undertaken.
Both international human resource management (IHRM) and domestic human resource management (HRM) involve similar basic HR activities, such as recruitment, selection, training, performance management, compensation, and employee relations. While there may be some differences in how these activities are executed due to the international context in IHRM, the fundamental principles and goals of managing human resources remain the same. Therefore, (b) is the correct answer as it highlights the commonality in the basic HR activities undertaken in both international and domestic HRM.
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State the position of Hofstede’s study on Schein’s concept of culture.
Hofstede’s study on Schein’s concept of culture can be explained as Schein's concept of culture has seven layers, with values and assumptions at the top layer being the most difficult to perceive or change.
Hofstede (1980) acknowledges Schein's framework and uses it to create a model of culture based on five dimensions. The five dimensions are power distance, individualism versus collectivism, masculinity versus femininity, uncertainty avoidance, and long-term versus short-term orientation (LTO).Hofstede's cultural dimensions suggest that there are certain cultural differences between nations that have an impact on people's behavior.
Hofstede's cultural dimensions are based on a survey of IBM workers in more than 50 countries, which included more than 100,000 participants.The study found that the countries differed on the five dimensions, with some being more individualistic, while others were more collectivist. Similarly, some were more masculine, while others were more feminine. Uncertainty avoidance and long-term versus short-term orientation were also identified as key dimensions.
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1.1: Define HRM and key drivers towards HRM. 1.2: Also discuss the theories of HRM and different HRM models/approaches. 1.3: List the HR requirements of a selected company for current, future and anticipated needs. 1.4: Discuss the process used in the company to prepare the HR plan. 1.5: Discuss the effect of HR plan on the strategic plan of the chosen Company. Assessment Criteria 1.1: Critically assess the strategic importance of current, future and anticipated HR requirements. 1.2: Analyse how HR planning impacts on the strategic plan.
1.1: HRM is the strategic management of the workforce. Key drivers include globalization, technological advancements, changing demographics, and talent management.
1.2: HRM theories include the Harvard Model, Guest Model, Resource-Based View, Best Fit Model, and High-Performance Work System.
1.3: HR requirements of a company involve workforce planning, talent acquisition, training and development, succession planning, and performance management.
1.4: The HR planning process includes environmental scanning, workforce analysis, HR forecasting, gap analysis, and implementation.
1.5: The HR plan directly impacts the strategic plan by aligning HR activities with organizational goals, supporting talent acquisition and development, and adapting to changes in the business environment.
HRM (Human Resource Management) is a strategic approach to managing an organization's workforce. It involves the coordination of various HR functions, such as recruitment, selection, training, performance management, compensation, and employee relations.
HRM aims to optimize the use of human capital, align HR practices with organizational goals, and create a positive work environment. It encompasses strategies and practices that attract, develop, motivate, and retain employees, ultimately contributing to the overall success and effectiveness of the organization.
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Discuss any three possible management challenges that could
arise in the business environment. Recommend solutions to these
management challenges. Describe the management area of
responsibility. (30)
In any business environment, there are various management challenges that a company or organization may encounter. The following are three possible management challenges:Managing Change: One of the significant challenges faced by organizations is how to manage change effectively.
To solve these management challenges, the following solutions can be implemented:To manage change effectively, organizations should adopt a robust change management strategy. This can be achieved by setting clear goals and objectives, providing adequate resources and support, and creating a culture of open communication. Additionally, employees should be educated on the benefits of the change and how it will impact the organization. Furthermore, management should communicate regularly and transparently with employees throughout the change process.
To improve communication, organizations should ensure that employees have a clear understanding of company policies, strategies, and objectives. A two-way communication approach should be encouraged, where employees can provide feedback on how to improve communication skills. Additionally, organizations can use communication technologies such as email, instant messaging, and social media to improve communication between management and employees.
To retain employees, organizations should create a positive work environment that encourages employee engagement and satisfaction. One way to achieve this is by providing opportunities for growth and development, such as training programs, promotions, and career advancement opportunities. Management should also ensure that employees' salaries and benefits are competitive and that they are treated fairly.
In conclusion, managing change, poor communication, and employee retention are some of the significant management challenges faced by organizations. However, these challenges can be addressed by adopting a robust change management strategy, improving communication, and creating a positive work environment that encourages employee engagement and satisfaction. Additionally, management should ensure that employees are treated fairly, provided with opportunities for growth and development, and that their salaries and benefits are competitive.
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3. The effect of negative externalities on the optimal quantityof consumption Consider the market for paper. Suppose that a paper factory dumps toxic waste into a nearby river, creating a negative externality for those living downstream from the factory. Producing an additional ton of paper imposes a constant external cost of $70 per ton. The following graph shows the demand (private value) curve and the supply (private cost) curve for paper. 5 2 Use the purple points (diamond symbol) to plot the social cost curve when the external cost is $70 per ton 200 180 160 a 140 120 Social Cost Supply Private Cost) O 60 40 Demand Private Value) 0 3 2 QUANTITY (Tons of paper)
The negative externality of toxic waste dumping by a paper factory leads to an overproduction of paper, resulting in a suboptimal quantity of consumption.
The negative externality of the paper factory's toxic waste dumping creates an additional cost to society, beyond the private costs faced by the factory. This external cost amounts to $70 per ton of paper produced. When we incorporate this external cost into the supply curve, we obtain the social cost curve.
In the given graph, the purple points (diamond symbols) represent the social cost curve when the external cost is $70 per ton. The social cost curve lies above the private cost curve, reflecting the additional cost imposed on society due to the negative externality.
The intersection of the social cost curve and the demand curve determines the socially optimal quantity of paper consumption. This point represents the quantity where the marginal social benefit equals the marginal social cost, taking into account both private and external costs. However, in the absence of any government intervention or corrective measures, the market equilibrium occurs where the private cost curve intersects the demand curve.
Due to the negative externality, the market equilibrium results in an overproduction of paper. The quantity consumed at the market equilibrium exceeds the socially optimal quantity, leading to an inefficient allocation of resources. The overproduction of paper creates environmental harm and imposes costs on those living downstream from the factory.
In order to achieve an efficient outcome, policies such as taxes or regulations can be implemented to internalize the external cost and align private and social costs. By incorporating the external cost into the price of paper, the market can be guided towards the socially optimal quantity of consumption, reducing the negative impact of the externality.
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A shoe factory in Taiwan needs raw materials for 8 consecutive weeks as follows: 30, 40, 50, 35, 60, 25, 40, and 30 units with a one-time order cost of $51,000 and a holding cost of $100 per unit/week. (note: no stock in the warehouse)
From these data, calculate the total cost of procurement using:
a. Lot For Lot (LFL) Method
b. Economic Order Quantity (EOQ) Method
c. Period Order Quantity (POQ) Method
d. In your opinion, as an operations manager at the company, which method would you choose? Tell
why?
a. Lot for Lot (LFL) Method: Total cost of procurement using Lot for Lot method is $15,830,000.
b. Economic Order Quantity (EOQ) Method: Not directly applicable due to varying demand each week.
c. Period Order Quantity (POQ) Method: Total cost of procurement using Period Order Quantity (POQ) method is $10,710,000.
d. Opinion: As an operations manager, I would choose the Period Order Quantity (POQ) method because it allows grouping the demand into periods, optimizing order quantities, and balancing inventory management and cost optimization.
a. Lot for Lot (LFL) Method:
Using the Lot for Lot method, the order quantity is equal to the demand for each week. The total cost of procurement can be calculated as follows:
Week 1: 30 units * $51,000 = $1,530,000
Week 2: 40 units * $51,000 = $2,040,000
Week 3: 50 units * $51,000 = $2,550,000
Week 4: 35 units * $51,000 = $1,785,000
Week 5: 60 units * $51,000 = $3,060,000
Week 6: 25 units * $51,000 = $1,275,000
Week 7: 40 units * $51,000 = $2,040,000
Week 8: 30 units * $51,000 = $1,530,000
Total cost of procurement using Lot for Lot method: $15,830,000
b. Economic Order Quantity (EOQ) Method:
To calculate the Economic Order Quantity (EOQ), we need to consider the total demand and the order and holding costs. However, since the demand varies each week, the EOQ method may not be directly applicable in this case.
c. Period Order Quantity (POQ) Method:
The Period Order Quantity (POQ) method involves determining the order quantity for a specific period. Since the demand varies each week, we can consider grouping the demand into periods to apply the POQ method. Let's assume we group the demand into two periods: Week 1-4 and Week 5-8.
Period 1 (Week 1-4): Total demand = 30 + 40 + 50 + 35 = 155 units
Period 2 (Week 5-8): Total demand = 60 + 25 + 40 + 30 = 155 units
Using the POQ method, we calculate the order quantity for each period separately:
Order Quantity = √[(2 * Demand * Order Cost) / Holding Cost]
For Period 1: Order Quantity = √[(2 * 155 * $51,000) / $100] = 210 units (approximately)
For Period 2: Order Quantity = √[(2 * 155 * $51,000) / $100] = 210 units (approximately)
Total cost of procurement using Period Order Quantity (POQ) method: (210 * $51,000) + (210 * $100 * 4) = $10,710,000
d. Opinion:
As an operations manager, considering the given data, I would choose the Period Order Quantity (POQ) method. This method allows us to group the demand into periods and calculate the order quantity accordingly, leading to a more cost-effective approach compared to the Lot for Lot method. By consolidating orders, we can reduce the number of setups and order costs while minimizing holding costs. This approach provides a balance between inventory management and cost optimization.
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3-Describe how the major types of knowledge (i.e., tacit and explicit) are transformed
in the Nonaka and Takeuchi knowledge spiral model of KM. Use a concrete example to make your point (e.g., a bright idea that occurs to an individual in the organization).?
4-How would you go about selecting a KM model for a given organization? What are some of the questions you would ask of the employees? Of the senior managers? Others?
In the Nonaka and Takeuchi knowledge spiral model of knowledge management (KM), the transformation of knowledge occurs through a continuous cycle of interaction between tacit and explicit knowledge. The model emphasizes the conversion of tacit knowledge (personal, subjective, and hard to formalize) into explicit knowledge (codified, formalized, and easily shared) and vice versa.
By gathering insights from employees, senior managers, and other stakeholders, you can identify the specific knowledge challenges, goals, and requirements of the organization. This information can guide the selection of a KM model that aligns with the organization's needs and can effectively address its knowledge management objectives.
Here's how these types of knowledge are transformed in the knowledge spiral model:
a. Externalization: Tacit to ExplicitExternalization involves the conversion of tacit knowledge into explicit knowledge through articulation, articulation, and sharing. It occurs when individuals take their tacit knowledge and express it in a form that can be understood and shared with others. For example, an employee in an organization may have a brilliant idea for improving a specific process. Through externalization, the employee articulates and expresses the tacit knowledge behind the idea by documenting it, creating diagrams or models, or sharing it in a team discussion. The idea is transformed into explicit knowledge that can be communicated and disseminated to others.
b. Combination: Explicit to ExplicitCombination involves the integration and reconfiguration of explicit knowledge. It occurs when explicit knowledge from different sources is combined to create new knowledge or insights. In the context of the example, once the employee's idea has been externalized and shared, other team members or experts can contribute their explicit knowledge by adding relevant data, research findings, or best practices to further refine and enrich the idea. This combination of explicit knowledge enhances the original idea and contributes to its development.
c. Internalization: Explicit to TacitInternalization refers to the process of converting explicit knowledge into personal tacit knowledge. It occurs when individuals acquire explicit knowledge, internalize it, and make it their own through personal experiences and reflection. Going back to the example, as the employee receives feedback, discusses the idea with colleagues, and gains a deeper understanding of its implications, they internalize the combined explicit knowledge. They integrate it with their existing tacit knowledge and develop a deeper personal understanding, making it part of their expertise and intuitive decision-making processes.
d. Socialization: Tacit to TacitSocialization involves the sharing and creation of tacit knowledge among individuals through direct interaction, observation, and shared experiences. It occurs when individuals learn from each other's tacit knowledge by engaging in joint activities, conversations, and collaborations. In the example, as the employee engages in discussions, seeks input from colleagues, and observes their experiences, they acquire new tacit knowledge. This socialization process allows the employee to learn from others, refine their ideas, and expand their own tacit knowledge base.
Selecting a KM model for a given organization requires considering its specific needs, goals, culture, and context. Here are some questions to ask employees, senior managers, and other stakeholders to help guide the selection process:
What resources (financial, human, technological) can be allocated to support the implementation and maintenance of a KM model?
By gathering insights from employees, senior managers, and other stakeholders, you can identify the specific knowledge challenges, goals, and requirements of the organization. This information can guide the selection of a KM model that aligns with the organization's needs and can effectively address its knowledge management objectives.
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Assume that the government increases spending by $100B and a
result GDP increases by $350B. Calculate the expenditure multiplier
for this economy.
a 0.0035
b 0.35
c 0.035
d 3.5
The expenditure multiplier can be calculated using the formula: Expenditure Multiplier = ΔGDP / ΔGovernment Spending Expenditure Multiplier = $350B / $100B = 3.5.
The correct answer is d) 3.5.
The multiplier effect refers to the idea that an initial change in spending (in this case, government spending) has a larger impact on the overall economy. When the government increases spending by $100 billion, this injection of funds creates a ripple effect throughout the economy as it is spent and respent by households, businesses, and other entities.
In this case, the increase in government spending leads to a $350 billion increase in GDP. The expenditure multiplier is calculated by dividing the change in GDP ($350 billion) by the change in government spending ($100 billion). Expenditure Multiplier = $350B / $100B = 3.5
Hence , D is the correct option
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Answer any two from the three and use the concept of natural resource economics.Answer questions completely and concisely.Do not provide irrelevant material. If you are confused by the wording of a question,ask me and I will clarify as much aspossible. i Define and explain dynamic economic efficiency.Use graph or hypothetical data within your explanation.
The productive effectiveness of a company over time is the focus of dynamic efficiency.
By applying innovative manufacturing techniques, a dynamically efficient company will be able to lower its cost curves. Short-run and long-run average costs can both be decreased thanks to dynamic efficiency.
Factors affecting dynamic effectiveness include:
Future technological advancements may result in cheaper costs thanks to investment in new technologies and improved capital. As technology advances quickly, businesses may be able to create more goods for less money.The motivation of employees and management: Are managers encouraged to take chances and innovate, or is the firm's structure designed to promote stalled developmentFinancial availability. Without access to financing, a business will find it difficult to invest in new equipment that would reduce expenses.Learn more about Economic Efficiency here:
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The complete question is, "Define and explain dynamic economic efficiency. Use graph or hypothetical data within your explanation."
Question:
Pat and Patricia refinanced the mortgage on their home last year and made their first payment on October 30 of last year They have a $200,000, 15-year, fixed-rate mortgage at 6% If they make all the payments as called for, what is their loan balance on December 31 of this year?
Please proper explain and do not copy from Chegg. Otherwise, I have to report the answer.
After refinancing their mortgage, Pat and Patricia have a 15-year, fixed-rate mortgage at 6%. Making all the required payments, their loan balance on December 31 of the current year is approximately $193,750.15.
To calculate the loan balance on December 31 of the current year, we need to consider the monthly mortgage payments made since the refinancing.
First, let's break down the information provided:
Loan amount: $200,000
Loan term: 15 years (180 months)
Fixed interest rate: 6%
First payment made on October 30 of the previous year
To calculate the loan balance, we need to determine the number of monthly payments that have been made since the first payment. Let's calculate the number of payments:
Total months in the loan term = 15 years * 12 months/year = 180 months
Months since the first payment:
12 months (previous year) + 12 months (current year) - 2 months (October and December) = 22 months
Now, we can calculate the loan balance. We'll use the loan balance formula for a fixed-rate mortgage:
Loan Balance = Principal * (1 + Monthly Interest Rate)^(Total Months) - (Monthly Payment / Monthly Interest Rate) * ((1 + Monthly Interest Rate)^(Total Months) - 1)
Let's plug in the values:
Principal = $200,000
Monthly Interest Rate = Annual Interest Rate / 12
Annual Interest Rate = 6% = 0.06 (expressed as a decimal)
Total Months = 180 months
Monthly Payment = Monthly Payment Amount (calculated using a loan amortization schedule)
To calculate the Monthly Payment Amount, we can use the following formula:
Monthly Payment Amount = Principal * (Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate)^(-Total Months))
Let's calculate the Monthly Payment Amount:
Monthly Interest Rate = 0.06 / 12 = 0.005 (expressed as a decimal)
Monthly Payment Amount = $200,000 * 0.005 / (1 - (1 + 0.005)^(-180)) = $1,687.71 (rounded to the nearest cent)
Now, we have all the values to calculate the loan balance on December 31 of the current year:
Loan Balance = $200,000 * (1 + 0.005)^22 - ($1,687.71 / 0.005) * ((1 + 0.005)^22 - 1)
Loan Balance = $193,750.15 (rounded to the nearest cent)
Therefore, the loan balance on December 31 of this year is approximately $193,750.15.
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AR a Actual Rate SR= Standard Rate AQ Actual Quantity $Q= Standard Guantity AP= Actual Pirce SP= Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rase variance and the diect labor effelency variance. Complete this guestion by entering your answers in the tabs below. Camila Company has set the following standard cost per unit for direct materials and direct labor. Duning June the company incurred the following actual costs to produce 8,500 unlits. birect anteriali (121,400 poands \& 33.75 per per blreet labor (21, 805 hours +$14.10 per bour )
Direct Materials Price Variance is $0, direct Materials Quantity Variance is $4,077.96, and direct Labor Rate Variance: $0.
Given:
Actual Rate (AR) for direct materials = $33.75 per pound
Standard Rate (SR) for direct materials = $33.75 per pound
Actual Quantity (AQ) of direct materials = 121,400 pounds
Actual Price (AP) for direct materials = $33.75 per pound
Standard Price (SP) for direct materials = $33.75 per pound
To compute the standard quantity of direct materials, divide the actual quantity by the standard rate:
SQ = AQ / SR
SQ = 121,400 pounds / $33.75 per pound
SQ = 3,597.03 pounds
Now, the direct materials price and quantity variances:
Direct Materials Price Variance:
Price Variance = (AP - SP) x AQ
Price Variance = ($33.75 - $33.75) x 121,400 pounds
Price Variance = $0
Direct Materials Quantity Variance:
Quantity Variance = (AQ - SQ) x SP
Quantity Variance = (121,400 pounds - 3,592.59 pounds) x $33.75 per pound
Quantity Variance ≈ $4,077.96
Next, the direct labor rate variance and efficiency variance:
Direct Labor Rate Variance:
Rate Variance = (AR - SR) x AQ
Rate Variance = ($14.10 - $14.10) x 21,805 hours
Rate Variance = $0
Direct Labor Efficiency Variance:
Efficiency Variance = (AQ - SQ) x SR
Efficiency Variance = (21,805 hours - SQ) x $14.10 per hour
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You have built a new, more efficient machine that just saved you $1,500 in production costs over existing models. The savings is expected continue forever: You expect a saving of $1,000 over the next year. After that, the machine will gradually wear out so that the savings decline at an annual rate of 2%. The annual interest rate is 5%. If someone is buying the machine from you today, which of the following is closest to the fair market value of the machine? (Hint: The fair market value represents the cost savings of the machine.) $14,286 $15,786 $33,333 $34,833 $40,367
The Fair market value of the machine is closest to $33,333, which is the third option.
The fair market value is the actual price at which the asset can be sold in the market.
Fair market value may be evaluated in several ways, including the cost savings of the machine, the cost approach, and the sales comparison approach, among others. It is calculated based on the market's demand, conditions, and various other factors.
Factors that determine fair market value in accounting include production costs, supply and demand, and the current economic climate. The savings is expected continue forever: You expect a saving of $1,000 over the next year. After that, the machine will gradually wear out so that the savings decline at an annual rate of 2%. The annual interest rate is 5%.
We'll need to use the Perpetuity formula to calculate the fair market value of the machine:
PV = C/iPV = 1000/0.05 = 20,000
The savings are expected to gradually decline at an annual rate of 2%, so the machine's salvage value after a year will be (1-0.02) * 1000 = $980.
So, to calculate the value of the machine at the end of the year, we'll use the formula of the present value of annuity with the salvage value:
PV of Annuity = C/i * (1 - 1/(1+i)^n) + SV/(1+i)^nPV of Annuity
= 1000/0.05 * (1 - 1/(1+0.05)^5) + 980/(1+0.05)^5
= 4,242.94
Therefore, the fair market value of the machine is:
FMV = PV + PV of Annuity
= 20,000 + 4,242.94
= $24,242.94
The fair market value of the machine is $24,242.94.
Now, we'll need to calculate the price of the machine if the annual interest rate is 5%.
Since the machine is expected to produce cash flows indefinitely, we'll use the perpetuity formula.
P = C / r
P = 1500 / 0.05
P = $30,000
The fair market value of the machine is closest to $33,333, which is the third option.
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Stephen Curry wants to develop a time standard for the task of cleaning a cat cage. In a preliminary study, he observed one of his workers perform this task six times, with the following results:
Observation 1 2 3 4 5 6
Time(Seconds) 99 87 90 81 93 90
What is the standard time for this task if the employee worked at a 50 percent faster pace than average, and an allowance of 20 percent of the workday is used?
Given,Observation Time(Seconds)1 99s2 87s3 90s4 81s5 93s6 90sAs per the given data, we need to find the standard time for cleaning a cat cage, if the employee worked at a 50 percent faster pace than average and 20% of the workday is used.
Step 1: Calculate the average time taken by the employee. The average time taken by the employee to clean a cat cage is given by;Average Time = (99 + 87 + 90 + 81 + 93 + 90) / 6= 540 / 6= 90 secondsStep 2: Calculate the time taken by the employee, when he worked at a 50% faster pace than average.If an employee works at a 50% faster pace than average, then the time taken by him to clean a cat cage will be
;Time taken at 50% faster pace than average = Average time taken × (100/150)= 90 × (100/150)= 60 secondsStep 3: Calculate the time standard for this taskIf the allowance of 20% of the workday is used, then the time standard for cleaning a cat cage is given by;Time Standard = Time taken at 50% faster pace than average + AllowanceTime Standard = 60 seconds + (20/100) × 480 secondsTime Standard = 60 seconds + 96 secondsTime Standard = 156 secondsHence, the standard time for this task is 156 seconds.
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1.1 List five (5) sources of law. (5)
1.2 Distinguish between a real right and a personal right. Provide an example of each. (10)
1.3 Rita applies for a job as an air hostess at FlySafair but her application was rejected on the basis that she is HIV positive. Can the Courts order FlySafair to employ her (effectively compelling FlySafair to enter into a contract with Rita)? Refer to relevant case law.(15)
1.1 Five sources of law are:
Statutes and legislation
Common law and case law
Constitution and constitutional law
Regulations and administrative law
International treaties and conventions
1.2 A real right is a type of right that pertains to a thing or property, giving the holder of the right a direct and absolute control over it. Real rights are enforceable against the whole world. Examples of real rights include ownership, servitudes, and leases.
On the other hand, a personal right is a type of right that pertains to a person, giving the holder of the right a claim against another person to perform or refrain from performing a particular act. Personal rights are enforceable only against specific persons. Examples of personal rights include contractual rights, delictual rights, and family law rights.
For example, if John owns a piece of land, he has a real right in that land, which means he has the right to use, sell, or transfer the land as he wishes. On the other hand, if John hires Tom to mow his lawn, John has a personal right against Tom to perform the task according to their agreement.
1.3 No, the courts cannot order FlySafair to employ Rita solely on the basis of her HIV status as this would constitute discrimination. In South Africa, employers are prohibited from discriminating against employees on the grounds of their HIV status, as it is a violation of the Employment Equity Act and the Constitution.
In the case of Hoffman v South African Airways (2000), the court held that the employer (South African Airways) had discriminated against the employee (Hoffman) on the basis of his HIV status by refusing to employ him. The court found that this constituted unfair discrimination and ordered the employer to compensate the employee for damages suffered.
Therefore, if Rita's application was rejected solely on the basis of her HIV status, she could bring a case of discrimination against FlySafair and seek compensation for damages suffered. However, the court cannot compel FlySafair to employ Rita as that would be contrary to anti-discrimination laws.
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How did the media coverage of the hijacking of TWA flight 847 validate the use if terrorism ad a useful tactic towards achieving its intent goals? Discuss the symbiotic relationship between the media and terror groups.
Sensationalism-
The media coverage of the hijacking of TWA Flight 847 inadvertently validated terrorism as an effective tactic by providing extensive coverage and amplifying the terrorists’ message.
The media coverage of the TWA Flight 847 hijacking in 1985 unintentionally validated terrorism as a useful tactic by giving significant attention to the event.
Extensive coverage of the hijacking provided the terrorists with a platform to convey their demands and messages to a wide audience. This exposure reinforced the notion that terrorism could generate global attention and potentially force governments or organizations to meet their objectives.
The symbiotic relationship between the media and terror groups stems from the media’s pursuit of sensational and gripping stories, which aligns with the terrorists’ goal of maximum exposure for their cause. The media inadvertently facilitates the terrorists’ propaganda and amplifies their message, inadvertently validating the effectiveness of terrorism as a means to achieve their intent goals.
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