The first paper will be an individual evaluation of the importance of Essay

The first paper will be an individual evaluation of the importance of being a learned person in a 21st century socioeconomic soc - Essay Example The words is normally used for individuals holding bachelors, masters and PhD degrees but have varied knowledge in other important subject matters of society. This is differed from an educated person who depicts characteristics like having a college or high school diploma. The educated person displays civilized behaviors representing his or her stay at school. The educated individual understands the moral civic and social responsibilities. In simple terms, they hold some unique capabilities that uneducated individuals do not have. Society usually consists of both of these individuals and the uneducated people. This essay therefore, seeks to explain the role of critical thinking and being a learned person in the society. It focusses this on commerce in a society with modern technology. Critical thinking is an integral characteristic of a learned person. Being a leaned individual in a society comes with numerous responsibilities. Learned individuals are regarded as the light of the soc iety and their opinion counts in every issue affecting society. These include opinions on technology, politics, philosophy and commerce. The definition of critical thinking is the intellectual practice of conceptualizing, scrutinizing and applying skills as a framework to action and belief. It includes analyzing the sources of information too. In its unique form, it bases on conventional values that govern subject matter divisions. This definition is important since society includes different fields and subject matter that are of contention. This as a character of learned individuals improves society’s understanding of these contentious issues. Critical thinking is totally different from being augmentative. It also does not mean the character of criticizing fellow individuals in society. In a modern society, critical thinking abilities are used in revealing bad reasoning and fallacies. The economy in a society is a main issue that requires critical thinking to enhance. Critic al thinking plays the important part in constructive task forming and cooperative reasoning. Through these characteristics, the commerce in the society grows. Commerce is a section of any business that concerns itself with exchange of goods and services (Dyer 5). This entails all the direct and indirect activities that facilitate the exchange. In a modern society, commerce gets enhancements from over the edge technology. The development of technology cannot be attributed to any other thing that learned individuals. Through critical thing, the learned individuals develop new ways of making business more efficient and faster. They develop new accounting methods, business development strategies and future research. Learned individuals in the field of computer science have such technological tasks in the society. Critical thinking helps the society to strengthen existing arguments on commerce, acquire knowledge and improve theories. This is achievable through initiation of learned perso ns in the field of business and commerce. The society employs critical thinking to improve work practices and progress social organizations. The society consists of populations with wants. These include secondary and basic wants, which are never ending. Social welfares are promoted in the society through commerce. This is to the sense that the innumerable wants of people in the society are met. For this wants to be met critical thinking is

Globalisation - Challenges and Opportunities in China Essay

Globalisation - Challenges and Opportunities in China - Essay Example It is under the prevailing circumstances that the behavior of Chinese market is studied in context with latest confidence building measures being taken up by the Chinese government, the trend of international investments, views of the international community and the ‘threat’ perception from the cheap Chinese manufacturing sector. Having inspired the marketers, with a vision of billion people consuming international brand in downtown, China is now recognized as a capable global competitor in its own right. And it has ambitious expansion plans - not only for Asia but also for the Europe, United States and elsewhere. Traditionally, the problems of doing business in China, in general, can be categorized into four main categories;It is under the prevailing circumstances that the behavior of Chinese market is studied in context with latest confidence building measures being taken up by the Chinese government, the trend of international investments, views of the international c ommunity and the ‘threat’ perception from the cheap Chinese manufacturing sector. Having inspired the marketers, with a vision of billion people consuming international brand in downtown, China is now recognized as a capable global competitor in its own right. And it has ambitious expansion plans - not only for Asia but also for the Europe, United States and elsewhere. Traditionally, the problems of doing business in China, in general, can be categorized into four main categories.

Question answer Essay Example | Topics and Well Written Essays - 2000 words

Question answer - Essay Example Notably, finance minister of State X was present at the signing of the agreement between the two parties and after signing the document, the finance minister added the words â€Å"approved and ratified† and the minister also placed his own signature. Later on, a dispute aroused where OIC initiated a settlement proceeding in accordance with the procedures set out in the joint venture contract specifying both IPF and State X. However, State X argued that settlement tribunal has no jurisdiction over it. The major case issue is that whether State X can be excused from participating in the suit or not. With regard to the case, it can be stated that State X cannot be excused from participating in the suit. As the common law of contract in Australia affirms that any third party benefitting from the contractual agreement is liable to sue the other major party under the contractual agreement and vice versa. Nonetheless, privity of contract states that only the major parties entering in to the contractual agreement has the right to sue each other if any dispute arises. Simultaneously, the doctrine of privity of contract denies any obligations or liabilities to third party1. However, the doctrine of privity states that the major party has the right to sue the third party benefiting from the contract. ... over the performance of IPF, it cannot be denied that any action performed by IPC is governed by and taken with the active participation of State X2. Thus, the action of IPC cannot be distinguished from State X. In addition, State X also affirmed the contract by providing its approval and rectification as well as the finance minister of State X placed his signature to the contractual agreement which provided an evidence of State X’s involvement to the contractual agreement entered between OIC and IPF. At the same time, it can be argued that finance minister of State X was endorsing the contract but he was not making government as a party to the contract entered. Despite this aspect, it can be stated that State X should not be excused from participating in the suit. Additionally, the arbitration tribunal has sole power to involve State X in the suit. QUESTION 2: Considering the case of the Republic of Argentina et al v. Weltover Inc. et al., The United States used the Foreign S overeign Immunities Act of 1996 to bring suit against Argentina for a default on bond repayment. According to Foreign Sovereign Immunities Act 1996, statutory method can be ascertained from the United States courts to acquire jurisdiction over non-US sovereign. It offers that any person in the United States can seek for jurisdiction for disputes resulting from business transactions to non-US sovereign. It immunises non-U.S. states from jurisdiction of US court unless any exceptional scenario applies. Accordingly, Supreme Court of the USA has characterised â€Å"commercial activity† as the most important exception. This exception provides the verdict regarding which party can apply for lawsuit against the non-US sovereign in the US court. As part of a plan to stabilise petitioner, the Republic of

Economics assignment Example | Topics and Well Written Essays - 750 words

Economics - Assignment Example To avoid this situation particularly when it is occasioned by the fact that the involved firms receive inputs from input suppliers and are attempting to innovate to produce differentiated products and even seeking patent of those products, is by the firms involved getting integrated vertically so that they can reduce some of the dead weight losses. Sometimes it would be necessary that the firms involved within the particular supply chain get to mergers and acquisition. One of the ways in which double marginalization may be solved is by Suppressing the Double marginalization. This can be done by avoiding the firms involved in unnecessarily applying for mark-ups over the cost of their own outputs; rather, they should increase their overall profits through internal suppression of the double marginalization. This should be strategically done by ensuring that they transfer the intermediate costs of the products they have through the application of a single optimal mark-ups. The above solution coincides with the profit maximization solution of innovating and producing up to the point where marginal cost equal marginal revenue. Like any other good practice in profit maximization in business, overcoming double marginalization solves the problem of losses. in the case of application of the marginal cost equals to marginal cost revenue, a firm will attempt to produce that additional production which will assure it of additional revenue. At the point where the marginal cost rises to equal the marginal revenue, it can then be said that the firm is maximizing the profit. The rule usually demands that; in the event that the marginal cost gets greater than marginal revenue, the firm must cut down on its cost. This is why by avoiding the dead weight loss through the reduction of double marginalization; the firm automatically reduces on its cost. 2) Suppose firms A and B are going head to head developing new products

Comparing IFRS to GAAP Essay Example for Free

Comparing IFRS to GAAP Essay GAAP rules for recognition are detailed regarding specific industries, such as real estate and software. It uses the complete contract method and has special rules for rendering software services. Organizations can recognize revenue from the sale of goods made delivery from a definitive agreement for a fixed fee that they are reasonably sure they will collect. Under GAAP, companies must wait until the whole process of the contract is complete to recognize revenue. GAAP also has specific types of transactions, and it required public companies to follow rules that are set by the Securities and Exchange Commission. IFRS Revenue Recognition IFRS revenue recognition states that revenue can be recorded when it becomes economically significant: IFRS revenue recognition can be defined as not as strict as opposed to GAAP. IFRS is considered universal; standard 18 sets forth general principles and examples applicable to all industries. IFRS allows recognition when the rewards and risk of ownership is transferred, giving the buyer control of the goods, revenue is understood and the economic benefits will flow to companies or in other words, you will get paid. IFRS bans the completed contract method and under certain circumstances will allow the percentage of completion method. IFRS allows you to combined contracts. However, applies different criteria compared to GAAP. (Ref. Eric Bank, Demand Media). IFRS Order of liquidity IFRS does not require a specific order of classification on the Statement of financial position. IFRS provides the same set of objectives for business and non-business entities. The separation of assets and liabilities is required, and deferred taxes are shown on a separate line item on the  balance sheet. Minority interests are included in equity as a separate line item. The financial statements include an income statement, balance sheet, changes in equity, footnotes and a cash flow statement. IFRS main goal is to give a financial statement with a clear understanding of the companys asset structure. GAAP Order of Liquidity GAAP has a specific requirement that all accounts are measured by liquidity. The framework has no provision that the expressly requires management to consider the framework in the absence of a standard or interpretation for an issue. GAAP requires a balance sheet, income statement, statement of comprehensive income, changes in equity, cash flow statement and footnotes. The difference, as opposed to IFRS, is that deferred taxes are shown with the assets and liabilities. IFRS Commonly used Terms IFRS terms that are commonly used together are statement of financial position, balance sheet and share capital ordinary to common stock. The statement of financial position and balance sheet are synonymous. The formats may be different. It is made to show a comparison of liabilities and equity to assets. IFRS picked the term financial position because it describes the purpose of the statement. The heading stands for the position of receivables and assets on one side and all the liabilities and equity on the other side which can be done at any given date. These statements provide how financial strong the company is. IFRS terms that are commonly used together are share capital ordinary and common stock. IFRS uses the term share capital ordinary to explain the stakes of the ownership. Common stock is identical to share capital ordinary which shows the equities values that the owners have in exchange for cash. The European Union utilizes the term share capital ordinary which is why it was chosen by the IFRS as the norm. The heading shows the equity shareholders what the capital value is. The heading is equity of net worth subheading. Understanding Gains, Losses GAAP defines expenses, revenues, losses, and gains as it correlates with the income statement. The losses and gains would not appear since they do not constitute as operating activities. Even though gains and losses would not appear it will specify the information that would need to be reported on the  income statement. It would only allow expenses by description or function. The bottom line would be called as a loss of profit. It prohibits extra ordinary items to be reported in the notes or income statement. The losses and gains that are reported on the income statement are shown separately so the cash flow that can be assessed in the future. Income defines both gains and revenue. Revenue from a company from activities and are in the form of rents, interest, sales, fees, and dividends. Gains are items that are accrued in a form of income from ordinary activities from a company. Gains can include the gains of long-term assets sale. They can be gains from securities. Securities and Exchange Commission The Securities and Exchange Commission (SEC) has several aspects to consider when it comes to trying to get the United States to adopt IFRS. First, the people and the overall cost that it would have on their business should be something for SEC to consider. SEC should consider the overall costs impact this will have on businesses. It would cost millions if not billions of dollars for U.S corporations to implement IFRS using a good portion of their time and money to put this into effect. Accounting firms would now have to change their education requirements. In a predictions report released in 2008 by the SEC, it stated that large U. S. based companies with revenues in excess of one billion dollars would be paying more than its European counterparts in converting to IFRS. In this report, it also states that small businesses could be hit with more costs than larger companies. This is due to the need for new trained staff members that are educated in IFRS and the need for new IT systems to meet the needs of the conversion. The implementation of new systems will also require new training standards for current employees, which will cost companies time and money. The conversion from GAAP to IFRS can and will have an effect on U. S. companies overall operations, taxes, and their internal reporting processes. Sarbanes-Oxley Act The Sarbanes-Oxley Act of 2002 (SOX) was signed into law by President George Bush in response to issues in accounting at several major US companies. It was intended to address corporate responsibility, combat fraud and improve a companys financial disclosures. Some would argue that guidelines enacted by  SOX puts US companies at a disadvantage competitively to companies operating abroad. One principle of the act was the requirement of an independent auditor to evaluate the financial records of businesses at the cost of the business to boot. Executives must certify that the records are accurate and are subject to imprisonment for fraud. The threat of oversight may cause some businesses to refrain from taking the necessary risks to help business grow. The advantages of SOX to some far outweigh the costs. The most important of them all could be that companies and the executives that run them are kept honest about financial records. The act created an organization with the responsibility of oversight of auditors called the Public Company Accounting Oversight Board. With such oversight, it helps in restoration of public/investor confidence. According to Forbes Magazine a Harvard Business School professor Suraj Srinivasan â€Å"Markets have been able to use the information to assess companies more effectively, managers have improved internal processes and the internal control testing. (Forbes, 2014) References Goodbye GAAP. (2008, April). CFO Magazine, Retrieved from: Goodbye GAAP Hanna, J. (2014, March 10). The Costs and Benefits of Sarbanes-Oxley. Retrieved October 30, 2014. KPMG cutting through complexity. (2014). Retrieved from http://www.kpmg.com/global/en/issuesandinsights/articlespublications/ifrs-guide-to-financial-statements/pages/default.aspx Chapter 4 Income Statement and Related Information. (n.f.). Retrieved from http://higheredbcs.wiley.com/legacy/college/kieso/0470587237/ifrs_supp/ch04.pdf

Biodiversity Lab Essay Example for Free

Biodiversity Lab Essay 1. Explain how the ecosystem was affected by the missing species for each round of the demonstration. a. Round 1 = white bead representing lichens. Our laboratory reading for the experiment stated that lichens are instrumental in the development and needs for all species. The text stated, â€Å"Lichens play a part in the creation of soils from which plants can obtain nutrients. Like all living organisms, lichens need nutrients and energy to grow. Nutrients may be obtained from the air including dust, water, and from the substrate organisms grows on obtaining energy through photosynthesis, which is the role of the algal partner. They may also be incidentally fertilized hybrid and insect dung† (Bottcher Rex, 2012, p. 43). With the information obtained from the reading, without lichens, bees, trees, flowers, and humans will all have negative repercussions. b. Round 2 = Yellow bead, representing bees. No bees and lichens the trees will not be pollenated, which will result in a loss of a food source  for humans since bees pollenate trees and flowers for food. Without bees to pollenating, the ecosystems takes another dramatic step towards extinction. One study stated, â€Å"Deduction from floral structure indicates that the flowers of many crops and wild plants are adapted for bee pollination. Further experimental studies of pollination are much needed, to see whether inadequate pollination limits seed set, and which insect species are potential or actual pollinators. The adequacy of pollination of a given plant species will vary regionally with climate, habitat and the nature and density of the local pollinator community† (Corbet, Williams, Osborne, 1991, para. 3). Minus the bees, the results for all other species will be negatively impacted. c. Round 3 = Orange bead, representing trees. The trees are dependent on lichens and with lichens removed. The trees will not have enriched soil to keep living. This is the reason for loss of oxygen for all species who require it and without bees, the fruit that some trees produce will cease to exist, causing food shortages and lack of shade and protection for flowers and humans (Bottcher Rex, 2012). d. Round 4 = Red bead, representing flowers. Lichens removed the soil could not adequately support nutrients required to keep alive. The flowers needs protection and shade from trees to sustain life and the trees were removed due to soil composition and loss of lichens from ecosystem. 2. Provide one action we as humans engage in that leads to the extinction of each of these components. Action affecting Lichens = The use of pesticides, chemicals, other pollutants, and people cause damage to this component that can lead to the irreversible impact on the lichens. Action affecting Trees = The destruction of soil and pollution, a major area where humans are impacting trees is through the removal of forests for trees to support human projects and constructions. â€Å"Ninety-three percent of the forestland in the United States is Privately owned† (Hazel baker, 2008, para. 1). Action affecting Flowers = Even though our chemicals are killing these flowers and making the soil contaminated and resistant to flower species. The use of pesticides and other chemicals, flowers are not engineered like crop seed to survive these chemicals. Action affecting Bees = Due to several human factors, bees are being threatened and destruction of their habitat is the number one reason. For a habitat to remain successful and sustain populations it must provide nesting sites and a seasonal succession of forage, and humans are depleting these areas through population growth and industrialization (Corbet, Williams, Osborne, 1991). 3. Provide three specific actions that humans can take to minimize our impact on the ecosystem and ensure the survival of lichens, trees, flowers, and bees. Action 1 = Bees are a critical part of the ecosystem. Humans need to ensure habitat sustainment to sustain bee populations do not deteriorate to levels that cannot be corrected. â€Å"Bees need food (nectar, pollen) provided by insect-pollinated plants in order to reproduce and produce more bees† (Corbet, Williams, Osborne, 1991, p 2). By creating hives and environments that are conducive to bee sustainment, it is possible that strides can be to reverse the downward trend in populations. This is critical as one study showed. It stated that the loss of bees was a domino effect to other species. It stated, â€Å"If bee pollinated flowers  do not seed, the integrity of Europe’s remaining semi natural vegetation will be destroyed and the colorful flowers of the countryside will be lost. This in turn will deprive many other herbivorous or seed-eating insects, birds and small mammals of their host plants and/or food,  with consequent further loss of species diversity†(Corbet, Williams, Osborne,1991, p 2). Through the saving of the bees, the increase of pollinated of other species helps ensure survival of flowers Action 2 = Humans can stop polluting the soil and surface of lands through illegal dumping, spills, etc. that contaminate and kill lichens that are critical in soil creation and providing nutrients to other plants and trees. With the help of government agencies and through stricter enforcement, creation of neutral pesticides and chemicals, and other products to eliminate harm to the environment and providing a healthier ecosystem for all life to thrive. Action 3 = The best way to save our tree populations is to protect the public lands from forest harvesting and ensure there environmental regulations for commercial logging businesses. â€Å"93% of the forestland in the United States is privately owned† (Hazelbaker, 2008, para. 1). That means that there are plenty of lands available for harvesting and ensuring forests do not die off and leave the negative impacts and loss of a precious resource. Due to the benefits that can be found in the national and state forests, such as clean air, fresh water, etc. I feel it is a good practice to prevent commercial access on these lands. These lands serve as a refuge to wildlife and often provide unique opportunities to the citizens who rarely get an opportunity to experience nature and these environments. POST LAB QUESTIONS 1. Develop a hypothesis on which pot you believe will contain the highest biodiversity. Hypothesis = One pot has direct exposure to sunlight it will have the highest level of biodiversity 2. Based on the results of your experiment, would you reject or accept the hypothesis that you produced in question 1? Explain how you determined this. Accept/Reject = Reject. Table 2 of this experiment, the pot that was placed from all windows had a greater diversity of growth from the random seeds planted in it, versus the one with direct sunlight. The pot that had direct sunlight yielded smaller totals in each of the five plants planted in each pot as well as a smaller overall plant yield. While some individual plants had close results, there was a total difference of the total plants of 48. 3. If each pot was a sample you found in a group of wildflowers, would you determine based on the diversity of flowers that the ecosystem is healthy? Why or why not. Answer = I would say that each sample would yield results of a healthy ecosystem based on the diversity in each sample. Each plant has samples of  all five seeded plants planted and yielded results in two weeks. While both specimens yielded results, I would say the ecosystem sample that was not in direct sunlight did show signs of a healthier ecosystem and believe that the temperature and light changes the other sample was exposed to could have played a part in the results. Example, living in Arizona my residence has low humidity and low temperatures at night and moderate temperatures in the mid-morning through sundown that affected the sample with sunlight exposure. The other sample, the one away from the windows, sat in the middle of my apartment on a shelf in the laundry room, with no direct exposure to sunlight, but not completely in the dark, had more stable temperatures and had constant ambient light exposure through the day and did not suffer cold drafts from the windows that could have made the other specimens plants yield lower results. 4. How does biodiversity contribute to the overall health of an ecosystem? Provide specific examples and utilize at least one scholarly resource to back your answer. Answer = Biodiversity contributes to all levels of an ecosystem. â€Å"Biodiversity, short for biological diversity, includes the genetic variation between all organisms, species, and populations, and all of their complex communities and ecosystems. It also reflects to the interrelatedness of genes, species, and ecosystems and their interactions with the environment† (Bottcher Rex, 2012, p. 39). The experiment with the two pots is similar to that of a forest ecosystem. â€Å"A functioning forest ecosystem, for example, exhibits rates of plant production, carbon storage, and nutrient cycling that are characteristic of most forests† (Chapin, Costanza, Ehrlich, Golley, Hooper, Lawton, Tilman, 1999, para. 9). The five seeds that grew in each pot were sharing nutrients from the soil and the evidence showed that certain species thrived in numbers over the others that grew. As one research analysis on biodiversity, there are always species interactions that have impact on the other species. The study stated, â€Å"Ecosystem functioning results from interactions among and within different levels of the biota, which ecologists describe as a nested hierarchy. Example, green  plant production on land is the end product of interactions of individual plants nested within populations; interactions among populations nested within a single species; interactions among a variety of species nested within a group of functionally similar species; and so on up to the level of interactions between different types of ecosystems nested within landscapes† (Chapin, Costanza, Ehrlich, Golley, Hooper, Lawton, Tilman, 1999, para. 11). While some ecosystems continue to exist, some thrive, the harm being done to, and overall health of the ecosystem is dependent on the actions we as humans take. Our society has destroyed ecosystems, species, etc. and pollution, air quality, and other factors have seen many ecosystems destroyed and become extinct. â€Å"From current research, we have identified the following impacts on ecosystem functioning that often result from loss of biodiversity: -Plant production may decline as regional and local diversity declines; -Ecosystem resistance to environmental perturbations, such as drought, may be lessened as biodiversity is reduced. -Ecosystem processes such as soil nitrogen levels, water use, plant productivity, and pest and disease cycles may become more variable as diversity declines† (Chapin, Costanza, Ehrlich, Golley, Hooper, Lawton, Tilman, 1999, para. 11). In the end, if action is not taken soon, the devastation created through our industrialization, over population in countries across the world, etc. can lead to consequences that can see more devastation and harm that may not be able to be undone if our society fails to take the necessary action to sustain life of all ecosystems. References Hilmo, O., Sà ¥stad, S. M. (2001). Colonization of old-forest lichens in a young and an old boreal i Picea abies forest: an experimental approach. Biological Conservation, 102 (3), 251-259. Chapin III, F. S., Costanza, R., Ehrlich, P. R., Golley, F. B., Hooper, D. U., Lawton, J. H., Tilman, D. (1999). Biodiversity and ecosystem functioning: maintaining natural life support processes. Washington, DC: Ecological Society of America. Hazelbaker, J. (2008). Logging on national forests national forest management zero cut – no. Retrieved from: http://www.worldissues360.com/index.php/logging-on-national-forests-national-forest-management-zero-cut-no-26744/. Corbet, S. A., Williams, I. H., Osborne, J. L. (1991). Bees and the pollination of crops and wild flowers in the European Community. Bee World 7 (2), 47-59.

Concepts of Operations Management to the Fast Food Industry

Concepts of Operations Management to the Fast Food Industry INTRODUCTION: The ability of every organisation to make profit and sustain in this competitive world revolves around its competency to perform its operations accurately. Hence although the term Operations Management seems to be recently evolved. It has oriented with the industrial revolution itsef. In a lay mans language, operations management is the effective and efficient running of the various resources within an organization. The work below looks at the various theoretical concepts of operations management and how these are applied in the practical from in the various industries. It looks the interrelation between operations management and strategic objectives of an organisation. It can be rightly said that if these two concepts have to merge appropriately for a company to survive and make profit. OPERATIONS MANAGEMENT:   Operations management can be explained as providing the finest service at the lowest possible prices. This objective can only be achieved if each and every operation within the organisation is managed optimally. The various operations within an organisation that needs to be managed are  financial operations, capital management and human resource management. The legitimate and accurate management of these valuable resources results in successful operations management according to Stevenson 1993, Operations Management can be described as follows management of systems and processes that create good sand/or provide services(  Ã‚  as cited in J.Bicheno and B.Elliot,1977,p9). A more detailed definition of operations management is given by J.Bicheno and B.Elliot 1997, a field study that focuses on the effective planning, scheduling, use and control of a manufacturing or service organisation through the study of concepts from design engineering, industrial engineering, management infor mation systems, quality management, production management, accounting and other functions as they affect the operations. (J.Bicheno and B.Elliot,1977,p9).According to Mahadevan, Operations Management is a systematic approach to address all the issues pertaining to the transformation process that converts some inputs  Ã‚  into output that are useful and could fetch revenue for the organisation.(B.Mahadevan,2007,p5).Thus a detailed study of both the definitions states that Operations management is concerned with the accurate management of the various operation within any kind of organisation so as to maximise results by minimum use of resources. Thus for any organisation to perform successfully, it is mandatory to strictly monitor the smooth functioning of the various operations within the organisation. Thus in brief the role of operations management is to  transform the input into output in an  efficiently  manner.   Following are some of the benefits of effective operations management: Improves the productivity of the organization.    Minimizes the cost of the organizations.   Ã‚  Helps in forecasting the various trends within the market.   Ã‚  Avoids duplication of work.   Ã‚  Helps in intelligent use of resources.   Ã‚  Guides the company to provide excellent services and products.   Ã‚  Helps in developing solutions for the various problems faced by the organization. (B.Mahadevan,2007,p6,7) (C.Vidler, 2001, p7). INTRODUCTION TO MCDONALDS Every organisation that exists in the market has a goal set that has to be achieved by it within a given frame of time. These are goals can also be called as strategic objectives. Each organisation before entering the competitive market sets its strategic objectives and also develops a strategy to achieve the same. The organisation that is being studied is a famous chain of Fast Food Restaurants, McDonalds Corporation US. Its an organisation that started in 1940s by two brothers Dick and Mac McDonald. They stared a small restaurant in California in 1940s.Another personality that completely changed the fate of this organisation is Ray Krocs. A combined effort of all these three entrepreneurs resulted in an organisation which is one of the leading fast food  restaurants. (web-1) .Some of the objectives of McDonalds Restaurant is To cater good quality food to the customers in an environment that is benevolent and  Ã‚  Ã‚  Ã‚  enjoyable. To keep their shareholders happy by providing good returns to them consistently. Their aim is to serve food at a faster pace which has value for money and impeccable taste and quality. They are also aim in perform their corporate social responsibilities in an effective manner. They are also doing their duties by being an eco friendly organization. A look at the  various strategic objectives it can be concluded that McDonalds has set up a defined set of objectives. They also have developed various strategies to achieve these objectives. The three features that the organisation concentrates on are quality, speed and satisfying customers. The  restaurant  has carried out many training programmes for the crew members so as to achieve the best customer service. They also focus on the  ambience  of the  restaurant  and put a lot of effort to maintain it. They also have special kids section in some restaurants so that the children and parents can have a quality time at one place. Cleanliness is not only maintained within the restaurant areas around the restaurant also cleaned up on a regular basis. They also perform corporate social duties judiciously. They support a  charity which helps the old people. McDonalds has also stopped using plastic bags and promotes the use of paper bags. They also propagate the idea of re cycling. There are many operations within the organisations. The main operations within McDonalds are  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Procurement of raw materials and machinery  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Production and Quality Maintenance  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Pricing  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Advertising and Marketing  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Customer Service  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Corporate Social Responsibilities Procurement of raw materials and machinery: The main strategies used by McDonald have to maintain the inventory is JIT, Just in Time. According to Modem, JIT can be defined as a production system to produce a kind of unit needed, at the time needed and in the quantities needed (W.Jedlicka, 2009). The idea behind this is to reduce the cost of inventory management. This also helps in providing fresh food to the customers. This stragey is successful since the mangers in the restaurants do a daily stock count at the end of the day to keep a track of the avaiable things and things that have to be ordered. This also helps to double check the sales that are performed by the restaurant. Another strategy that is used by the restaurant is the First in First out (FIFO). According to this startegy the make it a point to sell product that have arrived earlier first and then the latter ones. The whole stock management process is designed in such a manner that this principle of Just in Time and First in First Out is strictly followed. Production and Quality Maintenance: In this phase the raw materials used are converted into finished products that are presented to the customers. This is a very important step. The kitchen crew is trained to produce the products by following a standard protocol. Every product that is created in the McDonalds kitchen has to follow the protocol so as to maintain the standard and quality of the products. Handling the production bin is a very important task. Every item that is produced has a certain shelf life after which it is declared to be unfit for consumption. Hence the food items are produced sloley on the basis of demands. During the busy hours there is always a manger on the production bin who manages the bin. It is only during this period that food is created a little in excess based on the expected crowd of customers. This is a strategy used by the restaurant to avoid long ques and to provide fresh food at a faster pace. Another measure that is taken by the company is the use of labels. Every ingredient with the kitchen has a label on it. This label states the time by which this product should be used and when the product should be discarded. Such a system helps in maintain the quality of the food served. The company also has the program of Mystery Shopper. In this program a member from the companys head office visits the individual restaurants as a regular customer to check the various aspects. This visit not only checks the quality of the food, it also checks the service provided to the customers, cleanliness within the  restaurant  and the overall experience in the restaurant. Thus we can see that effort is done by the individual restaurant and the company as well to maintain high standards in terms of quality of food. Pricing: The fact that McDonalds was making a good profit even during the time of recession is a clear reflection of the fact that they have a well developed pricing  strategy. They are one of the few restaurants that have a very well established 1 £ menu as well. This pound menu not only includes only one item it has a mix of all products that can be bought. Thus it is not only cheap but also provides variety for the customers to choose from. Even the  regular meals are priced rightly. Hence the customers do not hesitate. Thus in short one can surely say that dining at McDonalds is not a good experience that is not too heavy on the pockets.   Advertising and Marketing: McDonalds uses many channels of advertising like print media, bill boards, television advertisements and also sponsorship. Any new product that enters the menu is well advertised and marketed by the company. They create a great amount of awareness of the product that is being launched. Thus  attracting  the customers to their outlets.  Ã‚  Vouchers are also provided to the customers. It has been noticed that this startegy of providing vouchers is one of the major attraction for the customers. They also have promotional activities. Some of the promotional activities that are done by the restaurant are providing Coca-Coal glasses with every purchase of a large meal. They also play the game of monopoly in this every product that is sold to the customer has a sticker which may either be a part of the monopoly game or will be a coupon for a free product from their menu. Another marketing strategy that is used by the company is the use of loyalty cards. This helps in compelling their customers to come back to the same place. They also use the strategy of innovation. In this there will  able a particular range of new products that will be  available  for stipulated period of time. Once this time period is over they will have a new  product that  takes it place. Hence there is something new every time a customer walks- in. This helps in retaining the customers. Customer Service: This operation forms the base of the organisation. The aim of the company is to make the experience at the restaurant a unique one. This is only possible by providing excellent customer service. The company trains the newly recruited employees for providing excellent customer service. The crew members are asked to be sensitive to the needs of the customers. Although they have a protocol to treat the customers the employees are given the liberty to act according to the need of the  situation. Especially in the case of senior employees and mothers.  Ã‚  The company strongly believes that only if a customer is comfortable at the restaurant will they come back. Hence all measure is taken by the store employees to make sure that the customers are  completely  satisfied when they leave. They also have crew training programmes on a regular basis to upgrade the service and to develop new skills. Regular meetings are conducted to deal with any issues that are faced by the employees. T he company also promotes the crew members to take part in the various programmes that are conducted by the company. Thus motivating the employees. The company does annual appraisal in terms of salary as well as position based on the employees performance.   Corporate Social Responsibilities: According to P.Kotler and N.Lee, Corporate social responsibility is a commitment to improve community well-being through discretionary business practices and contributions of corporate resources (P.Kotler and N.Lee, 2005). Thus it can be seen that CSR has to be a way of functioning of every business that  exists. This function has to be implemented in every activity within the business. McDonalds officially absorbed this function into their operation in 2007; it was at this time that they developed a Sustainable Supply Steering Committee (SSSC).this committee was responsible to keep a check on the supply chain activities within the organisation. The company adopted the  Three Es into their supply chain. These are Ethical Responsibility, Environmental Responsibility and Economic Responsibility. The idea behind adopting these were to make sure that all the operation carried out within the organisation follow a ethical pattern  Ã‚  (Web 2). The company has also developed a Global Advisory Council (GAC) in 2004 that provide advice as to how  create a menu that provides healthy nutrition and a balanced-diet to the customers. (Web-3) Thus we see that every operation within the organisation from the procurement of raw materials to the disposition of corporate social responsibilities is performed diligently by the organisation. A smooth co -ordination between this function is the secret to the success of the organisation. This individual operation has to be controlled in an effective manner for the overall stable performance of the organisation. QUALITY, RESOURCE AND TOOLS MANGEMENT: The word quality has different meanings based on individual perceptions. For some quality of product or service means. The nutrition value or standard of the product or service for some others quality is that the product or service should meet their requirements  satisfactorily. In some other cases quality means value for the money that has been spent. Hence there is no definite way in which quality can be described. However an official  definition  of Quality has been given by International Organization for Standardization ISO 2000, the extent to which a group of intrinsic features (physical, sensorial, behavioural, temporal, ergonomic, functional, etc) satisfies the requirements, where requirement means need or expectation which may be explicit, generally implicit or binding.  Ã‚  (A.Illy and R.Viani, 2005).Another pragmatic definition of quality is given by Harrington 1990, Meeting or exceeding customer expectations at a cost that represents value to them. (A.Illy and R.Vi ani, 2005). In any company quality of the product and service is based on resources, tools and systems used by the company. McDonalds serves beef patties, these patties are made from cows that are corn -feed  in the U.S and some of these are also imported from Australia and New -Zealand. These patties are instantly frozen to maintain the freshness and quality. This process of freezing is known as Individual Quick Freezing developed by Herb Lotman. Herb Lotman is the founder of the Keystones Company, which is one of the major suppliers of McDonalds. The French fries are cooked in Canola Oil which provide 0 gram of Trans Fats. Salads that are served at the restaurant are freshly prepared in the restaurant as per the request of the customer. No preservatives are used in the salads that are served in the  restaurant. Most of the fountain drinks that are served at the restaurant are regularly monitored to maintain optimum quality. All milk based drinks are well pasteurised and mainta in high standards and quality. McDonalds coffee which is very famous is obtained from Brazil, Gutaemala and Costa Rica. The equipment that is used in the McDonalds Kitchen is Grills, Microwave, Shake Machines and many more. The grills are standardised to cook a particular meat, so they automatically set the time for cooking the meat. These grills are cleaned on a regular basis at the end of the day with strong solvents to ensure its cleanliness. The shake machines and the fountain drinks machines are regularly cleaned to ensure quality of the drinks. The fries are cooked in the frying vat at high temperatures. The quality of the oil is checked regularly to maintain the quality of the food. TOTAL QUALITY MANAGEMENT AN ANSWER TO ALL QUALITY ISSUES: The perfect way to imbibe quality as a part of the organisational culture is by adopting the principles of Total Quality Management. According to A.Rawlins, Total Quality Management is a way of managing to improve effectiveness, flexibility and competitiveness of an organisation as a whole. (R.A.Rawlins, 2008 p19). This concept of TQM proposes that quality is not a term that should be confined to the end product or service. Quality has to become a part and parcel of every operation within the organisation, thus making it an obligatory to maintain the same at every step. According to G.K.Kanji and M.Asher TQM can become a part of the organisation if its principles and concepts are applied accurately. They have given four principles of TQM and eight core concepts  for TQM.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Principles  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Core Concepts   Ã‚  I.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Delight the customer:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Customer Satisfaction, Internal Customers are real   II.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Management by Fact:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  All work is process, Measurement   III.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  People-based Management: Team work, People make quality   IV.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Continuous Improvement: Continuous improvement cycle, Prevention. If all the areas mentioned in the above diagram are well managed this will result excellent functioning of the organisation. In which quality is maintained at every step hence there will not be any quality related issue. (G.K.Kanji and  M.Asher, 1996, p1). Advantages of Total Quality Management: 1)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Helps the organization to concentrate of the market trends. 2)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Inculcate a culture of quality in every aspect of the organization from top to bottom. 3)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Regularly assess all the process within the organization to eliminate outdated processes. 4)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  To  continuously  develop new strategies for the company to achieve the changing strategic objectives of the organization. 5)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  To work as a team and have problem solving attitude. 6)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  To keep the goal and achievements of the organization well communicate d at every level. 7)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  To always involve in a continues development programmed.   (R.A.Rawlins ,2008,p20,21). SCOPE OF IMPROVEMENT: No organisation a be sated as perfect because there is room for improvement. An organisation that always updates or modified itself according to the need of the market is always successful. Carrying out a SWOT analysis is the best possible way to identify the weak links within an organisation. There is a lot of speculation on the companys role in providing nutritional food. As obesity is one of the major health issues in the current scenario. The company will have to reinforce as to how they are contributing to the society by providing food of the top most quality. It has been noticed that McDonalds faces the problem of high rates of attrition. This is a serious threat for the company as it is based on customer service. The reason this becomes a major issue is because it become an additional cost. As well the can also affect the companys sales and overall image. An unpleasant experience in the restaurant can be a major disaster. This can result in bad or negative marketing for the or ganisation. Another issue that is faced by the company is the health issue. The effect of this high turnover ratio on the organisation is as follows: 1)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  High  financial  cost in terms of training the employee every time. 2)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Lack of trained employees can result in downfall of the organization. 3)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Reduced productivity and interruptions in the workflow 4)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Loss of expert professionals. 5)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Loss of business opportunities as the company is overwhelmed by the internal issues. 6)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Administrative issues within the organization. 7)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Loss of job satisfaction of the other employees and insecurities among the employees. (P.P.Phillips, 2002) RECOMMENDATIONS: The major issue in McDonalds as mentioned earlier is the high rate of attrition. Below are some of the points that would help in retaining the employees. Another problem that is faced by the organisation is a health issue. Ø  Ã‚  Peers Reviews is one of the strongest methods that can be used for employee retention. Ø  Ã‚  Fostering trust and respect and reducing management employee conflicts by regular meetings.(J.A.Carsen, 2002). Ø  Ã‚  Doing timely performance appraisals. Ø  Ã‚  Continuous motivation to be done- by rewarding at achievements. Ø  Ã‚  Recognition given to good work. Ø  Ã‚  Regular meetings to solve any grievances. Ø  Ã‚  Training the employees accurately. Ø  Ã‚  Job rotation should be practiced avidly so as to increase employee knowledge and enrich his experience. Many a times there have been cases were the organisation has been blamed for being responsible for health issues like obesity. Although the organisation makes use of healthy food ingredients there are such speculations. The best way to deal with this is to market the right and more explicit information on their products. This not only allows the customers to have a clear picture but make healthy choices while ordering. They can also get their food certified by authorities in the health and food section. Such an attempt will only help to clarify these false allegations. Last but not the least a customer survey should be done to identify their opinion and bring about changes within the organisation in a manner which is helpful to the company and the customers. Such an effort on the part of the organisation will strengthen their relation with their customers. CONCLUSION: Quality can be defined as anything that has value for the money and energy spent on it. It is not a onetime attempt to set up a good system in action and then never bother about it. Every organisation should maintain its quality standards not for good sale and profit, but must develop quality as a culture within the organisation. This culture of quality has to be passed down into every process within the organisation. It is only then a company will never face failures in achieving its goals  and objectives.   REFRENCES: 1)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Web 1:  http://www.aboutmcdonalds.com/mcd/our_company/mcd_history.html 2)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Web2:  http://www.aboutmcdonalds.com/mcd/csr/about/sustainable_supply.html 3)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Web3:  http://www.aboutmcdonalds.com/mcd/csr/about/nutrition___wellbeing.html 4) J.Bicheno and B.Elliot (1997), Operations Management: an active learning approach, Blackwell Publishers Ltd, UK, p9 5)  Ã‚  B.Mahadevan(2007),Operations Management Theory and Practice,Dorling Kindersley(India) Pvt Ltd, India,p5 6)  Ã‚  C.Vidler(2001),Operations Management, Heinemann Educational Publishers, Oxford. 7)  Ã‚  W.Jedlicka(2009), Packaging Sustainability, John Wiley Sons Inc, USA,p303 8) P.Kotler and N.Lee(2005), Corporate Social Responsibility, John Wiley Sons Inc, USA,p3 9) A.Illy R.Viani(2005), Espresso Coffee: The Science Of Quality( 2nd  edn), Elsevier Academic Press, UK,p2 10)Web4:  http://www.mcdonalds.com/us/en/food/food_quality/see_what_we_are_made_of/your_questions_answered/fresh_produce.html 11)  Ã‚  P.P Philips(2002), Retaining Your Best Employees, American Society For Training and Development,USA,p2 12) J.A.Carsen(2002), HR How to Employee Retention, CCH Knowledge Point, USA. 13) G.K.Kanji and M.Asher(1998), 100 Methods For Total Quality Management,Sage Publication Ltd, London, p1-2