Hesiod s Version Of The Prometheus And Pandora - 1896 Words

Hesiod’s versions of the Prometheus/Pandora story and the book of Genesis’s story of Eve’s act of eating the forbidden fruit both introduce a female figure whose actions are connected with the seeming introduction of evil into the world. At first glance, it appears that the Genesis story is more compelling than Hesiod’s account at explaining the origin of evil because its monotheistic structure makes the logic behind the evils far more clear and straightforward than Hesiod’s logic. The act of disobedience by Eve seems fully her own fault while God (Yahweh) is faultless. However, Genesis is too simple because the story of Prometheus/Pandora is far more complex. The Hesiod story of Prometheus/Pandora is more compelling than Genesis because the conflict allowed disputes between the gods in its polytheistic worldview rather than one god making Hesiod more compelling at explaining the evils of the world. In order to make this argument, this paper consist of three parts. The first part will argue why Genesis is seen as the most compelling text due to its simplicity and logic. The second part will examine Hesiod’s Prometheus/Pandora story to prove that the complexity makes a logical statement of why the evils in the world came to be. The final part will be counter argument which states that Genesis might be more compelling at explaining the evils of the world because it demonstrates both divine and mortal choices. Genesis offers one God s divine dominance on creation, making GodShow MoreRelatedThe Role Of Hesiod s Theogony And Works2093 Words   |  9 Pagesdichotomy reveals itself with the conflicting versions of Prometheus and Pandora present in the two poems. In Works and Days, Hesiod attempts to expose Perses’s mistakes through the interaction of Prometheus and his brother Epimetheus. Hesiod relates himself to Prometheus and takes great effort to portray the immortal in a positive light. Epimetheus, who could be described as Perses’ surrogate, is a fool. He takes this further by emphasizing the agency Pandora possesses in Works Days compared to theRead MorePandoras Box: What the Myth Means Today1809 Words   |  8 PagesPandoras Box: What the Myth Means TodayIntroductionImagine a life with no pain, worries, or misery in which to speak all evils held secure by a sacred beast or mythological container. This is the life described in many fantasies of the days before man, wom an, and hardship. With any myth, however, unlocking and explaining the gift of knowledge and becoming aware seems to account for all evils that have been imparted upon humankind. This is a very similar beginning to the story of Adam and Eve inRead MoreThe Myths And Rituals At Mycenaean And Minoan Sites1792 Words   |  8 PagesSir Arthur Evans in the twentieth century, helped to explain many existing questions about Homer s epics and provided archaeological evidence for many of the mythological details about gods and heroes. Unfortunately, the evidence about myths and rituals at Mycenaean and Minoan sites is entirely monumental, as the Linear B script was used mainly to record inventories, although certain names of gods and heroes have been tentatively identified. Secondly, visual sources sometimes represent myths orRead MoreGreek Mythology s Influence On The Arts And Literature Of Western Civilization2652 Words   |  11 Pagestold for amusement, also found their way into Greek myth. Greek mythology originated as oral literature, or stories told out loud. The ancient Greeks told their myths over and over again before they were written down. There are thus many different versions of these ancient stories. Today the Greek myths are known primarily from written Greek literature such as the Iliad and the Odyssey. These classic epics—long, narrative poems praising heroic deeds—are said to have been written by the poet HomerRead MoreGreek Mythology8088 Words   |  33 PagesPoseidon  seems  poised  to  strike  with  his  trident,  which  today  is  missing.  The  statue  is  in  the  National   Archaeological  Museum  in  Athens,  Greece.   Nimatallah/Art  Resource,  NY   Greek  mythology  has  several  distinguishing  characteristics,  in  addition  to  its  multiple  versions.  The   Greek  gods  resembled  human  beings  in  their  form  and  in  their  emotions,  and  they  lived  in  a  society   that  resembled  human  society  in  its  levels  of  authority  and  power.  However,  a  crucial  difference   existed  between  gods  and  human  beings:  Humans  died

Supply Chain Management For A Competitive Advantage

Today’s world great organizations are emerging in inventing powerful resources for a competitive advantage. It is called supply chain management and it includes all integrated activates which introduce to market place and maintain customer satisfaction. This supply chain management drives from multi- disciplinary departments such as procuring, transportation, manufacturing products, customer services, distribution of product into integrated program. Successful management will be in coordination and integrated in all these activate in an unbroken chain process. It supports and interconnected to all the partners within the organization, where these partners are merchants, third party companies, transporters, third party companies and product providers. The significant of supply chain management is involved in today’s trend in challenging business industry, by maintaining slow and constant the company may not achieve to success. In today’s generation organization is recognized by providing products to clients in quick manner than the competition will develop the position of competitive in company. For more competitive, the organization should involve to find new solutions to resolve supply chain management issues like modal analysis, load supply, mapping, and on time network distribution designing. While a company or a firm must face company challenges which may affect globalization designing. Why it is necessary for organizations to provide products to their customersShow MoreRelatedCompetitive Advantage Using Supply Chain Management2124 Words   |  9 PagesGAINING COMPETITIVE ADVANTAGE USING EFFECTIVE SUPPLY CHAIN MANAGEMENT 1.0 Introduction Christopher (2005, p.5) describes supply chain management as follows: â€Å"The management of upstream and downstream relationships with suppliers and customers to deliver superior customer value at less cost to the supply chain as a whole† Until recently, supply chain management has been largely viewed as a necessary evil and the focus has been strictly on cost reductions. Today however, many are coming to the realizationRead MoreCreating Competitive Advantage through Supply Chain Management1413 Words   |  6 PagesCreating a Competitive Advantage through Supply Chain Management Introduction The supply chain is one of the primary ways in which an organization adds value to the consumer. Value is gained through this process in several ways. It can come from design, quality, price, or efficiency. Furthermore, supply chains can be optimized for tactical considerations such as turnover rates or economic, strategic decisions such as location or product life cycle management, or even strategic factors suchRead MoreGaining Competitive ‎Advantages Through ‎Supply Chain ‎Management: Success ‎Stories3324 Words   |  14 PagesGaining Competitive Advantages Through Supply Chain Management: Success Storie TABLE OF CONTENTS 1. INTRODUCTION - 1 - 2. BACKGROUND - 1 - 3. THEORY - 2 - 4. DISCUSSION AND ANALYSIS - 4 - 4.1. ZARA - 4 - 4.2. Dell - 6 - 4.3. FedEx - 6 - 4.4. Wal-Mart - 7 - 5. CONCLUSIONS - 8 - 6. REFERENCES - 9 - 1. INTRODUCTION The business environment has been suffering from fierce competition since the escalation of technology evolution and internet growth had become wildlyRead MoreCompetitive Supply Chain Relationship Management Essay1416 Words   |  6 PagesOF COMPETITIVE SUPPLY CHAIN RELATIONSHIP MANAGEMENT PRACTICES IN ORGANIZATIONS PRACTICES THROUGH COMPETITIVE PRIORITIES. Over the years, the competition landscape for most companies has shifted from the highest-quality, lowest priced product or best performing product to the ability to respond to market needs quickly and get the right product at the right time to the right customer. This has in turn forced organizations to compete with their supply chain. Understanding supply chain management andRead MoreThe Role of the Internet in Supply Chain Management1872 Words   |  7 PagesSupply chain (SC) is made up of all the activities that are required to deliver products to the customer – from designing product to receiving order, procuring material, marketing, manufacturing, logistics, customer services, receiving payment and so on (Donovan, 2001). Hence, supply chain consists of a group of different companies working together to produce finished goods sold to customers out of raw materials. Company strikes to gain competitive advantages through improving their supply chainRead MoreThe Effect of Supply Chains Management Process Essay1582 Words   |  7 Pages Supply chains management (SCM) is one of popular concept in business administration both in practical areas and academic discipline. Supply chains management can be seen as a response to the changing of global market conditions. Level of uncertainty in almost every aspect of our life from political to economy, from natural disaster to advance technology has lead massive changes in global and local market. SCM then is one of the concepts used by both scholar and company to overcome the challengeRead MoreDarden Case Solution610 Words   |  3 PagesProductions Operations October 23rd 2013 Darden Restaurant Case #2 Competitive advantage is gained by being the lowest cost competitor or by differentiating. However within supply chains a competitive advantage is gained by reducing costs and increasing responsiveness. Darden utilizes four different supply chains, in turn, reducing costs and increasing responsiveness to customers needs. Darden has a â€Å"smallware† distributor direct from their headquarters to ensure the highest quality is shippedRead MoreSupply Chain Management1259 Words   |  5 PagesIntroduction Supply chain management is a valuable practice whose purpose is to offer businesses a competitive advantage in the market place. According to Jacoby, D. (2010), some companies like Walmart and Dell have applied this system to gain a competitive advantage in the market while others have failed to apply it owing to its complexity. Companies require adequate and accurate information about all the players in the chain management in order for them to meet their consumers, demands whileRead MoreSupply Chain Management Essay528 Words   |  3 PagesSupply chain holds a special place in B2B e-business. With the growth of internet and businesses operating electronically, the product life cycle has reduced to a large extent. This has increased the competition among the organizations to better manage their supply chain to satisfy the customers need in a competitive market. With the growth of information technology, the trends in determining the demand and supply are changing drastically. The o rganizations are developing and implementing betterRead MoreSuperior Supply Chain Management Of Li And Fung Ltd1052 Words   |  5 PagesSuperior supply chain management in Li and Fung Ltd Li and Fung Ltd are a global supply chain management business based in Hong Kong. They are the world’s leading consumer goods sourcing and logistics company. Li and Fung Ltd have 5 steps they follow to be successful leaders in their field. These steps are, ‘We collaborate’ with our customers to meet their individual needs. ‘We Innovate’ and develop products and customize services for our customers. ‘We source’ our great products from supplies all around

Operations Management Organization Designing and Manufacturing

Question: Describe about the Operations Management for Organization Designing and Manufacturing. Answer: Operations Management Operations management is the area of management concerned with the business practices for designing and controlling the production systems (Stevenson 2012). According to the case study, Hawkesbury Cabinets Pty Ltd is an organization designing and manufacturing custom-built kitchen cabinetry founded in Sydney in the year 2008. Fund and Mei, the founders of the company are responsible for operations and financial management respectively. There is a single manufacturing facility in Mulgrave for customized and standard kitchen cabinets. The company had a contract that would require manufacturing standard kitchen cabinets in small batches. It has been observed that the sales of custom kitchens have been strong, but the profit margin is not rising. The aim of this essay is to assess the current production systems and processes followed by Hawkesbury Cabinets. Further, the problem is defined with the effects of new builders kitchen line on the operations of the organization. Lastly, the ess ay determines the effect of operations on the financial structure. According to Pralong et al. (2014), factory layout plays a critical role in the operations and production systems. It helps in making the production system smooth and efficient. An appropriate factory layout minimizes the manufacturing cost. According to the case study, Hawkesbury has a single manufacturing facility in Mulgrave for customized and standard kitchen cabinets. The equipments and machinery to manufacture cabinets serve general purpose and produce high-quality. This helps the operations in providing flexibility and manufacturing the custom designed cabinets. Since its formation in 2008, the factory layout has several equipments grouped together. The factory layout is designed in such a manner that keeps assemblies strategically. The saws and cutting tables are arranged together. However, other equipments such as routers and shapers are assembled at another work area. The machines used less frequently such as lathes are kept at a distance from the work area. Therefore, it i s observed that the materials are handled efficiently in the factory thereby saving cost and time. The area and space available for use are efficiently utilized. It is analyzed that the organization is reputed for its timely deliveries for which the factory layout can be given credit (Accorsi, Manzini and Maranesi 2014). The activities such as furnishing and painting are performed in an environmentally controlled area towards the rear of the facility. Therefore, it is interpreted that the production area is sustainable and it is designed in a manner that causes minimal harm to the environment and employees (Despeisse, Oates and Ball 2013). However, as the machinery and equipment for both the standard and custom kitchen has same space, machinery and equipment, it is observed that the craftspeople had to compete for the processing time on the same equipment. It is inferred that such practice leads to bottlenecks and processing time is delayed. Bottlenecks were created as stocks or mat erials were piling up and were produces at a less speed due to inadequate machine capacity. It is argued that there is a requirement for good production control system for smooth operations (Stevenson 2012). Operational failures in the manufacturing facilities can cause minor to major consequences. It is argued that due to competitive pressures, the organizations tend to push their manufacturing capacity for generating higher revenue and profitability (Nslund and Hulthen 2012). According to the case study, the standardised kitchens generate 40% of the factory volume and 25% revenue. However, the remaining volume and revenue was generated from the custom kitchens. Therefore, the founders of the company found it beneficial to focus on the custom cabinets as they generated the remaining 60% of factory volume and 75% revenue. With the improving reputation and increasing sales, various low volume contracts were signed by the company. This involved supplying to the small spec builders with standardized kitchen cabinets. The contracts involved manufacturing limited range of kitchen cabinets ranging from a single to five kitchen specifications. Additionally, the client builders laid more stringe nt regulations on the delivery time. They were also price-sensitive than the customized kitchen cabinet buyers. There has been a rapid increase in the sale of builders line of kitchens. There has been a greater scheduling of such work and it is given priority because of higher sales and profit margins. However, the company accountant argued that the operations are not profitable in the manner it should be. It was because of the rising cost of standard builders. The lead times for both custom and standard cabinet orders was increasing. As the machinery, equipment and craftspeople were same for both standard and custom orders, there was greater processing time. There was pile ups affecting the overall delivery times (Chiadamrong and Canova 2013). The existing manufacturing capacity was pushed to the limit and there was no further space for expansion. Evidently, the existing manufacturing location is not sufficient to fulfil the demands of buyers. It is argued that to maintain reputati on in the market, there is a need for the organization to address the bottlenecks in the factory operation systems and processes (Durowoju, Kai Chan and Wang 2012). A financial structure of an organization refers to the long-term debt and equity used by a company for financing the operations. The role of a financial manager is to decide the amount of money to be borrowed and the best ways to manage capital structure. It is argued that financial structure planning is important in the business survival and every component needs to be managed effectively (Robb and Robinson 2012). In the given case scenario, the move to producing builders kitchen is affecting the operations. Consequently, the financial structure of the company shall also be affected. With the rising cost of standard builders, there was also a rise in capital investment for raw materials inventory, work in progress and finished goods. The increasing labour cost shall be added as an operating expense affecting the gross profit negatively (ztekin 2015). As the demand for standard kitchen cabinets were increasing, there is a greater requirement for inventory. As the stock needs to be in creased, the gross profit rate shall decline. With the increasing inventory, there is a need for rented warehouse space. The rent of a warehouse is usually charged monthly, that adds up to the administrative cost thereby affecting the net profit negatively (Degryse, Goeij and Kappert 2012). With the declining gross profit and net profit, the overall profit for the organization tends to decline. The net profit figure is added to the capital figure in the balance sheet. The financial position of the company is indicated using the Profit and Loss Statement and the Balance Sheet. It is argued that as the profit will be low, the balance sheet statement shall present low figures that may affect investors of the business. It may also affect the creditors such as banks to make loan to the company (Jeveer 2012). Conclusively, Hawkesbury Cabinets Pty Ltd needs to pay attention to the operational deficiencies as it is not only affecting the day-to-day implications, but also the long-term profitability and operations of the organization. It has been observed that the sales of custom kitchens have been strong, but the profit margin is not rising. The existing production facilities of the organization suit the demand structure. However, the existing manufacturing capacity was pushed to the limit and there was no further space for expansion. The company is making late deliveries to the buyers as there has been an increase in lead times. Not only the operations, but the business is not as profitable as it must be due to the rising costs for production. References Accorsi, R., Manzini, R. and Maranesi, F., 2014. A decision-support system for the design and management of warehousing systems.Computers in Industry, 65(1), pp.175-186. Amoo Durowoju, O., Kai Chan, H. and Wang, X., 2012. Entropy assessment of supply chain disruption.Journal of Manufacturing Technology Management, 23(8), pp.998-1014. Chiadamrong, N. and Canova, T., 2013. Assessing logistics factors on the business success of the electrical and electronics industry in Thailand.EJIE, 7(4), p.393. Degryse, H., de Goeij, P. and Kappert, P., 2012. The impact of firm and industry characteristics on small firms capital structure.Small Bus Econ, 38(4), pp.431-447. Despeisse, M., Oates, M. and Ball, P., 2013. Sustainable manufacturing tactics and cross-functional factory modelling.Journal of Cleaner Production, 42, pp.31-41. Jeveer, K., 2012. What do we know about the capital structure of small firms?.Small Bus Econ, 41(2), pp.479-501. Nslund, D. and Hulthen, H., 2012. Supply chain management integration: a critical analysis.Benchmarking: An International Journal, 19(4/5), pp.481-501. ztekin, ., 2015. Capital Structure Decisions around the World: Which Factors Are Reliably Important?.Journal of Financial and Quantitative Analysis, 50(03), pp.301-323. Pralong, A., Levine, H., Lilja, J., Gaasvik, . and Hummel, H., 2014. Paradigm shift for vaccine manufacturing facilities: The next generation of flexible, modular facilities.Eng. Life Sci., 14(3), pp.244-253. Robb, A. and Robinson, D., 2012. The Capital Structure Decisions of New Firms.Rev. Financ. Stud., 27(1), pp.153-179. Stevenson, W., 2012.Operations management. Boston: McMcGraw-Hill Irwin.

Environmental Supplier Selection Process †Myassignmenthelp.Com

Question: Discuss About The Environmental Supplier Selection Process? Answer: Introduction Organizations comprise of different departments and purchasing department is accountable for all the activities of purchasing. Purchasing department is one of the important departments in all the businesses because it affects the product cost that might reflects companies profit positively (Moser, 2007). This report explains different aspects of purchasing management of Prime supermarket, which is situated in Singapore. This report will emphasize on supplier selection criteria, cost of purchasing and use of information and communication technology, for purchasing operations and its management. Prime supermarket is among the first to launch the chain of local supermarket (Prime supermarket, 2017). In earlier years, prime supermarket used to have 5 mini complex outlets. In 1991, Prime supermarket occupied more than 10,000 sq. ft. area. It is the largest chain of supermarket in Singapore with 20 outlets expanded in all its island states (Prime supermarket, 2017). Prime supermarket compr ises of two trading areas, one focuses on import and provides seafood, meats and vegetables and another trading area focuses on acquiring stock according to the lifestyle of international consumer. Prime supermarket provides 24 hour services to their customers and also focuses on improving customer services. Presently, they are working on renovations of their stores. Mission of prime supermarket is to provide good services to their customers with good quality of product at affordable price (Prime supermarket, 2017). Supplier Selection and issues Purchasing is one of the important element in supermarket business. Purchasing officer is responsible as well as accountable for setting goals and taking related decisions, which helps in improving cost of the company (Weele, 2009). It is a difficult task for purchasing officer of prime supermarket to decide the value of their products, as they want to provide product at lower price by reducing the cost of supplies but they should not keep their prices very low as it will be considered as poor quality goods (Ouelch, Bonventre, 2017). Cost of the product also increases due to fixed assets. For Example machinery which requires a regular repair, leads to an increase in the cost of the product and it affects the revenue of the business (Ouelch, Bonventre, 2017). Prime supermarket should consider all these points and after that they should decide the value of their product. Prime supermarket should provide good quality products as poor quality goods increases wastage that results in inc reasing purchasing cost. Suppliers of prime supermarket should deliver products on time, so that efficiency of the business can be maintained. For this purchasing officer of supermarket should maintain proper communication with their suppliers. Purchasing officer should identify their long term suppliers and should maintain a strong relationship with them which helps in cost reduction (Weele, 2009). Purchasing officer should identify some internal goals to maintain cost of the company, for this different policies are implemented into the company that product can only be purchased by approved suppliers (Ouelch, Bonventre, 2017). Prime supermarket should select their suppliers properly, which can help them in reducing purchasing cost. Supplier selection criteria involve different stages listed as follows:- Identification of possible suppliers- For sustaining in todays competitive environment, business has to make changes and should do innovations (WONG, 2017). Business should identify new suppliers with maintaining existing suppliers. This stage focuses on searching different suppliers for the business. Prime supermarket should identify those suppliers who can bring better results as compared to existing one (WONG, 2017). Asking for suppliers information- After recognizing possible suppliers, another stage is of asking information related to suppliers goods or services and their qualities which make them different from other suppliers. Performance proposal is also issued to show whether the supplier will be able to fulfil the requirements of the business. Quote request is issued to know the specification of product (Kleemann, 2012). Terms of contract- This stage explains about the contract between buyer and its suppliers as the information which was asked from supplier that gets converted into the form of contract. This contract comprises with all the details, responsibilities and duties of supplier. Process of negotiation- As we discussed above about the terms of contract that includes duties, responsibilities and payment details, these terms are negotiable. Supplier and buyer both do negotiating in favor of their terms (Altin, 2010). Evaluation of supplier and award of contract- In this stage buyer checks earlier performance of the supplier to evaluate whether the supplier will be able to perform properly or not (Kleemann, 2012). Suppliers are ranked according to their performance and according to that they get the contract. Research on supplier selection- This stage focuses on two points, one point is to find out the right criteria and method to evaluate supplier. Second point focuses on negotiation with the supplier, terms of contract and bringing out information that supplier do not want to reveal (Altin, 2010). ICT for purchasing operation Information and communication technology tools are very useful for all the organizations in terms of providing important information quickly that makes work easy and help in sustaining into the competitive environment (Nwokeafor, 2015). ICT enabled communication between different departments of company that made information sharing fast and fulfilled demands of customers on time (Nwokeafor, 2015). Company should install ICT tools, this will provide benefits to them as it results in saving cost, reducing wastage and ultimately business will make high profits (Cline, 2014). Importance of electronic business is increasing day by day, scattering of internet that increases the awareness of information technologies. For achieving organizational goals ICT tools are providing great support to human activities. Hence, process of decision making and transferring of data is faster (Cline, 2014). Tools of information and communication technology are Barcoding, Radio frequency identification, Ent erprise resource planning, Material resource planning, etc. Some of them are explained below. Bar coding- Barcodes are clear demonstration of material through computer. Initially, data stored in barcodes used to be in widths and equivalent lines with spacing, at present barcodes arises in different shapes and designs (Craig, 2008). Different scanners are available for reading barcodes they are known as barcode reader. Flow of products and information of business is faster through barcodes. Barcoding is used to keep all the information of the stock (Craig, 2008). Radio frequency identification- It comprises with a silicon chip that holds an identification number and an antenna that transfer the number into evaluating device. RFI helps in managing inventory and information of bulk stock can be identified in short period of time (Craig, 2008). Enterprise resource planning- ERP is a very useful device for every business as it maintain all the information of different departments. It helps manager to known about the problems and points which are lacking in the functioning of different departments (Lawrence, 2012). ERP involves different modules such as marketing, finance, human resource, manufacturing, etc. Material resource planning- MRP helps in production planning as it arrange all the operations sequence wise. MRP focuses on providing all the information and sequence of production before it is required. Proper track of orders are maintained by MRP at the time of manufacturing (Lawrence, 2012). Recommendation ICT tools help in improving the performance of supply chain that is considered to be an important element in all the organizations which deal in the manufacturing and logistics of the products. Business has to understand the importance of installing ERP into its processes as it is very beneficial. Tools of Information and communication technology should be installed into the purchasing department of Prime supermarket to increase the speed of data sharing and there will be reduction in the time taken to deliver the productivity. Innovative and sound models should be developed by the researcher in coming future. Purchasing cost analysis Purchasing of goods and services involve some cost, that need to be analyzed regularly. Different tools are available for analysis of purchasing cost they are- Cost analysis- While purchasing goods its actual cost is considered that include delivery cost, packing cost and maintenance cost (Blischke, 1993). Business appoint some of the suppliers who demand advanced payments. If supermarket is ordering goods which involve movement of more than one people then they have to make the payment in advance that increases the actual cost which is more than the cost of product (Blischke, 1993). Proper analysis should be done by prime supermarket to know the total purchasing cost. Inventory analysis- Cost of the product includes different charges like storing cost, maintenance cost as well as cost of unavailability of goods for sale. Inventory analysis is important to know detail about the stock that is available. It can help in forecasting about future stock to be ordered (Sherbrooke, 2006). Suppliers analysis- Prime supermarket has a number of suppliers, this shows that they should not get depend on one supplier as it can be harmful for the business. Purchasing officer of prime supermarket should maintain good relations with their suppliers as they can provide stock at discounted price. Besides this officer should regularly check the stock supplied by different suppliers. Maverick spending- Price of goods may vary from supplier to supplier, for this prime super market should analyze price properly before placing the order as small amount also matters a lot for the business. Delivery time analysis- Supplier should provide stock in time as it affects the image of business. Perishable goods should be handled properly as they get spoiled easily. Prime supermarket is one of the leading supermarket chain in Singapore. Supermarket is using multiple sourcing of supply as it provides different categories of goods that need different suppliers for the business. Prime supermarket provide good quality of products at reasonable price because their main focus is to deliver good services to their customers. Prime supermarket regularly analyze their suppliers that helps in reduction in the cost of purchase. Cost ratio is a method used in retail for valuation of inventory at the end of particular time period. It is calculated by dividing available goods cost with available goods retail value (Robinson, et al 2015). Linear averaging method include linearly weighted moving average that allocate a higher weighted to current value. It can be calculated by multiplying closing prices with its definite place in the data series (Burd, 2007). Activity based costing is a method that allocates indirect cost to products by recognizing all the activities that takes place in the business (Goektuerk, 2007). Connection among the products, costs and activities is reflected through this method. Sometimes it is difficult to assign indirect cost through this method (Goektuerk, 2007). Conclusion Report is explaining purchasing management of Prime supermarket that is one of the leading supermarket chain in Singapore. According to the above discussion it can be concluded that purchasing management is very important for Prime supermarket. Purchasing manager is the one who handles all the activities of purchasing department. They should identify elements that are disturbing the cost of products and should take corrective actions to eliminate them. Suppliers of prime supermarket should provide good quality of products in time. Criteria that should be considered for suppliers selection are Identification of possible suppliers, asking for suppliers information, Terms of contract, Process of negotiation, Evaluation of supplier and award of contract and Research on supplier selection. Prime supermarket use multiple sources of purchasing for that they have to appoint different suppliers. For this they should identify suppliers who will provide them good quality of product on time and should reveal past performance of their business. Information and communication technology is also discussed in above report. ICT is important for business for keeping records of available stock that helps in forecasting about the future stock to be ordered. Tools available for Information and communication technology are Barcoding, Radio frequency identification, Enterprise resource planning and Material resource planning. ICT tools are considered to be important for business as it helps in improving performance of supply chain. Prime supermarket should adopt information and communication tools in their business that can make work faster and products can be delivered on time. It will also help in saving the cost of the product. Tools for analyzing purchasing cost are Cost analysis, Inventory analysis, Suppliers analysis, maverick spending, Delivery time analysis. Prime supermarket should consider all the purchasing cost analysis tools as it will lead to increase in the profits of the business. Report also explains cost ratio and activity based costing that is important for business. References Altin, G. (2010). Global Purchasing and Supply: Case Study in Purchasing. GRIN Verlag. Blischke, W. (1993). Warranty Cost Analysis. CRC Press. Burd, V. (2007). Method of Averaging for Differential Equations on an Infinite Interval: Theory and Applications. CRC Press. Cline, H. F. (2014). Information Communication Technology and Social Transformation: A Social and Historical Perspective. Routledge. Craig, V. S. (2008). Information Communication Technologies: Concepts, Methodologies, Tools, and Applications: Concepts, Methodologies, Tools, and Applications. IGI Global. Goektuerk, H. (2007). Activity-Based Costing (ABC) - Advantages and Disadvantages. GRIN Verlag. Kleemann, F. C. (2012). An Evaluation of Supplier Selection Methods in Strategic Procurement. GRIN Verlag. Lawrence, T. A. (2012). Learning Tools and Teaching Approaches through ICT Advancements. IGI Global. Moser, R. (2007). Strategic Purchasing and Supply Management: A Strategy-Based Selection of Suppliers. Springer Science Business Media. Nwokeafor, C. U. (2015). Information Communication Technology (ICT) Integration to Educational Curricula: A New Direction for Africa. University Press of America. Ouelch, J Bonventre, K. C. (2017). Better marketing at the point of purchase. Retrieved from https://hbr.org/1983/11/better-marketing-at-the-point-of-purchase Prime supermarket, (2017). About us. Retrieved from https://www.primesupermarket.com/about-us/ Robinson, T. R., Henry, E., Pirie, W. L. P., Broihahn, M. A. (2015). International Financial Statement Analysis Workbook. John Wiley Sons. Sherbrooke, C. C. (2006). Optimal Inventory Modeling of Systems: Multi-Echelon Techniques. Springer Science Business Media. Weele, A. J. V. (2009). Purchasing and Supply Chain Management: Analysis, Strategy, Planning and Practice. Cengage Learning EMEA. WONG, Y. K. (2017). Integrating Environmental Criteria into the Supplier Selection Process. Open Dissertation Pres

Extend Profits, Not Product Lines Essays - Brand Management

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The Growth Of The Takaful Industry Economics Essay

The Growth Of The Takaful Industry Economics Essay Takaful is derived from an Arabic word â€Å"Kafala† which means mutual guarantee, whereby a group of participants agree to mutually guarantee among themselves against a defined loss. This simple concept of takaful is the foundation of the takaful business, which is the present Shariah-compliant insurance Takaful is â€Å"a scheme based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose† The contemporary jurists acknowledge that the foundation of Takaful was laid down in the system of â€Å"Aaqilah†, which was an arrangement of mutual help or indemnification customary in some tribes at the time of the Prophet (peace be upon him). Takaful provides solidarity in respect of any tragedy in human life and loss to the business or property. The elements present in the conventional insurance viz; Gharar (uncertainty), Riba (interest) and Maisir (gambling) are against the tenets of Islam. Muslim Scholars do not object to insurance per se but only to certain weaknesses in the insurance contract (which weaknesses render the insurance contracts fasid). It is for this reason, 1972 Fatwa by National Council for Islamic Religious Affairs of Malaysia that life insurance is not lawful as it contains gharar, Maisir and riba. Hence, takaful tries to remove all these facets present in the conventional insurance and works within the guidelines of Shariah. The concept of tabarru makes the transaction permissible and valid according to Islamic law. It changes the basis of contract from an exchange contract (muawadat) which is bilateral in nature, to a charitable contract, which is unilateral. 2.0 Takaful Industry overview Globally, the takaful industry has been growing rapidly, appealing to both Muslims and non-Muslims. Currently, there are more than 110 takaful operators worldwide. As per the Ernst Youngs World Takaful Report 2009, global Takaful contributions have risen to $3.4bn in 2007 as compared to $2.5bn in 2006 (36% Growth). The new projections for 2012 for Takaful Market are US$ 7.7 bn and US$ 11.0 bn by 2015. Saudi Arabia was the biggest market in the Gulf Cooperation Council (GCC), with contributions totaling USD 1.7 bn in 2007, and Malaysia the largest takaful market in Southeast Asia with contributions of USD 800 mn. Malaysia has achieved significant milestones in the development of its takaful industry. With the enactment of the Takaful Act 1984, the first takaful company was established in 1985. Since then, the industry has been gaining momentum and increasingly recognized as a significant contributor to Malaysias overall Islamic financial system. There are currently eight takaful operators and two re-takaful operators, with five foreign participations from the UK, Bahrain, Germany and Japan. These takaful operators conduct both domestic and foreign currency business. 2.1 Current Trends and Future prospects With the expanding demographics of Islamic countries and that of the Islamic population globally, the prospect of takaful looks promising. The Accounting Auditing Organization for Islamic Financial Institutions (AAOIFI) has been playing a key role in framing and reviewing the regulatory standards governing takaful companies. With improved standards of living and increasing awareness of Takaful, the market is expected to see steady growth in per capita spend on Takaful premiums and also in terms of market share in comparison with conventional insurance. 2.2 Strategic Issues and Challenges With projected growth as described above, the industry will experience much change. As with all new product offerings, success will depend on several factors, both internal and external. Highlighted below are a number of strategic issues and challenges that providers will contend with as the industry expands. Distribution Challenges New entrants should create synergies that can be used to leverage existing distribution channels, banc-Takaful and strategic alliances across geographies. This will also enable the operators to increase premium volumes to improve profitability; a key factor in surviving the ‘start-up years. Developing Innovative Products Developing attractive and competitive products that meet diverse customer needs will be a major challenge for Takaful operators. Though Takaful operators cater to a very specific and presently unsatisfied market, they still need to create product offerings that are as sophisticated and innovative as their conventional competitors. Improving Marketing and Branding Tactics The present brand value of Takaful is relatively limited particularly in non-Islamic countries. Analysts have suggested that Takaful has enormous potential for Islamic and non-Islamic populations, offering an ‘ethical insurance alternative. Experts also propose that Takaful can potentially be a useful mechanism for poverty alleviation. Raising the Standards in Customer Service As the industry grows and becomes more competitive, building customer service skills and developing best practices will become increasingly important. At present, general customer service standards are average among Takaful providers, relative to their conventional counterparts. IT Solutions for Takaful Issues such as innovative product development, time to market, servicing of policies and claims within acceptable time lines, accuracy of calculations, cost containment, and improvement in service standards can all be facilitated by the implementation of robust and flexible IT solutions. Takaful compliant IT solutions serve an important purpose from a regulatory compliance standpoint and can help operators avoid susceptibility to unfavourable regulatory decisions and the possibility of increased regulatory compliance costs. 3.0 Takaful Models A takaful model depicts the relationship between the company and the participants. Based on the nature of relationship between the company and the participants, there are various models like Wakalah (agency) Model, Mudarabah Model and the combination of agency and Mudarabah models. In Mudarabah model that is practiced mainly in the Asia Pacific region, the policyholders get profit on their part of funds only if Takaful Company earns profit. The sharing basis is determined in advance and is a function of the developmental stage and earnings of the Company. In Wakalahmodel, the surplus of policyholders funds investments net of the management fee or expenses goes to the policyholders. The shareholders charge Wakalah fee from contributions that covers most of the expenses. In order to give incentive for good governance, management fee is related to the level of performance. 4.0 Takaful Categories 4.1 General takaful The general takaful provides protection on a short-term basis, normally covering a period of one year. It commonly provides protection for property loss or damage, liability arising from damage. In general Takaful, the company raises a fund, which called as ‘tabarru fund or account, where the participants pay to the fund. The company will invest the remainder of the fund after deducting the operational cost of the scheme. Any profit or return from the investment will be returned back to the fund. If there is any participant who faced loss or damage to his property or belonging, then the particular participant will be compensated from this fund. 4.2 Family takaful The family takaful is a combination of protection and long-term savings, usually covering a period of more than one year. It provides benefits if the insured is inflicted by a tragedy as well as potential profits. Risks covered include premature death, illness and permanent disability, and regular income during retirement. 5.0Shariah issues in Takaful: As is the case with any industry in its nascent stages, the takaful industry too is facing its own set of teething problems. Whenever we go to conferences (or) read the literature and article related to takaful, the general and the most common allegation (or) complaint is that, â€Å"Inconsistency in the interpretations of certain Shariah rules or standards is said to be an issue of the Takaful Industry†.Some of the commonly discussed Shariah issues relating to takaful are: which is the right model to follow?, who are the real owners of the takaful fund?, the methodology and the process to be adopted to share the surplus between the participants, the issue of hibah (gift) in a takaful policy, the issue of insurable interest and whether underwriting in concordant with the principles of maqaasid as-Shariah etc. So, let us analyse these issues in the light of Shariah to understand the arguments for and against each of these issues to get a clear idea on the issue. Finally, we will also try to analyze if the issue of inconsistency is as serious as it is being projected and what are the areas which need to be standardized, if at all it is required. 6.0 Issue #1: The dilemma of choosing the right takaful model In many of the takaful conferences and literature available, the question that is manifested is regarding the different takaful models existing in the world market. Some people express a desire towards a standardisation of takaful products as this will avoid confusion, facilitate regulation etc. Before we analyze the pros and cons of this thought, let us understand the modus operandi of the mudarabah model. Some people, usually criticize the mudarabah model since the operator too shares the underwriting surplus which should ideally belong to the participant. 6.1The modus operandi of the mudarabah model Generally, many Takaful companies (especially those using the Mudaraba principle) claim that their operations are based on the concept of mutual or co-operative insurance as approved by the Muslim jurists. This claim is on the basis that: They receive the premium or contribution from the insured on the basis of the Mudaraba principle, whereby the company becomes the entrepreneur (Mudarib) and the insured party the capital provider (Rab al-Mal). The insured party agrees to donate a certain percentage (or in some cases as in General Takaful the whole of the amount paid) of the premium/contribution to a special fund used to pay compensation or benefits to contributors. Any surplus left in the fund after settlement of all claims is shared by the company and the insured as profit in a ratio as agreed in the contract. An insured party who has received compensation, the amount of which is greater than what he could have received as a share of the surplus had he made no claim, is not entitled to share such a surplus. The company uses normal actuarial principles to calculate risk and premium. 6.2The industry practice Until recently, the Mudaraba model adopted by Malaysian takaful operators refers to profit as the underwriting surplus, which is the excess of premiums over claims, plus investment returns. This arrangement marks a departure from the original Mudaraba model, which will entitle the takaful operator a ratio in the investment returns, without sharing in the underwriting surplus. The modified Mudaraba model justified the sharing of the underwriting surplus on the grounds that such an arrangement would allow takaful operators to withstand competition and avoid overpricing, which may eventually sway takaful participants from takaful, and be attracted to conventional insurance, with all its non-Shariah compliant elements. This is further justified by the fact that there is nothing haram in sharing the underwriting surplus, in the view of the absence of any textual or general Shariah principle disapproving such a practice. 6.3Modes of surplus distribution Generally the surplus which is generated after paying all the claims and other expenses is distributed in the following ways. Pro-rata mode: Whether the surplus is underwriting surplus plus profit or underwriting surplus only, it is distributed in proportion to the premium paid by the participants, without differentiating between claimable and non-claimable accounts. Selective mode: This mode tends to indemnify non-claimable accounts only. Takaful operators tend to deprive claimable accounts, so that they become more prudent in the future. 0ff-setting mode: This mode tends to offset the rate of underwriting surplus from the amount claimed. This is applicable only on accounts whose underwriting surplus less than the claims. If the underwriting surplus is equal or more than the claims, then the participant does not share in the surplus. 6.4Do Takaful models need to converge? While the positive desire towards a standardisation of takaful products to avoid confusion, facilitate regulation etc, are welcome, the other side of the coin is that takaful is an Islamic phenomenon and should be viewed through the prism of fiqh and socio-cultural context. We should realise that takaful per se is not a product, and thus should not be equated with insurance. It is described as a system, rather than a product, which aims at the joint-guarantee between the contributors in a risk-covering scheme. We should not lose focus of the source of the inspiration of takaful. It is primarily to spread a risk to alleviate financial burden when it inflicts a person in a spirit of humanism. Unlike in the past, presently money is contributed in advance. This element of philanthropy should also be reflected in takaful to differentiate it with insurance, which is a pure tug of war between maximising premium to be paid and minimising the compensation to be paid. If one adulterates the spirit of takaful and treats it as a pure standardised commercial venture then the Shariah spirit may be lost. The different models in fact create a space to reactivate the juristic acumen. For any legal system to survive, especially in an era of globalisation and universalism, one should allow the system to evolve. This evolution is in turn influenced by many external factors such as politics, schools of law, tax implication etc, which differ from country to country. For instance, many multinational banks offer different home financing products in different jurisdictions. May be in one country Ijarah (lease) will best suit everybody while in another country the Murabaha (differed payment). This shows the versatility of Islamic law. The same spirit should prevail for takaful. One cannot replicate these products on the basis of Islamic law and then try to standardize the Islamic products developed on the premise of conventional products. This should not be the case, a change in mind set is required because Islamic financial products should have its own features ultimately. Standardization is good in a way as it brings in more certainty. However, one should ponder on Imam Maliks attitude towards standardization of Islamic law when Ibn Muqaffa asked the caliph of that time to standardize Islamic law. But he refused on the basis that the jurisprudence developed by other imams also had their proofs from Shariah. Hence one cannot accept only Maliki school of law. In other words Islamic law must preserve its legal elasticity. By standardizing Islamic finance one will lose the legal beauty inherent in Shariah. Therefore by accommodating various models different branch of fiqh is revived. 7.0 Issue #2:The issue of surplus distribution The most critical issue in takaful is the issue of surplus distribution. Being a taawuni instrument to provide a mutual guarantee for possible risks, surplus arises as an issue of what to do with it if such risks are dealt with through risk transfer or indemnification. A recorded surplus at the end of the financial year of a particular takaful operator is an issue that invokes both Shariah and legal scrutiny. As far as surplus distribution is concerned, two juristic views have surfaced and dominated the takaful industry in the Middle East and Malaysia. The first one categorically prohibits the sharing of the underwriting surplus between the takaful operator and the participants, but the other view validates the sharing, based on ratios that differ according to the line of products offered. The opponents of sharing the underwriting surplus back their contention by decisions taken by highly acclaimed institutions, such as AAOIFI, whose standard on takaful reads: â€Å"The Takaful operator does not share in the (underwriting surplus)†. The AAIOFI Standard on takaful states: â€Å"The underwriting surplus and its returns, less expenses, and payment of claims, remain the property (milk) of the policyholders, which is the distributable surplus. This is not applied in commercial insurance, where the premiums become the property of the (insurance) company, by virtue of contract and acquisition, which would make it revenue and a profit for commercial insurance† This statement by AAOIFI raises the issue of ownership claimed on the premium paid. On one hand, the participant has donated the premium as tabarru, hence, losing title over it, as prescribed by the rules of hibah in the Shariah, but on the other hand, he still holds claim over it in the form of getting the whole underwriting surplus or a part thereof. Hence, let us analyse the ownership issue element in hibah and the extent of its Shariah compliancy. There are a number of jurists who emphasized that pure hibah leads the wahib to relinquish his ownership over the object of hibah. Ibn Qudamah asserts that â€Å"al-hibah tamalik†- a hibah which requires the wahib to enable the beneficiary to claim title of the object of hibah. Al Imam al- Shirazi points out that â€Å"Al-hibah tamlik bighayri ‘iwadd â€Å"- a hibah which enables the beneficiary to own the object of hibah without an exchange. In such a case, the juristic implications of hibah, as Ibn Nujaym al- Hanafi asserts, will be the transfer of hibah to the beneficiary, entitling him to hold title over the object of hibah (thubut al-Milk lil mawhubi lahu). Generally speaking, the Shafi‟is view hibah as transferring the ownership of an asset without exchange during ones lifetime, on a voluntary basis. The other mazahib (schools of jurisprudence) refer to the same meaning, with a special emphasis on the element of â€Å"no exchange†, i.e.: bi ghayri ‘Iwadd. This transfer of ownership would be effective, either by way of acquisition (qabd) on the part of the beneficiary, which is the view of the Shafi‟is and Hanafis, or by way of ijab and qabul (offer and acceptance),, which is the view of the Malikis. This juristic approach is an evidence that tabarru requires the relinquishing of ownership over the object of hibah. Since the latter entitles tamlik to the beneficiary, we can rightly say that the mutabarri (donor) does not hold any legal right or claim over the asset donated. Having said so, the takaful operators are at liberty to stipulate conditions on how the underwriting surplus should be distributed, invoking the doctrine of shurut (conditions) in contracts, as articulated in Islamic jurisprudence. The only shroud of right that the donor may still enjoy to hold title of his hibah is when he donates it in exchange for a counter value, a principle known as â€Å"hibah al-thawab† Contemporary scholars like al-Qurdaghi are of the view that the principle of hibah al-thawab (a gift for on exchange) is a good premise to justify the confinement of surplus to the participants only. It is true that some of the Prophetic hadiths referring to hibah al-thawab have secured some right of ownership to the donors after donation. Abu Hurairah narrated that the Prophet (s.a.w.) said: â€Å"The donor holds an exclusive right of ownership over his hibah, provided he is not rewarded for it†. This hadith is the only piece evidence attesting to a conditional ownership of the hibah by the wahib, allowing him to retract his hibah if he is not rewarded or satisfied with the reward. However, as clearly understood from the hadith, this evidence only gives conditional retraction of the same gift, not a surplus of it. In the case of Islamic insurance (takaful), this hadith is not applicable to surplus distribution, rather it is about retraction of hibah. Another hadeeth which is given as an argument for confining the surplus distribution to the participants only is the hadith of Nahd/Nihd. It has been mentioned in Saheeh Al-Bukhari, (Book of Sharikah) that â€Å"Muslims did not see any harm in Nahd†. The latter, as Ibn Hajar explains, is â€Å"The allocation of a fund in proportion to the number of participants (in the fund)†. Although this arrangement was more useful and practical in journeys to provide mutual coverage of expenses, it has been viewed as a mechanism to transfer risks, whether in a journey or otherwise. After citing the same hadith, the appendix of AAOIFI Standard on Takaful provides an explanation to Ibn Hajar‟s definition of Nahd. The Standard states that Ibn Hajars definition of Nahd refers to the underwriting surplus, which should be redistributed to the participants, so that it could be used in another journey. Revising Ibn Hajars view in his Fath al-Bari, it can be hardly understood that Ibn Hajars definition and explanation of Nahd does not refer in any way to surplus redistribution to the same participants. The hadith, is thus, completely silent about surplus, opening the doors for ijtihad to be exercised, in view of the maqasid al-Shariahand general Islamic financial principles. Another issue raised by those who oppose the sharing of surplus to the takaful operator is that Sharing in the underwriting surplus is a kind of taking peoples property unjustly. This contention is held by prominent scholars like Hussein Hamid Hassan and Al-Qurgaghi. The contention seems to go beyond the accepted parameters of justice. Although there could be plausible grounds for such a view, in light of the practices of some takaful operators that seize the lions share of the underwriting surplus, there should not be any shred of doubt that, in light of our earlier juristic analysis, sharing the underwriting surplus is Shariah-compliant as long as it falls within the parameters of accepted conditions (shurut), as well as the principle of the rida (satisfaction), featuring such contracts. With the existence of sound regulatory framework that caps the percentage of the distributable surplus, takaful operators will not be in a position to take peoples property unjustly. 8.0 Issue #3: Distribution of death benefit in family takaful Another Shariah issue (or) concern raised is in family takaful on to whom should be the death benefit is paid after the death of the participant. One group of scholars and Takaful operators say that it should be given entirely given to the beneficiary as in the case of conventional insurance and the other group feels that the beneficiary should act as a executor of the deceased and the benefit should be distributed to the legal heirs of the deceased. So, let us analyse the arguments put forth by the two sides in the light of Shariah. 8.1The concept of mal in the light of Takaful benefit The Arabic word mÄ l, or property, originates from the root word mawala that literally means to finance. ZuhaylÄ « defines mal literally as being anything a man owns that is in his actual possession and this includes corporeal and usufruct. The classification of mÄ l by Dr. Muhammad Daud Bakar, which is suitable to the modern context, appears to adopt the majoritys definition. According to him, mÄ l or property can be classified into three types: Tangible assets like landed property, present items and stock including Islamic bonds that are asset-based such as ijÄ rah, musyÄ rakah and mudarabah bonds. Intangible assets such as copyright and royalty, trade name, trademark etc Financial rights (haqq mÄ liyy) such as rights to receive (receivable) that include Islamic bonds, deferred dowry maintenance, right to damages, the right to takaful compensation, etc. In the modern application, takaful benefit is also treated as mal (property). According to Sec.2 Takaful Act 1984, takaful benefit includes any benefit, pecuniary or not which is secured by a takaful certificate, and â€Å"pay† and other expressions. In family takaful, there are two accounts, namely the Participant Account and the Special Participant Account. The premium is paid into both accounts based on a ratio agreed by the takaful operator and the participant. The Participant Account is considered to be the deposit account of the participant whereas the Special Account is for the sole purpose of making donations. When a participant dies, there is no question regarding the heritability of the money in the Participant Account as it is part of the deceaseds estate. However, the money payable by the takaful operator taken from the Special Participant Account for the death benefit is still questionable. It is a standard practice in Malaysia that the payment of the money by the takaful operator to the nominee appointed by the deceased participant is subsequently distributed among the participants legal heirs in accordance with the farÄ `id law. The distribution of the proceeds among the legal heirs of the deceased participant has seemingly become standard practice in Malaysia. Section 65(1) of the Malaysian Takaful Act, 1984 stipulates that the payment of takaful benefits is made to the proper claimant. Section 65(4) explains that the ‘proper claimant is a person who claims to be entitled to the sum in question as executor of the deceased or who claims to be entitled to that sum under the relevant law. 8.2The concept of ownership in Takaful benefit Islamic law provides four legitimate means for acquiring absolute ownership[13]: (i) The contract of exchange such as trading and leasing contracts, and unilateral contracts such as wasiyyah, hibah and waqf, (ii) the replacement, or khalafiyyah, i.e. inheritance, the payment of diyyah and compensation, (iii) the control over permissible things such as fish in the sea and birds in the sky and (iv) The growth and the production of things owned such as eggs, milk, etc. Takaful benefit falls under the second part of the first category, i.e. unilateral contract (tabarruat). It could be contended that without the participation of the policyholder, the takaful operator would never pay the money. In other words, it is the contract entered into by the policyholder for family takaful, which generates the benefits. This contention is based on the fact that ones effort becomes a justification for ownership. As a result, the money is divisible among the heirs of the policyholder according to the law of farÄ `id. 8.3The takaful benefit to sole beneficiary vs. to the legal heirs Takaful contracts realize the obligation upon the company to pay. They do not create wealth in the insureds ownership, but rather they create an obligation to ease the burden suffered due to the losses of fellow participants. The participants contribution is his or her donation for the good of others, not for himself. The proceeds payable belong to the fund of the participants, not the takaful operator. Therefore, even though it is the deceaseds effort, the money is more appropriately to be regarded as an obligation upon the takaful tabarru fund to pay on behalf of other participant as financial assistance to the insureds family in case of death. This is the importance of considering a legal and financial entity for the fund. This monetary obligation is directly based on the agreement or promises of mutual assistance stated in the contract. In other words, the tabarru fund managed by the takaful operator on behalf of the participants agrees to pay the proceeds, and the matter of to whom they are paid should be freely and totally left to the agreement or the stipulation made by the policyholder to the company. This is similar with the condition made by the performer of wakf as he stipulated condition is binding. The primary objective of takaful is to provide financial assistance to the participants family. If the payment is payable strictly only to the heirs of the participants or insured, it implies that it is the property of the deceased. If this is so, the money is subject to the fulfilment of certain rights that must be carried out before distribution to the heirs, such as the payment of burial expenses, the deceaseds debts. This would mean that the compensation is not being used to ease the burden of the family but rather it seems that other fellow participants are under an obligation to settle the debts of the dead participants. In this regard, the creditors would have prior rights over the participants dependants. The dependants would only receive the benefits after the creditors claims have been satisfied. As such, inserting a clause legally and strictly imposing a duty on the appointed nominee to distribute the money among the legal heirs of the dead participant seems to contradict the objective of both the takaful. Inserting such a clause as currently practiced in Malaysia is not based on valid arguments. Furthermore, by considering it an estate for inheritance purposes, the takaful and insurance activity becomes a source of income. This is contradictory to the purpose of takaful i.e. mutual cooperation to ease a burden. Interestingly there are a number of contemporary fatwas allowing the distribution of takaful benefit to a particular beneficiary which is the common practice in the conventional insurance. The SAC of Bank Negara in its 34 meeting held on 21st April 2003 resolved: Takaful Benefit can be used for hibah since it is the right of the participants. Therefore the participants should be allowed to exercise their rights according to their choice as long as it does not contradict with Shariah. The status of hibah in takaful plan does not change into will (wasiah) since this type of hibah is a conditional hibah, in which the hibah is an offer to the recipient of hibah for only a specified period. In the context of takaful, the takaful benefit is both associated with the death of the participant as well as maturity of the certificate. If the participant remains alive on maturity, the takaful benefit is owned by the participant but of he dies within such period, then hibah shall be executed. A participant has the right to revoke the hibah before the maturity date because conditional hibah is only deemed to be completed after delivery is made (qabd). The Participant has the right to revoke the hibah to one party and transfer it to other parties or terminate the takaful participation if the recipient of hibah dies before maturity The takaful denomination form has to be standardized and must stipulate clearly the status of the nominee either as a beneficiary or an executor (wasi) or a trustee

Justification of the Corn Laws Essay -- Politics History Political

Justification of the Corn Laws The Corn Law was a potentially dangerous bill introduced in 1815 after three years of good harvests. It was instigated with the support of Lord Liverpool the current Prime Minister who saw the Corn Laws as a temporary measure to create stability in the agricultural sector in the immediate post-war years. The Corn Laws were potentially disastrous because they, along with the abolishment of Income tax and the creation of the Game laws, were seen as a return by the ultra-Tory's to a single-issue, single class government. That issue being the wants and needs of the landed classes. I believe that the Corn Laws led large groups of the urbanised population to become unreasonably politicised in their demands to parliament. The catalyst for these potentially revolutionary actions being the starvation of the working classes - the Corn Laws. Lord Liverpool's justification for the Corn Laws was the appalling state of agriculture in England in the post war period. England faced a unique set of financial and economic problems bought about by the end of the war. The harvest of 1813, 14 and 15 were extremely good leading to a fall in prices by almost half. The end of trade sanctions after the end of the Napoleonic Wars flooded the British market with cheaper corn that made British Corn uncompetitive. Agriculture still exceeded manufacturing as the country's largest single economic interest. Therefore the Corn Laws were justifiable in this sense because they still supported the largest single category of labour provider. But while choosing to secure one social group Liverpool and his cabinet had provided immedia... ...for a slim chance of economic recovery in a single sector of the country's economy-agriculture. The British Government had decided to choke one group of citizens, the urban based working classes, to create a wealthier group of large land owners-ironically the largest group of MP's. In my eyes protecting no part of the economy would have been the best idea. No economic area would flourish but neither would any industry be choked. A free market mentality would be painful but would result in more efficient techniques in manufacturing and agriculture. All the Corn Laws seemed to do was underline the injustices that were allowed to happen because of the lack of universal suffrage. It also highlighted how inward looking and self centred the Ultra-Tory's were as well as highlighting urban electoral under representation.

Past and Future

The article â€Å"Missing the past, embracing the future† by Gayatree Siddhanta Sarma is about a women who has a long-last childhood. However, her beautiful memories were brought back through the vacation with her daughter at the county fair. In addition, reading this article reminds us how important our childhood is that can directly influences our thoughts and behaviors. Therefore, our childhood memories play an importatn role in our adult lives. Even though few of us have the same childhood as the author’s, we have our own one which is either idyllic or complicated. According to the article, the author had a very idyllic and precious childhood which was full of happy memories with her dad. They planted trees, took care of their garden such as growing flawless cauliflower, 12-inch dahlias and organic food. Moreover, she also had her own corner plot to grow kohlrabi and sweet peas with a passion like her father. Besides, the spring came turning the garden into a fragant bouquet of flowers. All of the details in the article give us an idea that the author’s childhood was full of fresh and fragant air. Likewise, my childhood was lots of fun. In Vietnam, our neighborhood is close and friendly. In addition, our houses were nearby, so I could come to visit theirs even everyday. When I was young, my neighbors and I usually went around the area playing traditional games such as jumping-rope, hide and seek, and chopstick-ball which you have to catch the chopstick while the ball is in the air. Furthermore, I missed our New Year which is in mid-Febrary. We always gathered in my grandparent’s house to celebrate, get lucky money from our aunts and uncles, and play cards. Overall, those sweet memories affected our way of living now. While the author grows flowers with her daughter to recall her childhood, I teach my nices to play those games. One way or the other, we all remember our childhood memories by showing them to others in different methods. Other than that, I do believe our behaviors are affected by the way we were treated, and educated. As an English literature professor, the author’s father not only had passion for teaching but also for growing trees and flowers. Gently, he showed her how to grow a garden with full of beautiful flowers. In other words, one can not do that without patient, so her behaviors were built up since she was young. As a result, the author now know how to build her family traditionally although it is in a diffrent country. Similarly, I was grow up in a poor country, so all the games we played were communion. We did not have our own toys, but rope, balls, and chopticks which was from each of us. We shared and played together. Therefore, I leanred not to be selfish and jealous, but love others. In addition, I had many activities in church to help the elders, the orphange and the poor. All of that, I were leanred from my childhood memories. Our childhood memories totally influenced our lives today. It was a base for us to build a new future. Overall, it inspired us to create a beautiful childhood not only for our beloved ones but also for other kids.

american ethics essays

american ethics essays American Beauty is a very intricate film portraying the sarcasm intertwined within American values, or beauties. Every scene within American Beauty influences each character in the movie as well as other scenes. The structure of this flick is as if it were not possible to remove one scene from the work, otherwise the entire movie would collapse like a domino effect. People Magazine writes a solid review of the movie analyzing the flick to the limits of a one-page review, and recommending an older audience because of the understanding of society, and Americans in general that an older audience would comprehend. The film is able to take in many facets of American life within its two-hour viewing and really push the viewer to ask some serious questions about American life how it is, and American life how it should be. It becomes obvious that everyone in the movie is hiding something from all or most of the rest of the characters because the truth would cause pandemonium. This is w hy every scene in American Beauty has such meaning towards the all characters in the flick because every scene seems to be showing us how each character hides an aspect of their lives, and how they go about hiding them. The film is a very sarcastic film in which the characters are constantly hiding things from one another, and working so hard to portray an image they feel best portrays them, rather then plain and simple living. The characters of the flick go about hiding things, and pretending their life away making American Beauty the comedy that got everyone laughing. What really puts us for a spin is when we ask ourselves if we are really laughing at the characters in the film, or if we are really laughing at ourselves subconsciously? ...

Laws Against Discrimination in the Workplace

Laws Against Discrimination in the Workplace Free Online Research Papers While discrimination in the workplace has become more difficult to identify, Americans can rely on several federal laws that prohibits job discrimination. In the hiring and terminating process, employers need to be fully aware of the correct legal course of action to avoid discrimination practices. John is an employee in a private sector organization that has strong resistance to enforcement of existing discrimination laws. He wants to file a discrimination complaint against his employer. Based on this scenario, the entire discrimination complaint and civil litigation process will be discussed as it applies to an employee and employer in a private sector organization. In the case of John filing a discrimination complaint against his employer there are certain steps he has to follow. When an employee of a private sector organization believes that he or she have been discriminated against, he or she can file a charge or claim with the Equal Employment Opportunity Commission (EEOC). Private sector employee claims must be filed within 180 days of the event, after the complaint is filed with EEOC, within 10 days the employer is served notice of the charge (Author Unknown, 2008). An employee with a discrimination complaint against his or her employer will begin his or her journey of reconciliation with the EEOC. The EEOC is made up of five commissioners and a General Counsel appointed by the President and confirmed by the Senate. The collective EEOC is responsible for the enforcement and litigation process of the Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Age Discrimination in Employment Act, and the Americans with Disabilities Act (Author Unknown, 2008). Based on the initial evidence, the EEOC will determine if a priority investigation will be assigned. For charges that support a violation of a law, a higher priority is set, for charges not so obvious; a follow-up investigation will be needed. A settlement can be sought at anytime during the investigation, but if no settlement can be found, the investigation continues. When the EEOC has finished an investigation, the information will be discussed with the charging party and the employe r. At this time, options are considered on how to proceed with the discrimination complaint. The EEOC may dismiss the charges if further investigation will not produce any evidence that a violation of the law has occurred or if discrimination has been established, the EEOC will inform the employer and attempt a resolution between the charging party and employer. The EEOC offers mediation as an alternative to the traditional investigative or litigation process (Author Unknown, 2008). The mediation process is voluntary by both the employer and complainant, in which a third party will facilitate the opposing party’s negotiation process to reach a resolution. This gives both parties an informal platform to work out their issues, differences, and misunderstandings. It is important to know the mediator does not resolve the issue, but helps the parties agree to a common resolution that will benefit both the employer and employee. The mediation process is free, confidential, and most important, avoids the litigation process. If all avenues have been exhausted and the charge warrants due process, than a civil suit may need to be filed. The apposing parties may request either a trial by jury or trial by Judge only. In a jury trial, a selection of peers will decide the validity of the complaint and the damages awarded, whereas a bench trial a Judge will decide on the issues presented. Once the case has been decided, the losing party has the right to appeal the decision. The appellant must prove that an error has been made and the decision needs to be overturned. At this point, three Judges working together will read the briefs from the opposing parties and either make a decision or recommend oral arguments in the courtroom. The appeals court usually has the final word unless a petition for a writ of certiorari (Appeals process) is filed asking the Supreme Court to review the case (Author Unknown, 2008). This however, is not always granted. The Supreme Court usually gets involved in important legal issues or when two appellate courts give apposing views. In very few cases, the Supreme Court may be required by law to h ear the case; otherwise, the review may be turned down. Conclusion Knowledge of the legal process and discrimination is power to the success of a business. To protect both the employee and employer, organizations should be fully aware of the discrimination process and its laws. Additionally, organizations should conduct an orientation on ethics and discrimination to express to its employees that his or rights are valued. To discriminate does not only occur in the hiring process, but can occur throughout employment and the firing process. Upon filing a discrimination complaint against an employer, people can expect the process to be quite lengthy. However, the laws are put in place for all to use in the event people truly feel violated against. It is, after all, the strong will and desire that people stand up for what he or she believes in and hope that justice prevails. References Author Unknown (2008). EEOC: U.S. Equal Employment Opportunity Commission. The information was retrieved from the World Wide Web on May 21, 2008: eeoc.gov/ Author Unknown (2008). U.S. Courts: The Federal Judiciary. The information was retrieved from the World Wide Web on May 21, 2008: uscourts.gov/ Research Papers on Laws Against Discrimination in the WorkplaceMoral and Ethical Issues in Hiring New EmployeesTrailblazing by Eric AndersonTwilight of the UAWThe Fifth Horseman19 Century Society: A Deeply Divided EraPETSTEL analysis of IndiaThe Project Managment Office SystemAnalysis of Ebay Expanding into AsiaNever Been Kicked Out of a Place This NiceAppeasement Policy Towards the Outbreak of World War 2

Business situation Essay Example | Topics and Well Written Essays - 1250 words

Business situation - Essay Example s in this industries however for the past eighteen months the currency exchange rate for the company’s headquarters branch in Australia has experienced a steady reduction. This has come with a lot of implication on the price of production in Australia branch and thus the ability of the company to compete with emerging-market producers from Australia production facilities. This report aims clearly to define this problem or situation for the business and keenly analyze the situation to compare the implication from planning and organizing perspective. The report will then provide its recommendation in a form of a step-by-step action plan that the CEO of the company should take. The world market today is a global village (Cadle & Eva, 2014). This means every business in its planning today faces a lot of constraints that must be incorporated in these ventures. Some of these problem comes with differences in price of a currency of the mother firm’s country and those of other countries with it has business relations. Exchange rate is defined as the cost or worth of one currency as compared to other currencies (Cadle & Eva, 2014). This price can either rise or reduce depending on the prevailing economic atmosphere in the country. A fall or reduction in exchange rate in a country is mostly referred to as depreciation or devaluation depending on the kind of exchange rate system adopted by the country in which the business is established (Cadle & Eva, 2014). Reduction in currency exchange rate, therefore, makes the currency of the country in question lower in value as compared to currencies of other countries. A decrease in currency exchange rate, therefore , will mean that the county’s export becomes cheap in a global market as compared to imports of the same country from other countries (Cadle & Eva, 2014). Bronxe Yachtstm, a privately owned business, has in the recent past faced this interesting problem through their headquarters branch in Australia. The company

Experimental versus Non-Experimental Research Assignment

Experimental versus Non-Experimental Research - Assignment Example They produce different research results and findings and this helps to draw conclusions and different responses to given studies. The purpose of this study is to compare and contrast experimental and non-experimental quantitative research approaches. In order to complete this research, the following objectives are going to be explored: Quantitative research is a systematic empirical investigation of a given social phenomenon and it employs various statistical and mathematical techniques to define the variables and measure them in order to draw a conclusion (Nykiel, 2012). Quantitative research is an empirical research that seeks to use mathematical and other statistical methods to evaluate a given research topic. Quantitative research involves the development of an appropriate method and an appropriate approach to study a given phenomenon. Measurement is a distinct and unique aspect of quantitative research. This is because quantitative research involves finding ways and means to measure a given set of data objectively in order to draw a conclusion on the research variables (Carter & Thomas, 2010). This is done by formulating a hypothesis and evaluating the hypothesis through the observation of specific elements and aspects of interest (Macnee & McCabe, 2012). Therefore, there is the need for some kind of variables that can be numerically measured and analyzed in order to draw a conclusion on the subjects at hand and the matter being studied. Therefore, quantitative research is an empirical observation and a mathematical expression of the relationship between the variables (Lodico, Spaulding, & Voegtle, 2012). The main approach that is used in quantitative research is to define a hypothesis and operationalize the research. Operationalization of a research is done through the definition of variables and putting the variables in a way and manner in which they can be measured and matched against each other.  Ã‚