Supplier and Vendor Selection Process Essay Example | Topics and Well Written Essays - 500 words

Supplier and Vendor Selection Process - Essay Example Their past records supplying for other companies should be viewed. This is to enable the company determine the risks at hand. If a supplier has a record of giving excuses and not delivering the supplies on time, they should be discarded as quickly as possible. This is also to prevent falling behind schedule due to problems caused by a party external to the company. The second element in choosing a supplier is their experience especially in serving similar contracts. In essence, the focus should be selecting the very best of suppliers to meet the needs at hand. An experienced supplier would have many benefits to the company. First of all, the supplierwould provide the very best quality materials. Secondly, their experience would most likely make them efficient and thus the chances of a discount are high. The third aspect to consider in choosing the supplier is the costs demanded by the supplier. Every company focuses on the reduction of costs and thus such a contract should be aimed at the same. The supplier with the least costs but with the best quality should be chosen upon. The fourth element to base the choice upon is the amount of time available. Given that time is more or less limited for all activities, the company that can deliver the supplies required in the shortest time possible. This should consider the quality of supplies since the hurry could be an opportunity to deliver poor quality items. The last element is the future plans of the company. If the company aims at a continued contractwith the supplier, a strict set of requirements should be used since all the company should focus on is obtaining the best supplier both in terms of quality and reliability. In conclusion, it is you, as the chief executive of this company, should endeavor at ensuring that the supplier given the deal is the best as stipulated by the conditions of the contract at hand and the goals of the company.

Change Essay -- essays research papers

Change is something that is constantly occurring in our lives. Not a single moment goes by when everything in our lives will remain consistent. Indeed, it has become apparent to us that the only thing which in fact survives change, is change itself. Time and experience allows change to eventually reform and alter everything from the way it originally was. From ourselves physically, to those around us emotionally, to the way in which we perceive the entirety of the world everything it eventually changes. Most of the time we are not even explicitly aware of such changes occurring, but none-the-less they are indeed occurring. Change is a natural process that cannot be easily stopped or controlled. When we think of the things we valued at the age of, five, ten and even fifteen, the constant abundance of change in our lives become apparent. However, it is due to the unpredictability that change promotes in our life, that has made many perceive the ideology of change to be something which should be viewed as a negative in our lives today. However, we should passionately revolt against this notion. It is change which has bought about some of the greatest events in history. Had their not have been change in our past, there would never have been an industrial revolution and we would not be able to live in the liberalist country in which we do today, where we can voice our opinions without being under threat of persecution. This embracement of change which we sh... Change Essay -- essays research papers Change is something that is constantly occurring in our lives. Not a single moment goes by when everything in our lives will remain consistent. Indeed, it has become apparent to us that the only thing which in fact survives change, is change itself. Time and experience allows change to eventually reform and alter everything from the way it originally was. From ourselves physically, to those around us emotionally, to the way in which we perceive the entirety of the world everything it eventually changes. Most of the time we are not even explicitly aware of such changes occurring, but none-the-less they are indeed occurring. Change is a natural process that cannot be easily stopped or controlled. When we think of the things we valued at the age of, five, ten and even fifteen, the constant abundance of change in our lives become apparent. However, it is due to the unpredictability that change promotes in our life, that has made many perceive the ideology of change to be something which should be viewed as a negative in our lives today. However, we should passionately revolt against this notion. It is change which has bought about some of the greatest events in history. Had their not have been change in our past, there would never have been an industrial revolution and we would not be able to live in the liberalist country in which we do today, where we can voice our opinions without being under threat of persecution. This embracement of change which we sh...

Monopoly and Fair Return

Chapter 10 (Tentative Due Date: by November 1) Question 2: Discuss the major barriers to entry into an industry. Explain how each barrier can foster either monopoly or oligopoly. Which barriers, if any, do you feel give rise to monopoly that is socially justifiable? LO1 The major barriers to entry in an industry are economies of scale, legal barriers such as patents & licenses and other strategic or pricing barriers. Economies of scale occur only in large firms who are able to reach a minimum efficiency scale point and operate at that point for a long period.This high TC results in a low ATC and high efficiency. Once a huge firm innovates, it protects that very idea or product through patents disallowing other firms to copy their product. Government licensing could also result in limited entry of firms because they might not provide permission for another firm to enter the market. Another means to reduce competition within an industry is to manipulate price. Monopolists, being a price setter, could slash their price just to make it tougher for their competitor to survive.Other strategic methods could include increased advertisement to a level where the lesser and smaller firms will find impossible to compete against. These barriers of entry can prove to be pertinent for the existence of a pure monopoly. The absence of some of these barriers would lead away to a market structure resembling an oligopoly or perhaps even a monopolistic competitive industry if the number of firms was to be large. And in the case where there are no barriers a purely competitive market would appear.But definitely some barriers are within legal rights. For example a patent protects the product for a number of years and it’s understandable that a monopoly would want to restrict the usage of their research and hard work. Similarly if the price slashes are pushing out competition, they are at the same team encouraging competitors to reduce their costs/price which is great for t he consumers and the market in general. Question 3: How does the demand curve faced by a purely monopolistic seller differ from that confronting a purely competitive firm?Why does it differ? The demand curve of a purely competitive firm is horizontal because it has perfect substitutes and a very large number of firms. The demand curve is perfectly elastic and hence horizontal. On the other a pure monopoly’s demand curve is downward sloping because market demand is not perfectly elastic. The monopolist is the industry and its demand curve is hence the market demand curve. The difference in characteristics such as number of firms, types of product and barriers to entry cause the distinguished demand curve.Question 9: Explain verbally and graphically how price (rate) regulation may improve the performance of monopolies. In your answer distinguish between (a) socially optimal (marginal? cost) pricing and (b) fair? return (average? total? cost) pricing. What is the â€Å"dilemma of regulation†? LO5 Thinking of a firm operating at a point where ATC is still falling. Each small firm would produce a much smaller output at a higher ATC. So efficient and lowest-cost production requires a single seller. This is represented in the graph attached and named Graph 1. The monopoly could charge any price they choose.One option is to charge the socially optimal price where price equals marginal cost. This is the allocatively efficient output level where all marginal benefits exceed marginal cost. An alternative pricing method is the fair return theory where price is equal to ATC. Under this operation the monopoly is able to break even and continue operation. A fair return is equal to normal profit. The â€Å"dilemma of regulation† is caused by these very regulation methods. These regulatory measures which are set to achieve the most efficient allocation of resources in P=MC actually result in the monopoly making a loss.Similarly the problem with the fair re turn price is that it doesn’t completely solve the issue of under-allocation. Question 11, LAST WORD: How was De Beers able to control the world price of diamonds even though it produced only 45 percent of the diamonds? What factors ended its monopoly? What is its new strategy for earning economic profit, rather than just normal profit? Despite producing 45% of the diamonds, De Beers was able to control the world price due to the ability to control its own production levels and high market share.The fact that so many diamond suppliers were coming through and providing alternatives such as synthetic diamonds forced De Beers to invest in advertising and promoting their own diamonds. These were factors simply out of De Beers control. More diamond reserves were being discovered and caused competition. So De Beers was forced to stop its operation as a monopoly and instead as â€Å"the diamond supplier of choice†. Problem 1: Suppose a pure monopolist is faced with the demand schedule shown below. Calculate the missing total? revenue and marginal? revenue amounts.Assuming that MC is $39, determine the profit? maximizing price and profit? maximizing output for this monopolist. Assuming that the ATC is $52. 50, what is the monopolist’s profit? Verify your answer by comparing it to the Total Revenue -Total Cost approach. LO2 Total Revenue from top to bottom, in dollars: 0, 100, 166, 213, 252, 275, 288, 294, 296, 297, 290 Marginal Revenue from top to bottom in dollars: 100, 66, 47, 39, 23, 13, 6, 2, 1, -7 The profit maximizing price is $63 and profit-maximizing output is 4. Monopolist’s profit is TR-TC=252-(4*52. 50)=>252-210=$42

Reaganomics Essay - 1894 Words

How Reaganomics Will Affect My Life Reaganomics was economics policies which were propelled by United States President, Ronald Reagan during 1980s. These policies were based on fours pillars namely; reduction of the growth of government spending, reduction of income and capital gains marginal tax rates, reduction of government regulation of economy, and controlling of the money in supply so as to reduce inflation. Their basic aims were to lower taxes and create a leaner government. According to Reagan his decision was informed on stimulation of the economy taxes, financed by borrowing. Lowering taxes was aimed at reviving the economy, which in turn would see the increased tax revenues being used to offset the debts incurred (Niskanen†¦show more content†¦Another theory that influenced reaganomicism was that of Milton Friedman. He was the founder of monetarism. His theory asserts that the â€Å"level and direction of spending on the federal budget is more important than the amount of the deficit, and that a stable monetary policy allows borrowing to finance an unbalanced budget†. Reagan used the two when he oversaw a plan that relied on faith in free enterprise, not necessary in government, as the basis for economic expansion (Boskin1987). As a result of lower taxes, it prompted corporation to invest, leading U.S consumers to buy more. As the company grew, due to increased consumer spending, it would indirectly raise government tax revenues. The trend would trickle to benefit even the poorest U.S citizens. Reaganomics principles encouraged many industries to have self-control during the early 80s. This led to greater competition and lower prices for consumers (Boskin 1887). Reaganomics in a nut shell espouses that if a government offers incentives to the upper class tax cuts, better operating environment they would in turn create jobs and the benefit trickles down to the middle and lower classes. Today’s reforms inShow MoreRelatedImpact of Reaganomics on the American Economy 1014 Words   |  5 Pagesgrowing economy [which would provide] equal opportunities for all Americans, with no barriers born of bigotry or discrimination.† Reagan’s policy, later known as ‘Reaganomics’, entailed a four-point plan which cut taxes, reduced government spending, created anti-inflationary policy, and deregulated certain products. Though ‘Reaganomics’ was successful both at controlling â€Å"stagflation† and promoting economic growth, it has and always will be an extremely controversial topic regarding the redistributionRead MoreThe Legacy Of The Philippines1359 Words   |  6 Pagesand had to strive earnestly to achi eve a proper living. Unfortunately, they had also entered the U.S. during Ronald Reagan’s presidency and his economic policies of â€Å"Reaganomics† which was meant to reinvigorate the American economy. Disastrously, â€Å"Reaganomics† only exacerbated the American economy and was a total failure. â€Å"Reaganomics† gave more money and power to the already wealthy through supply-side economics, trickle-down economics, and deregulation while completely ignoring the poor such asRead MoreRonald Reagan s Economic Policies2199 Words   |  9 PagesAlthough he was a generally controversial president, Ronald Reagan’s policy decisions to stimulate economic prosperity, known as Reaganomics, were legitimately beneficial to the United States of America. First, in order to substantiate the success of Reagan’s economic policy decisions one must first grasp the varying levels of importance for each aspect of his plan. As Reagan’s policies were s ubstantial decisions that defined his presidency and alienated an entire population of more economicallyRead MoreThe Decade Of The 1980 S1423 Words   |  6 Pagesidentity. Reagan s political leadership embodied the American values at the time. His celebrity identity and Presidency creates a story of harmony with culture and politics. Quickly Reagan encouraged the theory of Reaganomics which included lowering taxes and smaller government. Reaganomics was an economic vision, that expressed a way of looking at the world, a framework for understanding the economy and society and the individual s place within both (Troy and Cannato, eds 128). This serves to furtherRead MoreKeynesian Economics For American Fiscal Policy2241 Words   |  9 Pagesgovernment back within its means, and to lighten our punitive tax burden.† As the mid 1980s economy began to show, Reagan’s fiscal policies, formerly referred to pejoratively by members of his own party as â€Å"voodoo economics † came simply to be known as Reaganomics and were lauded for their sage address to some of the nation’s most pressing commercial issues. The achievement of these lofty goals in the wake of the lasting depressed economic climate cultivated a causal relationship between Reagan’s economicRead MorePresident Jimmy Carter and Big Government Spending Essay1259 Words   |  6 Pageseconomic recessions ever. However, this all changes in January of 1981 when President Ronald Reagan was sworn into office and came to our country’s rescue. Reagan stepped in ready to mend the deep scars left behind by setting forth an economic plan, Reaganomics, in hopes to bail out our sinking country. Though many may say Reagan’s conservative ways had this plan favoring the upper class, this was not the case. In 1981 President Carter handed his duty to Ronald Reagan in a vulnerable time for the countryRead MoreTax and Reagan1575 Words   |  7 Pagesour problems; government is the problem.† After only 71 days in office Reagan survived an assassination attempt and gained even more support from Americans. So he initiated his domestic policies by advancing a set of policies, also known as Reaganomics, his policies were launched as a three prong assault on taxes, social welfare spending and regulatory bureaucracy. Reagan organized his cabinet, and with the release of the Iranian hostages the day he was inaugurated, freed Reagan and his cabinetRead MoreThe Content Of The Cult Film They Live2044 Words   |  9 Pagesto Carpenters own personal dissolution with the ever-increasing commercialization of 1980s popular culture and politics. He describes the film in an interview with Robert Rodriguez as ‘’a primal scream against Reaganomics, just a worship of greed and money’’ (El Ray Network, 2014). Reaganomics refers to the economic climate promoted by President Ronald Reagan during his presidential term in 1980s America (Clark, 2013). ‘’These policies are commonly associated with supply-side economics, referred toRead MoreLeadership Style of Sir Richard Branson2305 Words   |  10 Pagesthe Great Communicator, but the results did not come effortlessly. Let me try to give you an idea of how the process worked. His address to the nation in early February 198 1 was going to be the occasion for his publicly laying out what became Reaganomics. The process of writing this important speech revealed much about the man. He assembled a group of his key advisers and speechwriters in his living quarters on the top floor of the White House. (He often said that he lived above the store.)Read MoreReaganomics and Its Effect on Minority Groups1519 Words   |  7 PagesReagan’s two terms as leader of the free world are the laws, regulations, and policies passed under his two terms as President of the United States. These regulations soon became known as â€Å"Reaganomics†, a term that is still used today to describe these policies. Hidden underneath the manufactured depiction of Reaganomics policies by mass media lies a controversial observation: these policies may have created a permanent shift in American society which, as a result, disenfranchised minorities since they