Supplier Relationship Management In Todays Increasing Economic Environment Business Essay - Free Essay Example

Sample details Pages: 17 Words: 5083 Downloads: 1 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? Abstract In todays increasing economic environment, organisations are looking for new techniques to improve their competitive advantage. The focus of my research is in the area of purchasing which have now become a strategic function and a key reason in positioning competitively among all other competitors. The paper discusses that in recent years, the relationships between buyers and suppliers have been continuously receiving a considerable attention for effective operations within organisations. Don’t waste time! Our writers will create an original "Supplier Relationship Management In Todays Increasing Economic Environment Business Essay" essay for you Create order Traditionally, supplier-buyer relationships were regarded as adversarial, arms length transactions. However, the approach towards managing this relationship is changing and moving towards a more collaborative approach due to the fact that now suppliers are important sources to gain competitive advantage to operate in global markets in terms of their expertise, knowledge and ability of sharing risks. [Research paper Journal] The research aims to provide an understanding of supplier relationship management, factors of supplier evaluation and selection process, and the elements that contribute to the establishment of a productive customer/vendor relationships. Such a study is important for buyers to build and maintain effective relationships with their suppliers for consistent cost reductions while working together to mutually create revenues and other benefits. The paper recommends that this information may work as a reference guideline for buyers when initiating cooperative rel ationships with their supply sources resulting in advanced purchasing and strategic supply chain management in their organisation. The research method adopted in this dissertation is secondary exploring various business journals, business websites, textbooks and articles. Due to continuous new product developments, product innovations and increase in costs, managing supplier relationships will further become crucial in the near future. Due to this reason, therefore, this paper discusses the requirement of supplier relationships and how this shift in organisational strategy towards building relations has and will going to change the employees role, companys processes and organisational goals. The findings from this research provides an evidence of how companies have improved their supply chain operations through understanding the importance to develop effective supplier relationships as part of their core business activity for not only to achieve success within procurement depa rtment but also to successfully complete other supply chain cycle such as maintaining production flow at all times, planning accurately, inventory handling, logistical issues and achieving financial benefits. Examples included findings from large organisations of Hong Kong, Rolls Royce, GE, and Japanese firm Toyota. The main conclusion that can be drawn from this research is that every organisation must emphasise the need to actually develop world class suppliers that helps in building long-term relationships, reduction in costs, improved QCDS (quality, cost, delivery and service) criteria, improved customer service, mutual information sharing, reducing the NPI (new product inspection) costs and becoming world class organisation in the market. Introduction Nowadays, the majority of Organisations believe that their companys real assets are embedded in the quality of the relationships shared between the business and their stakeholders such as clients or customers, employees and suppliers. Developing and managing supplier relationship will be the main subject throughout this project. The objective of this research is to investigate the importance of the need to focus more on building collaborative relationships with their strategic suppliers by large manufacturing companies. With increase in globalisation and restructuring of several organisations, procurements role has changed focusing more towards costs, quality, flexibility and technology. [Herbig and OHara, 1995; Goh and Lau, 1999] In the previous years (traditionally), purchasing was considered as a secretarial function in which the buyer-supplier relationships were viewed as being adversarial and unsurprisingly results in a win/lose outcome. Before, business operations from manufacturing to assembling the finished goods were prepared in-house but now many organisations have moved towards a more combined approach where manufacturing firms have started concentrating more on their core competencies only and rest outsourcing nationally and internationally to satisfy their customer expectations. Organisations are going lean i.e. working towards continuous improvement, adopting just-in time and total quality management and eliminating wastes. This highlighted the requirement for most of the lean organisations to grow cooperative supplier-buyer relationships to achieve real productivity, improved design and quality that are unattainable unless the supplying partners assist in product innovation. Hence, several manufacturers have recognized their ability to become world class competitors based on establishing high levels of trust and cooperation among their suppliers. [They and Briggs (1994)] For example, highlighting the case of Rolls Royce, the engine manufacturer, that outsources 70% of their material from external supply chain and thats the reason Rolls Royce try to encourage their suppliers to work openly and jointly contributing to their performance. Rolls Royce belief in building good supplier relationships assures quality and competitiveness to their product offerings and helps to achieve customer standards. The growing face of domestic and global competition has led to understand the manufacturing companies to practise global sourcing which is a strategy to improve companies competitiveness in the international market through reducing costs, improving quality, increased exposure to universal technology, and improving delivery and reliability. A connection or association is known as a relationship. Relationships are said to be when individuals, organisations and internal or external groups to an enterprise interact. At recent times, relationship marketing describes long-term marketing strategy that emphasise on buildi ng and maintaining long-term relationships with customers rather than just focusing on one-time sale approach. At business level, relationship marketing is applied to variety of purchasing supplier relationships in the context of a broader network of interconnected purchasing, supplier and competitor organisations. Supplier relationship is defined as a systematic approach to supplier evaluation, selection and ongoing relationship management with the goal of cutting the costs of goods and services boosting profits. Supplier relationship management is a proactive approach of an ongoing business links to secure a competitive advantage within the organisation, focusing more on overall relationships between the supplier and the customer (buying organisation) rather than focusing on specific contracts. The idea is to develop trust and understanding of each others requirements and interests while providing assistance to each other. For example, Rolls Royce sends their experts to th eir sub-contract suppliers to improve their technology and performance standards. Such relationships bring profit and provide competitive advantage. [https://www.ogc.gov.uk/process_supplier_performance_and_contract_management_6368.asp] Today, most of the companies have realised that doing business jointly with their strategic suppliers will enhance their organisational ability to respond quickly to demand changes, focus on core business only and hence, results in implementing best practises. For example, Rolls Royce believes their supplier make very essential contribution to their business performance as over 70% of their manufacturing costs comes from external supply sources. focus more on their core competencies such as encouraging suppliers to work with transparency, openly and together to enhance continuous improvements. rather than Small to Medium size Enterprises and many local businesses use Transactional Purchasing whereas Large Enterprises use Relationship Purch asing to compete strongly in this economic climate. Transactional Purchasing Relationship purchasing Focus on short, discrete purchasing Focus on supplier retention Short-term orientation Long-term orientation Arms length Closeness Simple buyer-seller relationship Complicated, including internal relationships Emphasis on price, quality and delivery in the offered product No Innovation Emphasis on price, quality, delivery other factors, like innovative design as a collaborative exercise b/w purchaser and supplier Moderate supplier contacts High level of supplier contact with each contact being used to gain information strengthen the relationship Little sharing of information Significant sharing of information, including cost information and transparency Introducing Supply chain management The project is focused on process for choosing world class suppliers, importance of building supplier relationships, various supplier development approaches and process of negotiation required in purchasing that plays a vital role in todays supply chain management. Explaining what is supply chain management and its various elements that are necessary for the movement of goods and services within the business. Supply chain management consists of the intra and inter-organisational co-ordination of business functions that act as both transformative and support functions. This emphasises managing supply chain effectively must be a key activity within the businesses. [Mentzer et al. (2001)] Supply chain combines flow of materials, goods, and information (includes money) that floats within and between organisations linking with a variety of tangible and intangible facilitators, e.g. relationships, processes, activities and integrated information systems. Different views of supply chains are implemented in terms of a process when operations are emphasised, a logistical channel when emphasises marketing, a value chain whey looking at value added activities, and a demand chain when considering customer satisfaction. [Peck H. (2006)] Key elements of supply chain The key elements of supply chain are that links with each other by the movement of products. The following explains that supply chain starts and ends with the customer: [https://logistics.about.com/od/supplychainintroduction/a/into_scm.htm] Customer This is the customer that starts the value chain by deciding to make a purchase of a particular product for example, in an aviation industry procuring turbine blades or a fan shaft which is offered for sale by an organisation. At this stage, the customer contacts the sales team and places purchase order with a right quantity and delivered on a right date. If in case, this product needs manufacturing then the purchase order includes a requirement that must be fulfilling by the production facility. Planning The requirement for planning occurs when customers purchase order is received and processed with other existing orders. Production plans are created by the planning department to generate products to accomplish the customers order. If manufacturing requires, then raw materials are purchased to complete the process. Purchasing The list of materials e.g. raw materials and services is obtained which is required by the production department to complete the purchase o rder. Then purchasing team issues purchase orders to procure raw material from selected suppliers on their manufacturing site on a requisite date. Inventory The raw materials that are received from suppliers are checked for quality and moved into the warehouse. The invoice is received for the parts that are delivered by the supplier and then materials are stored until there is a demand from a production area. Production According to the production plan, the raw materials from the inventory are moved into the production area where product manufacturing takes place and creates the finished product. Once the parts are completed, they are again sent back to the warehouse and stored prior to delivery to the ultimate customer. Transportation Logistics department then finds the most efficient shipping method in order to achieve on-time delivery at the right date mentioned by the customer. After goods are received by the customer, an invoice is sent by the organisation (supplier ) for delivered products. Outlining Case study: GE-Aviation In this project, there will be discussion on relationship purchasing within aviation industry considering GE Aviation as a case study. Suggesting methods of procurement and ways of maintaining GEs existing and new relationships with suppliers. On-line procurement is one of the major processes that I will be focusing in my project which GE adopts within their business that not only reduces the cost and saves time but also provides the right amount of communication with its suppliers at the right time. For example, GE-Aviation has its own department for RB211 jumbo jet engine where there are teams responsible for engineering, operations, purchasing and billing. The engine gets repaired and maintained on site. For RB211 engine type, GEs biggest supplier is Rolls Royce who is the OEMs and can provide material many times. Using SAP software within the whole organisation saves a huge amount of time for purchasing transactions and also makes easy for GE purchasing team to analyse de mand raised and provide forecasting to their suppliers for each product by just looking into the system and working through its historical past. GE uses Relationship Purchasing in which they believe to maximise their revenue it is very important to have good supplier relationships. Some of the key approaches/strategies required before working towards building relationships are as follows: Selecting a world class supplier Companies that outsources internationally their materials opens the opportunity to identify potential suppliers, evaluate and reasonably short list them that result with the best supplier. This is considered as one of the most important process to perform by the procurement team that aims to choose the best supplier that ensures reliable supplies with low risk involved and maximises the overall value to the buyer. The following are the seven key steps involved in supplier evaluation and selection process: (Fig 7.5 Supplier evaluation and selection process [pg 163]) Recognise the need for supplier selection The first step is to recognise the actual need for selection of supplier. Purchasing team must work with new product development department in order to recognise future buying behaviours. Purchasing groups proactively select suppliers and anticipate demands rather than wait until a demand rises. The process to start this evaluation arises due to the following scenarios: Through new product development Poor performance received from existing internal and external suppliers Closure of the contract Procuring new tools and equipments Thinking to expand business into new markets or products Due to inadequate capacity of existing suppliers Throughout outsourcing and re-engineering analyses Deciding to reduce the size of the supply base Identifying the main sourcing requirements All the way through evaluation process, procurement team must keep an eye on what they are intended to do. Acquiring materials is not just important but also focus to meet specific requirements set by the other internal customer and indirectly by other supply chain members. For example, an aviation company like GE that makes engines has to buy all the machinery and spare parts along with buyers taking care to ensure a perfect quality products are delivered on time. Establishing sourcing strategy Developing purchasing strategies results in long term alliances that buyers look each time to compete in todays growing competition. Several vital strategic decisions that affect the selection of suppliers are: Picking single or multiple suppliers Creating short-term or long-term contracts Suppliers wish to develop working partnerships rather than arms length relations Working with suppliers that can provide support with product designs rather than those who cannot modify designs Having choice of local, domestic, foreign or global suppliers Therefore, sourcing strategies and policies must be carefully re-evaluated during supplier selection as requirements changes frequently in shorter times because of changing market conditions, changing consumer preferences and accustomed corporate goals. Identifying potential suppliers This stage identifies a list of suppliers that can actually have the capability to deliver of what is required by the customer. Buyers can use various numbers of sources to develop the preliminary list of supply sources by a quick search of company websites as well as long and detailed search for companies that can support with design and make specialised products. A rule of thumb must take place to determine the effort to be used into supplier selection by comparing the existing suppliers efficiency and strategic importance of an item because too much effort and expensive resources are wasted; too little effort and potential suppliers might be missed in this initial search criteria. Following are the sources of information widely-used to identify potential suppliers: Current suppliers Using existing suppliers who are already on the preferred list which are consistently meeting buyers requirements that reduces the purchasers time and effort in evaluation of supplier capabilitie s. But at the same time, existing supplier may not always provide the world class long term results and that is the reason why organisations scan information continuously to recognize potential new sources. Sales representatives and agents Marketing information received from these individuals can become a valuable source of information for new product offerings. Buyers keep this information in their file for future reference even if there is no urgent requirement for a supplier service. Internet searches Nowadays suppliers launch customer websites as part of their marketing approach and help the buyers with detailed information from a simple search of possible suppliers. Various other websites can also help in discovering and assessing important information like reviews, comparisons, comments, analyses and case studies of potential suppliers. Experience Experienced individuals working within purchasing team generally carries a wide knowledge about various capable supplie rs as experienced buyers have already worked in a particular industry for many years and familiar with the main suppliers and their features. Internal sources Operating different business units within large organisations, each may have their own procurement department. Therefore, other units in the same organisation becomes a valuable source of information exchange to buyers through informal meetings, formal team sessions, an internal database, purchasing newsletters, etc. Limit suppliers in the selection pool At this stage, the procurement team must consolidate and analyse the information gathered on potential supply sources that helps them to make informed decisions. Getting a long list of suppliers is just the initial task but buyers then have to eliminate the weakest suppliers until they attain the strong shortlist. Therefore, the final supplier is then selected from this list. The following are the entry qualifiers features that influence buyers final decision [Howard (1998)]: Financial strength Appropriate business strategy Strong supportive management Proven manufacturing capability Design capability There are also many reasons that influence buyers decision to procure material on the following basis: Buying directly from the original manufacturer or distributor Original equipment manufacturers mostly offer lower prices that avoid the costs of wholesalers and retailers along with profit margins. The final choice must be considered on the basis of four factors including the size of the purchase, the manufacturers policies of direct sales, availability of storage at buyers facility, and the required additional services. Local, national, international and global suppliers Choosing international suppliers are more favourable as they usually offers the best price along with technical support but these have to be balanced by higher shipping costs, stocks, communication problems and common risks involved. Also, choosing local suppliers are considered more responsive to fluctuating demands, small deliveries and regular changes in purchase orders using Just-in-time method that not only supports local suppliers and allows the buyers to enhance local economy but also helps in building community goodwill. Large or small suppliers Usually buyers focus on suppliers capability to do the work rather than selecting on the basis of its size. But a buyer must keep in mind the unexpected increase in demands that can only be dealt by larger firms providing extra capacity to overcome these fluctuations. At the same time, in order to create a diversified supply base, buyers intentionally deal with smaller suppliers. Multiple or single sourcing When there are numerous different suppliers available then it becomes very difficult to make a decision of how many to use? Most of the organisations have chosen a trend to reduce the supply base that will benefit them accordingly. Determining method to select supplier This is the last stage where buyers are left with four to five suppliers in their shortlist and decide to evaluate these remaining organisations by looking at the alternatives in more detail for example, using supplier-provided information, supplier/customer visits, preferred list of suppliers and third-party information. Supplier-provided information Detailed information can be acquired through requesting price quotations. Information received from quotations are then used to understand the product description and supply which is then followed by another requests of a detailed cost breakdown of the price quoted by suppliers initially that must include the costs of labour, materials, overheads and profit as buyers also require operational details to finally evaluate them. Supplier visits One of the most efficient ways of getting an overall view of suppliers capabilities and performance is to visit suppliers facilities by a cross-functional team. Generally, these visits are expensive and time consuming so a buyer must balance their desire to gather as much information as possible confidentially. The following table shows important information points that a buyer must collect during its visit: Management capability Quality management Technology levels Planning and scheduling effectiveness Financial strength Personnel relations E-business capabilities Sophistication and efficiency of operations ISO certifications Skills, knowledge and experience of workforce Evidence of good management and housekeeping Types of inventory Nature of the goods inwards, stores and outwards areas Environmental practices Employee employment contracts Any significant changes planned or expected Contact details of key decision makers Use of preferred suppliers This is a list of suppliers created by the purchasers to reward their best suppliers that consistently meets their strict performance criteria. The list can also be us ed as an incentive to improve the existing suppliers performance and assessed accordingly. External or third-party information This consists of all the other information available about a potential supplier. For example, Total quality management is a system that insists suppliers to meet the quality standards as similar to buyers and generates a flow of related information throughout the supply chain. Selecting supplier and signing agreement This is the final step to choose the supplier followed by signing a contract. This includes different purchasing orders required for routine and major items, i.e. using standard purchase orders for routine items whereas, detailed negotiation is required to agree on specific details for major items that increases the complexity in the purchase order. Supplier evaluation criteria After considering various steps in selecting suppliers, the buying organisation must analyse the following questions with the supply organisation in order to progress outside their traditional purchasing relationships and possibilities for long term relationships with them: [Spekman (1988)] Has the supplier signified a dedication or willingness for a longer term relationship? Is the supplier enthusiastic to perform resources to develop this relationship? Is the supplier willing or able to participate at the early stage or throughout the stage of product design? Has supplier brought any unique service to the business? Is the supplier showed their interests or commitment towards customers problems and effectively solving them together? Is the supplier is interested in improvements and innovations in the operations? Is there any openness of sharing and exchanging information between both companies? How much knowledgeable is the supplier about the customers indu stry and business? Is the need for confidentially exchanged information taken seriously? Supplier management and development In todays time, the need to improve supplier performance is open in large or small organisations and for this reason; the purchasing teams must introduce a supplier relationship management (SRM) approach to achieve their organisational goals and success in global purchases of technology. Therefore, this calls for managing resources efficiently throughout supply chain collaborations, dedication required from supply managers, creating standardised best practices effectively and tools required for tracking and evaluating the results. The process must begin with effective supplier performance measures required to undertake strategic supply or procurement decisions for the organisation. [Minahan T. And Vigorose M. (2002)] Effective supplier performance measurements What to measure The factors important to assess the performance includes: Delivery performance The purchase orders that are sent to suppliers involves all the appropriate information on deliveries, with quantities, lead times and due dates. Therefore, it is buyers responsibility to check regularly that how well a supplier actually meets their expected conditions. Cost performance There are many ways that can measure cost performances for example, monitoring real price delivered by the supplier after adjusting increase in the prices (inflation). Quality performance In order to measure quality, the best criteria for buyers is to check that products are delivered in 100% perfect condition with no defects. This also includes comparing previous performances, latest performance with mutually agreed standards and various other figures. Other qualitative factors in supplier performance Factor Explanation Problem solving Suppliers attention to provide solutions to the problem Technical skills Comparing suppliers manufacturing capacity with other business suppliers Reporting progress Suppliers incomplete reporting of existing problems and identifying and communicating other potential problems Corrective action Suppliers timely response to requests for corrective actions and requests for changes Cost-reduction plans Suppliers enthusiasm to find techniques that helps to reduce the total purchase cost New-product development support Suppliers capability to reduce time and cost required for new product development Buyer/seller compatibility Rating subjectively how well a purchasing firm and a supplier work together Therefore, the above are various other factors that help the buyers to measure the suppliers technical ability and closeness of both parties relationships. Reporting frequency This includes preparing reports to provide a clear feed back to supplier on their performance. Purchasing management must communicate with their buyers to send these reports by reviewing them weekly, monthly, quarterly or annually which is then followed with more face-to-face team meeting that reviews their actual performance, discussion on targets, identify potential improvements, examine changes, and so on. Any problems (for example, supplier fails to meet the required standard) occurred during crucial time must be addressed with special reports and meetings to avoid any financial and operational problems. Use of measurement data Procurement staff can make use of data collected from its measurement systems in many ways including: Identifying suppliers which are not meeting the performance goals and highlighting areas that calls for improvements, followed by corrective actions taken to raise the performance to acceptable levels or else finding new suppliers. It helps in discovering excellent performances achieved from supplier which then helps identify preferred suppliers that qualify for long term alliances. It also recognises the worst performing suppliers that are continuously not improving and needs to be removed from supply base whereas offering more work to superior suppliers. Supplier measurement techniques There are three techniques discussed for evaluating performance of suppliers, each differs in their use, level of subjectivity, resources required and implementing cost. Categorical techniques These techniques considers a particular aspect of performance, for example lead time and classifies a set of categories for performance rating as excellent, good, fair or poor and therefore, helps buyers in deciding which supplier is good or bad. This is an easiest system of measurement, easy to use, comparatively inexpensive and also the most subjective. There are some drawbacks of using this technique as they do not provide a clear analysis of performance, slower than automated systems and regarded as the lowest of the three techniques in terms of reliability. Scoring model This method overcomes the subjectivity of categorical technique by calculating a weighted score for different performance categories. This is more reliable and requires reasonable implementation cost providing flexibility for buyers to change the categories included as well as weights allocated to each. Cost-based techniques -This technique is the most comprehensive that can help the buying organisation to look for the total cost required for doing business with a particular supplier by identifying the lowest purchase price is not always the lowest cost of acquisition. Hence, this technique works through collecting data from the purchasing firms information system, analysing the total cost including the additional occurring costs whenever a supplier fails to perform as per expected by the buyer. This can be calculated using formula of supplier performance index (SPI) SPI = Total purchase costs + Non-performance costs Total purchase costs Supplier Development Approach Supplier development is an approach which was initially started in Toyota, Nissan and Honda in the 1930s time. Toyotas emphasised the need to treat suppliers as a major part of their company though working together to develop their businesses collectively. The approach consists of all the initiatives that buyers can undertake to improve supplier relationships, performance or capabilities to meet the buyers short or long-term supply requirements. [Sako, M. (2004)] Procedures required for supplier development are as follows: [Handfield et al., 1998] Step 1: Identification of critical items/parts for development It is not important for every organisation to seek development approach within their business but when we talk about companies operating within aviation industry automatically needs to develop these approaches as work is involved on engines which require careful attention to crucial and specific parts. Following are some example of questions that must be answered yes by the procurement team in order to adopt the supplier development process: Do material procured account for more than 50% of product value? Is the existing or potential supplier can bring competitive advantage? Do you currently procure, or intend to procure on the basis of total cost or considering initial cost only? Can existing suppliers are able to meet the companys competitive needs for 5 years from now? Do the company wants the most responsive suppliers to demand and supply change? Is the buying organisation willing to become more responsive to the suppliers needs? Does the buyer intend to tr eat their suppliers as partners in the business? Do the procurement staff plans for open and long-term trustworthy relationships with suppliers? Therefore, if the answers to above questions is yes, then it is worth introducing resources into supplier development programme followed by focusing on core activities first, for example analysing and defining a portfolio of the purchased critical items (materials) where solid benefits can be achieved from supplier development. Step 2: Identifying critical suppliers for development This step involves targeting those suppliers that needs development. The most common method could be the routine analysis of supplier performance such as using measurement approaches discussed before in the project. Suppliers producing unique and essential products with a difficulty to replace them if they dont achieve the pre-determined targets are considered for development. Step 3: Forming cross-functional development teams Case study Accentures strategic supplier relationship management Accenture is a global management consulting, technology services and outsourcing company. They collaborate with their clients to help them become high-performance businesses and governments. The Accentures supply chain department works with customers across a broad range of industries to develop and execute operational strategies that allows profitable growth within existing and new markets. Their commitment is to help customers achieve high performance through supply chain excellence with a combination of global industry expertise and skills in supply chain strategy, sourcing and procurement, supply chain planning, manufacturing design, fulfilment and service management to help organisations transform their supply chain capabilities. Accenture defines SRM A systematic approach to manage suppliers in order to optimize the value delivered through the relationship over its life cycle. In todays economic e nvironment, every organisation must adopt strategic approach to supplier relationship. Accentures strategic SRM methodology helps their customers to handle procurement costs and risks to achieve high performance in both good and bad economic times. Factors that emphasise the need for more strategic approach to SRM Increasing global competition and shorter product life cycles continues to call the need for strategic SRM. Factors are as follows: Volatile commodity prices

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For many years, wait times have been an area of concern for many Canadians and remain a significant issue. One of the major concerns within the Canadian health care system is the amount of time spent as waiting time in the healthcare services. Wait times are the length of time from when the patient is triaged and registered, to when the patient leaves from the emergency room (Affleck, Parks, DrummondRead MoreThe Canadian Health Care System1849 Words   |  8 PagesIntroduction â€Å"Medicare is a Canadian success story. Not perfect, but good enough to be envied by much of the world.† — H.L. Mencken The birth of Medicare was in Saskatchewan on July 1, 1962. Medicare was the first government controlled, comprehensive, universal single payer medical insurance plan in Canada. Many insurance industries and all the medical institutions were against the idea of having Medicare. They feared that Medicare will become popular and will spread across the globe. OnceRead MoreThe Canadian Health Care System1823 Words   |  8 Pageshealthcare reform across the globe, including Canada. The Canadian health care system is called Medicare and can be described as a single-payer system. In essence, the majority of Canadians receive health care through a publicly funded system that consists of federal transfers to the ten provincial governments who then decided how the money is to be allocated in conjunction with the federal health care standards. These standards were set by the Canada Health Act of 1985 (henceforth â€Å"the Act†), which states

Finance chapter answers - 9413 Words

MenuItem 10: (Topic 10) Medium- to long-term debt Question 1: Manufacturer Limited is seeking a five-year term loan from its bank. The bank manager has indicated that a loan can be provided and will be priced at the bank’s base rate, plus a margin. Which of the following is not a determinant of the margin to be paid by the company? A: the debt to equity ratio of the borrower B: the borrower’s past loan-repayment performance C*: the term structure of interest rates D: the assets available to be pledged as security Feedback: The margin added to the bank’s base rate will reflect the credit risk of the individual borrower. In assessing the risk and hence the margin, the bank is likely to consider factors such as the debt to equity†¦show more content†¦Published indicator rates are used as a benchmark for pricing loans. If a loan contract specifies that a certain indicator rate will be used at each interest rate reset date, there is no argument as to the interest rate applied. Both the borrower and the lender simply refer to the applicable Reuters screen on the reset date to ascertain the new interest rate that will be applied to the loan over the next period. Question 3: In addition to interest charges, a term loan for a commercial borrower will usually involve a range of fees. Which of the following fees is not usually applicable? A*: application fee B: establishment fee C: service fee D: commitment fee Feedback: Commercial loans can involve a range of fees including establishment, service and commitment fees. Application fees typically apply to home loans, but they do not typically apply to commercial loans, so A is the correct answer. MORE: Financial Institutions, Instruments and Markets 5/e, p. 392. In addition to the interest charge on the funds advanced to a borrower, banks will also normally levy an establishment fee and a periodic service fee. 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Paideia as Bildung in Germany in the Age of Enlightenment...

Paideia as Bildung in Germany in the Age of Enlightenment ABSTRACT: There have been many interpretations of Bildung in the history of German philosophy, from the Medieval mystics to the secularization of the Enlightenment. Wilhelm von Humboldts work at the end of the 18th century is a good example. He placed the idea of Bildung at the center of his work because it was rooted in a dynamic, transforming idea of the natural and human worlds while also being oriented toward a model of balance and perfection. Von Humboldts interpretation of modernity is characterized by a strong emphasis on change as well as the need to find criteria for guiding such a transformation that has no intrinsic or predetermined end. Love of classical antiquity†¦show more content†¦In this way, to render the semantic extent of the term, the meanings of forma and formatio and imago and imitatio are involved as well; and the following two concepts are implied: firstly the concept of production according to an order that gives rise to a form (to something subside nt on the basis of mutually congruent rules) and secondly the conformation of the said act to an image given as assumption, as a model endowed with an absolute value which this image must resemble or aim for. The original meaning of bilden, as the Deutsches Wà ¶rterbuch by Jacob and Wilhelm Grimm states, is that of a plastic activity on the sensory level and means giving shape, producing a certain object abiding to the rules which preside over the Art. In this case bilden is a synonym for gestalten and formieren. But the relationship of reproduction, and therefore of resemblance with respect to an image must be added to this , and this addition to an Urbild pushes bilden well beyond the pure and simple formation of an object and gives rise to the complex relationship between model and copy, original and reproduction which implies a very different approach to the question. Such a double meaning

Economics for Business Public Investment Routledge

Question: Why might an increase in governmental expenditure give raise the inflation? Answer: As per the statement of Arrow Kruz (2013), the governmental expenditure are reflected by the imposition of taxation and rise in the supply of money. In this connection, it can be stated that government expenditure includes the governmental consumption, investment. Governmental spending on the ultimate consumption reflects the Gross domestic product of a country (DeLong Summers, 2012). In the term of the macroeconomic fiscal policy, it can be stated that rise in the governmental expenditure is the expansionary fiscal policy. Figure 1: Effect of expansionary fiscal policy and inflation (Source: Created by author) The above figure depicted that in case of expansionary fiscal policy, the aggregate demand will also increase. In the above figure, it can be observed that X axis measures the quantity level and the Y axis measures the level of price. Initially the aggregate demand was AD1 and the post aggregate demand curve was AD2. This in turn increases the real GDP rate. The price level also increases. Therefore, it can be stated that the rise in price level within an economy has increased the inflation rate of the country. As per the Keynesian economy, it can be stated that the increase in the governmental expenditure increases the aggregate demand and the level of the consumption. This in turn increases the level of production of a country. Therefore, Coibion, Gorodnichenko Wieland (2012) mentioned that the country will mitigate the recession situation and with the rise in time, the inflation rate of the economy will be increased. Therefore, more specifically it can be stated that with the rise in the governmental spending of a country, the inflation rate will also increase (Coibion, Gorodnichenko Wieland, 2012). As a result, it can be stated that there is a positive relationship between the governmental expenditure and the rate of inflation of an economy. With the rise in the rate of inflation, the price level of the products or the consumer goods will be enhanced. In the words of Junttila Korhonen (2012), inflationary situation of a country leads to decrease the purchasing power per unit as well as the real valuation of the exchange rate will also reduce. On the other hand, it can be stated that in case of contractionary fiscal policy, the inflation rate of an economy will be reduced. Arrow Kruz (2013) added that decrease in governmental spending reduces the overall spending of the commodity and the price level of the commodities will also decrease. In this essence, it can be mentioned that in case of con tractionary fiscal policy, the economy may suffer from the deflationary situation (Coibion, Gorodnichenko Wieland, 2012). Inflation has both positive and negative impact for the growth of the economy. Inflation rate increases the opportunity cost of holding money. This will in turn reduce the rate of investment. Nevertheless, Coibion, Gorodnichenko Wieland (2012) argued that with the rapid increase in the rate of inflation of an economy, the situation of hyperinflation may arise. On the other hand, in this context, it can be mentioned that due to massive growth in the supply of money of an economy, the situation of hyperinflation may occur (Junttila Korhonen, 2012). Then the interest rate of the country will be higher, which has a negative impact on the economy. Moreover, inflationary situation of an economy can increase the wage rate of the employees. Moreover, DeLong Summers (2012) opined that rise in the rate of inflation can reflect the unemployment rate of the country. According to the concept of Phillips curve, it can be stated that ere is a trade off between the unemployment rate and the rate of inflation of the country. Therefore, in this essence, it can be stated that higher inflation rate can reduce the rate of unemployment of the economy. In this purpose, it can be stated that the job opportunity within the country will be increased. In the words of Junttila Korhonen (2012), this will improve the GDP growth of the economy. Therefore, the inflation rate to a certain level can boost up the growth of the economy (DeLong Summers, 2012). References Arrow, K. J., Kruz, M. (2013).Public investment, the rate of return, and optimal fiscal policy(Vol. 1). Routledge. Coibion, O., Gorodnichenko, Y., Wieland, J. (2012). The optimal inflation rate in New Keynesian models: should central banks raise their inflation targets in light of the zero lower bound?.The Review of Economic Studies. DeLong, J. B., Summers, L. H. (2012). Fiscal policy in a depressed economy.Brookings Papers on Economic Activity,2012(1), 233-297. Junttila, J., Korhonen, M. (2012). The role of inflation regime in the exchange rate pass-through to import prices.International Review of Economics Finance,24, 88-96.

Define Nationalism and Liberalism Essay Sample free essay sample

To what extent did the revolutions of 1848 support the thoughts of patriotism and liberalism? Why in 1848 did revolution victory briefly throughout most of Europe. and why did it neglect about wholly? Patriotism is the thought that each people had its ain mastermind and specific integrity. which was found most evident in people with a common linguistic communication and history. Nationalism frequently led to the desire for an independent political province. Liberalism is a position founded on the thoughts of autonomy and equality. Liberals wanted a representative authorities instead than an bossy monarchy. Liberals besides wanted single freedoms such as freedom of the imperativeness. freedom of address. freedom of assembly. and freedom from arbitrary apprehension ( McKay. 691 ) . These two powerful new political orientations of alteration. liberalism and patriotism. played a important function in the 1848 revolution that swept across Europe. In 1848. revolution triumphed because monarchies crumbled in the face of popular rebellions. but finally failed when the chauvinistic alliances were weakened by their different sentiments on the issues at manus. Prince Klemens von Metternich was a foreign curate to the multi-ethnic Austrian Empire. As a consequence of Austria’s diverseness. national and broad positions were highly endangering to the province. Metternich was afraid that liberalism and patriotism would split his imperium ( McKay. 689 ) . When broad and national thoughts entered the Austrian Empire. people started to demand written fundamental laws. representative authorities. and greater civil autonomies. Revolts non merely happened in the Austrian Empire. but across all of Europe. Peoples were revolting against the sovereign that ruled the imperium. Urban workers. pupils. middle-class progressives and provincials all united against the sovereign. These sovereigns so broke down and granted about everything that the revolting people demanded. but in the terminal. regained power ( McKay. 709 ) . The revolution in the Austrian Empire began with Hungary. When chauvinistic Hungarians insisted for rights such as civil autonomies. the sovereign in Vienna hesitated. doing Viennese workers and pupils to make barriers within the streets in fractiousness against the authorities. Peasants besides caused mayhem among the imperium. The sovereign appeared to be fall ining rapidly when Metternich fled the imperium toward England. ne vertheless. the radical alliance was unstable. and would finally neglect for three grounds. First. the provincials lost involvement in the political and societal issues upseting the metropolis. Second. the different categories within the alliance could non hold upon the issues of socialistic workshops and cosmopolitan vote rights for work forces. Last. the alliance was even further weakened by conflicting national aspirations. These Magyar revolutionists wanted to transform the land of Hungary into a incorporate state. The minority groups such as the Croats. Serbs. and Romanians. nevertheless. wanted cultural independency ( McKay. 709 ) . Austrian functionaries and Lords created an ground forces with these minority groups against the radical authorities. which led to the regain of power by the Austrian nobility. The Gallic Revolution of 1848 played out really likewise to the revolution of the Austrian Empire. Just like in Hungary. the Gallic revolution started when workers and pupils built barriers in the streets of Paris. The common people refused to be ruled by a monarchy any longer. The revolutionists rapidly began outlining the fundamental law for France’s Second Republic. and wanted the provincials. the artisans. and the unskilled workers to take part in the reformation. In order to carry through this. the right to vote was given to every grownup male. Just like in Austria. this radical alliance had excessively many conflicting sentiments. This alliance was composed of moderate broad republicans. extremist Republicans and distressed craftsmans. The moderate Republicans opposed socialism and favored capitalist economy. while the extremist Republicans and craftsmans favored socialism and wanted to hold strong trade brotherhoods and worker-owned concerns. Louis Blanc represented the republic socialists in the probationary authorities. Blanc pressed for government-sponsored concerted workshops to be established for workers. The moderate Republicans wanted no such thing. so they compromised on impermanent national workshops ( McKay. 707 ) . The clang of these two political orientations was highly destructive to the alliance. When the new government’s executive commission dropped Blanc. craftsmans feared there would be no representation of the Parisian on the job category. This caused unskilled workers to occupy the component assembly on May 15 and seek to proclaim a new radical province. However. the authorities was prepared for this and used the middle-class National Guard to set an terminal to the rebellion. On June 22. the authorities abolished the national workshops in Paris. which resulted in a violent rebellion. Similar to the terminal of the Austrian Revolution. the authorities had the support of an ground forces and provincials. which allowed them to be winning. Just like the Austrian Empire. the Gallic monarchy was one time once more in charge ( McKay. 709 ) . The thoughts of liberalism and patriotism fueled the creative activity of the alliance between the workers. pupils. middle-class progressives. and provincials. Once these alliances were created and the monarchies were overthrown. jobs aroused. The alliances were composed of excessively many people with excessively many different thoughts. The different categories disagreed on how the new authorities should be set up. such as whether to take a socialistic or a capitalistic attack. As these revolutionaries failed to to the full unite. the old monarchy authoritiess were able to take back control. As we have seen in both the Gal lic and Austrian revolutions. the very alliance that united to subvert their despised monarchies gave the monarchies their chance to recover power.