Operations management is an area of management concerned with overseeing‚ designing‚ and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed‚ and effective in terms of meeting customer requirements. It is concerned with managing the process that converts inputs (in the forms of materials‚ labor‚ and energy) into
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Introduction Governments the world over have long been investing in infrastructure in the hope of boosting economic development of their country. To study the relationship between infrastructure and economic development‚ we compared two journals; Infrastructure and Local Economic Development by Rives‚ J & Heaney‚ M. (1995) and Infrastructure and Economic Growth: The Nigeria Experience 1980-2006 by Enimola‚ S (2010). We chose these journals as the journal by Rives‚ J looked at the approach
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Operations objectives at the Penang Mutiara There are many luxurious hotels in the South-East Asia region but few can compare with the Penang Mutiara‚ a 440 room top-of-the-market hotel which nestles in the lush greenery of Malaysia’s Indian Ocean Coast. Owned by Pernas-OUE of Malaysia and managed by Singapore Mandarin International Hotels‚ the hotels General Manager is Wernie Eisen‚ a Swiss hotelier who has managed luxury hotels all over the world. He is under not illusion about the importance
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Study The case circle around Penang Mutiara Hotel located in Malaysia’s Indian Ocean coast. Also‚ the case focuses on how important to run an effective operation inside the hotel‚ because when problem occurs regards managing operation‚ the customer sees them immediately and that’s the biggest motivation for the hotel management to take operations performance seriously. To view the full case study‚ kindly refer to Reference [1]. Questions 1. Describe how you think the hotel’s management will:
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Importance of capital market for the economic development of India Introduction: The capital market is the market for securities‚ where Companies and governments can raise long-term funds. It is a market in which money is lent for periods longer than a year. A nation’s capital market includes such financial institutions as banks‚ insurance companies‚ and stock exchanges that channel long-term investment funds to commercial and industrial borrowers. Unlike the money market‚ on which lending
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Economic development Economic development is the development of standard of living of humans. Development in infrastructure‚ health‚ industry‚ education‚ and financial institutions are parts of economic development. Average income of a person‚ life expectancy at birth‚ literacy rate‚ etc. are measurements of economic development. In order to increase the standard of living infrastructure facilities should be developed. Developments in roads‚ irrigation systems are a part of economic development
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1. Exercise 2: Poverty trends Update the Table 1 of “Halving global poverty”. Download from the World Development Indicators database the following data: * Poverty headcount ratio at $1.25 a day (PPP) (% of population) * Population‚ total For the main geographic areas of Table 1‚ and since 1990 2. Calculate the number of poor Geographic Region (developing) | 1990 | 1993 | 1996 | 1999 | 2002 | 2005 | 2008 | Europe & Central Asia | 7‚482‚812 |
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IMPORTANCE OF ECONOMICS Economics help students to understand more about the modern world in making the decision for the future. It also helps us to understand the problems caused by the limited resources and helps students‚ as consumers to make rational choices when making decisions. Besides that‚ students are able to understand the function and role of banks and financial institutions‚ moreover able to understand the information related to the economics. Since most of our daily routines
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commonly‚ the criteria for evaluating the degree of economic development are gross domestic product (GDP)‚ the per capita income‚ level of industrialization‚ amount of widespread infrastructure and general standard of living.[1] Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Developed countries have post-industrial economies‚ meaning the service sector provides more wealth than the industrial sector. They are contrasted with developing countries
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UNIT-1 1.Define Economics and Explain the term Industrial Economics . The father of Economics Adam Smith economics as ‘An inquiry into the nature and causes of the wealth of nations’ According to Alfred Marshall ‘Economics is the study of mankind in the ordinary business of life‚ it examines that part of individual and social action which is mostly connected with the attainment and with the use of the material requisites of well being. Explanation- Economics is the study of man’s actions in
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