Assignment 1 Unit 11. Understand the Scope and nature of the Lifelong Learning Sector Lifelong learning can be described as the "continuous‚ voluntary‚ and self-motivated" pursuit of knowledge for either personal or professional reasons. Scientific and technological advances across the past fifty years have had a serious and major effect on learning needs and styles‚ and the term recognises that learning can no longer be divided into a place and time to acquire knowledge; school and university‚
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STADIA ll JULIE MEHRETU (2004) Ethiopian artist Julie Mehretu was born in 1970 in Addis Ababa‚ Ethiopia. She lives and works in New York‚ she operates with abstract detail in her large-scale paintings to create an architectural sense of perspective. One of her most notable piece‚ Stadia ll‚ created in 2004. The piece helped me visualize how there are different mass show two dimensions of history and how is can all be hidden in different forms at times. Her experimentation with abstraction explores
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A company has the ability to enter into a contract‚ can sue and be sued in its own name‚ has the right to own land or property‚ and also enjoy perpetual succession. As a company‚ they have the ability to enter into a contract which meant they can make contract with its own shareholders within the company. Any contract made between company and its members are not illegal due to the principle of separate legal entity. As what we have seen in the case of Saloman v Saloman‚the company can borrow money
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3. LL Bean utilizes a probability distribution methodology to help predict the optimal order size of a specific item. The probability distribution is driven by a series of calculations that will predict forecast errors. One of the major concerns is that LL Bean tends to order more inventory than what was predicted in the frozen forecast. Their logic for doing this is that the cost of understocking exceeds the cost of overstocking. According to Marck Fasold (CFO)‚ this methodology leads to major discrepancies
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catalog industry and a customer calls in and wants to order a red sweater and you are out of red sweaters‚ the company might have just lost the sale if the customer does not want a substitute colored sweater. This is the part of the continuous problem that L.L. Bean‚ Inc. has with item forecasting and inventory management. Working in a catalog business really helps companies to capture demand‚ but the problem most companies have is matching demand with supply. Every sale that is generated for L.L
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LL Beans Please submit your analysis of this case. In addition‚ be prepared to discuss your analysis in class. 1. How significant (quantitatively) of a problem is the mismatch between supply and demand for LL Bean? As per the historical series and its associated statistical description (see graph below)‚ we can observe that there is a significant spread between the A/F ratios sine the standard deviation equals 1/3 of the mean. Besides in cases‚ there is mismatch beyond 50% between the forecast
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from a microeconomic perspective. Abstract Minimum wages has always been a worldwide topic that is constantly argued in many countries. It has always been argued that once minimum wages is applied‚ there would not be enough competition among workers in the country. As a result‚ an important question had been brought out; who will benefits when the minimum wage rises? How is the distribution of income for poor families‚ and the high income interest ladder? Summary The minimum wage
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Case 1: L. L. Bean‚ Inc. 1. How successful has L.L. Bean been? L.L. Bean Inc. has been tremendously successful throughout the course of its business operations. The business was first created in 1912 by L.L. Bean with only $400‚ the business has managed to expand to $120 in sales by the year 1980. As well‚ within the market for outdoors equipment and apparel‚ L.L. Bean is the leading company that has the highest amount of sales. 2. What are the reasons for L.L. Bean’s success? L.L
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This paper has adjusted the 5 problems that shown in this case. First paragraph is to adjust how L.L Bean uses the previous year’s demand to determine how many units of product to order. Second paragraph is to adjust how many units of item L.L Bean should purchase under the relationship between the item costs and revenues. Third paragraph is to adjust what information should Scott Sklar have in order to help him to forecast for a particular style of men’s shirt that is a new catalog item. Fourth
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Fasold stated that “In catalog business like ours‚ you really capture demand. That’s the good news”. Do you agree with Mr Fasold? If you agree‚ explain how L.L. Bean is capturing the real demand. If you disagree‚ explain why L.L. Bean in not able to capture the real demand. * Yes‚ for catalog business‚ Q2. (7 pts) For L.L. Bean‚ explain the possible consequences of not recording a demand for an out‐of‐ stock item.
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