Three Primes of Alchemy (Paracelsus Tria Prima)

Paracelsus identified three primes (tria prima) of alchemy. The Primes are related to the Law of the Triangle, in which two components come together to produce the third. In modern chemistry, you cant combine the element sulfur and mercury to produce the compound table salt, yet alchemy recognized substances reacted to yield new products. Tria Prima, the Three Alchemy Primes Sulfur – The fluid connecting the High and the Low. Sulfur was used to denote the expansive force, evaporation, and dissolution.Mercury — The omnipresent spirit of life. Mercury was believed to transcend the liquid and solid states. The belief carried over into other areas, as mercury was thought to transcend life/death and heaven/earth.Salt — Base matter. Salt represented the contractive force, condensation, and crystallization. Metaphorical Meanings of the Three Primes Sulfur Mercury Salt Aspect of Matter flammable volatile solid Alchemy Element fire air earth/water Human Nature spirit mind body Holy Trinity Holy Spirit Father Son Aspect of Psyche superego ego id Existential Realm spiritual mental physical Paracelsus devised the three primes from the alchemists Sulfur-Mercury Ratio, which was the belief that each metal was made from a specific ratio of sulfur and mercury and that a metal could be converted into any other metal by adding or removing sulfur. So, if one believed this to be true, it made sense lead could be converted into gold if the correct protocol could be found for adjusting the amount of sulfur. Alchemists would work with the three primes using a process called Solve Et Coagula, which translates to mean dissolving and coagulating. Breaking apart materials so they could recombine was considered a method of purification. In modern chemistry, a similar process is used to purify elements and compounds through crystallization. Matter is either melted or else dissolved and then allowed to recombine to yield a product of higher purity than the source material. Paracelsus also held the belief that all life consisted of three parts, which could be represented by the Primes, either literally or figuratively (modern alchemy). The three-fold nature is discussed in both Eastern and Western religious traditions. The concept of two joining together to become one is also related. Opposing masculine sulfur and feminine mercury would join to produce salt or the body.

Stock Management In The Supply Chain Finance Essay - Free Essay Example

Sample details Pages: 18 Words: 5307 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? This chapter reviews the theoretical and empirical literature on the role of stock management in the supply chain. According to Saxenian (1991), inventory management has traditionally been viewed as an internal procedure that took account of inventory within one building, warehouse or location. However, organizations have looked beyond this due to advancement in technology and their quest to effectively manage inventory and reduce costs. Don’t waste time! Our writers will create an original "Stock Management In The Supply Chain Finance Essay" essay for you Create order In any company inventory management is an important area that the management always focuses on when it comes to improving business efficiencies and cutting costs. Supply chain inventory management is so critical for planning or forecasting for the future needs and for developing strategic plans to handle the market situations (Smeltzer, 1997). 2.1. Theoretical Evidence of Stock Management This segment reviews the fundamental concept underlying inventory management in the supply chain. It highlights that there are several roles that stocks can play in the supply chain management in an organization. 2.2 Definition of Terms 2.2.1 Stock Stock is any stored resources that are used to satisfy a current or future demand and are held in different forms by an organization which typically include raw materials, work in progress (process)-WIP and finished goods. According to Cachon Fisher (2000), organizations necessarily hold stock to assist in future consumption and sale. While stocks are at times considered to be evil in organizations, most organizations hold stocks for various reasons, which include physical necessities, functional purposes, speculative purposes, etc. Stock control shows how much stock is held by companies at any time and how they are monitored (LaLonde and Masters, 1994). It applies to every item organizations used to produce a good and this covers inventory at every stage of the manufacturing process, from procurement and delivery to usage and re-ordering the stock. Bartlett (1990) stated that efficient stock control allows an organization to have the right quantity of stock, at the right pl ace and at the right time. It also ensures that resources in terms of capital are not tied up, and protects production of goods and services if there are bottlenecks within the supply chain. 2.2.1 Supply chain Van der Veen and Robben (1997) defined supply chain as the network of organizations that are linked through upstream and downstream activities that produce value in the form of goods and services in the hands of the ultimate customer. Supply Chain can also be viewed as set of organizations directly linked by one or more of the upstream and downstream flows of goods, services, finances, materials and information from a source to a customer. 2.2.2. Supply Chain Management Supply chain management has received substantial attention from researchers and practitioners, yet in many companies management is struggling to implement supply chain processes within their firms and across the supply chain. Supply Chain Management is the management of a network of activities that processed raw materials, transforms them into work in progress goods and then to finished goods, and delivers the goods and services to customers through a distribution system. It covers procurement, manufacturing and distribution. Lee Billington (1995) maintained that maximization of the overall performance of the chain and also adding value at reduce cost is the main objective of supply chain management. In other words, it aims to increase productivity in the supply chain and benefits deliver to all stakeholders and also linked them to work together within the organization (Finch, 2006). According to Mentzer et al. (2001) the management of supply chain is also known as supply chain management. In addition, Lambert (2006) pointed out that SCM deals with a network of businesses and relationships; both intra- and inter- organizational integration and management. Since 1980s the adoption of Supply chain management practices in organizations has gradually risen. A number of definitions have been proposed and the concept discussed at many areas of study. Cousins et al. (2006); Sachan and Datta (2005) and Storey et al. (2006) provided an excellent evaluation on supply chain management literature. These papers determine the concept, principles, nature, and major developments of SCM and also highlighted wider research being done on Supply Chain management. They also critically assessed and analyzed major changes in the theory and practice of supply chain management. 2.3 Stock Management in the Supply Chain Inventory management is about optimizing the balance between the costs of supply, cost of production, costs of holding inventory and the need to provide the highest level of service that will exceed customers expectation(Hughes et al, 1998). Stock management is therefore the set of policies and controls that monitor levels of stock and determines the levels to maintain, when to replenish stock and the size of orders (Davies Heineke, 2005). In a broad context, stock or inventory could include equipments and inputs meant for further processes in the form of raw materials, components at interim stages of the process, such as semi-finished goods or work-in-progress; and outputs such as parts, components and finished goods (Davies and Heineke, 2005). Towill (2003) posit that inventory management acts as a major component of any supply chain irrespective of whether it is a product or service supply chain. Inventory management plays an important role in matching demand and supply w ithin the entire supply chain, ultimately providing flexibility in coping with external and internal events of the todays uncertain, globalized business environment. According to Storey (2006), the 17th annual state of logistics report of the Council of Supply Chain Management Professionals stated that, huge amount of cost is recorded as the cost of holding inventory in United States economy. It is evident that this truth is applicable to many other countries of the world especially in the manufacturing sector. In situations where all the partners in a supply chain manage inventory effectively and efficiently, this will be resulted with less interruptions in production process, reduction in storage cost, product availability and many other organization specific quantitative and qualitative benefits leading to the organizational performance. Grablowsky (2005) asserted that the world has been moved towards integrated and collaborative approach to inventory management within the supply chain rather than isolated approach to manage inventory. In previous research studies like Hari (2004), it was found out that most of the inventory managers tend to take inventory management decisions based on intuition due to lack of the professional expertise in the field, no proper analysis of inventory data, human bias by the senior managers that result with use of rule of thumb, no user involvement in inventory management systems, inventory decisions are not integrated with strategic needs of the organizations, and ultimately result with no proper inventory management practices with an organization. Proper inventory management practices are really important for fast moving manufacturing products such as gold, copper, alcoholic and non alcoholic drinks. Reasons for Keeping Stocks and Inventories. All organizations keep inventories in smaller or larger scale. They exist to smooth out gaps in the rate or timing of demand and supply. Only if the supply of products occurred exactly when they are demanded, products would never be stored. With high inventory level, many companies may also encounter problems in operations; defective deliveries, poor floor layout, untrained operators, off-standards, re-work, down times, inaccurate quantities etc. Or high stock levels can be consequences of these problems. Either way, these unexposed problems cause wastes; increase costs and prevent smooth output of operations. Waters (2002) identified and summarized the benefits of stock management as; economies of purchasing, economies of production, optimize customer service, transportation savings, hedge against future (Price fluctuation, quantity discounts), hedge against unforeseen contingencies (labor unrests, natural disasters, surges in demand, etc.) and to maintain independence of the s upply chain. 2.5 Types of Stock/Inventory Holdings To increase efficiency and responsiveness this research analyzes the main types of inventory and the way these can be classified (Chopra, 2007). 2.5.1 Cycle Inventory Represents the inventory used to fulfill the demand in the period between two deliveries of the suppliers. The size of the current inventory is the result of the production, the transportation or of the acquirement of the merchandise in large lots. The companies make or acquire large lots to exploit the economies of scale in production, transportation or the purchasing process. With the increase of the lot, the expedition costs grow too. (Chopra, 2007) 2.5.2 Safety Inventory Safety inventory is the inventory that needs to be held in the case the demand overflows the expectations or the supplier does not deliver the merchandise in time. If everything were predictable then current inventory would be enough. Because the demand is uncertain and it could overflow expectation, firms keep a safety inventory so they would be able to satisfy a high but unexpected demand. Managers are faced with a key decision as to what they must establish as the size of the safety inventory. If the safety inventory is too large then the merchandise wont sell and they will have to sell it for a lower price after the season is closed. If the firm has a small safety inventory then the firm will have smaller sales. Therefore, deciding for a certain size of the safety inventory implies a link between the cost of owning too much in a safety inventory and the cost of decreasing the sales because of an insignificant safety inventory. 2.5.3 Seasonal Inventory Seasonal inventory is used in case the demand has predictable variations. Companies create inventory in periods when demand is low and they deposit merchandise for the periods when they wont be able to produce a sufficient quantity to satisfy the demand. Managers face the key decisions when they have to decide whether they have to form a seasonal inventory and if they do decide to create it, they must decide on its size. If a company can easily change the rate of the production system at a very low cost then they must not need a seasonal inventory, because the production system can adapt itself for a period when the demand reaches high values without implying high costs. Anyway, if changing the production rate is expensive (for example, when employees must be fired or hired) then a company must establish an appropriate rate of production and they must form an inventory when the demand is low. So, the main problem for the supplying chains managers who form a seasonal inventory is the cost of it in comparison with the cost of having a flexible rate of production. 2.5.4 The Service Level The service level is a part of the demand satisfied in time by the products in the inventory. A high level of the availability of the products creates a high level of responsibility implying at the same time a growth of the cost because lots of inventory are formed but rarely used. In opposition, at a low level of product availability, the inventory cost is lower but it is possible that a client is not served on time. Traditional supply chain metrics focus on efficiency and productivity (Cohen and Roussel, 2005). Improvements in service levels, costs and inventory levels are the desired outcome of an operations strategy and are measured accordingly. A more strategic perspective looks at these measures as enablers of business objectives such as growth within a specific segment or market, accelerated product development, or immediate product availability. When aligned with key business objectives in the supply chain, service level becomes an added source of competitive advantage. 2.6 Stock Management and Corporate Profit Inventory Management system provides adequate information to properly manage the flow of goods, proper utilization of people and equipment, coordination of internal processes and communicate with customers. Inventory Management does not only make decisions or manage operations but provides adequate information to supply chain management personnel who make more timely and accurate important decisions to manage and maximize their operations. A successful business organization depends upon many factors, one of which is an effective inventory management system. Effective inventory management consists of effective record-keeping to shipping and timely receipt of goods on time. An effective Inventory management can keep the supply chain of organization running smoothly and efficiently. Inventory management problems can affect an organization profitability and customer service. They can cost an organization more money and can lead to excess inventory or overstocking that is difficult t o dispose. A work done by Roman (1999) on the effect of stocks and inventory management on Dells corporate profit indicated that average profit has increased between 19.5 to 25 percent per month. This came about as a result of the fact that Dell carries very little inventory and the whole organization concentrates on increasing manufacturing and delivery process of components and products through its supply chain. Dell delivers new products to market faster than its competitors by dealing directly with the customer thereby eliminating middlemen. However, studies done by Richardson (1995) documented that lack of efficient inventory management has led organizations incurring a total inventory carrying costs between 25 to 55 percent of cost of entire production cost. He identified that most of the problems are usually due to improper inventory processes and out-of-date systems. There are a number of problems that caused serious problems with inventory management. He identified so me Common Challenges faced by organizations in Inventory Management are: Lack of qualified Supply chain employees. Some organizations do not put qualified supply chain personnel in charge of their inventory systems and they do not have experience, apathy in their job, or dont have training on logistics and supply chain management. The processes used are not wide enough and do not cover all the aspects and activities in the company. A flawed and unrealistic business plan. To be able to forecast future performance of an organization depends upon accurate and reliable data, and to be able to analyze them accurately. This affects inventory management process because inaccurate data or information may lead to overstocking or under stocking of inventory. Failure on the part of a supervisor in charge of inventory management to check stock in his custody on regular basis and ensuring that there is availability of stock. Identifying shortages ahead of time is an important factor in achieving Customer Satisfaction. Logistic problems and weak points can affect timely delivery of goods and services. This means that if orders for outgoing shipments are not handled in an efficient manner, they can cause delays in the delivery of the products. Falling victim to the bullwhip effect. This means an organization may react disproportionate to new information in the business environment. When demand changes in the market, an organization may panic and overstock inventory, thinking that the changes in demand in the market will move the stock. Too much expired stock in inventory. Expired stock is goods or materials in inventory whose potency or efficacy to be sold at the normal price has expired or yet to be expired. This usually occurs in grocery and drug stores. As a particular food product or drug nears its expiration date, the organization may discount the item in order to dispose it quickly before it expires. Excessive inventory and the inability to disp ose it promptly. This is one of the challenges facing most organizations. Cash inflow comes from disposing inventory quickly. If an organization procures goods for their inventory and do not dispose them quickly or on time, the organization ends up losing money. Inaccurate computer information of inventory items for production or sale. There are always associated costs like loss of goodwill, if customer goes to a warehouse of an organization or supermarket to order or procure and item found out system stock do not match the physical stock. Inaccurate inventory records can easily result in loss of resources; reduce customer expectation and service level. Inventory management systems are too complicated. Many supply management software programs are available for organization and most of them are not user friendly. Some of the organizations do not have the resources for the procurement of the inventory management software, payment of yearly renewals and training of personnel. 2.7 Inventory Costs Historically organizations used to carry high inventory and which they view as sign of wealth (Waters, 2003). However this attitude has changed many years ago and companies have found it necessary to manage their inventory efficiently and effectively in the dynamic business environment. The drive to reduce cost in order to stay in business has led to companies using new method of inventory which has considerably reduced stock levels and costs. According to Monczka et al (2010) excess stock ties up capital which an organization could use more productively elsewhere. And the drawback of holding excess stock is the effect it has on the organization working capital and the inventory costs. Monczka et al (2010) identified and elaborated the main factors comprising the total cost of holding inventory which include: Cost of the items (Purchase cost or material cost),Ordering Cost (Processing of order and delivery of materials) , Cost of holding Inventory ( Taxes, Opportunity cost s, Insurance costs, Space costs and Inventory service costs), Stock out Costs (Lost sales cost and Back-order cost) 2.7.1 Cost of the items This is the total cost of acquiring an item from supplier, and production cost of item manufactured in house. Production cost is difficult to calculate as it has to cover direct material used to make the item namely Labour, overheads and opportunity costs ( Monczka et al,2010 ). 2.7.2 Ordering Cost According to Monczka et al (2010), ordering costs covers all costs associated with the release of an order and accepting delivery of the items. They include all the cost of generating and sending an order or transmitting an order electronically to suppliers, transport, receipt inspection and quality checks. Monczka et al (2010 ) further emphasized that if an organization manufactures an item in-house the preparation and equipment costs may be the ordering cost. 2.7.3 Cost of holding Inventory This covers all costs for holding and storing materials and Monczka et al (2010 )summarized them in three main components namely Financial cost , Storage cost, and maintenance cost Financial cost This is mainly for capital tied up, but also the opportunity cost. This may also include taxes and various other charges on the amount of stock held (Monczka et al 2010). Storage Cost This consist of all cost associated with providing storage for material, providing a warehouse (both internal and external), racking and administration systems (Monczka et al 2010). Other costs may include communication costs, operational costs, consumables and utilities, wages and salaries of supply chain personnel involved in warehouse operations. (Christopher, 2005). Maintenance Costs This involves costs associated in right conditions, stock checks, obsolescence, deterioration, spillages, damage and loss (Monczka et al 2010). 2.7.4 Stock out Costs These are costs of not having an item available which is needed for production and consumption. Another important function of inventory is to avoid shortages and stock outs. If an item is repeatedly out of stock, customers are likely to go elsewhere which will affect the organization reputation and reliability (Monczka et al 2010). In this view organizations are willing to incur the cost of holding stock to avoid higher cost of shortages (Waters, 2003). 2.8 Models for Inventory Management Inventory management models helps allocate time and resources in inventory management on one hand and classification system to deal with multiple product line and magnitude of stock keeping unit on another hand. Therefore, Hanna (2002) has identified four models for inventory management in the supply chain. These models will be discussed and will provide background information concerning inventory management. 2.8.1 Just In Time (JIT) As part of the inventory management principle JIT is not a technique, it is a stock management philosophy (Giunipero and Law, 1990), that eliminates waste in the supply chain by producing and delivering the required product quality at the time and the place needed (Manoochehri, 1984). A JIT system aims at bringing certainty and smoothness to the flow of materials across organizational boundaries and therefore requires the full support of supply chain members (Daugherty et al, 1994). A JIT approach to supply and distribution develops a network of quality assured supply partners working towards making the entire network competitive (DTI, 1995), as a result, logistics systems are characterized by closer relations with suppliers and better forecasting techniques based on consumer demand (DTI, 1995). 2.8.2 Economic Order Quantity One of the challenges most organizations and manufacturers faces is to determine what quantity of a given item to order when ordering supplies. A great deal of literature has dealt with this problem. Many formulas and algorithms have been created, of these the simplest formula is the most used: The economic order quantity (EOQ) or Lot Size formula as analyzed by Cargal (2000). The purpose of using EOQ is to determine the order quantity that balances the order cost and the holding costs in order to minimize total costs of holding stock. This is the most common approach to deciding when stock needs to be ordered. 2.8.3 Economic Production Quantity (EPQ) The assumption of EPQ model is the instant receipt of stock, thus the whole order is delivered in one batch at a certain time. In many cases, however, an organization may build up its inventory steadily over a period of time. For example, an organization may receive consignments from their suppliers within a certain period of time (Ferber and Les 2003). In a production process, there will be a setup cost instead of having an ordering cost. Both costs are independent of the size of the order and the size of the production run. This set up cost is the cost of setting up the manufacturing facility to manufacture the desired good. It usually comprise of costs associated with engineering and design which make the setup, and the other costs involve include paperwork, supplies, utilities, salaries and wages of employees. The same factors are used to compose carrying cost per unit and the EOQ model, although the computation of the annual carrying cost changes. In EPQ model also occur s when the total setup cost equals the total carrying cost. One should note, however, that making the total setup cost equal to the total carrying cost does not always guarantee optimal solutions for models more complex than the EPQ model. 2.8.4 ABC Analysis: An Important Inventory Management Tool ABC analysis is an inventory classification technique in which goods are classified according to the value generated in annual sales ( Fuerst ,1981). ABC is method of inventory that divide stock items into different categories namely A, B and C based on the value of the item or the quantity held or turned over a period of time .It is the most common and widely used classification model for inventory control (Kilgour et al,2006) According to Onwubolu and Dube (2006) when ABC analysis is applied to inventory situation it determines the importance of items and the level of control placed on them. According to Bloomberg et al (2002) inventory classification allocate resources in th e inventory management and allow organization to deal with multiple product line and multitude of stock The segregation of items based on ABC analysis enables the organization to segregate its inventory into significant categories. A Category items are about 10% of total number of items, but carries 70% of value of an inventory or whatever importance the organization is using ( Kumar 2010). According to Baily (1987) the inventory policy for A items is to order once a month unless it is possible to cover them by contract for several months supply with monthly, or weekly or even in the case of high volume items deliveries are done daily. The items deserve close attention and effective monitoring by inventory managers in organisations . B Category items generally represent about 20% of total number of items and about 20% of the value. According to Baily (1987) the inventory policy for B items is to order four times in a year. The items can managed with a formal inventory sy stem like EOQ Model. C Category items are often around 70% of total number of items but carries only 5% of the value (Kumar 2010). The inventory control policy is to order C items once a year (Baily, 1987) Relaxed inventory process can be used for these items by organizations. 2.9 Inventory Management in the Mining Companies. A good number of studies have been carried out in this area (Parunak, 1999). However, as far as the mining industry is concerned, the literature on this subject is inadequate. But in recent years the mounting accumulation of inventories in public and private mining companies made them to realize the importance of the inventory management. For mining companies, inventory management includes a companys activities to acquire, dispose, and control of inventories that are necessary for the attainment of a companys objectives. The management of inventories concerns the flow to, within, and from the company and the balance between shortages and excesses in an uncertain environment (Tersin, 1988). In relation to mining companies, McPharson (1987) stated ,inventory management systems are designed to obtain concise and accurate information for control and planning of planned goods, issues, cuts, projections, raw materials and semi-finished goods basically for export. Inventory manageme nt has been a concern for practitioners especially in the mining industry, in that overall investment in inventory accounts for relatively large part of the companys assets. In the mining sector, inventory may account for 40 to 60% of total assets (Tersin, 1988; Verwijmeren et al, 2009). Inventories tie up money, and the success or failure in inventory management impacts a companys financial status. Having too much inventory can be as problematic as having too little inventory. Too much inventory requires unnecessary costs related to issues of storage, markdowns and obsolescence, while too little results in stock outs or disrupted production. Besides, long-run production associated with a high level of inventory conceals production problems (e.g., quality), which can damage a companys long term performance (Vergin, 2006). Therefore in the mining sector, the primary goal of inventory management has been to maximize a companys profitability by minimizing the cost tied up with inven tory and at the same time meeting the production requirements (Lambert, Stock, and Ellram, 2004). Traditionally, for mining companies, inventories cause conflicts between functional units within a company. For example, within a company, purchasing, production, and marketing people want to build a high level of inventory for raw material cost reduction, efficient production run, and suppliers service level, while warehousing and finance people want to reduce the inventory level for storage space and economic reasons (Tersine, 2003). As global competition between suppliers in the open markets has increased, power has been shifted from suppliers to customers (Verwijmere, 2008). 2.9.1 Storage, Distribution and Disposal Management Since materials stored is equivalent to cash and forms a major part of the total product cost, it is essential that the material should be properly accounted for and safe guarded in an efficient and organized store. With a judicious and proper control of management of stores, one can minimize the losses due to the obsolescence, pilferage, excess storing, etc (Lambert, Stock, and Ellram, 2004). Preservation of items in the space provided in the stores is of great importance because floor space accommodation is a costly issue. Keeping of items at various places in stores, particularly the slow-moving and non-moving items is a crucial concern. But this is often given least importance in the mining industry (Ariba, 2004). To have an effective storage programme, factors such as nature of the item, codification of the item, the expected idleness, economic value of the item and the need for protection should be taken care of. To identify the item in an easy way on the shelves and ra cks, it is necessary to have good lighting (Ariba, 2004). The stores section which is a part of commercial department in the selected mining companies has to maintain good relationship with branches of its own other departments in the organization. The stores and purchase sections functions are complimentary and close cooperation between these two sections will result in better standardization, codification, value analysis, variety reduction, inventory control, salvage, disposal of obsolete and materials. Even in the absence of integrated materials management in mining companies, the stores and purchase sections have close cooperation and co-ordination (Stone, 2000). The stores section is responsible for the issue of materials to various departments and sections in the mining companies. Basing on the bill of materials, work order, material requisition notes, the stores personnel need to issue the material as prescribed in the authorized documents as mentioned above. While deli vering the quantities of material, the personnel in stores section, enter an entry in the books of stores and also an entry has to be made in electronic data processing (Niak, 2004). The store is expected to maintain documents like bin card, codex, obsolete items, rejected items, suppliers index, indents and bills of materials. Even after the computerization of the stores section, the selected shipyard companies are depending mostly on manual documents because one cannot rely on the information given since inexperienced people work in the EDP (Electronic Data Processing) section. For this, the selected shipyard companies should arrange for training in the area of material information system of EDP people and thereby minimize the expenses of maintaining both (Gofin, 2004). Surplus, obsolete and metallic items management assumed tremendous importance in the materials management activities. Surplus originates from three sources namely scrap, obsolete materials and damaged equi pment. Holding these items is costly to the organization. These costs include carrying charges, cost of maintaining the records, loss of the use of capital held up in inventories. In view of this, special efforts need to be made to avoid keeping them (Jawade, 2009). 2.9.2 Critical Evaluation of Inventory Practices in the mining sector Inventory management is an integral part of materials management and plays a key role in the smooth and uninterrupted running of the mining industry. To have higher operational efficiency and profitability of an organization, reduction of the capital locked up in inventories is very much essential. The same will help in improving the liquidity position of the enterprise. As inventories involve locking up of capital, proper care must be given in dealing with the problem of inventory management. The sum of the value of the raw materials, fuels and lubricants, consumables spare parts, processing material and finished products are called as inventory (Richard, 1998). The basic objectives of inventory management in the mining companies would be to keep down capital investment at a minimum level in inventories without endangering the process of extracting mineral, to minimize the idle time of men, machinery and capital caused by shortage of various kinds of materials, to reduce the co sts in maintaining the inventory and to minimize the losses of obsolescence. Inventories account for a major portion of working capital of a mining unit. The predominant position in the total working capital obviously warrants for their maximum efficiency. Thus, inventory management in mining sector aim at balancing between too much inventory and too less inventory. A firm cannot afford either excessive or shortage of inventory. To achieve higher degree of operational results, it is inevitable to maintain effective control and management of inventories (Richard, 1998). The structure of inventory of the mining sector undertakings can be studied by classifying their total inventory into five categories: Raw materials, goods in process, finished goods, stores and spares and miscellaneous items. The structure of inventory can be analyzed in two ways. First, the share of each component of inventory is in relation to aggregate inventory. Secondly, appropriate indicators about adequacy or inadequacy of each type of inventory may be developed and applied to capital positions obtained in mining sector enterprises.(Waller and Johnson, 2003) 2.10 Summary of Literature Various studies reviewed in the foregoing literature have revealed that efficient and effective stock management in a supply chain can play a vital role in cutting stock holding costs across the different stages of the supply chain, thus emphasizing the need of a general model for managing inventories within a supply chain. Studies document that the main reasons for holding stocks of inventories include economies of purchasing, economies of production, optimizing customer service, transportation savings, hedge against future, unforeseen contingences, etc. Holding stocks has it cost which include non-value added costs, opportunity cost, complacency, inventory deteriorate become obsolete, lost, stolen, etc. Models of stock control from the literature indicated that stock management does not necessary mean holding lower stock but ordering stock at a level where total cost of holding stock is minimized (Economic Order Quantity).

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The Faux Martin Guerre A Controversial Issue, And...

In 1560, Arnaud du Tilh - the imposter who posed as Martin Guerre - was hanged, with his body burned after his death. Today, execution is a controversial issue, and mediaeval and early modern executions (especially public executions) are viewed through the lens of enlightenment rationalism. However, this is not how public execution was always seen. When studying history, it is important that the historian does not view history through the lens of their own time, but instead the lens of the time they are viewing. This is one of the aims of studying microhistory - to provide the lens through which to observe a place and time. This is how I shall endeavour to use the fascinating case of the faux Martin Guerre - as a lens through which to view the attitudes, methods and reasoning behind public executions, including the execution that claimed the life of Arnaud du Tilh. It was the attitudes towards and legal philosophy of the time towards crime and punishment that led to Arnaud du Tilhâ⠂¬â„¢s sentence, so the fundamental question that this essay seeks to answer is why Arnaud was given the sentence that he was. Execution as an institution was not an extension of the state, as it is often seen today, but was instead an extension of the community that was seen as a normal part of the ‘divine order’. Arnaud du Tilh was executed by hanging and then burned due to the specific Christian and folk beliefs and symbolism surround methods of execution, and the execution was public not as a

Three Skills I Need to Improve Free Essays

Three Skills I need to Improve Part I Identify three skills for studying and learning online from Assessment 3. 1 that you would like to improve. Develop a brief action plan detailing the steps you will take to develop each skill. We will write a custom essay sample on Three Skills I Need to Improve or any similar topic only for you Order Now Part II Reflect on the people (friends, family, co-workers, social group, etc. ) in your life who support your choice to return to school, and answer the following questions: a. Who is part of your personal support system? Briefly describe each person/group. . How has each person or group of people supported and encouraged you in achieving your goals Identify three skills for studying and learning online from Assessment 3. 1 that you would like to improve . Develop a brief action plan detailing the steps you will take to develop each skill. Overcoming aloneness , Meeting deadlines, Enjoying relaxation I will be trying to work on how to talk with my words verses me always seeing people face to face. I started keeping a personal journal. I am working on deadlines I seem to wait then realize that it’s more work than what I thought. Self-discipline is hard but its working for me with trying to get my work done on day to day. Relaxation I tried that at Panera Bread in the mall just to read over some work it was good. Part II Reflect on the people (friends, family, co-workers, social group, etc. ) in your life who support your choice to return to school, and answer the following questions: a. Who is part of your personal support system? Briefly describe each person/group. b. How has each person or group of people supported and encouraged you in achieving your goals? My husband and children are part of my support system. My daughter is very smart and says mom I can do your work. My husband helps me with understanding of this online school since he’s been doing this for a long time. They keep me encouraged because I get frustrated very quick. My husband says calm down and breath do this at your pace and you will get the hang of it. How to cite Three Skills I Need to Improve, Papers

Sports and Media Relations Divergence

Question: Discuss about theSports and Media Relationsfor Divergence. Answer: Introduction In the recent years, both the sports and media organizations have developed a relationship based on self-interests (Boyle, 2010). The organizations of these industries have gained advantages from their complementary nature of interest. However, this relationship is a love hate relationship, where at times they are friends and at other instances, they are foes. When their interests converge, the situation becomes a win-win and in case of divergence, the tables turn. In the following parts, this very aspect of convergence and divergence of the needs of sports and media organizations, have been discussed. Convergence and Divergence The needs of the sports and media organizations converge when their interests are complementary in nature. So, the sports provide the audiences and the valuable content to the media and on the other hand, the media houses act as a source for promotion tool for the sports and also as a source of revenue. The exclusive live broadcasting rights sale of any game contributes as the revenue source for the sports clubs and sports organizations, if not as the principal source. Similarly, to create an attractive programming for their audience, live sports content is decisive for the media operators (Nicholson, 2007). When such sports are widely covered through televisions, the sport leagues get a significantly higher exposure, which delivers private benefits to the clubs and leagues in form of attraction of new supporters and in the form of increased revenue from sponsorship. This shows that without the media coverage of the major sports events, such events would virtually have no meaning at all. Such interdependence amongst the media conglomerates and the sports organizations is often known as the sports/media complex (Lefever, 2012). In addition to this, in this digital age, the sports have opened the channel gates to tapping the digital market too. The digital sport services act as an encouragement for the fans of the sports to check the latest content and keep up with it from any place in the world. The recent developments suggest that the success in the global distribution era is completely dependent upon the cultivation of a lucrative niche audience and to create a platform available 24*7. This also facilitates the media houses to focus their advertisements for the tech savvy world. Hence, the sport is distributed digitally to suit the workspace media viewing habits (Hutchins Rove). The strategy behind these digital sports series can be thus contributed to the association of the digital technology with the multitasking. The concentration upon the behavior of sports fan over the others, contributes in understanding the emerging technologies, as well as, in shaping the manner in which these are integrated in the lives of the people. It is worth noting that the emergence of digital platform took place at the time when the leagues were looking for new fans in the international market. So, the use of the digital media in sports is often quoted as being the as a source of ancillary revenue. This in turn has resulted in the re-conceptualization of the products of entertainment as the mutating global products (Hutchins Rove). Even though the media houses are not obliged to cover such sport events, but they do so, in order to make certain that they get good stories, to attract the TV ratings and to sell their papers (PwC, 2011). On the other hand, instead of covering the sports events, the media houses may choose to show the stories which are not aligned with the sports organizations. Moreover, in situations where the media houses cover a negative story, which has the impact of reducing the revenues for the sports organizations or which results in the decline of the fan base of a particular sports, the sports organizations associated with such a sport, may refrain from staying connected to the media outlet. These are the situations where the divergence occurs between the sports and the media organizations, as their interest are deviated. As per the inquiry conducted by Lowe in 1997, from the collection of the data from the fieldwork in the sports department of a daily newspaper of Canada, the sportswriters were dependent upon their routine sources of raw news material. This material came from the sports organizations, the athletes and the spokespersons. And to cope with the pressure and constraints in the work they do, this interaction became very crucial. This proved beneficial for the commercial spectator sports, as the work routine which was implemented in the manufacture of sports on daily basis, garnered the attention. As a result of this, the non commercial sports were omitted from the news. This omission highlighted the power of the media to make or break any sports (Lowe, 1997). For the sports organizations, the infusion of money from the media organizations and sponsors proves beneficial. The introduction of the televised sports, was earlier feared to be a cause of the depletion in the attendance in the stadiums, as it was believed that that if the individuals could attend the event directly from the comforts of their living rooms, they would not buy the tickets to such events, which are a major contributor to the revenue of such spots organizations. However, the live coverage of sports demonstrated to be the contrary of being detrimental, as it contributed as a major fan base builder (Cave Miller, 2015). Buraimo quoted the televised sports as being complementary to the attendance at the stadiums (Buraimo, 2006). To accommodate the coverage by the media houses and to attach more ratings, the rules of the games have changed and even abandoned, and the playing conditions have been revised. So, instead of the traditional brown ball, a white ball is being used, in addition to the introduction of distinctive colored shirts, so that the watching experience for the football viewers can be enhanced. During the FIFA World Cup of 1994, held in the United States, the matches were played at the time of the day when it was the hottest, only to ensure that the telecast was made at the European prime time. Such initiatives have been taken due to the convergence of the interests of the media organizations and the sports organizations, as both of these have understood the significance of each other (Lefever, 2012). On one hand, the media publicity works for the benefit of the sports organizations, on the other, the live coverage of such events provides the broadcasters the credibility, as well as, an established profile in the market, in addition to the lucrative audiences, which are then used to advertise. The economics of the broadcasting necessitates the sufficiency in the size of the audience, so as to produce the sufficient finance resources and the audience share is the word that creates a lot of buzz amongst the media organizations. The higher the number of audience, the higher would be the popularity of the channel (Sderman Dolles, 2013). And only when the channel has high popularity, can it attract the advertising companies. So, in order to have higher viewing figures, it becomes crucial for the media organizations to put forward such programs which are both appealing and attractive, and preferably not available over the other channels (Lefever, 2012). Sports have the ability to trigger the attention of the consumers and the advertisers. Moreover, sports can reach to that segment of the consumers, which normally do not watch the television and only tune in to watch the sports event. So, the target market which is not otherwise available for the advertisers can be attained through the use of the sports events. It also has to be highlighted that even the bad news can be attractive (Luck Buchanan, 2015). When the media organizations present a bad news regarding a sports organization or a sports personality, it can garner a lot of attention, which can translate into higher ratings; however, this may result in the divergence of interests (Lefever, 2012). The similarities between the interests of sports and media organizations showed their convergence but to evaluate these effectively, their differences have to be noted too. The theories based on the disposition of media provide this lens. In wide terms, these theories explain the manner in which the individuals evaluate and form the affiliations with the characters of media, and the enjoyment is dependent upon what happens to and with such characters. The theory given in 1972 by Zillman and Cantor was the very first theory which highlighted the manner in which the enjoyment was attained through jokes, which involved mocking of a group or an individual. This very theory later on led to the disposition theory of drama and sports spectatorship. Even though humor is an emotional response, but it does led to the development of a judgment. Moreover, the language of the media can also impact the sports organizations. For instance, the comment that Canada deserved to win, on ESPN.com, change d the perception of the people (Billings, 2011). Conclusion To conclude, there are higher chances of the media organizations and sports organizations converging, instead of diverging, as these organizations have realized the significance and potential of their inter-dependence. Moreover, a divergence may though result in a favorable rating for once, but for longevity of such organizations, the convergence of their needs proves beneficial. References Billings, A. (Ed) (2011). Sports Media: Transformation, Integration, Consumption. London: Routledge. Boyle, R. (2010). Sport and the Media: Game on or Game over - University of Glasgow. Retrieved from: eprints.gla.ac.uk/44177/1/Boyle_final2.doc Buraimo B (2006) The demand for sports broadcasting. In Wladimir A Szymanski S (Eds.), Handbook of the economics of sport (pp 100111). Cheltenham: Edward Elgar. Cave, A., Miller, A. (2015). The importance of social media in sport. Retrieved from: https://www.telegraph.co.uk/investing/business-of-sport/social-media-in-sport/ Hutchins, B., Rowe, D. (Eds) (2013). Digital Media Sport: Technology, Power and Culture in the Network Society. London: Routledge Lefever, K. (2012). New Media and Sport: International Legal Aspects. The Netherlands: Springer. Lowes, M. (1997). Sports Page: A Case Study in the Manufacture of Sports Pages for the Daily Press. Sociology of Sport Journal, 14(2), 143-159. Luck, E., Buchanan, E. (2015). Sporting Organisations: Do they need to communicate with members?. Retrieved from: https://www.cbaa.org.au/article/sporting-organisations-do-they-need-communicate-members Nicholson, M. (2007). Sport and the Media: Managing the Nexus. Retrieved from: https://www.imd.inder.cu/adjuntos/article/557/Sport%20and%20the%20Media%20Managing%20The%20Nexus.pdf PwC. (2011). Changing the game. Retrieved from: https://www.pwc.com/gx/en/hospitality-leisure/pdf/changing-the-game-outlook-for-the-global-sports-market-to-2015.pdf Sderman, S., Dolles, H. (2013) Handbook of Research on Sport and Business. Cheltenham: Edward Elgar.

Rose Day of Lily free essay sample

KantIt’s a time to relax, It’s a time to joy, It’s time to chill, It’s time to fly, After all, holidays are here†¦. But my homework will keep me active and fine and credit goes to my school time! Dear Victorians, Summer Holidays are on the way†¦.. It is a time to take a break from the fixed schedule and time to feel free from all rules and regulations†¦. but freedom brings more responsibilities. So here are few interesting activities to keep you going, throughout the summer vacations. We hope that you will do your homework and activities in a presentable systematic manner and follow the instructions given below: 1. . 3. 4. Complete your Holiday Homework as per the subject wise guidelines. You will be assessed and graded for the same. Holiday Homework should be in your Project file of the respective subject. Your work should be neatly and properly labelled with your Name, Class Section, Roll No. We will write a custom essay sample on Rose Day of Lily or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page and Subject. Submit your Holiday Homework on 25th June, 2013 (Tuesday) from 10:00 – 11:00 a. m. in the respective classrooms. Have a happy and safe holidays! HOLIDAY HOMEWORK CLASS X (2013-2014) Subject : English Write the â€Å"Book Review† of any of the American author. Points to emphasize on : Book cover (Apart from the original one). About the Author. Summary/Synopsis Characters Extrapolation Book Jacket If possible present in comic book strip. fok;fgUnh iz0-1 fuEufyf[kr okD;ksa es ls js[kkafdr inksa dk inifjp; nhft,% 1- js[kk i= fy[krh gSA 2- egsk cqfn~/keku gSA 3- ge lnSo Hkkjr dh j{kk djsaxsA a 4- rqEgkjh iqLrdsa D;ksa QV tkrh gSa \ 5- cktkj ls dqN xsgw? ysrs vkukA 6- eqgt;s ehBs O;atu vPNs yxrs gSaA 7- esjs ? kj ds lkeus isM+ gSaA 8- vkkqrksk us gesa i