Integrated Business Experience for Legal and Compliance Issues

Question: Discuss about theIntegrated Business Experiencefor Legal and Compliance Issues of Business. Answer: Introduction MAYRAH has been an Australian Ready-To-Wear style brand representing ghostly grace with an artisan pressure. It was established by Julie Shaw years ago, and now its fashion career has expanded over the years to different areas of the country (Mayrah, 2016). After flourishing and capturing the market of the country now, the corporation has made an initiative to develop the market to the countries overseas. But an organization while expanding a trade in a country would not face any main difficulties which it would face while it expands overseas. So, it has to do a research about the environment which prevails in the country in which it wants its business to flourish. There have been some lawful and compliance issues which overseas countries would face when it enlarges its business in Mumbai, India (Australian Consulate General India, 2016). It has followed various legislative provisions which Mayrah being a foreign corporation have to follow before entering the host country i.e. India. The regulations include (Antani, 2011): COMPANIES ACT, 2013- As per section 380 of the Act, every foreign corporation have to provide some papers to the Registrar for registration within 30 days of the institution of its trade in India such as: Licensed copy of Charter, statutes or MOA of the corporation; Full address of the registered or principal office of the corporation; List of Directors and CS under Rule 3; Full address of office in India; Other documents as may be prescribed (Kapoor, 2015). Rule 3(3) of the Companies (registration of Foreign Companies) Rules 2014 require application in Form FC-1 and FC-2 to be supported with an attested copy of approval from the RBI under FEMA. FDI- The access of the Foreign Direct Investment by the non-citizens into India was keeping pace by way of two routes such as Automatic way and approval way. The Automatic way was intended for those sectors and levels of speculations that were less constrained. On the other hand, in the matter of approval way, government organizations standardize and inspect the foreign investment while appreciating it (Jose, 2016). FEMA- The Foreign Exchange Management Act, 1999 was an Act of the Parliament of India to strengthen and modify the law concerning to foreign exchange with the purpose of assisting external trade and payments and for encouraging the systematic growth and maintenance of foreign exchange market in India (Reserve Bank of India, 2016).It has been obligatory as it scrutinize the actions such as expenses which were made to any person outside India or receipts which India obtain from them; Deals in foreign exchange under the present account by authorized persons could be limited by the Central Government based on Public Interest normally; It facilitate that citizens of India would be allowed to carry out dealings on foreign exchange. ENVIRONMENT-While investing in the overseas country the environmental issues were of a chief concern to the flourishing enterprise of a project. At the same time, the growing concern in Mumbai, India about the state of the environment points to a chance for the Australian trades to market green technologies. Some of the projects were followed, as a part of the follow up program to the New Horizons promotion which takes care of the Indian environmental issues. There would be a variety of apprehensions of the host country and the local society regarding Mayrahs operations there in Mumbai, India which includes: Fluctuation of the Worth of Rupee-With the development in economy and appreciation in the value of the rupee, there was a diverse story to disclose. With an appreciation in value of rupee, Mayrah would now require more introspection to decrease the extent to the drive. An export contract, which has been conducted in dollars, faced the most stringent blows (Herxeca and Hogan, 2013). PLAN: Mayrah plans to keep the price of the products of clothes as per the requirement and the need of the consumers it would deal with as to survive the price and the volume combination have to be adjudicated properly (Marketing MO, 2016). Price would have been levied as per the market understanding as what were sold at a higher rate in Australia would not be acceptable in Mumbai as it offers a elevated price. But Mumbai has been a developing country so some fluctuations in the price could be made if the consumers need were dealt by Mayrah. Unemployment- A study was carried out and it was found that with the approval of Rupee and the expansion rate in the fashion industry like Mayrah had the effect as per which the exports have reduced from 16.6 % to 9.2 % and thus has already decreased service from the fashion industry export trade about lacs, and could further lead to an general loss of over six lac services, unless strict counteractive actions were assumed to avert the crisis. Though India enjoys the benefit of a host of low costs in the fashion industry, manufacturing and supply of cheap labor presently faces threat from its neighboring competitors. PLAN: Mayrah would engage more and more people for Mumbai so that the problem of unemployment would not take place. As it has been observed that the foreign countries get their own people so that the cost would be low as they would not have to invest money to hire others from outside. But Mayrah would employ people from India also so that the problem of or issue of unemployment would be contributed by it in some manner. Lagging in Cost and Technology Spheres- For certain period of time, it may be measured to be fine but simply growing the efficiency was not a resolution rather improving it and cost competence ought to be the long term objective. More investment has been done in existing technology rather than in new techniques (Pani and Sharma, 2012). PLAN: Mayrah would not utilize old technologies rather it would use new technologies as it has to offer best output for the consumers and attract them to buy and visit the store which it has established in India. Mayrah believes that a initial investment has to be done so that long-term benefits would be obtained so it would install new technologies so that it do not fails to provide its services and reduce its brand name. CSR- The CSR Rules describe that in issue of a foreign organization that has a project office in India, then the CSR sections would be pertinent to such offices. It also describes that the balance sheet and profit and loss account of a foreign institutions would be organized in as per Section 381(1)(a) and net profit to be calculates according to Section 198 of the Companies Act. Expenditure sustained by foreign Holding Corporation for CSR activities in India would qualify as CSR spend of the Indian subsidiary if, the CSR expenses were routed through Indian subsidiaries and if the Indian subsidiary was obligatory to do so as per section 135 of the Companies Act (Nishith Desai, 2016). PLAN: Mayrah plans that it would comply with all the CSR provisions which have been mentioned under the Act. And would include such provisions by which it would work in relations to the protection of the community as a whole by avoiding the acts like insider trading or any other unlawful act which would harm the community and people within it. References Antani, M. (2011) Top 5 Compliance Issues For Doing Business In India. [Online] Corporate Compliance Insights. Available from: https://corporatecomplianceinsights.com/top-5-compliance-issues-for-doing-business-in-india/ [Accessed on 14/11/16] Australian Consulate General Mumbai, India. (2016) Doing business with Australia. [Online] Australian Consulate General Mumbai, India. Available from: https://mumbai.consulate.gov.au/mbai/trade.html [Accessed on 14/11/16] Bhardwaj, V. and Fairhurst, A. (2010) Fast fashion: response to changes in the fashion industry. The International Review of Retail, Distribution and Consumer Research. Vol. 20, No. 1, pp-165173. Herxeca, L. and Hogan, H.(2013) Fashion Law and Business: Brands Retailers. [Online] IPwatchdog. Available from: https://www.ipwatchdog.com/2013/09/27/fashion-law-and-business-brands-retailers/id=45373/ [Accessed on 14/11/16] Marketing MO. (2016) Pricing Strategy. [Online] Marketing MO. Available from: https://www.marketingmo.com/strategic-planning/how-to-develop-a-pricing-strategy/ [Accessed on 14/11/16] Mayrah. (2016) About us.[Online] Mayrah. Available from: https://shop.mayrah.com.au/pages/about-us [Accessed on 14/11/16] Pani, A. and Sharma, M. (2012) Emerging Trends in Fashion Marketing: A Case Study of Apparel Retailing in India. International Journal of Business and Management Tomorrow.Vol. 2, No. 10, pp- 1-8. Kapoor, V.(2015) All about Foreign Companies under Companies Act, 2013. [Online] tax Guru. Available from: https://taxguru.in/company-law/foreign-companies-companies-act-2013.html [Accessed on 14/11/16] Jose,T. (2016) What is Automatic route and Approval route in FDI?. [Online] Indian Economy. Available from: https://www.indianeconomy.net/splclassroom/182/what-is-automatic-route-and-approval-route-in-fdi/ [Accessed on 14/11/16] Reserve Bank of India. (2016) Foreign Exchange Management Act Notification.[Online] Reserve Bank of India. Available from: https://rbi.org.in/scripts/BS_FemaNotifications.aspx?Id=10289 [Accessed on 14/11/16] Nishith Desai. (2016) Corporate Social Responsibility Social Business Models in India. [Online] Nishith Desai. Available from: https://www.nishithdesai.com/fileadmin/user_upload/pdfs/Research%20Papers/Corporate_Social_Responsibility___Social_Business_Models_in_India.pdf [Accessed on 14/11/16]

Sustainable Energy and Transportation Systems †MyAssignmenthelp

Question: Discuss about the Sustainable Energy and Transportation Systems. Answer: Introduction Faced with growing traffic, the NSW government has decided to expand the M4 motorway, given traffic into Sydney is growing at a pace. Because of the complexity of the problem such as having to keep 140000 vehicles moving through the transport corridor and the sheer volume of the project, the NSW decided no single company could undertake the construction project on their own. As such, the bidders had to form a joint venture, setting up a new entity (WestLINK), composed of three companies to undertake the project. In addition, the joint venture company has hired additional five consultants, and will work with over 180 specialty sub contractors to undertake the project. Being a publicly funded project, the NSW must ensure the project is undertaken as per the requirements; to be within the stated budget of AUD 16.8 billion, and be completed on tome (the deadline for completion is 2023), for the whole 39 km expansion of the M4 motorway. To ensure the success of a project, such as the mass ive M4 project, the owner must select the right person/ entity for the job. Further, there must be a team buy-in and a clearly defined scope. For this project, there are certain challenges that must be overcome (Jha, 2014). The challenges include keeping 140000 vehicles moving through the project corridor, completing the project within scope and time, keeping down costs, being able to form a cohesive team, and fast tracking the schedule. In lieu of these, the stakeholders have consulted APIC Consult, a general consultant on the best way to manage the project, in the context of the project delivery method and the financial contract method. The project delivery method refers to a system that an organization utilizes to finance and organize construction operations for a facility being constructed, through a legal framework with relevant parties (Lewis, 2011). Financial contractual method refers to the method chosen for financing the execution of the construction project (Weil, 2017). Having been contracted to advise the stakeholder on the best way to tackle the project, this paper details, after reviewing the various project delivery and financial contracting methods, the most suitable way with which to handle the project. Further, the best procurement method is also determined and advised. To do this, an evaluation matrix will be developed to evaluate the various methods based on their suitability for the overall proje ct and ability to overcome the stated project challenges, while ensuring the objectives of the project are met. To develop the evaluation matrix, this report will first set goals to use in the evaluation, based on the project requirements and the challenges, and then give scores to each f the different project delivery methods and the financial contracting types (Levy, 2011). A weighted score will then be developed for each for all the identified goals , which acts as the criteria weight, and the best methods proposed for the client (Ehrgott, 2010). Evaluation Goals Goal Criteria Weight Ability to Handle Project Complexity 10% Fast track schedule and cost control 15% Worker and Public safety 10% Unified and cohesive team 20% Meet 2023 deadline within stipulated cost 30% Risk 15% The criteria weights are awarded based on their importance, as a percentage (Kumar Dash, 2016); the ability to meet the deadline within the stipulated budget is a very important aspect of the project, and so is given the highest criteria weight. The success of the project depends on the team delivering the project; this team must have a unified vision and goal, and work in a synergistic manner in order to meet the deadline within cost, and so this goal is given the next highest criteria weight of 20%. Every project has a risk; the ability to effectively manage the risks is crucial for the success of the project, and so this is given a 15% criteria weight. Fast tracking the project schedule and keeping down costs is another important goal, and is given a similar criteria weight of 15%. The ability to keep traffic moving while undertaking the construction works is also a important aspect of the project that will ensure timely delivery, and so this is given a criteria weight of 10%. fi nally, work place health and safety is also an important aspect of any project undertaking to ensure the health and safety of both workers and the general public, so this is given a criteria weight of 10%. Weighting the project Delivery Methods Having established the project goals and deciding on the criteria weights, the next step is to give weighted scores to the project delivery methods (which are variables in the report0, with justification. This is in order to develop an aggregate score based on the criteria wight and help determine the best method for project delivery. The criteria weighting was done in a spreadsheet as shown in the table below by multiplying the criteria weight with the score awarded to each project delivery method out of 100 points. The sum for each project delivery method is then computed. Project Delivery Method Evaluation matrix Design-Build D-B Design-Bid-Build D-B-B Contract Manager at Risk CM@R Goal Criteria Weight Score Weighted Score Score Weighted Score Score Weighted Score Ability to Handle Project Complexity 10% 75 7.5 76 7.6 82 8.2 Fast track schedule and cost control 15% 88 13.2 85 12.75 85 12.75 Worker and Public safety 10% 80 8.0 80 8.0 84 8.4 Unified and cohesive team 20% 84 16.8 70 14 86 17.2 Meet 2023 deadline within stipulated cost 30% 77 23.1 70 21 84 25.2 Risk 15% 80 12 74 11.1 78 11.7 Totals 1 80.6 74.45 83.45 Justifications and Assumptions The weights are based on the inherent characteristics of the project delivery methods, their strengths, and weaknesses. D-B-B involves contracting different entities to undertake design and construction. While this method can fast track a schedule, and ensure safety, it will have challenges in creating a unified cohesive team, handling complexity, and risk; these factors can jeopardize its ability to deliver on time and within cost (Warhoe, 2013). In D-B, the contract for designing and building is given to a single contractor and so they can create a cohesive team better, effectively manage risks, meet the deadline within budget, and fast track the schedule, as well as handle complexity to a moderate level (Jackson, 2011). CM@Risk entails delivering the project within a GMP (guaranteed maximum price) based on the specifications for the contract. This method is suitable for consortia and brings in expertise from various fields and hence, can handle complex projects due to value engine ering. Schedules can be fast tracked and it can guarantee lower costs. The method takes the risk away from the project owner, and a unified cohesive team can be easily created. Because it has expertise, issues such as health and safety can be handled competently, hence it gets higher scores (Hess, 2007). On weighting, the CM@Risk is found to be the best approach, just better than D-B; D-B-B is the least suitable approach, and so CM@Risk is recommended as the best project delivery method. The goals are to keep costs low, finish project within budget, and lower risks to owner, and align with project objectives through cohesion. Criteria weights are given based on impact; with finishing project within budget and keeping costs low getting higher criteria weights Financial Contract Type Evaluation Matrix Fixed Cost plus Fee Lump Sum GMP Goal Criteria Weight Score Weighted Score Score Weighted Score Score Weighted Score Deliver project within budget 30% 78 23.4 82 24.6 85 25.5 Keep costs low 28% 75 21.0 85 23.8 83 23.24 Align project with objectives (cohesion) 20% 82 16.4 80 16.0 85 17.0 Lower Risks to owner 22% 74 16.3 85 18.7 85 18.7 Totals 100% 77.08 83.1 84.44 Rationale and Assumptions The fixed cost plus fee is where a fixed fee is set at project inception, although it may be adjusted; however, it gives contractors minimal incentive for cost control, hence it scores low on keeping costs low. It may raise risks for the owner too hence this score of low. For lump sum, the contractor gives a single universal price for all works; it lowers risk for the owner, can enable timely project delivery, will help keep down costs, and achieve project alignment (Glazov, 2010). The GMP entails payment for costs of undertaking works, plus a profit up to a specified ceiling. This method greatly lowers risks, can accelerate construction, greatly aligns with objectives, and will ensure project delivery within budget (Kassel, 2017). GMP just outperforms the lump sum method by a small margin, while fixed cost plus fee comes third. GMP is therefore the most suitable financial contract type for the project. Procurement Evaluation Matrix Competitive Procurement Negotiated Procurement Best Value Procurement Goal Criteria Weight Score Weighted Score Score Weighted Score Score Weighted Score Reduce Risks 17% 78 13.26 60 10.2 80 13.6 Innovations From Supplier Base 23% 78 17.94 72 16.56 79 18.17 Ensure Quality Delivery 30% 82 24.6 70 21.0 82 24.6 Cost Effectiveness 30% 75 22.5 65 19.5 74 22.2 Totals 78.3 67.26 78.57 Rationale and Assumptions Competitive Procurement is commonly used where bids are received from sellers and evaluated, and then a supplier chosen based on a given criteria. It significantly reduces risks such as substandard products, helps attain innovation and will ensure a high quality of products. Its also cost effective; however, not all bidder may be interested and so cost effectiveness is not guaranteed. For negotiated procurement, it entails inviting bidder without advertising and negotiating the finer details; this scores low in all goals because issues such as quality, cost effectiveness, and reduced risks cannot be guaranteed (Davidson, 2016). Best value procurement entails selecting vendors based on several criteria, and the vendors/ suppliers can be sourced through advertising or invitation. The vendor is selected based on scoring in areas relevant to the project objectives, and hence scores relatively high in all goals (Morledge Smith, 2013). The best value procurement method just outperforms co mpetitive bidding, and so is chosen as the best procurement method. Conclusion The NSW, in efforts to ease traffic in its main motorways, seeks to expand the M4 motor way in a complex project budgeted at $ 16.8 billion, to be completed by 2013 for 39 km of road. Some challenges arise; the need to move traffic moving, keep costs low and fast track schedules, ensure a cohesive team, ensure safety and health, and deliver the project on time. These goals can be overcome through effective project delivery, financial contracting, and procurement methods. To select the best methods, an evaluation matrix was used for scoring, based on the project objectives and challenges. The criteria therefore chooses CM@Risk project delivery method, GMP financial contracting, and best value procurement as the most suitable for this project References Davidson, N. M. (2016). Affordable housing and public-private partnerships. London: Routledge. Ehrgott, M. (2010). Multiple criteria decision making for sustainable energy and transportation systems: Proceedings of the 19th International Conference on Multiple Criteria Decision Making, Auckland, New Zealand, 7th-12th January 2008. Berlin: Springer. Glazov, J. (2010). Construction Contracts: The 10 Most Important Terms - Price | Construction Law Today. Construction Law Today. Retrieved 2 April 2018, from https://www.constructionlawtoday.com/2010/01/construction-contracts-the-10-most-important- terms-price/ Hess, S. A., American Bar Association. (2007). Design professional and construction manager law. Chicago, Ill: American Bar Association, Forum on the Constuction Industry. Jackson, B. J. (2011). Design-build: Design-build essentials. Clifton Park: Delmar. Jha, K. N. (2014). Determinants of Construction Project Success in India. Dordrecht: Springer Netherlands. Kassel, D. S. (2017). Managing public sector projects: A strategic framework for success in an era of downsized government. London : Routledge Kumar, A., Dash, M. K. (2016). Fuzzy optimization and multi-criteria decision making in digital marketing. Hershey, PA : Business Science Reference Levy, S. M. (2011). Project management in construction. New York : McGraw-Hill Education Morledge, R., Smith, A. (2013). Building procurement. Chichester: Wiley-Blackwell. Weil, R. L. (2017). Financial accounting: An introduction to concepts, methods and uses. New York: Cengage Learning. Warhoe, S. P. (2013). Applying earned value management to design-bid -build projects to assess productivity disruption: A system dynamics approach. Boca raton, Fl; Dissertation.Com

Writing and Premium Autobiography free essay sample

Autobiography Of a Pen feelings that lay inside her, through her writing. She used to call me her Lucky Pen and I was proud of that status. But one day, I remember her writing writing.. . Premeditated An Autobiography Through Fiction-Based Prose of his life and, through his prose, still does. George Orwell wrote his autobiography not as a book written in the first person, but as a lifetime of prose based Premium Jason De Lemons Autobiography Jason De Lemons Autobiography l once asked myself, how history was written.He read several works by this great leader, including his autobiography, and believed in the non-violent ideals that it promoted. The impact they made N Autobiography Twenty One Years In The Making Autobiography Twenty One Years in the Making Born Just two days before Christmas, I started my life in the tender loving arms of my mother, and my ever-guiding The Autobiography Of Benjamin Franklin of nearly 30 years and covering his life only until 1759 (he died in 1790), The Autobiography of Benjamin Franklin is actually tells approximately half of his life. We will write a custom essay sample on Writing and Premium Autobiography or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page ..He died on April 17, 1790. The first five chapters of the Autobiography were composed in England in 1771, continued In 1784-5, and again In 1788, at which date Premium Christine Jorgensen Biography Christine Jorgensen (May 30, 1926 May 3, 1989) was the first widely known person to have sex reassignment surgery In this case. .. Memoir, Spiritual autobiography * Biography * Dealers and Journals * Electronic literature Erotic literature * Fable, Fairy tale, Folklore * Fulton o Writing and Premium Autobiography

Outline Note Taking. Make Studying Easier

Outline Note Taking. Make Studying Easier It’s easy to reach information-overload at college, especially when the professor talks too fast, or when you are doing final preparations for an exam. To make things tougher your brain needs time to file the information for remembering later. This all adds up to the need to organize the data right from the beginning. Outline note taking is one way to achieve this. Look Through a Practical Example Let’s assume you would like to summarize â€Å"outline note taking† as a possible examination question, in which case you might set it out in layers like this. Notice the main thoughts are down the left hand margin, with the lowest levels at the far right. Let’s use the same outline for the rest of this blog to help you get a feel and cement your understanding. Introduction to Outline Note Taking Outline note taking is a study method that uses an outline to logically structure a block of information, and make the details easier to retrieve from memory later. The data could come from a lecture, a tutorial, a textbook, or your own ideas as you get to grip with a topic. Making summary notes is as old as written history, for example the hieroglyphics on Inca and Egyptian pyramid walls. The ancients did not have space to write everything down so they created symbols for the key concepts. Outline note taking at college has a related purpose. There is so much information coming out of class you don’t have time to write it down. If you did, how would you find it in a box full of notebooks and scraps of paper? It makes so much more sense to jot down the teacher’s thoughts in a logical set of headings. That way, you can concentrate on what they are saying. Outline note taking is also a great way to summarize a chapter in a textbook so you get to see the bigger picture, and understand the overall message. How This Method Works Use a pencil and have an eraser handy because you are going to make changes throughout the process. You need to separate the main topic from the lower order ones. This is not always as easy as it seems. For example, the lecturer’s thinking may not be logical from your perspective, or the textbook chapter not directly related to your major. Most students put the key thoughts on the left and the minor ones to the right. This is entirely a matter of choice and you can do this the other way around or from top to bottom if you like. Whichever way you go it is important to use a separator between the words and phrases, so you know where one ends and the next one begins. I used a grid. Bullets, numbers, highlighter colors are equally good. Practical Application of Outline Note Taking Capturing key thoughts in the appropriate boxes is the secret to outline note taking that works. For example, if your teacher says, â€Å"Today we are going to discuss the political implications of the Civil War† you could outline it this way: There are no model answers. What works for you is right. As long as you are flexible, are not hogtied to an early idea and keep that eraser handy, you will do fine and get your mind around outline note taking soon. The words in the titles are incredibly important because they trigger your memory later of the details you are summarizing. If you are a history student, then ‘U.S. Civil War’ could be advisable. Which do you think is best: consequences, penalties or implications? This is not just semantics. Outline note taking is about words and their meanings. You may find it helpful to use ‘cue words’ as further memory triggers where the outline titles are broad. Here’s a worked example to illustrate what we mean. Again, these are just loose thoughts. Do you remember the definition earlier? Outline note taking is a study method that uses an outline to logically structure a block of information, and make the details easier to remember later. So next time you do your homework, try taking notes the outline way. See for yourself how useful that will be.

Intercultural Communication As A Trading of Cultural Stereotypes Essay

Intercultural Communication As A Trading of Cultural Stereotypes - Essay Example The mass media is especially responsible for repeatedly promoting negative and distorted images of different cultural groups until those images and stereotypes often become very difficult to overcome. A few isolated incidents of bad conduct from members of a group, and the entire group is often perceived as being the same, that is because when people stereotype, they don’t feel a need to consider the individuals that make up a group after placing that group in a determined category. Stereotyping serves the purpose of allowing people in one group to claim superior characteristics to those in another group. By attributing characteristics that bear a negative connotation, stereotyping becomes a way that people gain a sense of control about the unknown. This phenomenon not only exists between ethnic cultural groups, but among others as well, such as gender groups, economic groups, educational groups, and generational groups. This is particularly true when one considers the response a younger culture often receives from an older one. There are differences of opinion when it comes to language and culture. Some say that language defines a culture because it affects and molds what we believe and what we think, yet others say that language is only reflective of what goes on inside of a culture. When we talk about people, our intent is to make a specific point, and that point dictates the language and word choices that we make. If we want to portray someone in a positive light, we might refer to them as beautiful, trustworthy, enterprising or as a pillar of society. We would show respect by referring to them as Sir, Miss or Ma’am. On the other hand, if we want to portray someone in a less favorable light, we might call them by their last name only, use words such as shady or dubious.

The market mechanism is the only effective way to allocate resources Essay

The market mechanism is the only effective way to allocate resources. Discuss - Essay Example 8). This essay looks into the various aspects of the competitive market economy and analyses the fact that the resources can be allocated most efficiently if the economy operates in a competitive framework. Discussion and Analysis In a free market economy the price and the quantity of the product demanded is determined by the market forces of demand and supply. According to the theory of demand as the price of a product increases the quantity demanded for the product gets reduced. On the other hand, other things remaining constant as the price of a product decreases the demand for the product increases. The inverse relationship between the price and the demand for a commodity gives rise to a downward sloping demand curve. The supply curve for a commodity is however upward rising curve. The equilibrium price and quantity is determined by the interaction of the demand and the supply curves (Samuelson and ?Nordhaus, 2010, p. 57). This market mechanism has been explained with the help of the following diagram. Figure 1: Interaction of Demand and Supply Source: Besanko and Braeutigam, 2010, p. 36 In the figure it is seen that the initial demand curve id D1 and the initial supply curve is S. Now the market will reach equilibrium at the point A where the quantity demanded for the product would match the quantity supplied. At this point the quantity demanded would be Q1 and the quantity supplied would also be Q1. The price at which the market equilibrium would be reached is P1. This price is neither determined by the buyers or the sellers but the combined forces of the demand and supply existing in the market. Now suppose the market demand for the product increases from D1 to D2, with the same level of market supply the price of the product will increase to P1 and the quantity demanded of the product would increase from Q1 to Q2. Hence the new market equilibrium would be changed to B. At the point B the quantity demanded would match the market supply. The demand curve would shift to the right due to a variety of reasons. When the income of the individuals increase the disposable income of the people would increase and it would lead to a rise in the demand for a particular product. Similarly the supply of products may also decrease due to a variety of reasons. When the price of the raw materials increases the firms are not able to supply the product at the same cost. Thus the supply decreases. As a result the equilibrium price and quantity would undergo change. Figure 2: Shifts in the Supply Curve Source: Besanko and Braeutigam, 2010, p. 36 In this figure the reduction in the supply of the commodity pushes the supply curve to the left. The quantity supply reduces from Q1 to Q2 but the price increases from P1 to P2. Therefore at the same level of market demand the new equilibrium is formed at the point B. The demand and supply forces would act naturally in a free market where there are no restrictions by the government. This is true for the perfect ly competitive markets where none of the buyers or the sellers has the power to control the price in the market. Therefore a competitive market is one in which there would be large number of buyers and sellers (Petri, 2004, p. 77). The sellers would have their aim to maximise the profit of

Managing and Working in a Virtual team Case Study

Managing and Working in a Virtual team - Case Study Example gain and maintain the trust of his or her charges, they must understand that trust depends on reliability, in virtual relations because there is usually limited personal interaction between members of a team. This eliminates chances of meeting and evaluating an individual’s potential or level of reliability. The only means to achieve this is to make sure that, as a team leader, you show team members that you are a reliable person by delivering on your responsibilities in time and in a competent manner, which serves as an example to the rest of the team. This will demonstrate to the members the level of quality of work expected of them, and this makes the team members respect and trust their virtual team leader (Lepsinger & DeRosa, 2010). Team leaders should establish guidelines in communication, which account for the differences in time zones, cultural and geographical variations between members. They can also specify the type of medium to be used when communicating to help av oid incompatibility and confusion when a meeting is about to begin. When considering how to enhance communication efficiency in a virtual team, a leader can consider creating team agreements on how and when to communicate across different time zones, team leader visits to the different members which helps establish engagements and trust by meeting the team leader face to face. A leader in a globally diversified team should formalize roles and duties of each team member starting with their own because this is the only way to ensure that the members have a clearly defined direction, which removes ambiguity in the roles that each member plays (Lepsinger & DeRosa, 2010). Staff changes on a virtual team can happen at any stage in the execution of a project, and how fast and effectively a new member is recruited and integrated into the team determines the successful completion of the project (Lepsinger & DeRosa, 2010). Integrating a new member, in the team, requires that the individual be