Friday, February 7, 2020

Media Ethics Case Study Example | Topics and Well Written Essays - 1250 words

Media Ethics - Case Study Example The media house’s reporter went ahead and released the story on Ashe’s health condition overseas prior to Ashe’s consent which forced the athlete to publicly admit his health condition when he was not yet prepared. The actions of the reporter were not in line with how journalists even back them ought to have conducted themselves especially in regards to moral and ethical duties as a major newspaper like USA Today. The chief ethical issue that arose out of this case had to do with the reporter’s express refusal to wait a little longer before publishing the story. The reason that he gave for doing exactly this was that the public needed to get to know this information. These actions of the reporter did not serve any level of good informative justice to Arthur Ashe (Foreman, 2010). There are various ethical facts that a reporter or journalist has to take into consideration before making an ethical decision as regards to Arthur Ashe’s case. One thing that we have to consider also is that the athlete put himself out there in the public domain the moment he decided to be a professional tennis player and become one of the leading opponents of the South African apartheid regime. A journalist could have therefore argued that a person of such social standing could be appropriately considered as a celebrity and social icon (Foreman, 2010). The other fact that had to be considered was that Ashe being an athlete, he had connections and obligations to his sponsors or some media outlets. This therefore means that he was contractually obligated to maintain a specific image. All these factors mean that he had to maintain some form of responsibility to his sponsors and fans in social and economic terms as well. The person to whom a journalist is responsible to will always tend to change depending on the circumstance. Journalists always tend to state that they are ultimately

Wednesday, January 29, 2020

Juvenile Boot Camps Essay Example for Free

Juvenile Boot Camps Essay Correctional boot camps for juveniles, as well as for adults, focus on structure, discipline and physical and/or mental challenge. The experiences of the offenders in the programs are anticipated to change them in a positive way so that their future criminal activities will be reduced. The mechanism for this change is attributed to various factors such as self-esteem or increased bonds with staff and peers. Some also expect that these punitive programs will discourage others from committing crimes or that the individuals who spend time in the programs will be deterred from future criminal activities. There are basically three types of boot camps: the military drilling style that focuses on strict discipline; the rehabilitative approach; and the educational/vocational model. In 1985 the first juvenile boot camp was established in Orleans Parish, Louisiana. In 1987, only four state correctional system boot camp programs existed. In 1992 there were three pilot juvenile boot camps started in Ohio, Colorado, and Alabama. The offenders sent to these locations were non-violent offenders less than 18 years of age, and were to complete a three-month residential program and six to nine month aftercare program. However, there were reports of a lack of consistency and coordination in the aftercare programs which lead to substandard results as opposed to those high intentions of lower recidivism. By 1993 there were forty-six reported in thirty states. This number grew increasingly to boast 75 facilities for juveniles by 1997, in 33 states. These figures represent only official state facilities, and do not include private camps and those established by local jurisdictions. If the figures included these facilities run by other jurisdictions and private persons the number would be significantly higher. The idea of juvenile boot camps is much newer than adult faculties, although, in Texas alone their Juvenile Probation Department approved eighteen proposals to construct juvenile facilities across the state (Tyler, 2001). There are several elements of juvenile boot camps which include a regimented military-style program, strict discipline and rules, young, first-time nonviolent inmates, and programs that offer a shorter alternative to prison sentences. These elements can be altered in order to form different methods of treatment within the camps. The goals vary within each program, but effectively they are all similar. They range to include incapacitation, deterrence, rehabilitation, reduction of prison costs and crowding, and punishment. Each program varies these goals in order to obtain the maximum positive potential results possible (Keenan Barry, 1994). Rates of recidivism can be dependant on the types of offenders allowed to participate in the program, and therefore these participants are controlled for in order to make the programs look desirable to continue to obtain public support and funding from the state. There are several people that play a role in deciding the participants of the program. These players include the sentencing judge, the correctional authority operating the boot camp, or a combination of the two. Another factor that plays a role in participant selection is the participant themselves. These young offenders are able to choose to participate in the boot camp or endure a longer period in incarceration. Surprisingly there are a majority of offenders that choose incarceration over the tough boot camps (Selcraig, 2000). There are several issues that arise when studying boot camps. One needs to understand how to make boot camps effective in order to reduce the risk of reoffending after completion of the program. The camps used to be considered as scaring children senseless and it was thought that this idea scared the children not to re-offend. Now there has been more studies and researchers realize that this method needs to be mixed with treatment and aftercare in order to be an effective tool of punishment and treatment. Despite common wisdom holding that nothing works to alter a life of crime, programs can achieve rehabilitation by emphasizing problem-solving skills and anti criminal role-modelling. (Castellano) Another alternative to community supervision are halfway houses or partial community confinement, designed to provide help to the offender in being reintegrated into the community. These alternatives are also thought to increase rehabilitation and incapacitation, but at the same time they will increase the costs of rehabilitating the offender. This method combined with assistance in finding a job, counselling, and length of time monitored should prove effective in reducing re-offending. Monitoring comes in the form of electronic monitoring, and urinalysis. However, if these new methods prove to be more effective if combined as an aftercare program with the boot camp then it is a necessary tool that should be provided to the offender. There should be no cost too big in rehabilitating the offender because not only is it the offenders future at stake but possibly the publics too because it is thought that they usually re-offend with more serious crimes. The research on juvenile boot camps suggests that completion rates were high in the first year of the program, but research on aftercare programs suggests that nearly half of those who graduated to the aftercare phase dropped out, were arrested for a new offence, or were discharged for not complying with the programs rules. It was reported that in March 1992, every existing program was equipped with the necessary tools to provide education and/or drug-abuse treatment, although they were not originally equipped to do so. However, there is a belief that the effectiveness of boot camps as a deterrent to recidivism is less effective than the public believes. Further research must focus not so much on why the rate of recidivism is so high, but rather on how the boot camp program itself deters those who do not recidivate. There are several reasons that researchers attempt to use in order to defend the use of boot camps. They argue that the high recidivism rates can be accountable by a number of reasons. For example, they claim that the high rates are because some of the graduates were re-arrested for violent or aggressive crimes that they committed before boot camp, but the system was not aware of these crimes before assignment. They also claim that when the programs were started there was a huge backlog of high-risk youths in the system, so the boot camps received some of the worst offenders and can not be to blame for the high recidivism (Szalavitz, 2002). This point can be argued because isnt the program supposed to rehabilitate the offender? Does it matter if the offender is considered high-risk? The program operators are claiming success rates in order to obtain funding and continued support, however, they are saying that certain offenders can not be rehabilitated. It is not fair for someone else to decide whether or not someone is able to be rehabilitated without giving them a chance to prove themselves. No two people are alike and different people respond differently to treatments. There are also other negative aspects to these alternative measures of incarceration. There are several incidents of reported deaths caused by unnecessary roughness or physical exertion at these boot camps. Barry Krisberg, president of the National Council on Crime and Delinquency in Oakland believes that boot camps are poorly regulated, and notes that many camps require counsellors who have gone through the program themselves, meaning many have criminal records, and are left in charge of the children. This does not seem like an appropriate method for dealing with the children. Leaving them with counsellors with criminal records seems like an accident waiting to happen. Who is to say these counsellors are treated and reformed, especially after all the research indicating the possibilities of reoffending after the programs (Sharp, 1995). As well, there are reports of younger inmates being sexually assaulted, and one could assume others are physically assaulted by older inmates. According to an article published in 2000, there are at least half a dozen children that have died in boot camps, and other investigations have concluded that hundreds of others have been put through emotional and physical abuse (West, 2000). The costs of boot camps run an average of ten times higher than the cost of a juvenile on probation, according to the Office of Juvenile Justice and Delinquency Prevention. The average cost of each youth enrolled in a boot camps program runs about $93/day. These figures range from $65/day at the Boys and Girls Clubs of Greater Mobile Alabama, to $120/day at the Second Chance in Connell, Washington. This works out to be approximately $33,480 per year per youth. Also in comparison, Kansas, which does not currently have boot camps, spends $47,400 per year per youth housing an offender in an institution (Tyler, 2001). There is also research suggesting the validity of the boot camps and their success in rehabilitating young offenders. The researchers claim that if there was an increase in the number of paid staff it would increase the number, quality, and intensity of training and rehabilitative programs within the camp. However, a downfall to this is the increase in funding that would be necessary to keep the programs up and running. Another idea that has been suggested is the multi-use of locations- using an existing prison site and incorporating the boot camps into the same location. They believe this would also decrease recidivism because it would serve as a deterrent when the offender saw the option of jail as another form of punishment and realized how unappealing it is. Colorado, North Dakota and Arizona have ended their boot camp programs, Georgia is phasing them out, and Florida and California are cutting back. This all due to the fact that there continues to be a lot of controversy over the effectiveness of the boot camps and whether or not they are effective in reducing recidivism and helping the offender to become a responsible contributing member of society. Along similar lines of boot camps, are another fairly new idea of programs. These programs are more interested in treatment and provide more education, as opposed to using the military-style punishment. One such programs sends recruits to spend a weekend with the U. S Marine Corps, learning obedience to orders and discipline. Researchers criticize this method of program because they believe that since their disobedient behaviour took time to develop, it will take more than a weekend to cure their negative behaviour (Tyler, 2001). Upon reading most of the information it seems as though a general question seems to arise- if it is the aftercare that ultimately determines whether the offender is likely to re-offend, is the boot camp necessary or can we skip right to the aftercare portion? This is an interesting question because it questions the authority of the state to spend the money on the boots camps if they cannot even be linked to reduced recidivism. Further research needs to be done into the effectiveness of these camps because it needs to be discovered whether or not they can reduce recidivism. If in fact the camps are not responsible for the rehabilitation or scared straight technique, but it is due for example, to the aftercare, then we need to focus more attention on this. It is very important to obtain the most effective results possible so that we can help these troubled youths to lead a more productive and fulfilling life. As it stands now, the aftercare focuses on reintegration into the community, using a counsellor. This counsellor includes the family and community when assessing their method of care. After a program is made to suit the individual, there is strict supervision, used in conjunction with rewards and sanctions available to the successful candidate (Begin, 1996). There is no data on the effectiveness of the facility. All in all, the use of juvenile boot camps are a highly criticized and often highly respected means of treating and punishing the young offender. Their use has been criticized often for not reducing recidivism rates and their abuse of participants. However, any reduction in recidivism should be looked at as a positive because it is one less youth who is going to endure a life of crime, and one less youth who is committing a crime and harming the general public. Because a lot of the facilities are responsible for reducing recidivism, boot camps are still in use today. Overall, although there is negative data related to the use of boot camps, there is also a lot of rewarding experiences and positive outcomes. These experiences allow for the continuation of the programs and continued improvements in the aftercare are being made to better the services of the boot camps to improve the rehabilitation process of the young offender. References Begin, Patricia. (1996). Boot Camps: Issues for Consideration. Ontario: Library of Parliament- Research Branch. Keenan, John; Barry, R. (1994, March). Measuring the Military Atmosphere of Boot Camps. Federal Probation, 58, (1), 67-71.

Tuesday, January 21, 2020

Inclusion or Exclusion in The Crucible Essay -- Essay on The Crucible

Much of The Crucible by Arthur Miller was about being part of a group. What is it to belong to a group? Is it really that simple when someone says, "Either you're with us or you're not"? Yes, it is that simple. Belonging and exclusion in any situation are two sides of the same coin - you can't have one without the other. In any organization or group, people are bound together by a community of interest, purpose or function and if you do not believe in these same things, then you are not a part of that group. In an organization or group, you have to ask yourself, "What is it to be a part of this particular group, what does it take to belong?" It takes following the rules of the group, agreeing with their purpose, obeying their authorities and the ability to go the length for their cause. In The Crucible, if the characters did not abide as part of the group, the Christian Church, then the consequences were fatal. The Crucible told of what is was to be a scapegoat i n their society and what it took to defend themselves from becoming that scapegoat. To remind people in an organization why they belong takes continued focus on a common goal or common belief. By having one main function, a group is generally more effective than if everyone has different ideas and outlooks on specific topics. However, to keep everyone on the same page, the members of a group need to accurately know where they stand in reference to their goal. One way to do this is through social facilitation. This is the concern of self image through the presence of other people. It's a concept that allows members to know the acceptable opinions of the group. Someone who agrees to the ideas set out from the organization. "Group polarization is the concept of changing personal opinions to extremities after a group discussion.(Johnson 13)" This concept eliminates members who aren't sure what they think of the group's purpose. They decide that either they agree completely or they disagree completely. Either way it means they decide if they are in or out after the group discussion. A common goal is one way to distinguish and separate the devoted members from the questionable individuals in a group. High cohesiveness is an effective tool in the success and effectiveness of an organization. However, in order for ... ... truth, denying her involvement as a witch, but be hung anyway for "lying" under oath. On the other hand, an innocent victim could lie and confess her involvement as a witch, accuse another witch instead and be let "off the hook". However, if the innocent victim lied and confess, but wasn't willing to turn in another witch, she would be hung anyway. (Starkey, 17) This created quite an ironic situation coming from a Christian based community of purity and holiness. Exclusion is about scapegoating and denying the truth or reality to oneself. A scapegoat is a person made to bear the blame for others, an escape from dealing with one's responsibility. The scapegoat lets one rationalize bad situations and blind oneself from the reality of that situation. No one saw the reality in Salem and no one even tried. They were all too caught up in trying to find someone else to blame for their fears and problems. However, organizations tend to do that too. They create an opposition or enemy so they can use it later to their own advantage, making themselves seem more powerful. So the question goes back to, "Are you in? Or are you out?"

Sunday, January 12, 2020

Ethics and Social Responsibilities of Business Essay

It is cardinal fact that the â€Å"emergence of management as a distinct and identifiable activity in the modern era has had an important impact on the society with which it developed† (Massie 29). Even during the early the early days of the 20th century, most of the business corporations were predominantly concerned with their singular objective of profit maximization. As a matter of stark reality, business corporations are open system and, resultantly, they need to continuously interact with the society. Hence, many social activists began to question this singular motive of organization during the later part of the previous century. Many scholars like Bowen, pointed out that since the corporations drive their existence from the society, it must possess certain obligations towards the betterment of the later. Gradually, in the modern times, business ethics and corporate social responsibility (CSR) became a ‘science of conduct’ for almost all the business units (McNamara).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In very simple terms, business ethics is a â€Å"study of morality and standards of conducts† (Fred and Richard, 480). By the term ‘ethics’ we generally used to refer to the rules or principles which define right and wrong code of conduct. According to Walton, â€Å"business ethics is concerned with truth and justice and has variety of aspects such as expectations of the society, fair competition, advertizing, public relations, social responsibilities, consumer autonomy, and corporate behavior in the home country as well as abroad† (qtd. in Paul, 66).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the modern era, the expectations and demand of the customer’s and the society as a whole has changed a lot, and hence, most of the business organizations have become more and more aware of their ethical and social responsibilities towards their interest groups. According to Kenneth R. Andrews, the term ethical and social responsibility mean the â€Å"intelligent and objective concern for the welfare of society that restraints individual and corporate behavior from ultimately destructive activities, no matter how immediately profitable, and leads in the direction of positive contribution to human betterment† (qtd. in Ray 24). Thus along with promoting its own interests, business should always behave in a responsible manner towards the interests and betterment of its employees, customers, creditors, government, shareholders and the society as a whole. Thus, as Davis and Robert have rightly observed, â€Å"corporate social responsibility indicates the management’s commitment towards upholding the interests of direct stakeholders and to behave in an economically and environmentally responsible manner† (Davis and Robert, 1975). To What Extent Should Business be involved in fulfilling Social Obligations For more than two centuries, the debate has still been going on about whether business should possess social and ethical responsibilities towards the society. If so, then the question naturally arrives – to what extent business should involve itself towards the betterment and welfare of the former? An analysis of facts and arguments are sure to make this point crystal clear. These are discussed hereunder as follows: Arguments against Businesses’ Involvements:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   First of all, the principal objective of business is to generate profit and, hence, any involvement in social affairs or much ethical behavior is surely directed against this motive. In the views of Milton Friedman, only people can have responsibilities; business as a whole, considered as artificial person, cannot be expected to possess such responsibilities. The only responsibility that business should have is to maximize its profits (Friedman 1970).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Secondly, businesses have to incur excessive cost for any social involvements. But, where from this cost will come? This cost is generally adjusted by increasing the selling price of goods produced and services rendered by the business. Hence, â€Å"the corporate executives would be spending someone else’s money for a general social interest† (Friedman 1970). Hence, as a result of businesses’ involvement in social affairs, the society itself has to bear the burden of this excess cost. As Levitt puts it, the results would be socially less desirable than the previous days when firms were predominantly concerned with their only objective of profit-maximization (1958).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Thirdly, since any social involvements is sure to increase the price of products, the MNCs operating at overseas markets may face stiff competition from the local counterparts which may not be involved in fulfilling ethical and social obligations. This may create an weakened international balance of payments (BoP).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Fourthly, too much social involvements may immensely enhance the power and authority of business through political and social means itself. This can ultimately corrupt them in the subsequent times (Richard and Fred 480).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Fifthly, business executive lacks social skills and are not effective in handling social affairs. According to Friedman, the managers should concentrate on what they know the best – ‘how to make profits’ (1970).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Finally, there are no specifically defined parameters of ethical and social responsibility. â€Å"What does it mean to say that the corporate executive has a ‘social responsibility?† (Friedman 1970). There is no agreement that clearly defines what type of social, ethical and moral responsibilities that businesses should undertake. Arguments for Social and Ethical Responsibilities: The modern world has witnessed a drastic change in the expectations of the society. First of all, every business organization is a part of the social system. It earns its profits from the society in which it operates. Organizations should, therefore, always consider the impacts of its decisions on the society. Since businesses earn their profits from the society, the former must possess certain responsibilities to the later. Secondly, both the society and business are equally benefited when a symbiotic relationship exists between the two. The society gains through economic developments and reduction of unemployment rate, and, on the other hand, business is benefited through the customers and workforce supplied by the society. Thirdly, a positive social image helps the business to increase its brand image in the eye of the consumers and thereby increasing the number its loyal customers. A favorable public image helps the business to attract and retain skillful employees, great investors etc. Fourthly, a favorable public image helps the business to avoid the vigil eyes of the government and other regulatory agencies. It certainly provides greater independence and flexibility in the mode of their operations. Fifthly, social responsibility involves the conservation of natural resources which is very much beneficial not only to the society, but also for the business itself. Many products, like cans, bottles etc., which were considered as wastes in the earlier days, can now be recycled and profitably used. Sixthly, business possess considerable amount of power and authority – the exercise of this power should be balanced through a simultaneous display of ethical responsibility. Finally, business should prevent social problems for its own interests. Instead of allowing large scale unemployment leading to social political unrest, which can eventually spoil the operations of business in the subsequent times, business organization can rather become the source of employment for qualified and eligible people. Social and Ethical Responsibility on Interests Groups The International Seminar on Social Responsibility of Business has rightly observed that business corporations should be responsible to the following interests groups: Shareholders: The shareholders provide the prime resources i.e. the capital to the business for its existence, growth and development. Hence, the later must protect interests of the former. Employees: Employees are the most important assets for any organizations. It is through the employees that the business runs itself. In the earlier days, the management regarded its employees as only a factor of production and, therefore, denied their true rights. However, modern managements have rightly understood that unless the employees are happy, it is very much difficult to reach high levels of customer’s satisfaction. Customers: The most successful businesses of the world put the customer first, ahead of the investors (Mackey 2005). Modern organizations have realized the importance of keeping the customers satisfied. The growth of consumerism has contributed much to this realization. Creditors: The major inputs like machine, money, materials etc. are supplied by the creditors. Hence, business must behave ethically and responsively towards them. Society: Every business corporations, being open systems, operates within a social system. It draws its resources from the society in which it operates. Hence, it must be socially responsible for the welfare of the later. Government: It is the government of a country of state that provides the primary facilities for the growth and development of the business. Most of the governmental decisions are subjected towards the growth and betterment of the business. Hence, the business, in its turn, should behave ethically and in a socially responsible way towards the government. Conclusion Every business organization is a part of the economic and political system and not an isolated island without any foreign relations. It is the core of a network of relationships to individuals, groups, and things (Reddy and Tripathy 295). Hence, the management should always consider the impacts of their decisions on all the interest groups with which it is closely bonded. The business should operate as a trustee for the wellbeing of its employees, customers, the government, suppliers and creditors, shareholders and the society as a whole. In fact, the management’s duty is to mediate among all these social stakeholders in order to ensure that each of them gets a square deal and none of their interests and benefits are unduly sacrificed to those of the others. Social and ethical responsibilities â€Å"are management’s responsiveness to public consensus† (Adolph 1963).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Every civil citizen must possess some social and ethical responsibilities. True that the business corporations are considered as ‘artificial persons’ – but does that mean it should not possess any obligations towards the welfare of the system in which it grows and develops? Obviously, to increase profit is one of the prime motive of every business and from this point, any social involvements reduces the percentage of profit for the business. But, from a wider perspective, it can be concluded that, business corporations should â€Å"behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large† (Holme and Watts). References Adolph, A.B. The American Economic Republic, Harcourt Brace and World, New York, 1963 Corporate Social Responsibility: Evolution of a Definitional Construct: Carroll Business Society.1999, 268-295 Davis, K. and Robert, L. B. Business and Society, Environment and Responsibility, Revised   Edition, Tata McGraw Hill Book Company Inc. New York, 1975 Friedman, M. The Social Responsibility of Business is to Increase its Profit, New York   Times Magazine, 13 September, 1970 Friedman, M. ibid, 1970 Friedman, M. ibid, 1970 Holme, L and Watts, R. The World Business Council for Sustainable Development, Making   Good Business Sense – http://www.mallenbaker.net/csr/CSRfiles/definition.html Levitt, T. The Dangers of Social Responsibility, Harvard Business Review, Sept, 1958. Mackey, J. (qtd. in) Rethinking the Social Responsibilities of Business, October 2005   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://www.reason.com/news/show/32239.html McNamara, C. Complete Guide to Ethics Management: An Ethics Toolkit for Managers http://www.managementhelp.org/ethics/ethxgde.htm Massie, J.L. Ethical and Environmental Foundations, Essentials of Management, Fourth Edition, Prentice-Hall of India, New Delhi, 1995, 29 Paul, C. Ethics in Business, Introduction to Management, Modern Book House, Calcutta,   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   India, 1989, 66 Ray, S.M. Corporate Social Responsibility, An Introduction of Management Thoughts, Oriental Publications, New Delhi, 1979, 24 Redddy, P.N. and Tripathy, P.C. Social Responsibilities of Business, Principles of Management, Tata-McGraw Hill, New Delhi, 1995, 295 Redddy, P.N. and Tripathy, P.C. ibid, Richard, M.H. and Fred, L. Ethics and Social Responsibilities, International Management, Third Edition, McGraw Hill International Editions, 1997, 480 Richard, M.H. and Fred, L. ibid, 481 Stehi, S.P, Dimensions of Corporate Social Performance, An analytical Framework,   California Management Review, Vol. 17, No. 3, 1975, p. 58-64 The International Seminar on Social Responsibilities of Business: (qtd. in Mukharjee, P.B. Social Responsibilities of Business, 1994, 09

Saturday, January 4, 2020

Cost Reduction Using Ten Inventory Management Techniques - An Article Review - Free Essay Example

Sample details Pages: 8 Words: 2544 Downloads: 3 Date added: 2017/06/26 Category Management Essay Type Analytical essay Did you like this example? Mark S. Miller, Thomas M. Graddy / Cost Reduction Using Ten Inventory Management Techniques/85th Annual International Conference Proceedings à ¢Ã¢â€š ¬Ã¢â‚¬Å" 2000/ Oct. Don’t waste time! Our writers will create an original "Cost Reduction Using Ten Inventory Management Techniques An Article Review" essay for you Create order 12 2011 This article reveals about the annual investment companies make in inventory represent between 20% and 40% of invested capital. Inventory ties up cash, takes up space, requires handling, deteriorates and is sometimes lost or stolen. Purchasing can play a major role in managing the investment in inventory. We will discuss how inventory reduction impacts bottom line costs and outline ten inventory management techniques that the buyer can use to reduce inventory costs. It is very critical that purchasing management recognize the financial impact that inventory plays. For purchasing to get the proper credit cost for reducing inventory it is important to recognize its impact to the balance sheet, the income statement and cash flow. Inventories can be found under the current asset section of the balance sheet. Inventories are often also broken down into segments: raw material, work in process and finished goods. Financial analysts carefully watch changes in the year to year inve ntory balances. Inventory is included on the income statement in the calculation of cost of goods sold. If the inventory investment is reduced, the net income is increased. The table below shows that for every dollar that the inventory is reduced, net income is increased by the same dollar. James Watson/ Inventory management strategies for cost reduction/ The Globe and Mail/ Thursday, Sep. 06 2012 The article explains if youve been in business for a while, you should have some record of what sold and what didnt sell throughout the year. Analyze that data. Break the inventory down into categories and try to correlate the categories with customers. Trends or patterns will likely emerge. Depending on what business youre in, these might correspond to the rhythm of the seasons, or they could relate to the financial year-ends of your biggest customers. To recover some of the cash you have tied up in à ¢Ã¢â€š ¬Ã…“deadà ¢Ã¢â€š ¬Ã‚  inventory, mark it down for quick sale. Divide y our dead inventory into the bad (meaning not selling right now) and the unsellable. Be realistic and merciless. Display and price the bad stuff so that it will sell. What you paid for it is not important. What is important is that customers buy it and take it off your hands. Or you can see if your distributor might be willing to take some of that inventory back. Structure your proposal so that the distributor gets something out of the deal. Perhaps they have other clients who could use that stock. Alternatively, you might offer to try out that new range of products theyve been pushing. The distributor may only be able to provide a discount on your next order, but that will at least help improve your future cash flow. As a last resort, you may be able to donate the unsellable inventory to charity and generate a receipt for tax purposes. There are other ways to do business without maintaining excess or unproductive inventory. You can, for instance, stock your fastest-moving item s but maintain a drop-shipment agreement with the manufacturers or distributors of slower-selling products. Under a drop-shipment arrangement, the manufacturer or distributor takes care of shipping directly to the customer, and you dont have to keep inventory in stock. Inevitably, there will be items that donà ¢Ã¢â€š ¬Ã¢â€ž ¢t sell at full price, so you will have to eliminate them from your inventory. By planning ahead, you can set the dates for the markdown sale and eventual liquidation of stock that isnt moving. With a plan, youll be more in control: as each sales period passes, youll be able to measure results against the expected outcome and adjust yourbusiness plan accordingly. Still, if dead inventory is a recurring problem in your business, there could be deep-seated problems that you may have difficulty solving. In such circumstances, it might be helpful to call in outside expertise such as that offered by BDC Consulting, which has a national network of business advisers to help you plan inventory, manage accounts receivable and improve your companys cash flow. Khudsiya Quadr/ Can You Bring Cost Down through Better Inventory Management? /Finance daily/ February 24 2009 This article showcases about cost cuttingandcost reducing, with regards to the overall supply chain network. The most effective way of cost reduction in supply chain is through the collaborative effort of the whole organization. As discussed previously, the supply chain has various areas where cost reduction can be done, but for this blog, I want to focus on cost reduction with better or best inventory management processes and practices. Basicallyinventorycan appear in a variety of forms, such as raw material, goods in process, and finished goods.And each form represents funds (money) that are tied up until that inventory is used up by company as sold goods. Similarly, in retail stores, any stock on the shelves represents dollars tied up until it sells. In other words, inventor y is anything holding up operating funds.The main objective of a supply chain is to have the right inventory, at the right time, at the right location with the right quantity. To achieve this objective, ità ¢Ã¢â€š ¬Ã¢â€ž ¢s key to have a proper inventory management process in place within the organization. There are numerous ways to achieve this without driving up the cost of operations or the cost of inventory. Most importantly, such strategies will help the organization reduce the cost associated with inventory. There are some common techniques and some unique business processes which can be implemented to achieve cost reduction and help with the better management of inventory. Many organizations should implement the following ten practices to reduce inventory costs: 1. Conduct periodic reviews and audits of various inventories being held in-house. 2. Analyze the usage and lead times of on-hand and order book inventory. 3. Reduce safety stock based on customer demand. 4. Use80/20 rule(ABC approach) for inventory control.5. Improve cycle counting techniques for inventory management. 6. Use vendor managed inventory or implement vendor stocking programs, which means supplier are managing inventory with the organization. 7. Usecollaborative planning and replenishment(CPFR) business processes and IT standards to collaborate among multiple parties in the supply chain network. 8. Improve the forecast of each product at the item level, i.e. use a variety of demand forecasting arithmetic models. No single set of algorithms fits all customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast or product families. 9. Communicate demand/hard orders to suppliers for better delivery of inventory. 10. Implement new inventory software which usesinventory quality ratio methodologyandmulti-echelon inventory optimizationtools. Thompson, Kevin Mark / Reducing cost through inventory management/ Massachusetts Institute of Technology/:1996 This article explains about Inventory management involves the control of the current assets, namely raw materials, work in process and finished goods. The main objective of inventory management is to minimize the total cost- both direct and indirect, which are associated with holding the inventories. A reduction in the excessive inventories has a favorable impact on the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability. Main purpose of inventory holding inventory is cost effective and helps achieve sales at competitive prices. The other objectives of holding inventories are: To ensure prompt delivery. To avail quantity discounts. To reduce the order cost. To avoid production shortage. To achieve efficient production runs. Costs associated with holding inventories. Material cost. Ordering cost. Carrying cost. Stock Out cost. Each of the above mentioned costs can be controlled through efficient inventory management techniques. Economic order quantity (EOQ): This refers to the optimal ordering quantity that will incur the minimum total cost (order cost and carrying cost) for an item of inventory. With the increase in the order size, the ordering cost decreases but the carrying cost increases and the optimal order quantity is determined where these two costs are equal. The company should also keep an eye on the level of safety stock and the lead-time associated with the orders made.The ABC system: This is also referred to as à ¢Ã¢â€š ¬Ã…“always better controlà ¢Ã¢â€š ¬Ã‚ . It is a selective inventory management technique. This is used when there are varied items in large quantities are involved. In this system, the items are segregated into three groups, namely A, B, and C. The items falling in category A are those that involve the maximum investment. Likewise, the items that require minimum investme nt are classified into group C. Advantages this approach helps in selective control of inventories. It helps in pinpointing the obsolete stocks. It reduces the clerical costs and results in better inventory planning. Limitations The gradation of the items may include many subjective elements The results should be periodically updated. Amarita Bansal/ Reduce Costs through Inventory Management/ Indian Financial Journal / June 1, 2013 The article explains about how inventory management can play a large role in your success. Whether youre a small business owner or a franchisee, efficiently managing your inventory system will not only make your inventory flow more smoothly, but also help reduce your costs. Regardless of industry, people rarely spend enough time managing their inventory, says Shawn Casemore, president and founder of Casemore Co., an Ontario-based business that partners with clients to improve operational performance. Consider these steps to prepare and maintain an efficient, cost-effective inventory system. This can lead to extra inventory costs. Youll end up having to clearance it or sell it at a discounted rate, Felt says. Reduce inventory where possible to mitigate costs, Casemore says. To achieve this, you might consider a vendor-managed inventory system. A good solution for low-value, consuma ble items, this system is an arrangement with a vendor who will replenish your supplies, but they dont charge you for them until youve used them. According to Casemore, if your vendors can do this, you should consider outsourcing to them. Position Inventory Properly How you store, organize and position inventory in a warehouse can increase the efficiency of your inventory system. For example, keep your fastest-moving inventory up front, making it easier for those pulling the items. When warehouses are organized, everything has a flow, says Ben Philbrook, managing partner and director of operations at Chase Canopy, a tent and special event rental company, with locations in New England. Philbrook says its important to have like items together. For example, his warehouse stores both tents and their parts, as well as fragile items, like glasses and china Hau L. Lee and Corey Billington/ Supply chain management reducing cost /Journal of Strategic Financing/ October 1, 1993 This art icle explains about how supply chain is a network of facilities that performs the functions of procurement of material, transformation of material to intermediate and finished products, and distribution of finished products to customers. Often, organizational barriers between these facilities exist, and information flows can be restricted such that complete centralized control of material flows in a supply chain may not be feasible or desirable. Consequently, most companies use decentralized control in managing the different facilities at a supply chain. In this paper, we describe what manufacturing managers at Hewlett-Packard Company (HP) see as the needs for model support in managing material flows in their supply chains. These needs motivate our initial development of such a model for supply chains that are not under complete centralized control. We report on our experiences of applying such a model in a new product development project of the DeskJet printer supply chain at HP. F inally, we discuss avenues to develop better models, as well as to fully exploit the power of such models in application. Thomas, H., Sanvido, V., and Sanders, S / material management in cost savings/Journal of Contemporary Research In Business/ 1989 This article explains about research has indicated that formal material management programs have the potential to yield significant construction cost savings, yet smallÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  and mediumÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ sized commercial contractors may not feel that an integrated material management program is cost effective. The objective of this paper is to quantify the adverse impacts of ineffective material management practices. Data collected as part of an ongoing construction productivity study is used to analyze and compare the effects of material management practices on two steel erection projects. Rules of credit were applied to calculate the daily output. Adverse conditions caused by the lack of an effective material management program are identified, and the days on which the conditions occurred are noted. For these days, the actual daily productivity is compared with the expected productivity to determine the number of workÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ hours lost. The cost impact is compared to the cost of effective material management. The results show a benefits/cost ratio of 5.7, favoring greater attention to material management. Akintola Akintoyea / Inventory represents cost to procure/ CPA Practice Management Forum / 1995 The article show cases how materials constitute a huge proportion of the cost of construction. Materials are sometimes ordered weeks or even months ahead of requirement leading to uneconomical inventory on construction sites or contractors warehouses. Building material inventory represents cost to procure, cost to store and insure, cost to guard against theft and cost incurred when inventory becomes obsolete. This paper presents an overview of the Just-in-Time (JIT) production system and discusses application and implementation issues for the control of material inventory in building construction. JIT ensures that suppliers deliver directly to the production floor to achieve either a reduction in inventory or zero inventory and consequently a reduction in production costs. Implementation of JIT building material management in construction has the potential to realize the same far reaching benefits experienced in manufacturing. Relevant factors to consider in JIT implementation for material inventory management in construction are implications for construction output and quantities, production planning, design planning, construction contractor and suppliers relationships, material sourcing, and education and training. Lee, Y Bogardi and Stansbury, J./ Decision support using material management /International Journal Of Finance And Technology / Sep 2013 A decision support system based on a modified fuzzyÃÆ' ¢Ãƒ ¢Ã ¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ composite programming method is developed to assist decision makers in solving multipleÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ objective decision problems under uncertainty. The method is applied to a dredged material management problem involving disposal of polluted dredged material at multiple disposal sites, where there are conflicting objectives such as environmental risk and cost, and the information regarding the impacts of dredged material disposal on each site is uncertain. Using the modified fuzzyÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ composite programming method, values of the risk and cost are transformed into fuzzy numbers (i.e., fuzzy risk and fuzzy cost) to incorporate uncertainties associated with the risk and cost into the riskÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ versusÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ cost tradeÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ off analysis. Venkatapparao Mummalanenia, Khalid M. Dubas and Chiang-nan Chaoc/ Business Wire [New York] /01 Mar 2006: 1/ Purchasing managers need to periodically evaluate supplier performance in order to retain those suppliers who meet their requirements in terms of several performance criteria. Six attributes frequently used as performance criteria are identified and used in this study. These attributes are: on-time delivery, quality, price/cost targets, professionalism, responsiveness to customer needs, and long-term relationships with the purchasing company. Purchasing managers use all six attributes jointly in evaluating supplier performance. Further, in making their choices the purchasing managers must necessarily make trade-offs among different levels of these attributes. Conjoint analysis is the appropriate method for measuring preferences where several attributes are used jointly in an overall evaluation. This article reports the results of an exploratory study examining the trade-offs made by Chinese purchasing managers among the six attributes identified earlier. The priorities of Chinese ma nagers as well as the trade-offs they make are finally discussed in terms of their implications for Western marketers

Friday, December 27, 2019

Decision to Move into an International Market - 605 Words

Terms and Definitions Upon a company making the decision to move into an international market there are many economic terms, definitions and laws that are to be researched and understood. While there are lots of terms and definitions, five of these terms include: multinational corporations, economies of scale, imports and exports as part of GDP, foreign exchange market and exchange rates and marginal rate of transformation. Each definition will be researched and defined below and their importance to a company going global will be discussed. Multinational Corporations A multinational corporation or a â€Å"MNC† can be defined as a company operating in at least one other country besides its home country. A MNC can be a closed system, in which it produces within said country and sells to that country only. Most MNC’s, though, are open systems in which they produce in one country and sell to another. MNC’s are driven by the law of supply and demand. Supply and demand affect open systems differently as labor is in one country and the selling of products in another and the cycle of products is on a much larger scale. A company looking to become international, if incorporated, will become a multinational corporation. II. Economies of Scale A. Factors that cause the cost of producing something to fall as the scale of its output increases are known as economies of scale. An example is it might cost $5000 to produce 200 copies of a book but only $6000 to produceShow MoreRelatedThe General Impact of Management in International Business1075 Words   |  5 PagesNowadays the international trade has a considerable extension; the exchange of goods, services, and natural resources is making in all over the world. Transportation and communication become quicker with the precious aid of the new technology. Often, several companies move from their native country to another one. 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The only regions that resulted in positive growth were Asia, with sales growth by 5.1% and Latin America with a 5.3% growth. Carrefour says that the lack of organic growth prospects and acquisition opportunities in the short and medium term is behind its decision to withdrawal from RussiaRead MoreGoogle in China Case Analysis1592 Words   |  7 PagesInc. and the Chinese government to allow their citizens access to Chinese version of Google.com (Google.cn) ââ€" ª Google looking at vast business opportunities in China as a long-term strategy. Due to its population size and market potential, China has become an attractive market for many U.S. and multinational companies ââ€" ª In order to establish a presence in China, Google had to agree to allow Chinese government to censor access to certain sites ââ€" ª Google take great satisfaction in being different

Thursday, December 19, 2019

Eight Steps Of Selling Your Home Essay - 1241 Words

Eight Steps to Selling your home Eight steps to selling your home Define your needs. Write down all the reasons for selling your home. Ask yourself, â€Å"Why do I want to sell and what do I expect to accomplish with the sale?† For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale. Name your price. Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. 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