IntEcon

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IntE­con

Exchange Rates









•The exchange rateis the price of one country’s cur­rency in terms of another country’s cur­rency; the ratio at which two cur­ren­cies are traded for each oth­er.

Exchange Rates

•Within a cer­tain range of exchange rates, trade flows in both dir­ec­tions, each coun­try spe­cial­izes in pro­du­cing the goods in which it enjoys a com­par­at­ive advant­age, and trade is mutu­ally bene­fi­cial.

•International exchange must be man­aged in a way that allows each part­ner in the trans­ac­tion to wind up with his or her own cur­rency.

The Bal­ance of Pay­ments

•The bal­ance of pay­ment­sis the record of a country’s trans­ac­tions in goods, ser­vices, and assets with the rest of the world; also the record of a country’s sources (sup­ply) and uses (demand) of for­eign exchange.

•Foreign exchangeis simply all cur­ren­cies oth­er than the domest­ic cur­rency of a given coun­try.

The Bal­ance of Pay­ments

The Bal­ance of Pay­ments

•A country’s cur­rent accountis the sum of its:

•net exports (exports minus imports),

•net income received from invest­ments abroad, and

•net trans­fer pay­ments from abroad.

•Exports earn­for­eign exchange and are a cred­it (+) item on the cur­rent account. Imports use upfor­eign exchange and are a deb­it (–) item.

The Bal­ance of Pay­ments

•The bal­ance of tra­de­is the dif­fer­ence between a country’s exports of goods and ser­vices and its imports of goods and ser­vices.

•A trade defi­citoc­curs when a country’s exports are less than its imports.

The Bal­ance of Pay­ments

•Investment income­con­sists of hold­ings of for­eign assets that yield dividends, interest, rent, and profits paid to Maltese asset hold­ers (a source of for­eign exchange).

•Net trans­fer pay­ment­sare the dif­fer­ence between pay­ments from Malta to for­eign­ers and pay­ments from for­eign­ers to Malta.

The Bal­ance of Pay­ments

•The bal­ance on cur­rent account­con­sists of net exports of goods, plus net exports of ser­vices, plus net invest­ment income, plus net trans­fer pay­ments. It shows how much a nation has spent rel­at­ive to how much it has earned.

•For each trans­ac­tion recor­ded in the cur­rent account, there is an off­set­ting trans­ac­tion recor­ded in the cap­it­al account.

The Bal­ance of Pay­ments

•The cap­it­al account records the changes in assets and liab­il­it­ies.

•The bal­ance on cap­it­al accountin the United States is the sum of the fol­low­ing (meas­ured in a given peri­od):

•the change in private U.S. assets abroad

•the change in for­eign private assets in the United States

•the change in U.S. gov­ern­ment assets abroad, and

•the change in for­eign gov­ern­ment assets in the United States

The Bal­ance of Pay­ments

•In the absence of errors, the bal­ance on cap­it­al account would equal the neg­at­ive of the bal­ance on cur­rent account.

•If the cap­it­al account is pos­it­ive, the change in for­eign assets in the coun­try is great­er than the change in the country’s assets abroad, which is a decrease in the net wealth of the coun­try.

Equi­lib­ri­um Out­put (Income)
in an Open Eco­nomy

•Planned aggreg­ate expendit­ure in an open eco­nomy equals:

Equi­lib­ri­um Out­put (Income)
in an Open Eco­nomy

•In an open eco­nomy, part of the income is spent on imports, caus­ing domest­ic income to decline.

Imports and Exports and the Trade Feed­back Effect

•The determ­in­ants of imports are the same factors that affect con­sump­tion, i.e. Y.

•Spending on imports also depends on the rel­at­ive prices of domest­ic­ally pro­duced and for­eign-pro­duced goods.

•The demand for Maltese exports depends on eco­nom­ic activ­ity in the rest of the world. If for­eign demand increases, Malta’s exports tend to increase.

Import and Export Prices
and the Price Feed­back Effect

•When the export prices of one coun­try rise, with no change in the exchange rate, the import prices of another rise.
•If the infla­tion rate abroad is high, Malta’s import prices are likely to rise.
•Inflation is “exportable.”

The Open Eco­nomy with
Flex­ible Exchange Rates

•Floating, or mar­ket-determ­ined, exchange ratesare exchange rates determ­ined by the unreg­u­lated forces of sup­ply and demand.
•Exchange rate move­ments have import­ant impacts on imports, exports, and move­ment of cap­it­al between coun­tries.

The Mar­ket for For­eign Exchange

•Assume that there are only two coun­tries: the United States and Bri­tain.

•The demand for pounds is com­prised of hold­ers of dol­lars wish­ing to acquire pounds. The sup­ply of pounds is com­prised of hold­ers of pounds seek­ing to exchange them for dol­lars.

•People exchange cur­rency in order to buy goods and ser­vices, buy stocks or bonds, and for spec­u­lat­ive reas­ons.

The Mar­ket for For­eign Exchange
Some Private Buy­ers and Sellers in Inter­na­tion­al Exchange Mar­kets: United States and Great Bri­tain
THE DEMAND FOR POUNDS (SUPPLY OF DOLLARS)

1.Firms, house­holds, or gov­ern­ments that import Brit­ish goods intothe United States or wish to buy Brit­ish-made goods and ser­vices

2.U.S. cit­izens trav­el­ing in Great Bri­tain

3.Holders of dol­lars who want to buy Brit­ish stocks, bonds, or oth­er fin­an­cial instru­ments

4.U.S. com­pan­ies that want to invest in Great Bri­tain

5.Speculators who anti­cip­ate a decline in the value of the dol­lar ire­l­at­ive to the pound

THE SUPPLY OF POUNDS (DEMAND FOR DOLLARS)

1.Firms, house­holds, or gov­ern­ments that import U.S. goods into Great Bri­tain or wish to buy U.S.-made goods and ser­vices

2.British cit­izens trav­el­ing in the United States

3.Holders of pounds who want to buy stocks, bonds, or oth­er fin­an­cial instru­ments in the United States

4.British com­pan­ies that want to invest in the United States

5.Speculators who anti­cip­ate a rise in the value of the dol­lar rel­at­ive to the pound

The Mar­ket for For­eign Exchange

The Mar­ket for For­eign Exchange

The Mar­ket for For­eign Exchange

Factors that Affect Exchange Rates

•The Law of One PriceIf the costs of trans­port­a­tion are small, the price of the same good in dif­fer­ent coun­tries should be roughly the same.

•If the law of one price held for all goods, and if each coun­try con­sumed the same mar­ket bas­ket of goods, the exchange rate between the two cur­ren­cies would be determ­ined simply by the rel­at­ive price levels in the two coun­tries.

Factors that Affect Exchange Rates

•The the­ory that exchange rates are set so that the price of sim­il­ar goods in dif­fer­ent coun­tries is the same is known as the pur­chas­ing-power par­ity.

Supply Shocks

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Sup­ply Shocks

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Sup­ply Side Policies

•There are three main types of sup­ply side policies designed to com­bat a sup­ply side shock.
•First, there are those designed to coun­ter­act the ori­gin­al upward shift of the AS curve.

•For example, the gov­ern­ment may reduce non labour costs to busi­nesses, such as redu­cing pay-roll tax, redu­cing sales tax or redu­cing import duties.

•In all these cases, the inten­tion is to some­how off­set all or in part the ori­gin­al shift upwards in the AS curve so that the over­all oper­at­ing costs of busi­nesses are not drastic­ally increased.

•A second group of sup­ply side policies are designed to pre­vent the AS curve from shift­ing up fur­ther fol­low­ing the ini­tial sup­ply side shock.

•For example, the gov­ern­ment may adopt wage dis­count­ing, grant per­son­al tax exemp­tions in exchange for lower cost of liv­ing adjust­ments in wages, impose a wage freeze or adopt some form of incomes poli­cy.

•An incomes poli­cy is inten­ded to pro­duce agree­ment on how to tackle the prob­lem and on how costs are to be borne among­st the three social part­ners -busi­ness, employ­ees and the gov­ern­ment.

•The third group of sup­ply side policies are designed to coun­ter­act the shift to the left in the ver­tic­al por­tion of the AS curve.

•Following a sup­ply side shock, it is often the case that the eco­nomy becomes less effi­cient, thereby pro­du­cing a lower level of out­put even at full employ­ment.

•The inef­fi­ciency could arise due to tech­nic­al reas­ons.

•Industry may be geared to using high energy con­sum­ing machinery which becomes less eco­nom­ic to use fol­low­ing an increase in the price of oil.

•This implies that the economy’s full employ­ment level of out­put declines so that the size of the nation­al cake shrinks and hence there is less avail­able for dis­tri­bu­tion.

•To coun­ter­act this prob­lem, a group of sup­ply side policies are designed to improve the long term effi­ciency of the eco­nomy.
•For example, the gov­ern­ment could reduce busi­ness taxes so as to encour­age invest­ment and thus improve long term eco­nom­ic growth.

•Other examples include the gov­ern­ment grant­ing invest­ment tax cred­its, dereg­u­lat­ing indus­tries and increas­ing expendit­ure on ports, roads etc.,

•Intended to improve the infra­struc­ture, thereby lower­ing the oper­a­tion­al costs of industry and the eco­nomy in gen­er­al.

•The com­mon factor behind all these policies is that they are inten­ded to increase out­put without increas­ing prices. This is what is sup­posed to make them sup­ply side policies.

•However, it is import­ant to recog­nise that some sup­ply side policies also have demand side implic­a­tions.

•The tra­di­tion­al example here is per­son­al income tax reduc­tions.
•This poli­cy also has demand side implic­a­tions which, indeed, may well swamp any sup­ply side effects so that prices increase as out­put increases.

•For example, the AD curve may shift rel­at­ively more to the right than the AS curve shifts down­wards -as res­ult of the per­son­al income tax cut.
•The end res­ult is more out­put but at higher prices. This tends to com­plic­ate the situ­ation if the primary aim is to increase out­put without increas­ing prices.

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prov­v­ista Xokkiji­et

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Politiki sek­ond­arji Prov­v­ista

â € ¢ Hemm tli­et tipi ewlen­in ta politiki min-naħa tal-prov­v­ista mfassla biex jikkum­battu xokk prov­v­ista.
â € ¢ L-ewwel, hemm dawk maħsuba biex jikkon­trobat­tu l-bid­la fuq oriġin­ali tal-kur­va AS.

 

 

 

 

â € ¢ Per eżem­pju, il-gvern jista jnaqqas l-ispe­jjeż tax-xogħol mhux għal negozji, bħat-tnaqqis tat-taxxa pay roll, tnaqqis tat-taxxa tal-bejgħ jew tnaqqis tad-dazji fuq l-importazz­joni.

 

 

 

â € ¢ F’dawn il-każiji­et koll­ha, l-inten­z­joni hija li b’xi mod tikkumpensa koll­ha jew in parti l-bid­la oriġin­ali fuq fid-kur­va AS sabiex l-ispe­jjeż oper­at­tivi glob­ali tal-impriżi ma jiż­didux drastika­ment.

 

 

 

â € ¢ It-tieni grupp ta politiki naħa tal-prov­v­ista huma mfassla biex jip­pre­vjenu l-kur­va AS minn ċaqliq ulter­jor­ment wara d-xokk naħa tal-prov­v­ista iniz­jali.

â € ¢ Per eżem­pju, il-gvern jista jadot­ta iskontar paga, jagħtu eżen­z­jon­iji­et mit-taxxa per­son­ali bi skam­b­ju għall spe­jjeż aktar baxxi ta’ aġġusta­menti ħaj­ja fil-pagi, jim­poni l-iffriżar tal-pagi jew jadot­taw xi forma ta politika dħul.

 

 

 

â € ¢ Politika dħul huwa intiż li jip­produċi fte­him dwar kif jiġu ttrat­tati l-prob­lema u dwar kif l-ispe­jjeż iridu jitħall­su bejn it-tli­et imsieħba soċ­jali-Negozju, l-impjeg­ati u l-gvern.

 

 

 

â € ¢ It-tielet grupp ta politiki naħa tal-prov­v­ista huma mfassla biex jikkon­trobat­tu l-bid­la lejn ix-xel­lug fil-porz­jon ver­tikali tal-kur­va AS.

â € ¢ Wara xokk prov­v­ista, huwa spiss il-każ li l-eko­nom­i­ja issir anqas effiċjenti, u b’hekk jip­produċu liv­ell aktar baxx tal-produzz­joni anki għal impjieg sħiħ.

â € ¢ L-inef­fiċjen­za jista jin­qala’ minħab­ba raġuniji­et tekniċi.

 

 

 

â € ¢ Indus­tri­ja jista jkun immir­at għall-użu tal-ener­ġi­ja għol­ja makkin­ar­ju li jsir inqas eko­nomiku li tuża wara żieda fil-prezz taż-żejt jikkun­smaw.

â € ¢ Dan jim­p­lika li l-liv­ell massimu ta impjiegi tal-eko­nom­i­ja tal-out­put tnaqqis sabiex id-daqs tal-kejk nazz­jon­ali qed jiċki­en u għal­hekk hemm inqas dispon­ib­bli għad-dis­tribuzz­joni.

 

 

 

 

â € ¢ Biex jikkon­trobat­tu din il-prob­lema, grupp ta politiki naħa tal-prov­v­ista huma mfassla biex ite­jbu l-effiċjen­za fit-tul tal-eko­nom­i­ja.
â € ¢ Per eżem­pju, il-gvern jista jnaqqas it-taxxi tan-negozju sabiex jinkor­aġġixxu inves­t­i­ment u b’hekk titjib ta’ tkab­bir eko­nomiku fit-tul.

 

 

 

â € ¢ Eżem­pji oħra jinklu­du l-gvern għoti ta kred­iti ta’ taxxa ta inves­t­i­ment, derogola­mentata indus­triji u tiżdied in-nefqa fuq il-portiji­et, tor­oq eċċ,

â € ¢ Maħsuba biex ite­jbu l-infrastrut­tura, biex b’hekk jit­naqqsu l-ispe­jjeż oper­at­tivi tal-indus­tri­ja u l-eko­nom­i­ja b’mod ġen­er­ali.

 

 

 

â € ¢ Il-fat­tur komuni wara dawn il-politiki koll­ha hija li huma maħsuba biex tiżdied il-produzz­joni mingħajr l-prezziji­et dejjem jiżdiedu. Dan huwa dak li huwa sup­post li jagħm­luhom prov­v­ista politiki sek­ond­arji.

â € ¢ Madankollu, huwa import­anti li wieħed jagħraf li ċer­ti politiki naħa tal-prov­v­ista għand­hom ukoll imp­likazz­jon­iji­et tist­mola d-domanda.

 

 

 

â € ¢ L-eżem­pju tradizz­jon­ali hawn­hekk huwa t-tnaqqis tat-taxxa fuq id-dħul.
â € ¢ Din il-politika għand­ha wkoll imp­likazz­jon­iji­et tad-domanda li, fil-fatt, jista swamp xi effet­ti sek­ond­arji prov­v­ista sabiex il-prezziji­et jiżdiedu hekk kif iż-żidi­et out­put.

 

 

 

â € ¢ Per eżem­pju, il-kur­va AD jista jiċċaqlaq relat­tiva­ment aktar lejn il-lemin mill-kur­va AS xiftiji­et riżultat isfel -Bħala tat-tnaqqis tat-taxxa tad-dħul per­son­ali.
â € ¢ Ir-riżultat finali huwa aktar out­put iżda bi prezziji­et ogħla. Dan x’aktarx li jikkump­likaw is-sit­wazz­joni jekk l-għan primar­ju huwa li tiżdied il-produzz­joni mingħajr l-prezziji­et dejjem jiżdiedu.

Data Administration

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Data Admin­is­tra­tion

Data Admin­is­tra­tion









Data Admin­is­tra­tion 1

Data Admin­is­tra­tion 2

Data admin­is­tra­tion chal­lenges

Func­tions of data admin­is­tra­tion mar­ket­ing and data stand­ards

Func­tions of data admin­is­tra­tion data poli­cy and data value

Data­base admin­is­tra­tion

Data­base admin­is­trat­or respons­ib­il­it­ies

Data­base admin­is­trat­or respons­ib­il­it­ies

DBA oper­a­tion­al respons­ib­il­it­ies

DBA oper­a­tion­al respons­ib­il­it­ies

Some rel­ev­ant data­base issues

Data Admin­is­tra­tion 1

Data is a major asset of an organ­isa­tion.

Inform­a­tion has to be pro­tec­ted and well util­ized.

Data admin­is­tra­tion requires man­age­ment and dip­lomacy skills as well as tech­nic­al com­pet­ence.

Data is time-con­sum­ing and expens­ive to acquire, serves to main­tain a com­pet­it­ive advant­age.

Data Admin­is­tra­tion 2

Data admin­is­tra­tion has the same rela­tion to inform­a­tion as fin­an­cial con­trol has to money.

Data admin­is­tra­tion must there­fore not only pro­tect data but also try to increase its util­ity value for the organ­isa­tion.

Data man­age­ment presents a num­ber of chal­lenges, which go well bey­ond a librarian’s func­tion.

Data admin­is­tra­tion chal­lenges

Many types of data have to be man­aged.

Put­ting data into cat­egor­ies or entit­ies may not be obvi­ous and requires data­base design skills.

The same data can be given dif­fer­ent names, formats, and descrip­tions.

Data needs to be stand­ard­ised not only with the organ­isa­tion but also across all out­side organ­isa­tions with which a com­pany inter­acts.

Trans­ac­tion data often updates and changes inform­a­tion in a sys­tem often from
con­cur­rent sources.
There are polit­ic­al, stat­utory and organ­isa­tion issues asso­ci­ated with data.

Func­tions of data admin­is­tra­tion mar­ket­ing and data stand­ards

Com­mu­nic­ate exist­ence of data admin­is­tra­tion across the whole organ­isa­tion.

Explain the reas­on for policies and stand­ards.

Explain reas­on for exist­ence of stand­ards and policies.

Estab­lish stand­ard means for describ­ing data items. Stand­ards include name, defin­i­tion, descrip­tion, pro­cessing situ­ations, usage etc.

Ensure com­pli­ance with stand­ards and identi­fy and sup­port data own­ers or pro­ponents.

Func­tions of data admin­is­tra­tion data poli­cy and data value

Estab­lish policies regard­ing secur­ity, tim­ing, dis­tri­bu­tion, and data own­er­ship.

Estab­lish pro­ced­ures for resolv­ing con­flicts and for hear­ing all views in a prob­lem.

Have the author­ity to make decisions to resolve dif­fi­culties.

Make staff aware of the value of the data envir­on­ment.

Take pro­act­ive steps in inform­a­tion man­age­ment.

Data­base admin­is­tra­tion

• Data­base admin­is­tra­tion oper­ates with­in the frame­work provided by data admin­is­tra­tion

to facil­it­ate the use of data­bases and their applic­a­tions.

Data­bases oper­ate at the per­son­al, work-group and enter­prise levels and the higher the level the more com­plex is the admin­is­tra­tion.

The over­all respons­ib­il­ity of the DBA is to facil­it­ate the devel­op­ment, avail­ab­il­ity and use of the data­base with­in the con­text of the guidelines set out in the data admin­is­tra­tion poli­cy.

Data­base admin­is­trat­or respons­ib­il­it­ies

Assist in the require­ments stage and in eval­u­at­ing altern­at­ives for a data­base

Play an act­ive role in the nor­m­al­isa­tion, phys­ic­al design cre­at­ing and optim­isa­tion of the data­base.

Develop pro­ced­ures for integ­rity and qual­ity of data­base data.

Keep a prop­er log of all data­base activ­ity as well as keep all doc­u­ment­a­tion related to the data­base up to date.

Data­base admin­is­trat­or respons­ib­il­it­ies

Access impact on all users and try to seek con­sensus.

Man­age the con­fig­ur­a­tion con­trol and change man­age­ment needs.

Be pre­pared for all oper­a­tion­al prob­lems, which can arise.

Keep up to date with devel­op­ments such as data ware­hous­ing, dis­trib­uted data­bases, data min­ing etc.

DBA oper­a­tion­al respons­ib­il­it­ies

The data­base is a shared resource and there­fore the DBA provides stand­ards, guidelines, con­trol pro­ced­ures and doc­u­ment­a­tion to ensure that all users work in a coöper­at­ive and com­ple­ment­ary way.

Man­age and keep up to date the data dic­tion­ary.

Estab­lish data own­er­ship and work with such own­ers to develop data access rights.

Develop, doc­u­ment and train staff in data backup and recov­ery pro­ced­ures.

Pub­lish and main­tain data­base oper­a­tion­al stand­ards.

DBA oper­a­tion­al respons­ib­il­it­ies

The DBA should ana­lyse run time stat­ist­ics and gen­er­ate per­form­ance reports.

Invest­ig­ate per­form­ance and applic­a­tion con­flicts.

Assess the need for changes in data­base struc­ture and take the neces­sary action.

Eval­u­ate and imple­ment where rel­ev­ant updates to the data­base.

Per­form sys­tem tun­ing.

Some rel­ev­ant data­base issues

The con­cur­rency prob­lem and the lost update prob­lem

Ways and means for lock­ing resources and lock­ing gran­u­lar­ity.

A scheme for pro­cessing con­cur­rent trans­ac­tions is said to be seri­al sable. Two-phased lock­ing is one such scheme.

Con­sider issue of dead­lock.

Ques­tion of data­base recov­ery and restor­ing it to a usable state using roll­back and roll for­ward, before and after images and check­points.

Data­base secur­ity is a whole top­ic unto itself.

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Ammin­is­trazz­joni tad-data

Ammin­is­trazz­joni tad-data

Ammin­is­trazz­joni Dejta 1

Ammin­is­trazz­joni Dejta 2

isfidi ammin­is­trazz­joni tad-data

Fun­z­jon­iji­et ta kum­mer­ċ­jalizza­zz­joni ammin­is­trazz­joni tad-data u l-istand­ards tad-dejta

Fun­z­jon­iji­et ta politika ta’ dejta ammin­is­trazz­joni tad-data u d-data valur

ammin­is­trazz­joni data­base

responsab­biltaji­et ammin­is­trat­ur data­base

responsab­biltaji­et ammin­is­trat­ur data­base

responsab­biltaji­et oper­at­tivi DBA

responsab­biltaji­et oper­at­tivi DBA

Xi kwist­jon­iji­et data­base ril­evanti

Ammin­is­trazz­joni Dejta 1

Dejta hija assi ewlen­i­ja ta organizza­zz­joni.

Inform­azz­joni għand­ha tiġi pro­tetta u utilizza­ti sewwa.

ammin­is­trazz­joni tad-data tir­rikjedi ġest­joni u dip­lo­mazi­ja ħili­et kif ukoll kom­pet­en­za teknika.

Data huwa l-ħin u għal­ja biex jakkwistaw, iser­vi biex iżom­mu vantaġġ kom­pet­it­tiv.

 

Ammin­is­trazz­joni Dejta 2

ammin­is­trazz­joni tad-data għan­du l-istess x’jaqsam ma inform­azz­joni kif kon­troll fin­an­zjar­ju għan­du l-flus.

ammin­is­trazz­joni tad-data għan­du għal­hekk mhux biss tip­pro­teġi d-data imma wkoll tip­prova żżid il-valur util­ità tagħha għall-organizza­zz­joni.

ġest­joni tad-dejta jip­preżenta għadd ta sfidi, li jmor­ru sew lil hinn minn lib­rar­i­anâ € ™ s fun­z­joni.

 

 

isfidi ammin­is­trazz­joni tad-data

Ħafna tipi ta dejta għand­hom jiġu ġestiti.

Tqegħid dejta f’kategoriji jew entitaji­et ma jist­għux ikunu ovvju u teħtieġ ħili­et disinn data­base.

L-istess data tista tingħata ismiji­et dif­fer­enti, form­ati, u deskrizz­jon­iji­et.

Id-dejta għand­ha tiġi stand­ardizzata mhux biss ma l-organizza­zz­joni iżda wkoll mad­war organizza­zz­jon­iji­et bar­ra koll­ha fejn kumpan­ni­ja jin­ter­aġixxi.

data tat-transazz­joni ta spiss aġġor­na­menti u l-bid­li­et ta’ inform­azz­joni f’sistema ta spiss mill–
Sor­si konkor­renti.
Hemm kwist­jon­iji­et politiċi, stat­utorji u assoċ­jati tal-organizza­zz­joni ma data.

 

Fun­z­jon­iji­et ta kum­mer­ċ­jalizza­zz­joni ammin­is­trazz­joni tad-data u l-istand­ards tad-dejta

Jikkomunikaw eżisten­za ta ammin­is­trazz­joni tad-data mad­war l-organizza­zz­joni koll­ha.

Jis­pjegaw ir-raġuni għal politiki u l-istand­ards.

Jis­pjegaw ir-raġuni għall-eżisten­za ta stand­ards u politiki.

Tistabbilixxi mezz stand­ard għad-deskrizz­joni par­titi ta dejta. Istand­ards jinkludi l-isem, id-definizz­joni, id-deskrizz­joni, sit­wazz­jon­iji­et ta pproċes­sar, użu, eċċ

Tiġi żgurata kon­form­ità mal-istand­ards u iden­ti­fikat u appoġġat sidi­en tad-data jew pro­ponenti.

 

Fun­z­jon­iji­et ta politika ta’ dejta ammin­is­trazz­joni tad-data u d-data valur

Money & AD AS

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Money & AD AS

The Links Between the Goods Mar­ket and the Money Mar­ket









•The goods and money mar­kets do not oper­ate inde­pend­ently. There is a value of out­put (income) (Y) and a level of the interest rate ® that are con­sist­ent with the exist­ence of equi­lib­ri­um in both­mar­kets.

•This lec­ture exam­ines how mon­et­ary and fisc­al policies affect the level of out­put, interest rates, and invest­ment spend­ing.

Link 1: Income and
the Demand for Money

•Income, which is determ­ined in the goods mar­ket, has con­sid­er­able influ­ence on the demand for money in the money mar­ket.

Link 2: Planned Invest­ment
and the Interest Rate

•The interest rate, which is determ­ined in the money mar­ket, has sig­ni­fic­ant effects on planned invest­ment in the goods mar­ket.

The Interest Rate and Planned Aggreg­ate Expendit­ure

Money Demand, Aggreg­ate Out­put (Income), and the Money Mar­ket

Expan­sion­ary Poli­cy Effects

•Expansionary fisc­al poli­cy­is either an increase in gov­ern­ment spend­ing or a reduc­tion in net taxes aimed at increas­ing aggreg­ate out­put (income) (Y).

•Expansionary mon­et­ary poli­cy­is an increase in the money sup­ply aimed at increas­ing aggreg­ate out­put (income) (Y).

The Crowding-Out Effect

Expan­sion­ary Mon­et­ary Poli­cy:
An Increase in the Money Sup­ply

Effect­ive­ness of Mon­et­ary Poli­cy

•The effect­ive­ness of mon­et­ary poli­cy depends on the shape (or respons­ive­ness) of the invest­ment func­tion.

CB Accom­mod­a­tion of an Expan­sion­ary Fisc­al Poli­cy

CB Accom­mod­a­tion of an Expan­sion­ary Fisc­al Poli­cy

Con­trac­tion­ary Poli­cy Effects

Con­trac­tion­ary Poli­cy Effects

•The decrease in Ywould be great­er if we ignore the impact of the money mar­ket.

Con­trac­tion­ary Mon­et­ary Poli­cy

•Contractionary mon­et­ary poli­cyrefers to a decrease in the money sup­ply aimed at decreas­ing aggreg­ate out­put (income) (Y).

Con­trac­tion­ary Mon­et­ary Poli­cy

•The increase in the interest rate will be less than it would be if we did not take the goods mar­ket into account.

The Mac­roe­co­nom­ic Poli­cy Mix

Oth­er Determ­in­ants of
Planned Invest­ment

The Aggreg­ate Demand Curve

Deriv­ing the Aggreg­ate Demand Curve

Deriv­ing the Aggreg­ate Demand Curve

•Each pair of val­ues of Pand Yon the aggreg­ate demand curve cor­res­ponds to a point at which both the goods mar­ket and the money mar­ket are in equi­lib­ri­um.

The Aggreg­ate Demand Curve:
A Warn­ing

•The ADcurve is not a mar­ket demand curve, and it is not the sum of all mar­ket demand curves in the eco­nomy. It is a more com­plex con­cept.

•We can­not use the ceteris paribus assump­tion to draw the ADcurve because when the over­all price level rises, many prices (includ­ing input prices) rise togeth­er.

The Aggreg­ate Demand Curve:
A Warn­ing

•Aggregate demand falls when the price level increases because the higher price level causes the demand for money to rise, which causes the interest rate to rise.

•It is the higher interest rate that causes aggreg­ate out­put to fall.

•At all points along the ADcurve, both the goods mar­ket and the money mar­ket are in equi­lib­ri­um.

Oth­er Reas­ons for a Down­ward-Slop­ing Aggreg­ate Demand Curve

•The con­sump­tion link:The decrease in con­sump­tion brought about by an increase in the interest rate con­trib­utes to the over­all decrease in out­put.

•The real wealth effect, or real bal­ance, effect: When the price level rises, there is a decrease in con­sump­tion brought about by a change in real wealth.

Aggreg­ate Expendit­ure and
Aggreg­ate Demand

•At every point along the aggreg­ate demand curve, the aggreg­ate quant­ity of out­put deman­ded is exactly equal to planned aggreg­ate expendit­ure.

How are aggreg­ate demand and aggreg­ate expendit­ure related?

Shifts of the Aggreg­ate Demand Curve

Shifts of the Aggreg­ate Demand Curve

Shifts of the Aggreg­ate Demand Curve

The Aggreg­ate Sup­ply Curve

•Aggregate sup­ply is the total sup­ply of all goods and ser­vices in the eco­nomy.

•The aggreg­ate supply(AS)curveis a graph that shows the rela­tion­ship between the aggreg­ate quant­ity of out­put sup­plied by all firms in an eco­nomy and the over­all price level.

The Aggreg­ate Sup­ply Curve:
A Warn­ing

•The aggreg­ate sup­ply curve is not a mar­ket sup­ply curve and it is not the sim­ple sum of all the indi­vidu­al sup­ply curves in the eco­nomy.

•One reas­on is that firms do not simply respond to mar­ket-determ­ined prices, but they actu­ally set prices. Price-set­ting firms do not have indi­vidu­al sup­ply curves because these firms are choos­ing both out­put and price at the same time. We can add some­thing that does not exist!

The Aggreg­ate Sup­ply Curve:
A Warn­ing

•Another reas­on is that when we draw a firm’s sup­ply curve, we assume that input prices are con­stant. If the over­all price level is rising, there will be an increase in at least some input prices.

•The out­puts of some firms are the inputs of oth­er firms.

•As wage rates and oth­er input prices rise, the firm­s’ indi­vidu­al sup­ply curves are shift­ing, so we can not sum them to get an aggreg­ate sup­ply curve.

The Aggreg­ate Sup­ply Curve:
A Warn­ing

•What does exist is a â€œprice/output respon­se” curve—a curve that traces out the price decisions and out­put decisions of all the mar­kets and firms in the eco­nomy under a given set of cir­cum­stances.

Aggreg­ate Sup­ply in the Short Run

Aggreg­ate Sup­ply in the Short Run

•Macroeconomists focus on wheth­er or not the eco­nomy as a whole is oper­at­ing at full capa­city.

•Even if firms are not hold­ing excess labor and cap­it­al, the eco­nomy may be oper­at­ing below its capa­city if there is cyc­lic­al unem­ploy­ment.

Out­put Levels and Price Responses

The Respon­se of Input Prices to Changes in the Over­all Price Level

•There must be a lag between changes in input prices and changes in out­put prices, oth­er­wise the aggreg­ate sup­ply (price/output respon­se) curve would be ver­tic­al.

•Wage rates may increase at exactly the same rate as the over­all price level if the price-level increase is fully anti­cip­ated. Most input prices, how­ever, tend to lag increases in out­put prices.

Shifts of the Short-Run
Aggreg­ate Sup­ply Curve

Shifts of the Short-Run
Aggreg­ate Sup­ply Curve

The Equi­lib­ri­um Price Level

•The equi­lib­ri­um price lev­el­is the point at which the aggreg­ate demand and aggreg­ate sup­ply curves inter­sect.

The Long-Run Aggreg­ate Sup­ply Curve

The Long-Run Aggreg­ate Sup­ply Curve

•Y0represents the level of out­put that can be sus­tai­ned­in the long run without infla­tion. It is also called poten­tial out­put.

Money S & D

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Money S & D

An Over­view of Money









•Moneyis any­thing that is gen­er­ally accep­ted as a medi­um of exchange.

•Money is not income, and money is not wealth. Money is:

•a means of pay­ment,

•a store of value, and

•a unit of account.

An Over­view of Money

•Money as a means of pay­ment, or medi­um of exchange, is more effi­cient than barter.

•Barteris the dir­ect exchange of goods and ser­vices for oth­er goods and ser­vices.

•A barter sys­tem requires a double coin­cid­ence of wants­for trade to take place. Money elim­in­ates this prob­lem.

•Money is a lub­ric­ant in the func­tion­ing of a mar­ket eco­nomy.

An Over­view of Money

•Money as a store of valu­erefers to money as an asset that can be used to trans­port pur­chas­ing power from one time peri­od to another.

•Money is eas­ily port­able, and eas­ily exchanged for goods at all times. The liquid­ity prop­er­ty of money­makes money a good medi­um of exchange as well as a store of value.

An Over­view of Money

•Money also serves as a unit of account, or a stand­ard unit that provides a con­sist­ent way of quot­ing prices.

•Commodity mon­iesare items used as money that also have intrins­ic value in some oth­er use. Gold is one form of com­mod­ity money.

•Fiat, or token, money is money that is intrins­ic­ally worth­less.

•Legal ten­der­is money that a gov­ern­ment has required to be accep­ted in set­tle­ment of debts.

Meas­ur­ing the Sup­ply of Money
in the Malta

Meas­ur­ing the Sup­ply of Money
in the Malta

•M3, or broad money, includes near mon­ies, or close sub­sti­tutes for trans­ac­tions money.

•M3= M1 + sav­ings accounts + money mar­ket accounts + oth­er near mon­ies

•At the end of Novem­ber 2001, M3was Lm 2,731.6 mil­lion.
•The main advant­age of look­ing at M3in­stead of M1 is that M3 is some­times more stable.

The Private Bank­ing Sys­tem

•Most of the money in a developed eco­nomy is “bank money,” or money held in check­ing accounts rather than cur­rency.

•Financial inter­me­di­ar­iesare banks and oth­er fin­an­cial insti­tu­tions that act as a link between those who have money to lend and those who want to bor­row money.

How Banks Cre­ate Money

•To see how banks cre­ate money, con­sider the ori­gins of the mod­ern bank­ing sys­tem:

•Goldsmiths func­tioned as ware­houses where people stored gold for safe­keep­ing.

•Upon receiv­ing the gold, a gold­smith would issue a receipt to the depos­it­or. After a time, these receipts them­selves, rather than the gold that they rep­res­en­ted, began to be traded for goods.

•At this point, all the receipts issued were backed 100 per­cent by gold.

How Banks Cre­ate Money

•Goldsmiths real­ized that people did not come often to with­draw gold and, as a res­ult, they had a large stock of gold con­tinu­ously on hand. They could lend out some of this gold without any fear of run­ning out.

•There were thus more claims than there were ounces of gold.

How Banks Cre­ate Money

•Knowing there were more receipts out­stand­ing than there were ounces of gold, people might start to demand gold for receipts.

•A run­on a gold­smith (or a mod­ern-day bank) occurs when many people present their claims at the same time.

The Mod­ern Bank­ing Sys­tem

•A brief review of account­ing:

Assets –liabilities = Net Worth, or
A bank’s most import­ant assets are its loans. Oth­er assets include cash on hand (or vault cash) and depos­its with the Cent­ral Bank.
•A bank’s liab­il­it­ies are the prom­ises to pay, or IOUs, that it has issued. A bank’s most import­ant liab­il­it­ies are its depos­its.

Account for a Typ­ic­al Bank

•The bal­ance sheet of a bank must always bal­ance, so that the sum of assets (reserves and loans) equals the sum of liab­il­it­ies (depos­its and net worth).

The Cre­ation of Money

•Banks usu­ally make loans up to the point where they can no longer do so because of the reserve require­ment restric­tion (or up to the point where their excess reserves are zero).

The Cre­ation of Money

•When someone depos­its $100, and the bank depos­its the $100 with the cent­ral bank, it has $100 in reserves.

•If the required reserve ratio is 20%, the bank has excess reserves of $80. With $80 of excess reserves, the bank can lend $400 and have up to $400 of addi­tion­al depos­its. The $100 in reserves plus $400 in loans equal $500 in depos­its.

The Cre­ation of Money

The Cre­ation of Money

The Money Mul­ti­pli­er

•The money mul­ti­pli­er is the mul­tiple by which depos­its can increase for every dol­lar increase in reserves.

The Money Mul­ti­pli­er

•If people hold cash­then this is a leak­age from the mul­ti­pli­er pro­cess.

•Say 10% cash hold­ings

•New Mul­ti­pli­er now is:

Money Mul­ti­pli­er = 1
reserve ratio + cash ratio
1/(.1+.1)= 1/.25
Sim­il­arly if banks hold an excess reserve ratio

Func­tions of the Cent­ral Bank

•Control of mer­gers between banks.

•Examination of banks to ensure that they are fin­an­cially sound.

•Setting of reserve require­ments for all fin­an­cial insti­tu­tions.

•Lender of last resort.

The CB per­forms import­ant func­tions for banks includ­ing:

The CBM Bal­ance Sheet

The CB’s Bal­ance Sheet

•Although it is unre­lated to the money sup­ply, the CB’s gold counts as an asset on its bal­ance sheet.

•The largest of the CB’s assets, by far, con­sists of for­eign reserves.

•A lira note is a liab­il­ity, or IOU, of the CB.

How the CB Con­trols
the Money Sup­ply

•The required reserve ratio estab­lishes a link between the reserves of the com­mer­cial banks and the depos­its (money) that com­mer­cial banks are allowed to cre­ate.

•If the CB wants to increase the money sup­ply, it cre­ates more reserves, thereby free­ing banks to cre­ate addi­tion­al depos­its by mak­ing more loans. If it wants to decrease the money sup­ply, it reduces reserves.

How the CB Con­trols
the Money Sup­ply

The Dis­count Rate

•Banks may bor­row from the CB. The interest rate they pay the CB is the dis­count rate.

•Bank bor­row­ing from the CB leads to an increase in the money sup­ply. The higher the dis­count rate, the higher the cost of bor­row­ing, and the less bor­row­ing banks will want to do.

Prosperity in change 03

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Prosper­ity in change 03
Prosper­ity In Change
The Way For­ward
Nation­al Indus­tri­al Poli­cy
Min­istry for Eco­nom­ic Ser­vices
Malta
2003
Con­tents
page

Intro­duc­tion .….….….….….….….….….….….….….….….….….….….….….….….….….. 3
The ele­ments of indus­tri­al poli­cy .….….….….….….….….….….….….….….. 4
Import­ance of man­u­fac­tur­ing .….….….….….….….….….….….….….….…… 5









Equit­able income dis­tri­bu­tion .….….….….….….….….….….….….….….…… 8

Lorenz curve and Gini coef­fi­cient .….….….….….….….….….….….….….… 8
Income dis­tri­bu­tion in 2000.….….….….….….….….….….….….….….….… 11
Con­clu­sion .….….….….….….….….….….….….….….….….….….….….….…. 13
1 — A Region­al and Inter­na­tion­al Strategy .….….….….….….….….….….….….….. 17
Intro­duc­tion .….….….….….….….….….….….….….….….….….….….….….… 17
New glob­al real­ity .….….….….….….….….….….….….….….….….….….….. 18
For­eign dir­ect invest­ment .….….….….….….….….….….….….….….….…… 19
Net­work of inter­na­tion­al trade in services.….….….….….….….….….…..21
Region­al blocs .….….….….….….….….….….….….….….….….….….….…… 24
EU Mem­ber­ship and its altern­at­ives .….….….….….….….….….….….….. 25
Con­clu­sion .….….….….….….….….….….….….….….….….….….….….….… 30
2 — A Pro­file of the Man­u­fac­tur­ing Industry.….….….….….….….….….….….….…. 35
Intro­duc­tion .….….….….….….….….….….….….….….….….….….….….….… 35
Recent changes.….….….….….….….….….….….….….….….….….….….…. 37
Tra­di­tion­al Industry .….….….….….….….….….….….….….….….….….…… 44
Domest­ic and for­eign mar­kets .….….….….….….….….….….….….….. 44
Empoy­ment size .….….….….….….….….….….….….….….….….….….….45
Wages and employ­ment size .….….….….….….….….….….….….….… 45
Wages and export ori­ent­a­tion .….….….….….….….….….….….….….… 46
Invest­ment, Exports and Wages .….….….….….….….….….….….….… 46
High growth sec­tors .….….….….….….….….….….….….….….….….….….. 52
Labour and man­age­ment skills .….….….….….….….….….….….….….… 59
Con­clu­sion .….….….….….….….….….….….….….….….….….….….….….… 60
3 -Enhan­cing Effi­ciency and Strenght­en­ing Com­pet­it­ive­ness .….….….….… 65
Intro­duc­tion .….….….….….….….….….….….….….….….….….….….….…… 65
Industry in open eco­nomy .….….….….….….….….….….….….….….….… 65
The Pub­lic Sec­tor .….….….….….….….….….….….….….….….….….….…. 67
Revamped Min­istry for Eco­nom­ic Ser­vices .….….….….….….….….…. 68
eGov­er­ment .….….….….….….….….….….….….….….….….….….….….…..72
The crit­ic­al role of the social part­ners .….….….….….….….….….….….… 75
Unem­ploy­ment .….….….….….….….….….….….….….….….….….….…… 75
Trans­port costs .….….….….….….….….….….….….….….….….….….….….. 76
Voca­tion­al edu­ca­tion .….….….….….….….….….….….….….….….….….…. 84
Malta Col­lege of Arts, Sci­ence and Tech­no­logy .….….….….….….….… 84
Nation­al Poli­cy for Human Resource Devel­op­ment .….….….….….…… 86
Employ­ment and Train­ing Cor­por­a­tion .….….….….….….….….….….…… 87
EU pro­grammes .….….….….….….….….….….….….….….….….….….….…. 88
Future of Voca­tion­al Train­ing .….….….….….….….….….….….….….….…. 89
The Uni­ver­sity .….….….….….….….….….….….….….….….….….….….….… 89
BPA and train­ing assist­ance .….….….….….….….….….….….….….….…… 91
Sci­ence and tech­no­logy poli­cy .….….….….….….….….….….….….….….. 92
Malta Coun­cil for Sci­ence and Tech­no­logy .….….….….….….….….…… 92
Research and Devel­op­ment and BPA .….….….….….….….….….….….… 93
Intel­lec­tu­al Prop­er­ty and Data Pro­tec­tion .….….….….….….….….….….. 94
Insti­tu­tion­al sup­port .….….….….….….….….….….….….….….….….….…… 94
Com­pet­it­ive­ness Bench­mark­ing .….….….….….….….….….….….….….… 95
4 — The Labour Mar­ket: Per­form­ance and Future Require­ments .….….….…… 99
Intro­duc­tion .….….….….….….….….….….….….….….….….….….….….…. 99
Demo­graph­ics .….….….….….….….….….….….….….….….….….….…… 99
Migra­tion .….….….….….….….….….….….….….….….….….….….….…. 101
Pop­u­la­tion Pro­jec­tions .….….….….….….….….….….….….….….….… 101
The Labour Mar­ket .….….….….….….….….….….….….….….….….….. 101
Par­ti­cip­a­tion .….….….….….….….….….….….….….….….….….….….….… 104
Unem­ploy­ment .….….….….….….….….….….….….….….….….….….…… 105
Pro­jec­ted labour demand requirements.….….….….….….….….….…..107
Fore­cast of the labour sup­ply, and pub­lic poli­cy .….….….….….….…. 107
BPA and job cre­ation .….….….….….….….….….….….….….….….….….. 108
5 — The Insti­tu­tion­al Infra­struc­ture .….….….….….….….….….….….….….….….… 111
Intro­duc­tion .….….….….….….….….….….….….….….….….….….….…… 111
Malta Enter­prise .….….….….….….….….….….….….….….….….….….…. 111
Advis­ory Coun­cil .….….….….….….….….….….….….….….….….….….… 114
His­tor­ic­al divi­sion of duties .….….….….….….….….….….….….….….…. 114
Indus­tri­al Strategy .….….….….….….….….….….….….….….….….….…. 115
Extern­al Trade Pro­mo­tion .….….….….….….….….….….….….….….….. 116
Region­al Trade Pro­mo­tion .….….….….….….….….….….….….….….. 117
Elec­tron­ic Com­mer­ce & e-Trade Pro­mo­tion Ser­vices .….….….….… 117
A Paradigm Shift .….….….….….….….….….….….….….….….….….….… 118
Invest­ment Pro­mo­tion .….….….….….….….….….….….….….….….….. 118
FDI Tar­get­ing .….….….….….….….….….….….….….….….….….….….….120
Region­al­isa­tion and Inter­na­tion­al­isa­tion .….….….….….….….….…… 122
Upgrad­ing of loc­al oper­a­tions .….….….….….….….….….….….….….. 123
Clusters .….….….….….….….….….….….….….….….….….….….….….… 123
Indus­tri­al Parks Man­age­ment .….….….….….….….….….….….….….. 126
Restruc­tur­ing .….….….….….….….….….….….….….….….….….….….… 128
Char­ac­ter­ist­ics of the Maltese Task .….….….….….….….….….….….. 128
Ingredi­ents of the Maltese solu­tion .….….….….….….….….….….….. 129
The social dimen­sion .….….….….….….….….….….….….….….….….… 131
Guid­ing prin­ciples .….….….….….….….….….….….….….….….….….…. 131
Sec­tor­al ana­lys­is .….….….….….….….….….….….….….….….….….….. 136
Stra­tegic ini­ti­at­ives for SMEs .….….….….….….….….….….….….….… 136
The Small Busi­ness and Crafts Dir­ect­or­ate .….….….….….….….….. 142
Pro­mo­tion of crafts .….….….….….….….….….….….….….….….….…… 143
BPA and SMEs .….….….….….….….….….….….….….….….….….….… 144
6 — The Leg­al Infra­struc­ture: The Busi­ness
Pro­mo­tion Act (2000) .….….….….….….….….….….….….….….…. 147
Intro­duc­tion .….….….….….….….….….….….….….….….….….….….…. 147
Busi­ness Pro­mo­tion Act and enabling leg­al notices .….….….….…. 149
Iden­ti­fied sec­tors .….….….….….….….….….….….….….….….….….….. 152
Oth­er sec­tors .….….….….….….….….….….….….….….….….….….…… 154
7 -Entre­pren­eur­ship and Innov­a­tion .….….….….….….….….….….….….….…. 167
Intro­duc­tion .….….….….….….….….….….….….….….….….….….….…..167
Entre­pren­eur­ship .….….….….….….….….….….….….….….….….….….167
Innov­a­tion .….….….….….….….….….….….….….….….….….….….….….169
EU enter­prise pro­grammes .….….….….….….….….….….….….….…. 172
8 -Phys­ic­al Infra­struc­ture and The Envir­on­ment .….….….….….….….….….. 177
Addi­tion­al Infra­struc­tur­al Require­ments for Gozo .….….….….…… 178
Indus­tri­al Oper­a­tions and their Effects Upon
the Environment.….….….….….….….….….….….….….….….….….…178
Land Use .….….….….….….….….….….….….….….….….….….….….…..182
Con­clu­sion .….….….….….….….….….….….….….….….….….….….….….….….…..185
The Found­a­tions of Poli­cy .….….….….….….….….….….….….….….. 185
The Role of Gov­ern­ment .….….….….….….….….….….….….….….…. 186
Boxes

0.1 Earli­er changes in income dis­tri­bu­tion .….….….….….….….….….….….….…… 9
1.1 Rules of Ori­gin: a prob­lem for non-mem­bers .….….….….….….….….….…… 27
2.1 A stat­ist­ic­al test using an altern­at­ive data source .….….….….….….….….… 53
2.2 Ship-repair and ship­build­ing .….….….….….….….….….….….….….….….….… 55
2.3 A case study in Maltese man­u­fac­tur­ing .….….….….….….….….….….….….… 58
3.1 Employ­ment Restruc­tur­ing Unit .….….….….….….….….….….….….….….…… 66
3.2 Stand­ard­isa­tion .….….….….….….….….….….….….….….….….….….….….….… 73
3.3 Mar­ket Sur­veil­lance Dir­ect­or­ate .….….….….….….….….….….….….….….…… 74
3.4 The role of the social part­ners: a stat­ist­ic­al test .….….….….….….….….…… 77
3.5 Trans­port cost break­down .….….….….….….….….….….….….….….….….….… 82
3.6 Malta and the oth­er can­did­ate coun­tries: rel­at­ive com­pet­it­ive­ness .….…. 83
4.1 Depend­ency pro­por­tions .….….….….….….….….….….….….….….….….….… 103
4.2 Dis­cour­aged work­er effect .….….….….….….….….….….….….….….….….…. 105
4.3 Redu­cing the struc­tur­al rate of unem­ploy­ment .….….….….….….….….….. 107
5.1 Back office ser­vices .….….….….….….….….….….….….….….….….….….…… 124
5.2 Know­ledge-driv­en Busi­ness .….….….….….….….….….….….….….….….…… 125
5.3 The dif­fer­ent levels of the restruc­tur­ing pro­cess .….….….….….….….….… 132
5.4 Fur­niture sec­tor report: spe­cial­isa­tion and new mar­kets .….….….….…… 137
5.5 Print­ing sec­tor report: spe­cial­isa­tion and bet­ter util­isa­tion of equip­ment .….….….….….….….….….….….….….….…. 138

5.6 Pro­cessed fruit and veget­ables industry report: increased value added .….….….….….….….….….….….….….….….….….….….….….… 140

5.7 Wine sec­tor report: increased value added and col­lab­or­a­tion .….….…… 141
6.1 Address­ing Insu­lar­ity, Small­ness and Eco­nom­ic Volat­il­ity in an Incent­ives Pro­gram­me .….….….….….….….….….….….….….….….…. 155

Tables

0.1 Gross Domest­ic Pro­duct by Industry, 2000 .….….….….….….….….….….….… 6
0.2 Gini Coef­fi­cients, 1986 – 1992 .….….….….….….….….….….….….….….….….…. 9

0.3 Gini Coef­fi­cient, 1986 – 2000.….….….….….….….….….….….….….….….….….12

0.4 At-risk-of-Pover­ty Rate .….….….….….….….….….….….….….….….….….….…. 12
1.1 Malta and Oth­er Applic­ant Coun­tries: For­eign dir­ect Invest­ment, per cap­ita 1999 .….….….….….….….….….….….….….….….….. 20

1.2 GDP per cap­ita, as per­cent EU-15’s .….….….….….….….….….….….….….… 29
2.1 Dis­tri­bu­tion of Gain­fully Occu­pied in Man­u­fac­tur­ing and Value Added per Employ­ee .….….….….….….….…… 38

2.2 Ana­lys­is of Man­u­fac­tur­ing Firms in 2000 (by export ori­ent­a­tion of indi­vidu­al firm) .….….….….….….….….….….…… 40

2.3 Sum­mary ana­lys­is of man­u­fac­tur­ing sec­tor (by export ori­ent­a­tion of firm) .….….….….….….….….….….….….….….….. 43

2.4 Ana­lys­is of Man­u­fac­tur­ing Firms in 2000 (by num­ber of employ­ees in firm) .….….….….….….….….….….….….…… 47

2.5 Sum­mary ana­lys­is of man­u­fac­tur­ing sec­tor (by employ­ment size of firm) .….….….….….….….….….….….….….….…… 49

2.6 Ana­lys­is of Man­u­fac­tur­ing Firms in 2000 (by invest­ment intens­ity) .….…. 50
2.7 Man­u­fac­tur­ing Com­pet­it­ive­ness: quant­it­at­ive meas­ures .….….….….….…. 58
2.8 Man­u­fac­tur­ing Com­pet­it­ive­ness: qual­it­at­ive meas­ures .….….….….….…… 58
3.1 Inter­na­tion­al cost com­par­is­on (hand­ling imports from ship to port gate) .….….….….….….….….….….… 80

3.2 Cost break­down of hand­ling charges from ship to port gate (for impor­ted con­tain­ers at the Malta Free­port) .….….….….….….….….. 81

4.1 The Labour Mar­ket (His­tory and Pro­jec­tions) .….….….….….….….….….… 100
6.1 Man­u­fac­tur­ing sec­tor: Aver­ages per Employ­ee in 1996 – 98 .….….….…… 150
Appendix Tables

1. Ana­lys­is of Man­u­fac­tur­ing Firms in 1998 (by export ori­ent­a­tion of indi­vidu­al firm) .….….….….….….….….….….… 191

2. Ana­lys­is of Man­u­fac­tur­ing Firms in 1998 (by num­ber of employ­ees in firm) .….….….….….….….….….….….….…. 194

Charts

0.1 Value Added per Per­son in Man­u­fac­tur­ing and in the Eco­nomy .….….….… 6
0.2 The Lorenz Curves, 1986 and 1992.….….….….….….….….….….….….….……9
0.3 Lorenz Curves 1986, 1992 and 2000 .….….….….….….….….….….….….…… 11
2.1 Invest­ment in Man­u­fac­tur­ing .….….….….….….….….….….….….….….….….… 59
3.1 Nat­ur­al Rate of Unem­ploy­ment verssus the Actu­al Unem­ploy­ment Rate (19832000) .….….….….….….….….….… 80

Can a firm guarantee complete product safety?

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Can a firm guar­an­tee com­plete pro­duct safety?

• Small prob­ab­il­ity that some­thing wrong









• Vari­ables that are not under its con­trol

• Co-oper­a­tion

• Man­u­fac­tur­ing stand­ards

A firm can­not guar­an­tee com­plete pro­duct safety because there is always a small prob­ab­il­ity that some­thing wrong, and also due to vari­ables that are not under its con­trol. How­ever, this does not mean that if an acci­dent occurs, the firm(s) can­not be held liable for the acci­dents. A recent case involved Ford/Firestone. Numer­ous acci­dents around the world occurred on Ford Explorers where more than 200 deaths from rollovers occurred around the world. As soon as the first case occurred in the USA the press brought to the pub­lic the case. While Ford was partly to blame for the acci­dents there were many factors that were not under its con­trol. Ford had no con­trol over the bad man­u­fac­tur­ing of Fire­stone, or the driver’s reluct­ance to check if the driver’s were keep­ing the tyres inflated prop­erly. Neither had Fire­stone con­trol over the design of the Explorer, which also had some defects, or the choice made by Ford to use C tyres instead of the more appro­pri­ate B tyres. But the firms had con­trol over their own man­u­fac­tur­ing and design pro­cess. In fact both Fire­stone and Ford were to blame over their own pro­cesses. Fire­stone had man­u­fac­tur­ing defects in the build­ing of tyres in which it has no excuses. Ford also had design prob­lems in the Explorer where acci­dents occurred even with Goo­dyear tyres. There should have been great­er co-oper­a­tion between the two com­pan­ies. Fire­stone should have made sure that Explorer where mount­ing the cor­rect tyres. Fire­stone should have made recom­mend­a­tions to Ford by stat­ing that B tyres were more appro­pri­ate and Ford should have made sure that the com­pany they had made a con­tract with to sup­ply tires (Fire­stone) to them were meet­ing the required man­u­fac­tur­ing stand­ards even though they had a 95 year rela­tion­ship between them.

Based on the inform­a­tion we presen­ted, whom do you think is most to blame for the death and injur­ies? What led to your con­clu­sion?

• Bad Man­u­fac­tur­ing

• Fire­stone should have made sure that Ford where mount­ing the cor­rect types of tyres

• Test­ing

While all the parties involved are to blame for the acci­dents, Fire­stone has the biggest blame because it had bad man­u­fac­tur­ing prac­tices. fire­stone should have made sure that the man­u­fac­tur­ing pro­cess was cor­rect. In the end, Fire­stone lost by los­ing the repu­ta­tion it had gained in the last cen­tury. Fire­stone should have made sure that the tyres they were provid­ing to ford were the right ones for the type of car. Had there been great­er coöper­a­tion than the acci­dents wouldn’t have occurred. Fire­stone should have given Ford the lim­it­a­tions of the tyres, stat­ing that they weren’t suit­able for high tem­per­at­ures where the acci­dents occurred. If fire­stone had done more test­ing it would have known that at cer­tain tem­per­at­ures the tyres would rip apart. All this along with the pub­lic pres­sure, along with law suits and tyre recalls which amoun­ted to mil­lions of dol­lars brought Fire­stone to its knees.

All these along with the oth­er factors brought a lot of deaths and suf­fer­ing to a lot of people while ruin­ing a great com­pany which in the past provided tyres to the Indy 500 which is one of the most pop­ular motor sport in North Amer­ica.

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Tista dit­ta jig­garantixxu s-sig­urtà tal-pro­dott kom­plut?

 

â € ¢ probab­biltà żgħira li xi ħaġa ħażina

â € ¢ Var­jab­bli li mhu­miex taħt il-kon­troll tagħha

â € ¢ Koop­erazz­joni

â € ¢ istand­ards Mani­fat­tura

 

 

 

Dit­ta ma jist­għux jig­garantixxu s-sig­urtà tal-pro­dott kom­plut minħab­ba li dejjem hemm probab­biltà żgħira li xi ħaġa ħażina, u wkoll minħab­ba fat­turi var­jab­bli li mhu­miex taħt il-kon­troll tagħha. Madankollu, dan ma jfis­sirx li jekk iseħħ xi inċident, id-dit­ta (i) ma tistax tinżamm responsab­bli għall-inċidenti. A każ reċenti kienu jin­volvu Ford / Fire­stone. Bosta inċidenti mad­war id-din­ja seħħet fuq Ford Esplorat­uri fejn aktar minn 200 mewta minn rollovers seħħew mad­war id-din­ja. Hekk kif l-ewwel każ seħħet fl-Istati Uniti tal-istam­pa miġjuba għall-pubb­liku l-każ. Fil­waqt Ford kien­et par­z­jalment jaħtu għall-inċidenti kien hemm ħafna fat­turi li ma kinux taħt il-kon­troll tagħha. Ford kel­lu l-ebda kon­troll fuq il-mani­fat­tura ħażin ta Fire­stone, jew il driverâ € ™ s rilut­tan­za biex jiċċekkjaw jekk il driverâ € ™ s kienu qed iżom­mu l-tajers min­fuħin sew. La kell­ha kon­troll Fire­stone fuq id-disinn tal-Explorer, li kel­lu wkoll xi difet­ti, jew l-għażla magħmu­la minn Ford għal użu tajers C min­flok il-tyres B. iktar xier­qa. Iżda l-dit­ti kell­hom kon­troll fuq mani­fat­tura u d-disinn stess proċess tagħhom. Fil-fatt kemm Fire­stone u Ford kienu jaħtu fuq proċessi tagħhom stess. Fire­stone kell­hom difet­ti fil-mani­fat­tura fil-bini ta tajers li fih ikoll­ha l-ebda skużi. Ford kell­hom ukoll prob­lemi tad-disinn fil-Explorer fejn aċċidenti seħħew anke b’tyres Goo­dyear. kel­lu jkun hemm koop­erazz­joni akbar bejn iż-żewġ kumpan­niji. Fire­stone għan­du għam­lu ċert li Explorer fejn immun­tar-tajers kor­retta. Fire­stone kell­ha rakko­mandazz­jon­iji­et lill-Ford bil­li tid­dikjara li t-tajers B kienu aktar xier­qa u Ford kell­ha żgur li l-kumpan­i­ja kienu għam­lu kun­tratt ma għall-prov­v­ista tajers (Fire­stone) li lil­hom kienu jilħqu l-istand­ards tal-mani­fat­tura meħtieġa minke­j­ja li kell­hom 95 relazz­joni sena bejni­ethom.

 

 

Ibbażat fuq l-inform­azz­joni li għand­na ppreżentata, min taħseb hija l-aktar li jaħtu għall-mewt u kor­ri­ment? Dak li was­sal għall-konkluż­joni tiegħek?

 

 

â € ¢ Bad Mani­fat­tura

â € ¢ Fire­stone għan­du għam­lu ċert li Ford fejn immun­tar it-tipi kor­retta ta tajers

â € ¢ Ittestjar

 

 

Fil­waqt li l-partiji­et koll­ha invol­uti huma l-ħti­ja għall-inċidenti, Fire­stone għand­ha l-akbar ħti­ja għaliex kell­ha prat­tiċi ta mani­fat­tura ħżi­ena. Fire­stone għan­du għam­lu ċert li l-proċess ta mani­fat­tura kien­et kor­retta. Fl-aħħar, Fire­stone mitl­u­fa bil­li jitil­fu l-fama li hija kien­et kisbet fl-aħħar seklu. Fire­stone għan­du għam­lu ċert li t-tajers huma kienu jip­prov­du li baxxfond kienu t-tajbin għat-tip ta karozza. Kien hemm koop­erazz­joni akbar mill-inċidenti wouldn t ™ seħħew. Fire­stone għand­ha taw Ford il-lim­itazz­jon­iji­et tat-tajers, li tistqarr li wer­enâ € ™ t adat­tati għal tem­per­at­uri għoljin meta seħħew l-inċidenti. Jekk Fire­stone kien għamel aktar ittestjar hija kien­et taf li f’ċerti f’temperaturi-tajers se RIP appar­ti. Dan kollu flimki­en mal-press­joni pubb­lika, flimki­en ma suits liġi u tyre jfakkar li kien jam­monta għal milju­ni ta dol­lari miġjuba Fire­stone għall-irkoppte­jn tagħha.

Product Safety

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Pro­duct Safety

A firm can nev­er guar­an­tee com­plete pro­duct safety because:









• There is always a cer­tain mar­gin of error in product(s)

How­ever com­pan­ies must seek ways to

• Min­im­ize errors so product(s) can be mar­keted bet­ter

Vari­ous ways how pro­duct safety can be max­im­ized:

• Pur­chase raw mater­i­als which are of good qual­ity

• The com­pany should com­ply with Industry Stand­ards

• There should be extens­ive test­ing, pos­sibly by experts

• Open qual­ity con­trol depart­ment which (if pos­sible) includes rep­res­ent­at­ive of cus­tom­er asso­ci­ation rep­res­ent­at­ive

Although com­plete pro­duct safety can­not be ensured due to:

• Vari­ables not under it’s con­trol like sub-con­tract­ors (com­pan­ies that take care of pro­du­cing a par­tic­u­lar part of pro­duct)

There are vari­ous ways of redu­cing mar­gin of error

Which thus max­im­ize pro­duct safety

Who has the blame?

While all should take respons­ib­il­ity for acci­dents

Fire­stone has the biggest blame due to

• Bad man­u­fac­tur­ing prac­tices

It (Fire­stone) should have made sure that

• Debris (e.g. cigar­ette ashes) were cor­rectly dis­posed in man­u­fac­tur­ing pro­cess

• Ford choose cor­rect type of tyres for car by explain­ing to Ford lim­it­a­tions of tyres by stat­ing that tyres were not suit­able for high tem­per­at­ures

In the end Fire­stone lost by:

• Los­ing the repu­ta­tion gained in the last cen­tury

Done more test­ing

• It would have known that tyres rip apart in high temp

All this along with:

• Pub­lic pres­sure

• Law suits

• And Massive recalls which amoun­ted to mil­lions of dol­lars

Brought Fire­stone to it’s knees

There­fore to sum­mar­ize:

Firestone’s blame

• Bad man­u­fac­tur­ing prac­tice which led to clos­ure of man­u­fac­tur­ing plant due to alleg­a­tions

• It should have nev­er relied on good rela­tion­ship with Ford because Fire­stone is not owned by Ford

• And should have poin­ted out more that Ford made wrong tire choice

• If they had done more test­ing and sent spe­cific­a­tions to Ford, stat­ing lim­it­a­tions signed by both com­pan­ies, then Fire­stone would have been saved since they told Ford the lim­it­a­tions of Tyres

Ford’s blame

• Should have ensured that vehicle was not prone to rollovers

• It should have been cor­rect in tyre choice of ‘B’ NOT ‘C’ Tyres

• Fire­stone was taken to much for gran­ted and should have tested vehicle with tyres in high temp

The acci­dents wouldn’t have happened.

Group­think Mind­set Respons­ib­il­ity

Irving Jan­is Defines group­think mind­set as

“ A mode of think­ing that people engage in when deeply involved in a cohes­ive in-group, when the mem­bers striv­ings for unan­im­ity over­ride their motiv­a­tion to real­ist­ic­ally appraise altern­at­ive course of action­s”

People may put their per­son­al and mor­al beliefs aside when mak­ing decisions as a group

• Higher Pri­or­ity was given to Money then to People’s lives.

People’s mor­als were given a back­seat com­pared to the company’s opin­ion

Ford and Fire­stone were more con­cerned with blam­ing each oth­er than

Mak­ing sure less acci­dents occurred

This was due to lack of strong object­ive voice (devil’s advoc­ate) meant imp issues were not con­sidered

How­ever to make Profit, a com­pany should make sure that

• Pro­duct is safe and reput­able

So even if profit is top pri­or­ity

• Safety should still be a pri­or­ity

Once com­pany loses repu­ta­tion dif­fi­cult to redeem situ­ation

There­fore, aim of com­pany should be to

• Main­tain high stand­ard thus achiev­ing profits

Not profit only and for­get­ting everything else

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Tap­poġġ­ja dan Paġna: http://amzn.to/2kgnzrf
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Sig­urtà tal-Pro­dot­ti
Dit­ta qatt ma tista tig­garantixxi s-sikur­ezza tal-pro­dott kom­plut minħab­ba:

 

â € ¢ Dejjem hemm ċer­tu marġini ta żball fil-pro­dott (i)

 

 

 

Madankollu kumpan­iji għand­hom ifit­txu modi biex

 

â € ¢ Jim­min­imizzaw żbalji hekk pro­dott (i) jista jiġi kkum­mer­ċ­jalizzat aħjar

 

 

 

modi dif­fer­enti kif sikur­ezza tal-pro­dott jist­għu jiġu massimizza­ti:

 

â mater­jali € ¢ Xiri mhux ipproċes­sat li jkunu ta kwal­ità tajba

â € ¢ Il-kumpan­ni­ja għand­ha tikkon­forma mal-Istand­ards Indus­tri­ja

â € ¢ Għan­du jkun hemm ittestjar estens­iv, pos­sib­il­ment minn esper­ti

â € dipar­ti­ment għall-kon­troll tal-kwal­ità ¢ Miftuħ li (jekk ikun pos­sib­bli) jinkludi rap­preżent­ant tar-rap­preżent­ant assoċ­jazz­joni klijent

 

 

 

Għalkemm is-sikur­ezza pro­dott kom­plut ma tistax tiġi żgurata minħab­ba:

 

â € ¢ Var­jab­bli mhux taħt ita € ™ s kon­troll simili sub-kun­trat­turi (kumpan­iji li jieħ­du ħsieb ta produzz­joni ta’ parti partikolari ta pro­dott)

 

 

 

Hemm diver­si modi kif jit­naqqas marġini ta żball

 

Li b’hekk jiġu massimizza­ti s-sikur­ezza tal-pro­dott

 

 

Min għan­du l-ħti­ja?
Fil­waqt li koll­ha għand­hom jieħ­du r-responsab­biltà għall-inċidenti

 

Fire­stone għand­ha l-akbar tort minħab­ba

 

â € ¢ prat­tiċi ta mani­fat­tura Bad

 

 

 

 

 

 

 

 

 

Hija (Fire­stone) Għan­du għam­lu ċert li

 

â € ¢ Debriti (eż irmied tas-sigar­ret­ti) kienu jin­tre­mew b’mod kor­rett fil-proċess ta mani­fat­tura

â € ¢ Ford jagħżlu tip kor­rett ta tajers għall-karozzi bil­li jis­pjegaw lill-lim­itazz­jon­iji­et Ford tat-tajers bil­li tid­dikjara li t-tajers ma kinux adat­tati għal tem­per­at­uri għoljin

 

 

 

 

Fl-aħħar Fire­stone mitluf minn:

 

â € ¢ Jitil­fu l-reputazz­joni miksuba fl-aħħar seklu

 

 

 

 

ittestjar isir aktar

 

â € ¢ Kien ikun magħruf li t-tajers RIP appar­ti fil tem­per­at­ura għol­ja

 

 

 

Dan kollu flimki­en ma ‘:

 

â € ¢ press­joni Pubb­lika

â € ¢ ilbiesi Liġi

â € ¢ u jfakkar Massiv li kien jam­monta għal milju­ni ta dol­lari

 

 

 

 

Miġjuba Fire­stone li ita € ™ s irkoppte­jn

 

 

Għal­hekk biex jagħtu sintesi:

 

Fire­stoneâ € ™ s ħti­ja
â € ¢ Prat­tika ħażina mani­fat­tura li wasslet għall-għe­luq ta imp­jant ta’ mani­fat­tura minħab­ba allegazz­jon­iji­et

â € ¢ Għan­du qatt ma invokati relazz­joni tajba mal Ford għaliex Fire­stone ma jkunux pussessi minn Ford

â € ¢ U kien imis­sha osser­vat aktar li Ford għam­let għażla żbal­jata tajer

â € ¢ Jekk dawn kienu għam­lu aktar ittestjar u mibgħuta l-ispeċi­fikazz­jon­iji­et lill-Ford, tid­dikjara lim­itazz­jon­iji­et ffirm­ati miż-żewġ kumpan­niji, allura Fire­stone kienu sal­vati peress li told Ford il-lim­itazz­jon­iji­et ta tajers

 

 

 

FORDA € ™ s ħti­ja
â € ¢ Jekk żgur­aw li vettura ma kinitx suxxet­tib­bli li rollovers

â € ¢ Huwa kel­lu jkun kor­rett fl-għażla tat-tajers ta â € ~Bâ € ™ MA â € ~Câ € ™ Tajers

INTRODUCTION TO MANAGEMENT

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INTRODUCTION TO MANAGEMENT









Man­aging in a dynam­ic envir­on­ment:
What does this state­ment mean?
Dynam­ic envir­on­ment means chan­ging envir­on­ment. This is to emphas­ize that man­agers have to adapt to the changes in the extern­al envir­on­ment, by chan­ging the intern­al envir­on­ment. The industry will change at a dif­fer­ent pace. There are 2 types of ways of deal­ing with changes. These are:
1) Pro-act­ive: anti­cip­ate before any dam­age is done;
2) Re-act­ive: react after dam­age has been done.

It is obvi­ously very import­ant to try and be pro-act­ive to change.

Learn­ing object­ives:-
 — Define man­agers and man­age­ment,
 — Describe what man­agers do,
 — Under­stand the com­pet­ences used in mana­geri­al work and begin to prac­tice them,
 — Describe the chan­ging con­text of mana­geri­al work.

Describ­ing Man­agers, Man­age­ment and Organ­iz­a­tions:

The word ‘Management’ is used and mis­used freely today:
Line Man­age­ment Rela­tion­ship Man­age­ment
Stress Man­age­ment Weight Man­age­ment
Con­flict Man­age­ment Waste Man­age­ment
… and of course Organ­iz­a­tion­al and Busi­ness man­age­ment.

The word ‘management’ has also been given vari­ous defin­i­tions:

1. Com­plex Defin­i­tion — “Knowing what you want [people] to do, and then see­ing that they do it in the cheapest way” [Taylor] — this defin­i­tion goes back to the begin­ning of the 1900’s by one of the founders of man­age­ment; Taylor. It is the situ­ation­al dif­fer­ence that counts not the time dif­fer­ence. In the case of Man­age­ment, Taylor said that it is import­ant to have skilled labour and mak­ing sure that we do it in the cheapest way. One may think that this defin­i­tion speaks about using most effi­ciently resources, but then one must also con­sider that the cheapest is not always the most effi­cient way.
What does this defin­i­tion imply?
 — Look­ing at the human resources as some­thing expli­cit.
 — See­ing that we are util­ising our resources in the best pos­sible way – i.e. using the resources effi­ciently.
 — Order
 — Effect­ively – the cheapest way is not neces­sary the most effect­ive way.

2. Simplist­ic Defin­i­tion — “… being con­cerned with the run­ning of an organ­iz­a­tion or part of it” [Oxford Busi­ness Dic­tion­ary]

“Running an organ­isa­tion” – what is an organ­isa­tion?
An organ­isa­tion is any struc­ture group of people work­ing togeth­er to achieve cer­tain goods…that indi­vidu­als could not reach alone.
An organ­isa­tion con­sists of a group of people that have some goals, which they need to attain/achieve.

“Any struc­tured group of people” – is it just a group of people?
Struc­tured refers that they are some­how related – their goal is bind­ing the people in a struc­tured way (in a struc­tured group).

A goal can be defined as:
“An out­come to be achieved or des­tin­a­tion to be reached over time through the exer­cise of man­age­ment func­tions or expendit­ure of resources short-term or long-term goals.”

Organ­isa­tion Struc­tures â€“
Dif­fer­ent lay­ers of man­age­ment

Flat­ter Organ­isa­tion
Bur­eau­crat­ic (Less Bur­eau­crat­ic)

Top Mng.
Intern­al
Envir­on­ment
Gen­er­al Envir­on­ment
(i.e. – PEST)
Organ­isa­tion chart â€“

Middle Mng.

Com­mu­nic­a­tion is one of the most import­ant ele­ments in Man­age­ment, to any organ­isa­tion. A man­ager must be able to com­mu­nic­ate with his work­ers if he is to suc­ceed. There are basic­ally two ways in which one may run his busi­ness.
a) Make the work­ers feel part of the busi­ness, appre­ci­at­ing their work. This will gen­er­ally lead to an increase in pro­ductiv­ity, as work­ers feel more involved.
b) Strict vigil­ance over work­ers. This meth­od is gen­er­ally not sus­tain­able, as work­ers will tend to dis­tract them­selves as soon as they are not being observed.

The phys­ic­al struc­ture of an organ­iz­a­tion can be con­sidered to be the Con­duit of Strategy. This means that the phys­ic­al struc­ture affects the flow of strategy in an organ­iz­a­tion.

Organ­iz­a­tions are there to achieve goals that indi­vidu­als can­not achieve alone – oth­er­wise it would be a waste of resources. But what are these goals that organ­iz­a­tions are try­ing to achieve?
A â€˜goal’ can be defined as: an out­come to be achieved or des­tin­a­tion to be reached over time through the exer­cise of man­age­ment func­tions and expendit­ure of resources.

An organ­iz­a­tion is not the build­ing, fact­ory office, procedures…critical to any organ­iz­a­tions are: People and Rela­tion­ships, Inter­ac­tion and com­mu­nic­a­tion.

An organ­iz­a­tion does not exist in a vacu­um [closed sys­tem]. An organ­iz­a­tion, must inter­act with its envir­on­ment… costumers/suppliers/competitors etc… some even strike joint ven­tures or alli­ances with com­pet­it­ors [open sys­tem].

An organ­iz­a­tion is com­posed of its intern­al envir­on­ment and the extern­al envir­on­ment. The intern­al envir­on­ment con­sists of things dealt with fre­quently. These include: uni­ons, sup­pli­ers, cos­tumers, com­pet­it­ors etc… The extern­al envir­on­ment of an organ­iz­a­tion con­sists of two com­pon­ents:
(a) Task Envir­on­ment
(b) Gen­er­al envir­on­ment – i.e. pest ana­lys­is (PEST:- polit­ic­al, eco­nom­ic­al, soci­olo­gic­al cul­tur­al, tech­no­lo­gic­al.)

Task envir­on­ment is closer to the organ­isa­tion. In the task envir­on­ment there are things that are dir­ectly related and have a mar­ket effect on the rela­tion­ship of the organ­isa­tion (cus­tom­ers fall in the Gen­er­al envir­on­ment)

Joint ven­tures are done so as to attract a base of cos­tumers from the com­pany you have joined. Joint ven­tures also help to spread the risk of a fail­ing pro­duct. It is also import­ant to emphas­ize that is not always the best pro­duct that makes it on the mar­ket.

IMP. – An organ­iz­a­tion is not neces­sar­ily a busi­ness. It can be a busi­ness oper­at­ing for profit – to max­im­ize share­hold­ers wealth.

It can be also be a non-profit organ­iz­a­tion such as:

Task Envir­on­ment
e.g. Com­pet­it­ors

Organ­isa­tion
“Any group of 2 or more people work­ing togeth­er to achieve a goal – hav­ing {human, mater­i­al, fin­an­cial or inform­a­tion – Key Resources} resources at its dis­pos­al – requires the prac­tice of management.”

- Nation­al health Ser­vice
 — World Health Organ­isa­tion
 — Uni­ver­sity
 — Gov­ern­ment
 — Green-Peace
 — Vat­ic­an
 — BBC/PBS (CNN?)
 — Polit­ic­al Party
 — SPCA
 — Caritas
 — Hos­pice
 — Loc­al Coun­cil

Object­ives of Profit Organ­isa­tions are to increase its mar­ket share and to enter into new mar­kets.

FOR PROFIT

Glob­al Giant Small Start-up

NON-PROFIT

What makes an organ­isa­tion a non-profit organ­isa­tion?
The mis­sion of such organ­isa­tion will be dif­fer­ent from that of profit organ­isa­tions. For example – A pub­lic broad­cast­ing mis­sion would be to edu­cate and inform. The pub­lic broad­cast­ing is per­form­ing a social bene­fit.

Work Centred Analysis

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Work Centred Ana­lys­is

Work Centred Ana­lys­is. 1









Sum­mary. 1

Key Terms. 2

Sum­mary

Why is it import­ant to have a frame­work for ana­lyz­ing inform­a­tion sys­tems?

A frame­work is a brief set of ideas for organ­iz­ing a thought pro­cess about a par­tic­u­lar type of thing or situ­ation. A frame­work helps people by identi­fy­ing top­ics that should be con­sidered and by show­ing how top­ics are related. When study­ing inform­a­tion sys­tems or oth­er top­ics, a good frame­work helps people make sense of the world’s com­plex­ity.

What six ele­ments can be used for sum­mar­iz­ing any work sys­tem?

A work sys­tem can be sum­mar­ized as a sys­tem whose par­ti­cipants per­form a busi­ness pro­cess using inform­a­tion tech­no­logy, and oth­er resources to pro­duce products for intern­al or extern­al cus­tom­ers. The six ele­ments are the cus­tom­er, pro­duct, busi­ness pro­cess par­ti­cipants, inform­a­tion and tech­no­logy.

What is the rela­tion­ship between inform­a­tion sys­tems and work sys­tems?
An inform­a­tion sys­tem is a par­tic­u­lar type of work sys­tem that uses inform­a­tion tech­no­logy to cap­ture, trans­mit, store, retrieve, manip­u­late, or dis­play inform­a­tion used by one or more work sys­tems. Inform­a­tion sys­tems often play cru­cial roles in the work sys­tems they sup­port, but some aspects of those work sys­tems are usu­ally unre­lated to inform­a­tion sys­tems. The more inform­a­tion-intens­ive the work sys­tem is, the lar­ger the role the inform­a­tion sys­tem plays.

What five per­spect­ives can be used for think­ing about work sys­tems?

The five per­spect­ives include archi­tec­ture, infra­struc­ture, con­text, and risk. Archi­tec­ture spe­cifies how the cur­rent or pro­posed sys­tem oper­ates mech­an­ic­ally by sum­mar­iz­ing its com­pon­ents, the way the com­pon­ents are linked, and the way the com­pon­ents oper­ate togeth­er. Per­form­ance describes how well the work sys­tem, its com­pon­ents, or its products oper­ate togeth­er. Infra­struc­ture is the human and tech­nic­al resources the sys­tem depends upon and shares with oth­er sys­tems. Con­text is the organ­iz­a­tion­al, com­pet­it­ive, tech­nic­al, and reg­u­lat­ory realm with­in which the work sys­tem oper­ates. Risks con­sist of the fore­see­able events whose occur­rence could cause sys­tem degrad­a­tion or fail­ure.

What is the rela­tion­ship between pro­cess archi­tec­ture, pro­cess per­form­ance, and pro­duct per­form­ance?

Pro­cess archi­tec­ture is a key determ­in­ant of pro­cess per­form­ance, which in turn is a key determ­in­ant of pro­duct per­form­ance. Inward-look­ing pro­cess per­form­ance vari­ables include rate of out­put, con­sist­ency. Pro­ductiv­ity, cycle time, flex­ib­il­ity, and secur­ity. Out­ward-look­ing pro­duct per­form­ance vari­ables per­ceived dir­ectly by cus­tom­ers include cost, qual­ity, respons­ive­ness, reli­ab­il­ity, and con­form­ance to stand­ards and reg­u­la­tions. Each of these per­form­ance vari­ables can be meas­ured in terms of vari­ous meas­ures of per­form­ance, depend­ing on the nature of the busi­ness pro­cess.

What are the steps in sys­tems ana­lys­is, and how can busi­ness pro­fes­sion­als apply these steps?

Sys­tems ana­lys­is is a gen­er­al pro­cess of defin­ing a prob­lem, gath­er­ing per­tin­ent inform­a­tion, devel­op­ing altern­at­ive solu­tions, and choos­ing among those solu­tions. These four steps can be fleshed out in many ways. The work-centred ana­lys­is meth­od is a sys­tems ana­lys­is approach designed to help busi­ness pro­fes­sion­als ana­lyze work sys­tems and inform­a­tion sys­tems. It restates the sys­tems ana­lys­is steps as ten issues. Issue #1 is defin­ing the prob­lem. Issues #2 through #6 cov­er both archi­tec­ture and per­form­ance by look­ing for improve­ments related to (#2) the cus­tom­er and pro­duct, (#3) the busi­ness pro­cess, (#4) the par­ti­cipants, (#5) the inform­a­tion, and (#6) the tech­no­logy. Issues #7 to #9 cov­er the remain­ing per­spect­ives, (#7) infra­struc­ture, (#8) con­text and (#9) risk. Issue #10 is decid­ing what to do. The WCA meth­od is not a cook­book and does not require a par­tic­u­lar pro­ced­ure. Its goal is to provide a way of think­ing about sys­tems that can be adap­ted to any prac­tic­al situ­ation.

Key Terms

Frame­work: is a brief set of ideas for organ­iz­ing a thought pro­cess about a par­tic­u­lar type of thing or situ­ation. it iden­ti­fies top­ics that should be con­sidered and shows how the top­ics are related.

Mod­el: is a use­ful rep­res­ent­a­tion of a spe­cific situ­ation or thing. Mod­els are use­ful because they or mim­ic real­ity without deal­ing without every detail of it. They typ­ic­ally help people ana­lyze a situ­ation by com­bin­ing a framework’s ideas with inform­a­tion about the spe­cific situ­ation being stud­ied. Mod­els always emphas­ize some fea­tures of real­ity and down­play or ignore oth­ers.

Sys­tem: is a set of inter­act­ing com­pon­ents that oper­ate togeth­er to accom­plish a pur­pose.
Sub­sys­tem: is a com­pon­ent of a sys­tem, even though it can also be con­sidered a sys­tem in its own right. The sys­tems we are con­cerned with are always sub­sys­tems of a lar­ger sys­tem and typ­ic­ally have

sub­sys­tems that per­form dif­fer­ent parts of the work. Under­stand­ing the sig­ni­fic­ance of any par­tic­u­lar sys­tem usu­ally requires at least some under­stand­ing of the lar­ger sys­tem it serves.

Pur­pose: is the reas­on for its exist­ence and the ref­er­ence point for meas­ur­ing its suc­cess.
Bound­ary: defines what is inside the sys­tem and what is out­side.

Envir­on­ment: is everything per­tin­ent to the sys­tem that is out­side of its bound­ar­ies

Inputs: are the phys­ic­al objects and inform­a­tion that cross the bound­ary to enter it from its envir­on­ment.

Out­puts: are the phys­ic­al objects and inform­a­tion that go from the sys­tem into its envir­on­ment.

Busi­ness pro­cess: is a related group of steps or activ­it­ies that use people, inform­a­tion and oth­er resources to cre­ate value for intern­al or extern­al cus­tom­ers. These steps are related in time and place, have a begin­ning and an end, and have inputs and out­puts.

Scope: of a busi­ness pro­cess is the spe­cific set of sub pro­cesses and activ­it­ies it includes.

Sub­pro­cesses: are parts of a pro­cess that are pro­cesses in their own right because they con­sist of well defined steps related in time and place, have a begin­ning and an end, and have inputs and out­puts. In con­trast to the term sub­pro­cess, how­ever we will use the term activ­ity to denote more gen­er­al, often less well defined things that people do in busi­nesses, such as com­mu­nic­at­ing with oth­ers. Motiv­at­ing employ­ees, and ana­lyz­ing data. In some cases, an import­ant role of IT is to con­vert poorly defined activ­ity into a bet­ter defined sub­pro­cess that is done in a pre­dict­able way and pro­duces con­sist­ent out­puts.

Value added: is the amount of value it cre­ates for its intern­al or extern­al cus­tom­er.
Primary pro­cesses: dir­ectly cre­ate the value of the of the firm’s cus­tom­er per­cieves.