Development of an inventory management system

Development of an inventory management system INTRODUCTION This project is on the design and development of an inventory management system which is part of the supply-chain Management. This system will attempt to solve issues with current inventory management systems in order to give businesses a better competitive edge. The literature review will provide a detailed overview about Inventory management; why business need to manage their inventory, benefits and objectives of inventory management and best practice in inventory management. It will go on to further discuss what inventory management system is all about, a detailed explanation of the benefits, future of inventory management systems and talk about success of inventory management system. In the review, various factors for implementing efficient inventory management systems were listed in order to understand fully how to design and develop a software solution for a company that would provide the best services and effective solution to their current problems. The report also discussed some challenges faced by most inventory management system in providing businesses with an effective solution. As part of the literature review, a case study was carried out on Sahad Stores, a distribution company in Nigeria and a detailed investigation into their existing system was accomplished highlighting the problems of the current system. Based on knowledge gained from the literature review, a proposed solution was presented to resolve the issues with the companys current system of inventory management. INVENTORY MANAGEMENT An inventory is basically a detailed list of all the items in stock. Inventory consists of raw materials, work-in-process and finished goods. In todays highly competitive market, businesses need to maintain an appropriate level of stock to meet the customer demands at any time. Inventory management is part of the supply chain management. Over the past years, the concept of supply chain management SCM has been given a considerable attention. This is an approach to view the supply chain as a whole rather than as a set of separate processes (Weele, 2002). Mentzer, Dewitt, Keebler, Min, Nix, Smith and Zacharia defined Supply chain management SCM as the systematic and strategic coordination of the traditional business operations. The main aim of supply chain management SCM is to improve the long term performance of each firm as well as the whole supply chain (Mentzer, Dewitt, Keebler, Min, Nix, Smith and Zacharia, 2001). Inventory management involves system and processes of maintaining the appropriate level of stock in a warehouse (Barcodes, 2010). These activities includes identifying necessary inventory requirements, and creating replenishment processes, tracking and monitoring the usage of items/stock, reconciling inventory balances as well as reporting inventory status.(Barcodes , 2010). It is basically the process of efficiently controlling the amount of stock in order to avoid excess inventory. Reliable inventory management will therefore minimise the cost associated with inventory (Barcodes, 2010). Inventory management involves a wide scope of processes ranging from inventory forecasting , replenishment, demand forecasting as well as quality management (Wikipedia, 2009). Objectives and benefits of inventory management According to Stylus Systems, The 3 main objectives in inventory management are (Stylus, 2008): To reduce inventory investment or cost which is one of the most important goals of any business. Balancing the cost of keeping inventory with the benefits gained from it is vital to the successes of an organisation To provide improved customer satisfaction To increase sales and profits realised from effective inventory management which therefore improve overall business productivity Benefits of inventory management In a report by Stylus, he highlighted the following as some of the benefits of inventory management (Stylus, 2008): Inventory management systems can help reduce the time to respond to changing market demand of products and can help control excess stock IMS provide a means for business to effectively manage or control their inventory IMS helps businesses to constantly analyse their business processes such as sales and purchasing in order to make efficient inventory decisions Stylus systems also reported that inventory management systems IMS can provide total insight on stock transactions Stylus systems also stated that IMS can provide hands on knowledge on inventory which might lead to increased sales and efficient customer services. Development in inventory management Presently, there are two major approaches to inventory management Materials requirement planning (MRP): MRP is simply a management system in which sales are converted into loads by sub-unit and time. In this system, orders are scheduled more closely thereby reducing inventory and making delivery times shorter and more predictable (Hedrick, 2003). MPR review order quantities periodically and as such allow ordering only what is currently needed. This helps keep inventory levels very low. Just-in-Time (JIT): JIT approach ensures that a business should only keep inventory in the right quantity at the right time with the right quality (David, 2004) .Most organizations adapt to this system to integrate inventory management for a more competitive advantage (Kaynak, 2005). It eliminates inventories rather than optimize them. Why keep Inventory Inventory refers to a detailed list of all the items in store or warehouse. According to Inman, Inventory refers to the items that are stored in warehouses or distribution centres in excess of what the store needs (Inman, 2010). The following are the reason why business keeps more inventory than they currently need (Inventory Management, 2010). Meet Demand: this ensures that customers get the product or item that they want when they want it. Keep Operations running: When for example manufacturers run out of stock to manufacture certain product, the whole production process or operations will be halted and thus manufacture of the finished product. In order to prevent this, most manufacturers purchase excess inventory. Lead time: When a shop or a factory places an order for a particular item, the period of time between the order placements and when the order is received is known as lead time. Business therefore should have hands on inventory during the lead time in order to keep its operations running. Hedge: This involves keeping inventory against inflation in price of products. This allows the buyer to buy at a lower price than when the price increases. Quantity Discount: Quantity discount refers to reduction in price of an item when purchasing in bulk. This always influences most businesses to buy more than it needs which might lead to excess inventory. Smoothing Requirements: businesses sometimes acquire access inventory for products that have unpredictable demands in order to meet demand. According to Edwars Silver (Silver, 2008), inventory management involves knowing the following Questions: The size of replenishment order that will be required The time this order will be placed And finally how frequent inventory records should be analysed Best practice in inventory management In an effort to maximise their return on investment (ROI) and avoid excess inventory, many businesses invest a fortune in inventory management systems. In a report by Philip Slater (Slater, 2009), he stated that most of these systems fails to render expected services and rather result in excess inventory. This is because software can only optimise the values it has and not what it could be and as a result, it neglects some important external influences like changes in the management process. He stated that Worlds best practice inventory management demands that the inventory management system is optimised not just the inventory. Inventory management therefore goes beyond software system and as stated by Philip Slater (Slater, 2009) inventory management involves combination of know-how, process and reporting that collectively provide a means of maximizing availability while minimizing cash investment. In the report, he stated five level of worlds best practice inventory management that when fully implemented, can enable businesses to reduce their inventory investment or cost. These levels are: Ad Hoc: this level require less control as inventory is expensed when purchased on an as needed basis and used immediately. Storage: this level involves the storage of items for use and not strictly controlled. Here, inventory is expensed when purchased. This approach tends to increase total expenditure as items are purchased in economic quantities and discourage review and development due to lack of control Capitalisation: This approach entails the use of software solution to control inventory and provide good availability. Unfortunately, most businesses use their software mostly for counting and accounting. Software Optimisation: at this level, inventory is capitalised and the levels of stock are optimised based on a risk/return algorithm. Software solution can automatically adjust stock levels based on the history of demand and supply but these level are not trusted by most business because they believe the supply and demand may not represent actual usage System Optimisation: At this level, all factors influencing inventory investment are reviewed periodically. The main purpose of inventory management is to minimise overall cash investment without increasing risk. This according to Philip Slater is the worlds best practice in inventory management (Slater, 2009). Capitalisation and system optimisation goes hand-in-hand. For an effective system, the management is therefore required to possess the know-how, measures, policy development, and reporting required to take the business to level 5 (System Optimization) and not just the software alone(Slater, 2009). INVENTORY CONTROL According to business link in an article, an organisation has an efficient inventory control only when they have the right amount of stock in the right place and at the right time (Business link, 2006). Inefficient Inventory control can leads slower sales and disappointed customers. Inventory control basically deals with reducing the total cost of inventory. Inventory control is very relevant for businesses, especially businesses dealing with a large variety of products. As site by Hossein Arsham, Inventory management or control can be used to streamline warehouse processes in order to track orders and shipment (Arsham, 2006). Other important applications of inventory management systems are in manufacturing, shipping, and receiving. As stated by Arsham, there are three main factors in inventory control decision making process (Arsham, 2006). The cost of holding the stock: this is the cost associated carrying inventory over time and involves having items in storage. This includes interest, taxes, insurance, spoilage, breakage and warehousing cost like light, rent. The cost of placing an order: this is the cost of ordering and receiving inventory which include shipping cost, preparing invoices, determine how much is needed and moving goods. The cost of shortage: this cost involves what is lost if the stock is insufficient to meet all demand. This normally happens when demand exceeds the supply of inventory on hand. MerchantOS argued that the easiest way to manage inventory is with a computer inventory management s ystem (Merchant, 2010). The systems below help to reduce the time spent in managing inventory: Point-of-sale terminals: this system updates stock level automatically and provide a more error free sales transaction Barcodes and barcode readers which proved a way to effectively input inventory and stock takes faster into the system Job costing and inventory systems which are systems that also automatically update stock counts as orders are being made. Electronic Supplier product catalogs: allows the use of electronic devices like CD/DVDs to record inventory data. These systems ensure accurate inventory records through the use of electronic and wireless technologies that provide error free data. These systems are very efficient in that they: Keep only up-to-date records of items and remove all sold items from the system It is possible to Review stock reports periodically to check the products status and identify low demand products. Periodically check record to ensure the level of accuracy of the system and to check against physical stock quantities. Methods of Inventory Control There are several method of inventory control which include (Hedrick, 2010): Visual control: this is used to determine if additional inventory is required through visual examination. This method is mostly used in small businesses and may not require any records. Tickler control: this is the physical counting of small portion of the inventory on a regular basis. Click Sheet Control: this involves the recording of items as they are used on a sheet of paper and used for reorder purposes Stub control: mostly used by retailers and allow managers have certain control of prices. Today, the growth of businesses has provided a necessity to develop a more complicated and highly analytical form of inventory management. The above inventory management systems became difficult and inefficient. As a result, computer systems to control inventory was introduced. These systems include: Point-of-sale terminals: this stores information of each item that is used or sold. Off-line point-of-sale terminals: this transmits sales information directly to the suppliers computer system. The supplier then uses this information to ship necessary items automatically to the retailers The last method for inventory control is carried out by an external agency. As sited by Floyd Hedrick, it involves removal of unwanted products from stock which can be returned to the manufacture. This however has to occur after an agreement and frequent scheduled visit by the manufacturers representative to the large retailer in order to record stock count and writes the reorder (Hedrick, 2010). The main aim of the above systems was to provide a more efficient system that will be able to identify the cost of each inventory (Hedrick, 2010). According to the report, two main control values are used: The Economic order quantity (EOQ) that is the size of the order The reorder point which is the lowest quantity that a stock or an item can be before more quantity is ordered. The Economic Order Quantity (EOQ) is a formula that is used mainly for calculating the annual cost for ordering an item. It is widely used by most businesses and involves the actual cost of placing an order, the cost of carrying inventory as well as the annual sales rate. (Hedrick, 2010). INVENTORY MANAGEMENT SYSTEMS An Inventory management system is a system that automates all the processes involved in inventory management. These system are a vital part of any successful business and is basically used to efficiently track inventory using both hardware and software tools. The types of inventory tracked with an inventory management system includes almost any type of quantifiable products like clothing, household products, food, as well as equipment (Barcodes inc, 2010 ). These inventory management systems can influence the overall efficiency of a companys performance resulting in profits. An overview of the whole system is as shown in the diagram below: The diagram above show an over view of the whole inventory management system indication how numerous branches. It shows how the inventory management system manages inventory, sales as well as Employee information. Through the end of 1980s, sales and accounting related modules were the main focus of majority of software solution for retailer, manufacturers, and wholesalers. During the early 1990s, many distributors began to notice the relevance of an effective way of controlling and managing their largest investment of corporate assets which is inventory. This lead to the development of comprehensive inventory management modules and systems by several software companies (Schreibfeder, 2009). Presently, many businesses rely on modern inventory management systems to automate and integrate all aspects their business operations from order management, shipping management, billing systems, to inventory control all in one software package (Schreibfeder, 2009). Tim Cosby reported that, inventory management systems must have ability to track sales and availability, communicate with suppliers in near real-time and receive and incorporate other data like seasonal demand (Cosby, 2007). This means that the system must tell the storeowner for example when its stock level is low so as to reorder and how much to purchase. Information technology provided a way to convert sales and purchasing into a strategic business operation. Businesses now are faced with the challenge of finding out how to use these technologies to gain value and competitive advantage. Inventory management system can deliver these advantages (Stylus Systems, 2008). Modern inventory management systems now depend on barcodes, and potentially RFID systems to enable automatic identification of objects. According to a case study at Wal-Mart, for products selling between 1 and 15 units a day, RFID was able to reduced Out of Stocks by up to 30% (Mathieu, 2007). In order to record an inventory transaction accurately, the inventory management system uses abarcode scanneror RFID reader to identify products automatically, and then collects additional information on the specific product from the operators via fixedwireless terminals, or mobile computers (Mathieu, 2007). Mathieu defined RFID (RadioFrequencyIdentification) as a data collection technology that uses electronic tags also known as electronic label to store data and can be used to identify items just like bar codes. The main difference between RFID and bar codes is that RFID uses wireless technology to transmit information into the system and can be inserted within packages and does not have to be close to the scanner. On the other hand, barcodes require line of sight and closure to the scanner for information to be read. As stated by Mathieu, RFID tagged cartons rolling on a conveyer belt can be read many times faster than bar-coded boxes (Mathieu, 2007). Large software companies like IBM, Microsoft, SAP, and Oracle have already designed effective inventory management systems for large businesses. These software solutions cost thousands to millions of dollars. They have now turned to focus on smaller businesses. Some of the popular inventory (supply chain) management systems produced by Microsoft include Great Plains and Solomon, which are now joined together and called Microsoft Dynamics GP (Quittner, 2008). Implementing effective inventory management systems Inventory management is very relevant for todays businesses in order to ensure quality control in businesses which presently is centred mostly on customer satisfaction. Inefficient inventory control or management can therefore cause customer dissatisfaction when they run out of stock of an item the customer needs. In order to avoid this, most businesses are willing to invest large amount of money in acquiring an effective and efficient inventory management systems. A good inventory management system will be able to alert the retailer when it is time to reorder. It is also an important way automatically tracking moving inventory. An efficient inventory management system helps to minimize the risk of error. For example, if a business orders large quantity of goods, and say 10,000 are missing. Manual counting each goods is likely to result in error but these errors can be avoided using an automated inventory management system. In retail stores, an inventory management system can also be used to track theft of retail merchandise, providing valuable information about store activities (Schreibfeder, 2009). Inventory management systems must be designed to reflect and support companys strategic plan as well as adapt to market changes due to worldwide marketing or new technology. It should also provide relevant information to efficiently monitor inventory movements, coordinate and integrate internal processes like accounting or billing, manage people and equipment and communicate with customers. According to Invatol, inventory management system must be able to integrate the following processes in order to ensure continuity between functions (Invatol, 2003): Sales Forecasting: this requires the system to provide necessary information to coordinate business operations effectively and manage equipment and people. It should allow managers to make accurate and real time decisions. Sales and Operations planning: inventory management should control or handle fluctuations in market demands and lead time Companys Strategic goals: Alignment with company strategy is an important aspect of the business and necessary for its success and therefore inventory management should be designed to align with the companys strategic goal and market demand. Production and materials requirement planning: inventory system s should provide a balance of demand and supply at a minimised cost, inventory level and work load to achieve customer satisfaction. These processes however vary from business to business depending on how the businesses carry out its processes, and on the market demand. Benefits of using Inventory management systems As cited by David Essex (Essex, 2009), he stated that the following are some of the advantages that businesses achieve while using inventory management software: Businesses get faster return on investment (ROI) which is as a result of lower carrying cost. Inventory software can provide accurate up-to-date information about inventory thereby improving sales forecasts. Replenishment Planning. This means that Inventory management software can notify businesses the safest time to delay order without affecting customer satisfaction and cost. It also proved the ability to separate safety stock according to customer satisfaction and profitability. Increased sales It can also encourage sales staff to promote products without running out of stock by improving inventory visibility (Essex, 2009). Successful Inventory management systems For any successful business, inventory management must be a critical aspect of its business. The most important aspect of an efficient inventory management is to achieve accurate data in terms of figures and facts and to implement policies to protect this information (Inventory Management, 2007). A successful inventory management system will provided businesses with proper inventory control that reduces overall operating cost leading to customer satisfaction as well as give a competitive advantage. As sited by Alan Smith, a well-structured inventory management system should be able to adjust to an existing system (Smith, 2009) Success in manufacturing industry entails producing the right products, in the right quantities, at the right time, with good quality, and at a price the customer is willing to pay. Success in the manufacturing industry requires producing the right products, in the right quantities, at the right time, with good quality, and at a price the customer is willing to pay. The flexibility to respond to compliance standards and the ever-changing needs of customers, such as providing real-time visibility into global operations, is also imperative for success. Meeting these demands requires the ability to make quick decisions based on accurate data. Successful inventory management has to do with balancing the cost of keeping inventory with the benefits gained from inventory. Some of the reasons for inventory management include (Hedrick, 2003): Obtaining lower prices by purchasing products in bulk Keeping stock low just enough to meet demand and avoid excess inventory Maintaining a wide range of stock Increasing inventory turnover or return on investment Having adequate inventory on hand so as to provide reliable customer services However, the degree of success in addressing these issues varies within the functionality of inventory as well as the type of business. A successful inventory management system will accelerate the process of tracking and removing from inventory those items that needed by customer. This process minimises the lead-time for order fulfilment (Merchantos, 2010). Ideally, in order to avoid late re-order times, inventory software should be able to adjust the order quantity and delivery lead time to match that of the suppliers performance. Future of Inventory Management Systems During the late 1990s, there was a large amount of businesses investing in integrated order and inventory system which were basically designed to reduce the amount of inventories as well as manage stock level (replenish stock). There were a wide range of system integration options based on the business needs and financial ability (Gale Group, 2002). However, these stand-alone systems do not integrate well with each other. In 1996, a study by the International Mass Retail Association (IMRA), concluded that stand alone warehouse Management System (WMS) for example which perform only individual business operations will become obsolete because of their lack of integration well with other systems (Gale Group, 2002). Presently, organisations can no longer compete effectively in isolation of their suppliers and other entities. The future success of many businesses depends on the co-ordination and co-operation of efforts, thereby making supply Chain management important. JIT and VMI are the two of the philosophies that have been used to update supply chain relationships and management (David, 2004). The trend now in inventory management is to strives to improve not just specific aspect of the supply chain but system-wide (the entire supply chain) efficiency through automatic replenishment programs (ARPs) like the vendor managed inventory (VMI). In this system, the vendors are responsible for inventory replenishment or restocking of inventory for their retailers. They get retailers warehouse or point of sale information and use it to track retailers inventory thereby placing the whole responsibility for inventory management of the shoulders of the vendors (Gale Group, 2002). Popular Automatic replenishment programs (ARP) includes continuous replenishment planning (CRP) and vendor managed inventory (VMI). CRP and VMI are similar but differ in the sense that VMI also decides what and when to ship. Another widely used ARP is the efficient consumer response (ECR) used within the grocery industry and quick response (QR) programs which are common in the apparel industry (Daugherty, Mye rs, Matthew, Autry and Chad, 1999). Future inventory management systems will be able to integrate all business processes for the whole supply chain. Another future development would be the use of RFID with GPRS to track inventory. ANALYSING INVENTORY ADJUSTMENTS Inventory Adjustment as the name implies is implemented as a stock adjuster with the main objective of synchronising the system with the actual stock on hand. According to Jon Schreibfeder, in a case study with a large food distributor, he stated that the company began a program to achieve effective inventory management. As part of the program, they were cycle counting products and entering inventory adjustments as they find any miss match between the quality of a product in their warehouse and the inventory maintained by their computer system (Schreibfeder, 2009). In his analysis, Schreibfeder stated that the company was able to adopt a system that improved their future inventory accuracy that is methods of handling stock in order to prevent additional stock discrepancies. They did this by carefully analysing the reasons for inventory adjustments (Schreibfeder, 2009). This I believe was because most inventory adjustments are the result of problems encountered in the normal handling of materials. The reason to make inventory Adjustments are basically the same for most businesses irrespective of the systems and operative methodologies they are using but the way these inventory adjustments are made will affect the inventory cost differently. The main reasons why inventory adjustments are required are (Schreibfeder, 2009): Some of the products in inventory are damaged or spoiled and therefore cannot be sold Material is missing from inventory Product in inventory might be out-dated or cannot be sold because it has been in inventory for too long More products available in the inventory than is recorded in the system The remaining inventory in stock is less than the quantity a customer will normally buy Some inventory management system like FoodConnex implement inventory adjustment modules. According to FoodConnex, inventory adjustment can be categorized as follows (Solutions, 2009): Stock Quantity Adjustments as a result of spoilage, damage, theft, samples. These are adjustments made when stock in a store or warehouse is removed from the warehouse or store for a known reason (Solutions, 2009). Quality Adjustment due to a Receiving Error. The adjustments are made when the quantity entered as received into the system was incorrect. This will result in the re-calculation of the average cost of that item (Solutions, 2009). Cost Adjustment due to a Receiving Error: when the cost of an item is entered incorrectly this will require inventory adjustment. This will also cause the average cost of the item to be re-calculated (Solutions, 2009). Based on the information presented, every inventory adjustment should be considered as an opportunity for businesses to improve which can result to greater corporate profitability. Challenges of Inventory management systems Several inventory management systems now include many new features designed to help distributors effectively manage their inventory. However, after implementing such systems, many businesses still continue to face the same challenges they experience with their old system. These challenges include (Schreibfeder, 2000): Stock-out and lost sales Inaccurate On-hand and available-for-sale quantities in their systems Unsatisfactory return on investments from inventory

Hamlet by William Shakespeare Essay -- Hamlet William Shakespeare Essa

Hamlet by William Shakespeare A Shakespearean scene, with all of its intricacies and details, has the capacity to uncover the fundamental aspects of characters while acting as a space for precise language to lead the reader through multilayered themes, tensions, and ideas. Particularly in Shakespeare’s tragedy, Hamlet, the dense, rippling text packs provocative and meaningful language within nearly every line to compose an intricate, seamless tragic play. Specifically in the first scene of Act 3, the actions, dialogue, and movements of each character involved creates a momentum of revelation for the reader regarding central character, Hamlet, and the breadth of his character. Every major, influential character of the play—King Claudius, Queen Gertrude, Polonius, Ophelia, Rosencrantz, Guildenstern and, of course, Hamlet—appears in 3.1 and every line of dialogue directly concerns Hamlet in one way or another. The scene exhibits the prince alone on stage in a soliloquy to illustrate his inne rmost thoughts, as well as in the presence of others; thus, the reader learns of Hamlet’s propensity to feel, think, or say one thing, while his actions do not always cohere with his thoughts or speech. In this way, one of Hamlet’s tragic character flaws lends itself to the aforementioned discord between thinking and acting, and the scene chronicles the ways in which his dissonance profoundly affects the major themes and characters of the play. Scene 3.1 first unfolds with King Claudius, Queen Gertrude, Polonius and Hamlet’s cronies Rosencrantz and Guildenstern in anxious dialogue concerning Hamlet’s recent shift in disposition. Claudius refers to Hamlet’s recent state as a put-on of â€Å"confusion† (3.1.2) and a â€Å"turbulent and d... ...impressive ability to move and shape the play’s characters in such a way that the threads of language create a complex web between the layers of each character involved. In this way, the psychology of the characters gains autonomy from the bounds of authorship through the very language of the text and begs to move freely within the text. Shakespeare entrusted an enormous power into Hamlet’s character, especially, because though he acts tentatively and waveringly, the character of him, including his disposition, manners, speech and outward exhibitions, adhere to the other characters of the play as puppet strings, and he inspires almost all of their actions because of his own reluctance to initiate movement. This interdependence of the minutiae of the complex text contributes to the achieved brilliance and long-lived speculation regarding Shakespeare’s tragic play. Hamlet by William Shakespeare Essay -- Hamlet William Shakespeare Essa Hamlet by William Shakespeare A Shakespearean scene, with all of its intricacies and details, has the capacity to uncover the fundamental aspects of characters while acting as a space for precise language to lead the reader through multilayered themes, tensions, and ideas. Particularly in Shakespeare’s tragedy, Hamlet, the dense, rippling text packs provocative and meaningful language within nearly every line to compose an intricate, seamless tragic play. Specifically in the first scene of Act 3, the actions, dialogue, and movements of each character involved creates a momentum of revelation for the reader regarding central character, Hamlet, and the breadth of his character. Every major, influential character of the play—King Claudius, Queen Gertrude, Polonius, Ophelia, Rosencrantz, Guildenstern and, of course, Hamlet—appears in 3.1 and every line of dialogue directly concerns Hamlet in one way or another. The scene exhibits the prince alone on stage in a soliloquy to illustrate his inne rmost thoughts, as well as in the presence of others; thus, the reader learns of Hamlet’s propensity to feel, think, or say one thing, while his actions do not always cohere with his thoughts or speech. In this way, one of Hamlet’s tragic character flaws lends itself to the aforementioned discord between thinking and acting, and the scene chronicles the ways in which his dissonance profoundly affects the major themes and characters of the play. Scene 3.1 first unfolds with King Claudius, Queen Gertrude, Polonius and Hamlet’s cronies Rosencrantz and Guildenstern in anxious dialogue concerning Hamlet’s recent shift in disposition. Claudius refers to Hamlet’s recent state as a put-on of â€Å"confusion† (3.1.2) and a â€Å"turbulent and d... ...impressive ability to move and shape the play’s characters in such a way that the threads of language create a complex web between the layers of each character involved. In this way, the psychology of the characters gains autonomy from the bounds of authorship through the very language of the text and begs to move freely within the text. Shakespeare entrusted an enormous power into Hamlet’s character, especially, because though he acts tentatively and waveringly, the character of him, including his disposition, manners, speech and outward exhibitions, adhere to the other characters of the play as puppet strings, and he inspires almost all of their actions because of his own reluctance to initiate movement. This interdependence of the minutiae of the complex text contributes to the achieved brilliance and long-lived speculation regarding Shakespeare’s tragic play.

Externality Case Study Essay

What is the equilibrium wage? _$60,000_________________________ Now, consider this scenario: Due to an increase in the internet security threats, the government wants to apply a price control in this market to encourage more people to become internet security professionals. Assume that a wage control is set at $75,000. Will this increase the number of people entering this labor market? Why or why not? Will this increase the number of people hired? Why or why not? It will increase the number of people entering this labor market because of the increase of pay from the equilibrium will be enticing, but this will cause a shortage in the labor market. Because the number of people entering this labor market has increased, there will not be enough positions for them. Due to this, the number of people hired will decrease. Also, another factor to take into account is the budget for the companies for these positions. If the equilibrium is set at $60,000 the company might not be in a position to increase the pay rate to accommodate the price control, thus causing them not to be able to fill those positions. 2. Assume you are a policymaker in Washington DC. Lobbyists for the preschoolers of America have put pressure on their representatives to cap prices on graham crackers. You have been assigned a position on a new committee to study the impact of a price ceiling on graham crackers. Your job is to: a.) Illustrate using a fully labeled supply and demand graph (label all the axes and any lines you put in your graph) what such an artificial price looks like. b.) Explain what the results of such a move are for the graham cracker market. In other words, will there be a SHORTAGE, a SURPLUS, or neither created? Why? b.) There will be a shortage created. Initially the public might be happy about the price ceiling, but soon after the sellers will begin to ration the graham crackers based on other factors since the one most willing to pay will no longer be a factor. Also, this might cause consumers to stand in long lines in order to be able to purchase the graham crackers, but since there are not enough graham crackers supplied, not everyone will be able to purchase the graham crackers. In the end, producers will move on to produce other products that are more profitable than graham crackers, worsening the shortage. 3. Pollution is considered by most a negative externality. Some economists  would like to see the costs of these burdens incorporated into the price of goods that we buy. For instance, since coal fire power plants increase emissions that could potentially lead to climate change, these economists believe that the price we pay for electricity is not adequately high enough. Draw a completely labeled graph and illustrate on the graph how much higher electricity prices would be if the full costs of electricity production were taken into account. You do not need to provide actual numbers; rather, show on the price axis where the price would be before the externality is considered and the price after the externality is included. What problems might exist in determining this new, externality based, price? People might not be able to afford the new prices if the external costs are included which may lead to the consumers to look for alternatives in power source. Some of these alternatives may include using more archaic versions such as firewood or coal, which may increase pollution. Or they might be lead to steal electricity or use the black market for alternative power source. 4. In the old days lighthouses were built along the coast to prevent ships from running aground on rocks in unfamiliar ports. By shining a beam of light over a port and guiding ships away from rocks, these vital buildings reduced the risk for ship captains and were generally considered to be extremely valuable resources. Curiously, lighthouses were almost always run and maintained by local governments. Explain in economic terms why private firms would not run a lighthouse. A private firm would not run a lighthouse because it is considered a public good. The lighthouse is non-excludable since the private company cannot exclude anyone from using the lighthouse. It is also non-rivalrous since the quality does not go down if other ships or companies use the lighthouse. If a private firm built a lighthouse, eventually other businesses will use the lighthouse to travel to the port causing the private firm to be upset about the other firms taking advantage of its use. Since the private firm would not be interested in building lighthouses because it is non-excludable and non-rivalrous, it would be in the governments best interest to use its resources (taxes and such) to build the lighthouse. This in turn will help improve the economy since the  companies can now bring their supplies without fear of losing their ships in the night.

Fathers Of A Free Nation Franklin And Jefferson - 969 Words

Fathers of a Free Nation: Franklin and Jefferson American citizens have much to be thankful for; we live in a free country where we have the opportunity to follow our dreams and inspirations. We didn’t just wake up one day and realize we were living in the land of the free and it didn’t happen overnight. Our founding fathers are to thank for our lives of liberty, they fought tirelessly and succeeded. Two of the men that earned that glorious title are Thomas Jefferson and Benjamin Franklin a.k.a. Poor Richard. Benjamin Franklin and Thomas Jefferson became the founding fathers of American history through their principles of morality, law-making and defending the liberty of the American citizens. Those qualities were detailed in their literary works over the course of their lives. First I will discuss how both Franklin and Jefferson both were an example of good morality. Franklin writes about his List of Virtues in The Autobiography. I will discuss some of the virtues from his list that he felt are most important. According to Benjamin Franklin frugality was of the utmost importance. He firmly believed that just because one had wealth did not mean that they should be eccentric in their purchases. He himself was a frugal man. Franklin writes â€Å"†¦our table was plain and simple, our furniture of the cheapest† (299). He uses himself as an example for the people, if he can live with the cheapest of possessions then others can as well. I think this may be why he assumed the alias asShow MoreRelatedThe Declaration Of Independence And The Us Constitution1746 Words   |  7 Pagesto the definitions of words and phrases used in these documents. The definitions are based on dictionaries used during the early years of the United States, the records of the Constitutional Convention, and the writings of the Founding Fathers. Benjamin Franklin, one of the few men to sign both the Declaration of Independence and the Constitution of the United States, is among the greatest statesmen America has ever produced. He had only two years of schooling as a child, but as he grew to youngRead MoreThomas Jefferson : A Founding Father844 Words   |  4 PagesThomas Jefferson: A Founding Father There are a quite a few Founding Fathers that created this nation. One in particular is Thomas Jefferson who is most commonly known as the writer of the Declaration of Independence. Thomas Jefferson was born in Shadwell, Virginia on April 13, 1743. At the age of 9 he officially began his studies. He continued through boarding school until he was sixteen all the while excelling in the classical languages. Thomas Jefferson owed his fortune to his father, PeterRead MoreA Critique Of The Declaration Of Independence1008 Words   |  5 PagesIndependence written by Thomas Jefferson) In 1776, the Continental congress elected that Thomas Jefferson, John Adams, Benjamin Franklin, Roger Sherman, and Robert R. Livingston help write what many now know today to be The Declaration of Independence. The whole point of this document being written was to declare to Great Britain and King George III that the British colonies in North America would no longer be a part of Great Britain, but rather of their own free states, thus creating the UnitedRead MoreAmerican History And Its Impact On America1107 Words   |  5 Pagesimportant to the health and progression of their nation. So may played a critical part in shaping this nation into what it is today. Even though many would love just to focus on the crisis and bad decisions that some have made. Our country is considered the land of the free, land of opportunity, land of dreams coming true. We can’t let bad choices by a few select cloud who we are and celebrate the great achievements we have made together as a nati on. To do so would be to make a mockery out of theRead MoreBenjamin Franklin, the Father of Foreign Diplomacy Essay1467 Words   |  6 Pagesthe diplomatic travels of Benjamin Franklin. His travels to England and France set the foundation for the dealings in foreign diplomacy that are still in effect today. Without Benjamin Franklins wisdom, knowledge and courage to address Kings and Parliament on the behalf of the colonies, the American government, as we know it would not exist. Benjamin was born January 17, 1706 in Boston, Massachusetts the 15th of 17 children. His father, Josiah Franklin was a soap and candle maker and hisRead MoreI’M Doing This Essay On Which Of The Presidents We Think1015 Words   |  5 Pagespresidents that we think are the best are Abraham Lincoln, George Washington, John F. Kennedy, Teddy Roosevelt, Franklin Delano Roosevelt, Dwight D. Eisenhower, Lyndon B Johnson, Woodrow Wilson, Thomas Jefferson, Ronald Reagan. While some of the presidents I think are the worst are George W. Bush, Zachary Taylor, Ulysses S. Grant, John Tyler, Millard Fillmore, William Henry Harrison, Franklin Pierce, Andrew Johnson, Warren G Harding, James Buchanan. (Great introduction!) (Provide more of a preview forRead MoreWhat Are The Flaws Of The Founding Fathers?1385 Words   |  6 PagesWhat are the flaws of our founding fathers and may have led them to shape our country? There is a group of men of legendary status who are dubbed the â€Å"founding fathers,† often referred to as the creators of our nation. Their faces are dispersed all across America, ranging from coast to coast, with the obelisk of the Washington Monument on the east coast to Mount Rushmore on the north border of the United States to our everyday money; the founding fathers are quite prevalent in our society. AlexanderRead MoreChristianity And Its Impact On The United States1448 Words   |  6 Pagesaffairs; however, after the constitution was ratified and deemed effective in the United States, the First Amendment was born. The first amendment states that, â€Å"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances† (source). In the early life of the Uni ted States, the ideals of ChristianityRead MoreAp Us Questions1624 Words   |  7 Pagesto create a nation that provided a place for all people to live, despite their religion, nationality or beliefs. He believed that the country was very powerful and this could be seen through the way that it became a country from an independent state that was once profound and divine because of all the political power they held. 3. Whom does Ellis identify as the eight most important figures in the early republican? Ellis identifies Alexander Hamilton, Aaron Burr, Thomas Jefferson, Benjamin FranklinRead MoreSlavery, The Shadow Of Americas Past1613 Words   |  7 PagesSlavery, the shadow of Americas past. It is astonishing how long it took to get slavery abolished in all of the Unites States of America; however, there are logical reasons toward why the founding fathers of America did not abolish the treacherous act earlier on in America’s future. The most logical of reasons was to stop the South from seceding from the recently formed union. Due to the weak central government under the articles of confederation, the widely different North and South would not have