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Describe investment terms that are important to mutual fund buyers Essay

Essays on Describe investment terms that are important to mutual fund buyers Essay Describe Investment Terms that are Important to Mutual Fund Buyers Affiliation with more informationabout affiliation, research grants, conflict of interest and how to contact. Describe Investment Terms that are Important to Mutual Fund Buyers. This paper discusses the investment in mutual funds along with a discussion on the case study. Mutual funds are a type of new investment opportunities available to investors today. Mutual fund investments are gaining a growing demand these days because of its cautious nature in which money is handled in the mutual fund markets. â€Å"The single most important benefit of mutual funds is the fact they are a bundle or portfolio of stocks† (Buying Mutual Funds: Part 1, 2004, para 3). Some of the important terms associated with mutual fund investments are 12b-1 fee, annual return, beta value, capital gains, dividends, closed end funds and net asset value (NAV) etc. Investigating the case of the Garners that has been provided for case study, it is understood that both Joe and Mary Garner had not made any investment plan. The lack of any investment plan has affected the savings of the Garners and they are facing a fund tight condition even to go for a vacation, which they had been planning from a short time. The options available for Garners to invest are either in the stock market or in the mutual funds market. Both the stock markets as well as the mutual fund market have advantages and disadvantages. Both the markets have associated risks as well as high returns but the risk in mutual fund market is comparatively very less than the stock market. Therefore it is advised to the Garners family to invest in mutual fund market rather than the stock market. The Garners did not recognize lack of an investment plan as a cause of their financial meltdown until recently. â€Å"Mutual funds and stock market investments are probably the most attractive investment options as they have the potential to yield high rate of returns† (Candid, 2011, para. 1). The total monthly income, which enters the Garner household, is $ 4520. Their monthly expenses were also calculated. In their monthly expense account $ 1385 was a fixed expense, which would be incurred in all the months while $ 920 was a variable expense, which varied from month to month. Therefore, the saving was $ (4520 – 1385 – 920) = $ 2215. Since the month expense of $ 920 was a variable expense, therefore an approximate value of $ 2000 can be invested by the Garners as a part of their investment plan. The best possible option for them since they are very cautious investors is to invest in mutual funds. â€Å"Mutual funds are a lucrative investment, ensure higher returns, better tax benefits and carry minimalist risk† (Why Mutual Funds are Better than Fixed Deposits, 2011, para. 1). Mutual funds offer fixed maturity plans, which are far better than the fixed deposits offered by the banks. Fixed maturity periods could range from 1 year to several years and one of the most important factors is that fixed maturity plans are not invested in equity market. Debt and money market comprises the fixed maturity plans. Only the fluctuation in the NAV needs to be considered in the mutual fund market. Another important benefit is that mutual funds’ fixed maturity plans do not have any taxation condition in comparison t o the fixed deposits in bank, where interests on bank deposits are taxable. The Garner family can put $ 2000 in the fixed maturity plans of the mutual fund scheme in order to increase and develop their investment plans. Reference List Buying Mutual Funds: Part 1, (2004). Money-Zine.com. Retrieved on 25, Dec. 2011. http://www.money-zine.com/Investing/Mutual-Funds/Buying-Mutual-Funds-Part-I/ Candid, S. (2011). Investment Basics: Mutual Funds vs. Stock Market Investments. Hub Pages. Retrieved on 25, Dec. 2011. http://sidcandid.hubpages.com/hub/Investment-Basics-Mutual-Funds-vs-Stock-Market-Investments Why Mutual Funds are Better than Fixed Deposits, (2011). IBNlive.com. Retrieved on 25, Dec. 2011. http://ibnlive.in.com/news/why-mutual-funds-are-better-than-fixed-deposits/45407-16.html

Microsoft Office suite Free Essays

Over the past decade, Microsoft has produced its best selling software devices for computer products such as Microsoft Windows operating system and the Microsoft Office suite. In 2007, the Microsoft Corporation generated $51.12 billion and its product market share estimated as 90% in 2003 for Microsoft Office and 2006 for Microsoft Windows. We will write a custom essay sample on Microsoft Office suite or any similar topic only for you Order Now In the mid-1980’s, Microsoft dominated the home computer operating system and has been accused of being monopolistic, although considered a developer centric-business culture.   The company’s website is one of the most visited on the World Wide Web having received more than 2.4 million page views. In the founding years between 1975-1985, Micro Instrumentation and Telemetry Systems were founded in Albuquerque, New Mexico then later moved to Bellevue, Washington of January 1, 1979, and then Bill Gates succeeded as CEO in 1980. DOS (Disk Operating System) had brought the company real success. In 1981, IBM awarded a contract to Microsoft for providing a version of the CPM operating system that would become IBM Personal Computer. In the 1990’s, Microsoft rose and launched Windows 3.0. the new operating system introducing new features. Windows generated more revenue popularity, and became the favored PC. Then Microsoft went onto release Windows NT. 3.1 and Windows 95. Furthermore, it expanded its product line into computer networking and the World Wide Web. Then afterwards, MSN network became a major online service competing against AOL and went along with NBC to create a new 24/7 cable news station MSNBC. In 2001, Microsoft released Windows XP that changed the face of the old fashioned Windows. Then the Windows XP Home Edition and Windows Vista. â€Å"Since the 1980’s, Microsoft has been the focus of much controversy in the computer industry. Most criticism has been for its business tactics, often described with the motto â€Å"embrace, extend and extinguish† Microsoft initially embraces a competition standard or product, then extends it to produce their own incompatible version of the software or standard, which in time extinguishes competition that does not or cannot use Microsoft’s new version† (Rodger, 1998).                                        How to cite Microsoft Office suite, Essay examples

Market Research Logistic Relationship

Question: Discuss about a Report on Market Research for Logistic Relationship? Answer: Collecting Primary and secondary data To ensure that the data collection process and measurement systems are stable and reliable several crucial steps are to be followed by Facelift bungee. The company needs to incorporate the following steps into data collection plan. Pre-data collection stage During data collection Post-data collection Pre-data collection Objective of the Organisation: The objective of the company is to launch in United Kingdom and establish itself successfully. Purpose of the research: As the product Facelift Bungee is already popular the company wants to research about the frequency at which the product is used by the customers. Data collection will take place at UK-London/Manchester/Lanchester/Scotland/Riverpool Interview sample in each major city-100 Types of data: Primary Data and Secondary data Mode of Data collection Primary Data: use of primary data collection is that the researchers collect the data themselves. It helps to also note the expressions and gestures of the subject; which is missed out in secondary data collection method. Use of multiple sources of primary collection is required. The sources used will be Interview, Surveys and Questionnaire technique. Secondary Data: the data of sales and enquiries, financial data, transport data and storage data of companys existing customers in UK will be utilized, along with data from existing market research done on cosmetics sector would be utilized. Collection of secondary data will take place from MM/DD/YY to MM/DD/YY Data management and evaluation is very critical, as it helps the researchers to clear out misunderstandings and after analysis of the data collected it can be converted into useful information-used for decision making process. (Phillips Stawarski, 2008) Use of quartiles, percentiles and correlation coefficient The statistics use for analysing the collectd data enhances efficiency and effectiveness of a business decision. Quartiles mean fourth of a data set. The data are arranged in increasing order that is from lowest to highest and then divided into groups of four, one gets quartiles. Thus one, two and three quartiles are derived which are then calculated using the methods used to calculate median. (Ott Longnecker, 2008) A certain percentage of a set of data is a percentile. How many given set of data fall within a certain percentage set are observed using percentiles. Correlation Coefficient is the relationship between two variables. The use of correlation coefficient, quartiles and percentiles a business can investigate the determinants of sales, the variations in prices, incomes, product, tastes and preferences. The nature of the relationship can be used to test the goodness of fit. Forecasting can be done with the use of these statistical tools. The use of thee tools in research helps to measure and interpret the strength of a logistic relationship between prices and sales of a product or a service. (Federer, 1991)

Border Wars free essay sample

According to a new series on The National Geographic Channel, the United States is involved in a â€Å"Border War† with Mexico. However, Mexico has not declared war on the United States nor has the latter on the former. Why then would the creators of a supposedly factual and accurate depiction of life at the border advertise the situation as a war? Perhaps the extensive use of emotionally-charged images, action-movie-like clips, and fiery narration in the trailer for this new series is used simply to gain viewers. The exact details that constitute a war are debatable, but is it acceptable to advertise this situation as war and depict the Mexicans as the negative force while portraying the Americans as the crime-fighters needed at our border as seen in this trailer? This is not the first time the situation at our border has been referred to as a â€Å"border war.† A newspaper article was published in The Nation on November 12, 1990 entitled â€Å"The Mexican Border War† written by Miriam Davidson. We will write a custom essay sample on Border Wars? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page It discusses the intolerance of Mexican immigrants in America, especially near the border. Also, a documentary called â€Å"Border War: The Battle over Illegal Immigration,† written and directed by Kevin Knoblock was released in 2006. This documentary follows five individuals involved with illegal immigration and the border. Grant it, these titles are eye-catching and interesting, but the question of whether or not this situation is actually a war, in the universal sense of the word, is still questionable. The trailer for the series â€Å"Border Wars† depicts the jobs of U.S. Customs and Border Protection agents and officers working at the border between the United States and Mexico. The Americans in the trailer are depicted as heroic and brave—riding helicopters, carrying guns, using medical equipment, catching criminals, and basically keeping the peace—while almost every non-American is wearing handcuffs, handling drugs, or being searched by American officers. The trailer does not give viewers a chance to judge for themselves. It breeds hate against the Mexicans, portraying them as criminals and blaming them for the â€Å"border war† that is supposedly happening. However, criminals make up only seventeen percent of immigrants crossing the border, according to the article, â€Å"No ‘Typical Days for Border Patrol† by Heather Trujillo. This is not what the trailer for â€Å"Border Wars† shows. The trailer ignores the eighty-three percent of the non-criminal Mexicans that cross our border simply looking for a better life, but those people are necessary if the show is going to be an accurate depiction of the situation at our border and of the Mexicans themselves. Images of guns, weapons, and handcuffs are frequent in the montage of clips. This trailer illustrates a war-like situation, reflecting the series title, â€Å"Border Wars,† but does it reflect what is actually happening there? People are dying. Violence is a constant concern. Drug and human trafficking is occurring. The question is: do these things alone qualify the situation as war? The majority of lives of Mexicans crossing the border are claimed by the desert heat and treacherous journey into America. In fact, an article by Sanjeeb Sapkota and others entitled â€Å"Unauthorized Border Crossings and Migrant Deaths† states that in a semi-recent study, environmental heat exposure was the leading cause of death, accounting for 61.1% of immigrant deaths with the next highest being only 8.1%, which was vehicle crashes. The gun-wielding agents with the advanced technology from the â€Å"Border Wars† trailer are not hunting down and killing illegal immigrants like some kind of action movie as implied by the video. The real defender, the major deterrence of illegal immigrants, is the barren wasteland they must cross to come to America. The United States / Mexico border conflict is not without other casualties, however, and the jobs of the border patrol agents are by no means un-heroic. Reports of agents being murdered are numerous. Foxnews.com, usatoday.com, and nydailynews.com all have articles about murders and usually the investigations following. The job is dangerous and these people put their lives on the line daily. As for the majority of violence at our border, an article from USAToday.com calls the United States and Mexico â€Å"Allies in a border war.† The author, Navarrette, asserts that both sides are responsible for the increasing violence at our border, and he has this to say after spending time in Mexico: â€Å"Mexicans think it is ironic that Americans are being warned to stay away from the border out of fear of drug violence. The Mexicans I spoke with say that the closer they get to the U.S. border, the more they fear becoming a casualty of that violence, and they blame the U.S.† Both sides fear the other, at least to a certain extent, and both groups blame the other. If the situation at our border is to be considered a war, I agree with Navarrette in that the United States and Mexico are allies, and not enemies, in a drug war at our border. Why then would a reputable newspaper, documentary, and television station as well as other unmentioned media, call this situation a war? These titles involving the words â€Å"border war† easily grab the attention of an action-loving audience. Portraying the Americans as heroes and crime-fighters also gathers viewers. The explicit goal of the â€Å"Border Wars† trailer, for example, is to advertise a new and exciting series, but it also implicitly manages to portray Mexicans as criminals. Perhaps this implicit agenda is not intentional. Some people may not even notice how poorly the Mexicans are being depicted, but it is unfair nonetheless. The violence endangers those on either side of the line and creates animosity between the two nations whose border has become a dangerous battlefield. The fault lies with both the United States and Mexico, and it is unreasonable to place the blame solely on the Mexicans. If war is characterized as declared and armed conflict between two groups, the United States is not at war with Mexico. The situation at our border must be addressed because of the violence that is mounting, but it should not be advertised as a â€Å"Border War.†

Learning from the Fashion Industry Essay Example

Learning from the Fashion Industry Essay Example Learning from the Fashion Industry Essay Learning from the Fashion Industry Essay CRANFIELD UNIVERSITY ELEFTHERIA DIMITRAKOU LEARNING FROM THE FASHION INDUSTRY: A STRUCTURED LITERATURE REVIEW CRANFIELD CENTRE FOR LOGISTICS SUPPLY CHAIN MANAGEMENT MSc THESIS CRANFIELD UNIVERSITY CRANFIELD SCHOOL OF MANAGEMENT CRANFIELD CENTRE FOR LOGISTICS SUPPLY CHAIN MANAGEMENT MSc THESIS Academic Year 2006-2007 ELEFTHERIA DIMITRAKOU Learning from the Fashion Industry: A Structured Literature Review Supervisor: Dr. Chris Morgan August 2007 This thesis is submitted in partial fulfilment of the requirements for the degree of Master of Science  © Cranfield University 2006. All rights reserved. No part of this publication may be reproduced without the written permission of the copyright owner. ABSTRACT This research study is a Structured Literature Review focused on identifying the learning points which can derive from the fashion industry regarding supply chain management solutions. Manufacturing, distribution and marketing issues that enable a more robust analysis of the sector are investigated. A review of business models used by companies in the fashion industry is conducted to gain insights into the way that fashion firms manage demand. An extensive review of the literature reveals that the fashion industry is marketorientated and characterised by short life cycle products and low demand predictability. Lead time reduction enables the development of flexible manufacturing and logistics systems. Short lead times enable reduction of forecast errors and improvement of supply chain responsiveness towards volatile market conditions. The main supply chain solutions in the fashion industry are based on quick response, fast fashion, agile, lean and leagile concepts. Use of information technology, automated manufacturing systems, production and distribution planning based on real-time demand and transparency of information across the whole supply chain are some of the primary characteristics of the fashion supply chains. In the light of the unpredictable and volatile nature of the fashion industry, this is considered to be worth noting. Based on the segmentation of the industry in terms of volumes and varieties, a model presenting the structure of the sector and the different supply chain approaches is developed. The model allows a comprehensive analysis of the way that the fashion industry works, in terms of manufacturing, distribution and marketing operations, in different volumes/variety levels and product characteristics. i ACKNOWLEDGEMENTS First and foremost, I would like to express my gratitude to my supervisor, Dr. Chris Morgan, for his guidance and support. His willingness to discuss and advise benefited the completion of this study. I would also like to thank the members of the advisory group who contributed to this study. Especially, I would like to express my appreciation to Mr Sanaul Mallick, for his availability and contribution. I would also like to thank my friends at Cranfield University and in Greece for their support during this demanding year. Last but not least I would like to express my gratitude to my family for their everlasting trust and support. ii â€Å"True knowledge exists in knowing that you know nothing†. â€Å"And in knowing that you know nothing, that makes you the smartest of all. Socrates (469 BC 399 BC) iii TABLE OF CONTENTS CHAPTER 1 INTRODUCTION.. 1 1. 1 INTRODUCTION 1. 2 BACKGROUND TO THE RESEARCH .. 1 1. 2. 1 Background to the fashion industry 1 1. 3 IMPORTANCE OF THE TOPIC .. 3 1. 4 AIM OF THE PROJECT AND OBJECTIVES OF THE RESEARCH .. 4 1. 5 SCOPE OF THE PROJECT .. 4 1. 6 RESEARCH QUESTION .. 1. 7 METHODOLOGY OF THE RESEARCH .. 5 1. 8 STRUCTURE OF THE THESIS 6 CHAPTER 2 METHODOLOGY. 8 2. 1 INTRODUCTION 8 2. 2 DEFINITION OF STRUCTURED LITERATURE REVIEW (SLR) 8 2. 2. 1 Differences between Structured Literature review and Traditional Review. 9 2. . 2 Advantages of the Struc tured Literature Review 10 2. 3 STRUCTURED LITERATURE REVIEW PROCESS.. 10 2. 3. 1 Mapping the study field (Stage 1) .. 11 2. 3. 2 Developing the search strategy (Stage 2) 13 2. 3. 3 Assessment of the literature (Stage 3).. 20 2. 3. 4 Material Analysis (Stage 4) 2 2. 3. 5 Synthesis of the material (Stage 5). 22 CHAPTER 3 DESCRIPTIVE RESULTS. 23 3. 1 INTRODUCTION . 23 3. 2 CONTENT DESCRIPTIVE ANALYSIS ACADEMIC PAPERS .. 23 3. 3 HISTORICAL EVOLUTION OF THE IDEAS ACADEMIC PAPERS 25 3. 4 JOURNAL CLASSIFICATION- ACADEMIC PAPERS .. 28 3. AUTHORS’ CRITERION ACADEMIC PAPERS .. 30 3. 6 TYPE OF STUDIES- ACADEMIC PAPERS .. 31 3. 7 GEOGRAPHICAL ORIGIN ACADEMIC PAPERS .. 34 3. 8 OTHER PAPERS SOURCES NEWSPAPERS/TRADE PUBLICATIONS/REPORTS/WHITE . 35 3. 9 OTHER SOURCES- BOOKS. 36 iv 3. 0 OTHER SOURCES CASE STUDIES .. 37 CHAPTER 4 LITERATURE REVIEW: ANALYSIS OF THE FASHION INDUSTRY 39 4. 1 INTRODUCTION . 39 4. 2 FASHION DEFINITION . 40 4. 3 THE LEVELS OF THE FASHION INDUSTRY.. 0 4. 4 APPAREL CATEGORIES .. 42 4. 5 FASHION INDUSTRY CHARACTERISTICS 43 4. 6 FASHION TRENDS . 43 4. 7 FASHION INDUSTRY SUPPLY CHAIN . 45 4. 8 FASHION LEAD TIMES. 46 4. FASHION SUPPLY CHAIN APPROACHES . 47 4. 9. 1 Quick response (QR). 48 4. 9. 2 Fast fashion concept. 51 4. 9. 3 Lean supply chain.. 54 4. 9. 4 Agile supply chain approach 55 4. 9. De-coupling point approach . 58 4. 9. 6 Leagile supply chain approaches 59 4. 10 GLOBAL VS LOCAL SOURCING . 61 4. 11 MANUFACTURING IN THE FASHION INDUSTRY 63 4. 11. 1 Definition of fashion manufacturing. 63 4. 11. 2 Manufacturing types.. 3 4. 11. 3 Manufacturing operations .. 65 4. 11. 4 New manufacturing trends . 72 4. 12 DISTRIBUTION IN THE FASHION INDUSTRY .. 72 4. 12. 1 Distribution channels 73 4. 12. 2 Retail buying process . 73 4. 12. Retail logistics 75 4. 12. 4 Supply chain relationships.. 78 4. 13 MARKETING IN THE FASHION INDUSTRY .. 83 4. 13. 1 Definition of fashion marketing .. 83 4. 13. 2 Fashion marketing in practice.. 83 4. 13. 3 Fashion marketing rocess. 85 4. 13. 4 The role of consumer behaviour in marketing.. 89 4. 13. 5 Marketing communication.. 92 4. 14 SUMMARY . 93 CHAPTER 5 BUSINESS MODELS IN THE FASHION INDUSTRY 96 5. 1 INTRODUCTION . 6 v CASE STUDY 1 96 GUCCI’S AGILE SUPPLY CHAIN . 96 CASE STUDY 2 99 MARKS AND SPENCER’S REFINED SUPPLY CHAIN 99 CASE STUDY 3 . 03 ZARA’S FAST SUPPLY CHAIN 103 CASE STUDY 4 . 111 TESCO: THE GROWTH OF SUPERMARKET FASHION . 111 5. 2 COMPARATIVE ANALYSIS OF THE CASE STUDIES 115 5. 3 SUMMARY . 119 CHAPTER 6 DISCUSSION AND CONCLUSION.. 120 6. INTRODUCTION .. 120 6. 2 DEVELOPMENT OF THE MODEL .. 120 6. 4 DISCUSSION OF THE PROPOSED MODEL .. 123 6. 5 DISCUSSION OF THE RESULTS IN TERMS OF THE AIM OF THE SCOPE . 129 6. 6 CRITIQUE OF THE RESEARCH .. 134 6. 7 FURTHER RESEARCH 36 REFERENCES . 137 APPENDICES 148 vi LIST OF FIGURES Figure 1. 1: Thesis structure . 7 Figure 2. 1: SLR implementation process 11 Figure 2. 2: Field scope- main elements of the S LR 12 Figure 2. : Snowball search strategy 19 Figure 3. 1: Percentage of each content area. . 24 Figure 3. 2: Percentage of SCM/Logistics and marketing in the fashion industry. 25 Figure 3. 3: Percentage of SCM/Logistics and marketing in the apparel industry. 25 Figure 3. : Articles per year. 26 Figure 3. 5: Articles referring to apparel and fashion industry per year. 26 Figure 3. 6: The evolution of the fashion sector. .. 27 Figure 3. 7: The evolution of the apparel sector. .. 27 Figure 3. 8: Percentage of articles per Journal 29 Figure 3. 9: Authors who have written journal articles focused on the clothing/apparel industry and supply chain. . 31 Figure 3. 10: Theoretical/ Conceptual studies 32 Figure 3. 11: Theoretical/ Conceptual studies per year.. 32 Figure 3. 12: Analogy for studies per year for the fashion sector.. 33 Figure 3. 13: Analogy for studies per year for the apparel sector.. 33 Figure 3. 14: Types of empirical studies. . 34 Figure 3. 15: Percentage of articles per country. .. 5 Figure 4. 1: Route map of the chapter. .. 39 Figure 4. 2: The apparel supply chain 45 Figure 4. 3: Apparel business process. .. 46 Figure 4. 4: Generic supply chain strategies 48 Figure 4. 5: Cycle Time Compression through Quick Response 51 Figure 4. 6: Apparel supply chains.. 3 Figure 4. 7: The foundation for agility in a fashion business .. 56 Figure 4. 8: Approaches to agility in the supply chain 58 Figure 4. 9: De-coupling point locations.. 59 vii Figure 4. 10: Time compression methods in leagile supply chains .. 60 Figure 4. 11: Lead-time and forecast error relation. 62 Figure 4. 12: The fashion flow chart. . 6 Figure 4. 13: Production stage chart for the fashion supply chain. 67 Figure 4. 14: Sourcing types in the fashion industry 78 Figure 4. 15: Sourcing model for fast fashion. .. 81 Figure 4. 16: The fashion marketing process.. 85 Figure 4. 17: The marketing environment. .. 86 Figure 4. 18: Fashion internal market environment. 7 Figure 4. 19: Fashion ex ternal market environment. .. 88 Figure 4. 20: Fashion market environment strengths and weaknesses. .. 88 Figure 4. 21: A model of consumer behaviour .. 89 Figure 4. 22: Drivers of fashion change 90 Figure 4. 23: Maslow’s pyramid. . 91 Figure 4. 24: Brief summary of the literature results .. 5 Figure 5. 1: Business operations in the luxury sector . 98 Figure 5. 2: Gucci’s supply chain. .. 99 Figure 5. 4: Marks and Spencer revival.. 102 Figure 5. 5: Price-fashion brand positioning. .. 104 Figure 5. 6: Zara’s value chain. . 107 Figure 5. 7: Product pre-commitments: Zara vs Traditional Industry 108 Figure 5. 9: UK clothing specialists (Market positioning 2006). 111 Figure 5. 10: Non-food items bought from main supermarket in the last 12 months (January, 2007). .. 112 Figure 5. 11: Where consumers bought clothing from for themselves in the last 12 months (June 2006). 113 Figure 6. 2: Proposed fashion matrix .. 22 Figure 6. 3: Matching supply chains with products .. 128 viii LIST OF TABLES Table 2. 1: Differences between traditional and structured literature review. 9 Table 2. 2: Key words and search strings 13 Table 2. 3: No. of articles in each search string for ABI database 16 Table 2. 4: No. of articles in each search string for EBCO database. . 17 Table 2. 5: Relevant article results per database. . 21 Table 3. 1: No. f articles per Journal and star ranking. 28 Table 3. 2: Number of articles and year of publication per Journal. 30 Table: 3. 3: Number of articles per country 35 Table 3. 4: Other sources (newspapers etc. ) . 36 Table 3. 5: Book results. . 37 Ta ble 3. 6: Case studies results 38 Table 4. 1: UK fashion retail seasons. . 44 Table 4. 2: QR benefits 50 Table 4. 3: Differences between traditional and â€Å"fast fashion† retailing. . 54 Table 4. 4: Product characteristics for lean and agile supply chains 58 Table 4. 5: Agile manufacturing principals and benefits.. 71 Table 4. 6: Fashion supply chain relationships . 83 Table 4. 7: Two views of fashion marketing. 4 Table 4. 8: The fashion marketing concept. 85 Table 4. 9: Fashion industry levels 94 Table 4. 10: Product classification . 94 Table 5. 1: Marks and Spencer product ranges. . 103 Table 5. 2: Key differences between Zara and traditional retailer’s business model. . 110 Table 5. : Companies’ characteristics.. 116 Table appendix-A: No. of articles in each search string for Emerald database. 148 ix LIST OF APPENDICES Appendix A: Search Result of Databases .. 148 Appendix B: Questionnaire- Interview notes 149 Appendix C: Garment Production Process 152 x LIST OF ABBREVIATIONS CAD- Computer Assisted Design CAM- Computer Assisted Manufacturing CMI- Co-Managed Inventory DC- Distribution Centre EDI- Electronic Data Interchange EPO- Electronic Point of Sale IT- Information Technology JIT- Just-In-Time MRP- Material Requirements Planning NOS- Never-out-of-stock PDM- Product Data Management POS- Point of Sale QR- Quick Response RFID- Radio Frequency Identification SCM- Supply Chain Management SKU- Stock Keeping Unit SLR- Structured Literature Review SR- Systematic Review TQM- Total Quality Management UPC- Universal Product Code UPS- Unit Production System 3PL- Third Part Logistics xi Chapter 1 Introduction CHAPTER 1 INTRODUCTION 1. 1 Introduction The purpose of this chapter is to provide a prologue to the research. The background and the importance of the research are presented. The aim, the objectives are stated and the research questions are developed. Finally, the structure of the thesis and the scope are covered. 1. 2 Background to the research Recent business trends have been characterised by demand unpredictability, fast moving markets, expansion of product variety, short product life cycles, increased outsourcing, globalisation and explosion of information technology (Lee, 2002). Therefore, how to be successful in today’s rapidly changing environment is a key issue for many companies across different industries (Tang, 2005). According to Christopher (2005), today it is not companies that compete but supply chains. Supply chain management has been regarded as one of the main areas for companies to enhance competitive advantage (Lee, 2002). Consequently, companies have had to learn how to make critical decisions that would affect not only their present performance, but also their future success (Tang, 2005). 1. 2. Background to the fashion industry The fashion industry has faced many changes in terms of supply chain management during recent years. These changes emerged due to the characteristics of the market. In the past fashion retailing was dominated by several large retailers which increased the competition levels in the market (Barnes and Lea-Greenwood, 2006). 1 Chapter 1 Introduction During the 90’s, firms such as New Look and supermarkets s uch as Tesco, heavily influenced dominant fashion retailers’ markets and traditional market shares. Many retailers, in order to survive; moved production towards low wage, overseas countries. These countries offered cost efficiencies, and enabled these retailers to be focused on price competition. However, the overall result of this strategy has led to long lead times, and inflexible and complicated supply chains. This cost efficiency did not always ensure supply chain effectiveness due to the distance between the production and consumption points. Consequently, speed to market and quality levels were decreased (Bruce and Daly 2006; Barnes and Lea-Greenwood, 2006; Birtwistle et al. , 2003). The situation became worse due to the changes in the fashion market, such as consumers’ attitudes, lifestyles and the information explosion. The information explosion enabled consumers to be well informed of the trends around the globe and they became wiser about what they demanded. Entering the 21st century many firms such as Zara, recognising these changes, moved their focus from cost efficiencies to faster responsiveness to the trends and demand, and decrease of time to market performance (Hines, 2007b; Barnes and Lea-Greenwood, 2006). Nowadays, the fashion industry is characterised by aggressive competition levels. In the light of this high competition, fashion companies have to present not only price benefits for the consumer but also be focused on â€Å"newness† and constant â€Å"refreshing† of their product ranges (Hines 2007b; Hoffman, 2007; Barnes and Lea-Greenwood, 2006). Today’s retailers recognise that the customer is king. However, regarding the fashion sector, the customer is ever more fickle, impatient and fussy, and that leads to even more complications for the supply chain management. Michael Barrat, Retailer Researcher Director at AMR Research said that â€Å"information and trends are moving around the globe at speeds we have never seen before. As a result the consumer has more options and thus shops more often† (Hoffman, 2007, p. 1). Due to these challenges the supply chains in many cases have been reconstructed with the aim of serving the customer in a highly timely manner. 2 Chapter 1 Introduction 1. 3 Importance of the topic There are a number of factors behind the author’s decision to choose this topic as the thesis project. The decision was based on the fact that this sector presented interesting supply chains based on time dependence. Fashion markets have long attracted the interest of researchers. In terms of supply chain management there was a challenging sector which had been beset by the problems of volatility and demand unpredictability (Christopher and Peck, 1997). The fast pace of the fashion industry was a great challenge for companies involved in this sector. Across the seasons trends were changing. Thus the success or failure of a fashion company depended on effective purchasing decisions, inventory planning, manufacturing efficiency and product delivery. So in this case time urgent was fundamental. Those companies that assured product availability within days were regarded as the market winners (Worthington, 2006). In the fashion industry, pipelines have been notoriously long, inflexible and complex. Consequently, long buying cycles have been developed, resulting in inappropriate structures for the requirements of the modern fashion industry. Moves to improve supply chain responsiveness in the fashion industry have been made with the introduction of concepts such as quick response, Just-in-Time systems and agile philosophies (Bruce and Daly, 2007; Hines, 2007b). A review of business odels developed from companies such as Zara and Gucci and several others, has signalled that the fashion industry had successful supply chain solutions which were able to effectively meet consumer needs. Therefore, there were potential solutions and techniques that other industries might consider to improve the way in which they organised and managed their supply chain operations (Gutgeld and Beyer, 1995). 3 Chapter 1 Introduction 1. 4 Aim of the project and objectives of the research AIM: The aim of the research is to identify opportunities for other sectors to learn from the fashion industry. OBJECTIVES: The thesis has three objectives. Firstly, to review the literature on the theory and implementation of supply chain and marketing processes in order to identify the extent to which the fashion industry is able to create, anticipate and keep abreast of consumer demand. Secondly, to undertake case study reviews to identify the business models used by companies in the fashion industry, e. g. Zara and Gucci, that enable them to meet consumer needs. Finally, through analysis and synthesis to identify lessons that other industries can gain from such fashion retailers in how they organise and manage their supply chain operations. . 5 Scope of the project The fashion industry includes the design, manufacturing, marketing and sale of clothes, footwear and accessories. Nevertheless, in the literature or in the media, it is common when referring to the fashion industry to regard it as a clothing sector (Jackson, 2007). For that reason the focus of this research is on the garment ind ustry. Consequently, issues not related to the garment industry such as fibre, yarn and fabric manufacturing are excluded from the scope of the project. Whilst the research is primarily focused on fashion products, basic products that are not considered as fashionable are eviewed as well in order to develop a more comprehensive and holistic analysis of the total apparel product spectrum. The scope 4 Chapter 1 Introduction includes analysis of the fashion industry structure in general and the characteristics of several participants. Specifically, the analysis embraces common supply chain solutions in the industry such as quick response and agile approaches, as well as the type of relationships across the different actors in the pipeline. Referring to processes, a description of the manufacturing, distribution and marketing of fashion items is undertaken. Specific marketing issues are not included in the analysis. The scope of this project includes an evaluation of the theory through case study analysis. The purpose of this is to identify the ways that companies use in practice so as to meet demand. The case study review enables a comparative analysis across different investigated companies in terms of possible similarities and differences. Finally, the scope includes the development of a model which enables the author to crystallise the whole industry in terms of levels and products, and the related supply chain issues in each stage. 1. Research question Based on the objectives, the research question of the thesis is: â€Å"Why is the fashion industry able to provide lessons to other industries? † The fulfilment of this question is based on the answer of another question which is: â€Å"How do the several actors in the fashion industry organise and manage their supply chain operations? † 1. 7 Methodology of the research The logic of the research is based on a structured literature review. Descriptive analysis of the literature material is conducted along with critical review of the thematic contents of the literature findings, with he aim of discovering potential literature gaps. The literature review is based on academic papers and books. However, trade publications, 5 Chapter 1 Introduction newspapers and case studies are reviewed due to the nature of the topic. This enables the author to gain a more holistic and robust approach towards â€Å"real-world† issues. 1. 8 Structure of the thesis The thesis is structured as follows (Figure 1. 1) Chapter 1 The aim of this chapter is to develop an initial engagement with the reader of the broad field of the study and further focus on the research problem. The aim, the objectives and the scope of the project are outlined. Chapter 2 In this chapter the methodology adopted by the author in order to approach the research is outlined. A description of the implementation process is developed. Chapter 3 In this chapter, there is a descriptive analysis of the literature related to the fashion sector in terms of supply chain and marketing issues. The description particularly refers to the characteristics of the selected articles based on a set of criteria which are highlighted in chapter 3. Chapter 4 The content of this chapter is the review of the academic literature to gain insight into the fashion industry. This thematic section refers to the first objective of how the fashion industry works towards consumer demand. Chapter 5 In this chapter case study reviews are conducted. Identification of the business models used by companies in the fashion industry is developed. This thematic section aims to approach the second objective. 6 Chapter 1 Introduction Chapter 6 This chapter is divided in two sections. Firstly, it aims to consolidate the main findings in the literature review (from the two previous chapters) and develop a comprehensive model of how the fashion industry is structured and works. Secondly, it refers to the reflection of the overall work in order to define the main supply chain strategies and related tools adopted in the fashion industry and can be the base for providing lessons to other industries. Furthermore, it includes evaluation and review in terms of strengths and limitations of the research and proposes further future research. Figure 1. 1: Thesis structure Source: Author 7 Chapter 2 Methodology CHAPTER 2 METHODOLOGY 2. 1 Introduction The underlying thinking of the overall methodology strategy adopted in this project is to critically review the literature in the light of the three objectives of the thesis (See paragraph 1. 4). This chapter presents the methodology which has been chosen to meet the stated objectives. As the title declared, the thesis is a Structured Literature Review (SLR) by nature. In so doing, the definition of the SLR is presented along with its differentiation from a traditional literature review. Finally, the advantages of the SLR and the implementation process are demonstrated. . 2 Definition of structured literature review (SLR) The structured literature view is an evolution of the Systematic Review (SR). These two approaches present similar characteristics, but their differences are based on the implementation process. According to Morgan (2007, p. 2) the systematic literature review is more rigorous than the SLR. Maylor and Blackmon (2005, p. 98) de scribe the literature review as â€Å"a process of finding more about a research topic, in particular a theoretical problem it is the record of other people’s research†. According to Morgan (2007, p. ), â€Å"a (Structured) literature reviews are a method of making a sense of a large body of information, a †¦ method of mapping out areas of uncertainty†¦ and a way to tell the difference between real and assumed knowledge. They are methodologically sound (and lead to)†¦ results (that give) †¦. a good representation of the ‘truth’†. Denyer (2002, p. 14) states that SR is â€Å"a review of the evidence on a clearly formulated question that uses systematic and explicit methods to identify, select and critically appraise relevant primary research, and to extract and analyse data from the studies that are included in the rearview†. Finally, Boaz, Ashby and Young (2002, p. 2) define that the SR approach â€Å"acknowledges the large body of existing research and seeks to synthesize the findings from all relevant studies†. 8 Chapter 2 Methodology 2. 2. 1 Differences between Structured Literature review and Traditional Review The Systematic Literature Review (and consequently SLR mentioned before as an evolution of the systematic) is based on spotting the phenomena and is focused on a more â€Å"replicable, scientific and transparent process, ( , that aims to minimize bias through exhaustive searches of published and unpublished studies † (Cranfield Online, 2007). In comparison, in the traditional approaches of the literature review, the author included merely subjective information and thus irrelevant information, which did not fit in the research content, was excluded (Denyer, 2002). Regarding the traditional literature review, it was focused on a specific investigated area and did not provide detai led critical analysis to the degree that SLR did. The following table (2. 1) illustrates the major differences between these two areas. Structured Literature Reviews Scope of study Narrow Review question Organising the study Identifying studies Selecting studies Synthesising study results Clear, well-developed question/hypothesis Structured, clear process Rigorous and comprehensive search of published and unpublished information Pre-determined inclusion and exclusion criteria of studies Conclusion based on the most methodologically sound studies Traditional Reviews Wide General discussion, often without a developed question or hypothesis Unplanned/unfocused, permits creativity Searching is probing. Usually doesn t locate all the literature. Reasons for the inclusion and exclusion of studies may not be explicit No differentiation between methodologically sound and unsound studies Table 2. 1: Differences between traditional and structured literature review. Source: Nikolaidi, (2006). So the main difference between the structure literature review and the traditional approaches of literature review is the systematic approach of the SLR. Furthermore, traditional approaches have been deemed as solely descriptive without providing any new information, as well as lacking of any critical assessment (Tranfield et al. , 2003). 9 Chapter 2 Methodology 2. 2. Advantages of the Structured Literature Review The main advantages of the structured literature review are, firstly, that the evidencebased approach offers a scientific and objective quality to the research. Secondly, there is an effective way to draw together and analyse extensive literature, as well as, eliminate any bias and error issues (Tranfield et al. , 2003; Denyer, 2002 ). The author chose the structured literature review as a methodology approach due to the fact it enables the connection of the existing research information and the development of an overall view of the research area via a reliable and valid route. A further reason for selecting SLR, apart from the fact that it constitutes a resourceful technique, is that it enables the integration of all the research areas under investigation, such as the fashion industry, general apparel sector and supply chain management. 2. 3 Structured Literature Review Process In general the steps followed to develop a structured literature review are: 1. Scope the field 2. Develop the research strings 3. Determine the research areas 4. Review the results 5. Conclude the findings The following diagram (2. ) depicts the implementation process of the SLR through which the research is developed and the thesis is accomplished. The sequence of the stages is continuous and each phase is interdependent with the following one. 10 Chapter 2 Methodology Stage 1 Focus of the Investigation Stage 2 Search Strategy High level Stage 3 Assessment of the Literature Material Analysis Low level Stage 4 Stage 5 Material Synthesis Figure 2. 1: SLR implementation process Sourc e: Adapted from Morgan, (2007), Lecture notes. 2. 3. Mapping the study field (Stage 1) The main elements of the structured literature review are supply chain, logistics and fashion industry. These three elements were the starting point in the attempt to explore and comprehend the objectives and border the research scope. The fashion industry was reviewed in terms of supply chain management and logistics operations with the aim of identifying the way that the industry is structured and operated and the main value points that might provide lessons to other industries. 11 Chapter 2 Methodology Supply chain Fashion industry Logistics Figure 2. : Field scope- main elements of the SLR Source: Author. The first objective, which is related to the fashion industry and the way of managing customer’s demand, was covered by reviewing the literature area where the three cycles (figure 2. 2), fashion industry, supply chain and logistics overlap. However, apart from a holistic review of the supply chain, particular issues such as manufacturing, distribution and marketing of fashion items were assessed in detail. The second objective which was related to the identification of business models followed in the fashion industry was approached through case study analysis. A model development enabled the synthesis and the analysis of the fashion industry in a comprehensive way. At this point, worth noting was that the term fashion industry was used with a broad meaning, including the general apparel industry as well. Finally, the above described step was considered to be fundamental in identifying the domains that the research covered, spotting possible overlaps between them; developing the research questions and justifying the investigating approach (Morgan, 2007). 12 Chapter 2 Methodology 2. 3. Developing the search strategy (Stage 2) The aim of this phase is to identify all the relevant studies for the issues investigated and develop a set of arguments with the aim of elucidating the design of the research and giving reasons for decisions taken. Identification of the search strings The literature research started by identifying key words and by developing the search strings (Tranfield et al. , 2003). The searching terms were derived by conducting an initial literature review and by discussing these with the supervisor and the sponsor of the thesis. After identifying the key words, the search strings were developed. The following table (2. 2) presents the key words and the search strings. SLR elements Supply Chain Key words Supply chain Demand chain Value chain Fashion industry Apparel industry Fashion goods Fashion items Fashion industry Textile industry Garment industry Clothing industry Footwear Fashion retail Fashion business Logistics Logistics Manufacturing Distribution Marketing Logistics or manufactur* or distribut* or marketing Fashion or apparel or textil* or garment* or cloth* Supply chain or demand chain or value chain Search strings Table 2. 2: Key words and search strings Source: Author 13 Chapter 2 Methodology Identification of the databases The prime resources in order to conduct a structured literature review were the electronic databases. For the purpose of this research three databases were used: ABI/INFORM Trade and Industry (ProQuest) EBSCO Business Source Premier Emerald Library Journals The academic databases ABI/INFORM Global/Trade and Industry (ProQuest) and EBSCO Business Source Premier were regarded as providing the most relevant literature after conducting an initial search with simple keywords. Emerald Library journals offered a narrower range of results. More specifically, after cross checking, the author figured out that the majority of the articles found in this latter database were included in the two former academic databases. These two top potential sources have the following characteristics: ABI/INFORM Global (ProQuest) This included subjects related to management techniques, theory and practice of business, marketing and business and economic conditions. It provided about 2,770 Journal titles (Proquest Online, 2007). ABI/INFORM Trade and Industry (ProQuest) This covered about 1,210 serials in areas related to companies, trends and products (Proquest Online, 2007). EBSCO Business Source Premier This daily updated database included about 8,800 Journal titles with more than 1,100 peer reviewed publications and full-text articles from high quality marketing and management articles. The main fields that it covered among others are management and marketing (Ebscohost Online, 2007). The research of the publications was narrowed down by overviewing only peer reviewed titles in order to ensure a higher level of research credibility. Peer-reviewed 14 Chapter 2 Methodology publications referred to the fact that the articles are reviewed and approved by experts in similar topic areas (Proquest Online, 2007). Search Results The following two tables (2. 3 and 2. 4) illustrate the search results for titles of each database in relation to each search string. The tables refer to the two main academic databases ABI/INFORM Global/Trade and Industry (ProQuest) and EBSCO Business Source Premier. The relevant table for the Emerald database is cited in appendix-A. These tables aim to present all the likely combinations among the literature review elements and search strings by ensuring a higher possibility for appearing relevant to the investigated articles. â€Å"Refine† refers to the number of titles which were peer reviewed. The tables presented the potential articles from each database. However, the author, in order to proceed to the assessment of the literature which consisted of one of the following steps, decided to focus on one search string which was: (a) Supply chain (or) demand chain (or) value chain AND Fashion (or) textile* (or) garment* (or) apparel (or) cloth*. The reason for that decision was that the number of the resulting titles of this search string was manageable by allowing the search to remain broad but not out of scope. So there was no need to narrow it down further. Indeed, by including the additional search string of â€Å"Logistics (or) distribut* (or) manufact* (or) marketing† the resulting titles became even fewer (figures 2. 3 and 2. 4). However, in order to ensure that no valid information was missing these titles were reviewed in brief, during the literature assessment process, and it was discovered that the majority of them were included in the former (a) search string. 5 Chapter 2 Methodology Source: ABI database Supply chain (or) demand chain No. of articles in each search string Supply chain (or) demand chain (or) value chain Fashion Fashion (or) textile* (or) garment* (or) apparel (or) cloth* Logistics (or) distribut* (or) manufact* or marketing 39, 702 Refine: 6436 315 Refine: 71 54,005 Refine: 3,524 177,020 Re fine: 8140 1,291 Refine: 184 (or) value chain Fashion Fashion (or) textile* (or) garment* (or) apparel (or) cloth* Logistics (or) distribut* (or) manufact* or marketing 16,922 Refine: 2972 9,684 Refine: 953 34,616 Refine: 2227 1,164,875 Refine: 110,267 Three search strings together Supply chain (or) demand chain (or) value chain Fashion (or) textile* (or) garment* (or) apparel (or) cloth* Logistics (or) distribut* (or) manufact* or marketing (ABI) Total 719 articles Refine: 120 articles Table 2. 3: No. of articles in each search string for ABI database. Source: Author 16 Chapter 2 Methodology Source: EBSCO database No. f articles in each search string Supply chain (or) demand chain (or) value chain Fashion 30,526 Refine: 7,127 210 Refine: 84 33,458 Refine: 4,063 Fashion (or) textile* (or) garment* (or) apparel (or) cloth* Logistics (or) distribut* (or) manufact* or marketing 104,139 Refine: 9245 885 Refine: 179 Supply chain (or) demand chain (or) value chain Fashion Fashion (or) textile* (or) garment* (or) apparel (or) cloth* Logistics (or) distribut* (or) manufact* or marketing 18,918 Refine: 4, 988 10,920 Refine: 1,403 39,435 Refine: 3,555 ,774,721 Refine: 267,820 Three search strings together Supply chain (or) demand chain (or) value chain Fashion (or) textile* (or) garment* (or) apparel (or) cloth* Logistics (or) distribut* (or) manufact* or marketing (EBSCO) Total 543 articles Refine: 140 articles Table 2. 4: No. of articles in each search string for EBCO database. Source: Author Other sources Other non-academic sources, such as Google scholar and Mintel reports were investigated in order to approach the researching areas more effectively. Furthermore, due to the difficulty of finding enough sources related to the supermarket clothing departments and fashion marketing, these sources, along with books, provided further information. The additional sources that were used were: 17 Chapter 2 Methodology Google scholar Trade Publications (e. g. Traffic World) Newspapers (e. g. Financial Times) Mintel reports Case studies (e. g. Zara, and Marks and Spencer) Reference/ Reports (e. g. Just-Style) White papers (e. g. CFPIM Intentia Americas) Mintel offered efficient information for the clothing and supermarket sectors. Furthermore, books provided very useful information about the examined issues covering both theory and examples from the practice. The latter enabled the author to decide the case studies to be studied. Google scholar, apart from providing some efficient publications, facilitated a first overview of the issues investigated. Furthermore, it provided a good link to a college (London College of Fashion) which deals with the fashion industry. At this point, regarding the process of searching for relevant information about the issues investigated, apart from the development of the key words search, a â€Å"snowball search† was conducted. According to Maylor and Blackmon (2005), â€Å"snowball search† is the review of the reference and the bibliography list of a relevant article in order to discover any previous useful researches and information (figure 2. 3). 18 Chapter 2 Methodology Snowball search Original reference A References to A B C References to B D E F G Figure 2. 3: Snowball search strategy Source: Maylor and Blackmon, (2005). Case studies According to Yin (2003) the case study, as a method, enables researchers to preserve the holistic and meaningful attributes of real life events. These could include, among others, organisational and managerial processes. The primary aim of examining a case study was to identify the business models used in the fashion industry in terms of their supply chain management and the extent to which they enabled them to meet consumer requirements. As mentioned above, books provided information regarding case studies for some companies. Nevertheless, the majority of the case studies were found in the site of ECCH (European Case Clearing House) (ecch. com). Advisory groups The main advisors in the research were the supervisor and the sponsor of the research project. Furthermore, a formal presentation of the progress of the research was conducted on the 6th of June 2007. During this presentation useful recommendations were given by a panel of academics in terms of the issues investigated. Apart from the above mentioned advisors; the group included an academician (Sanaul Mallick, lecturer in corporative strategy) from the London College of Fashion, who contributed to the 19 Chapter 2 Methodology progress of the research by offering useful information and expertise. The interview was based on a semi-structured questionnaire, which was conducted on the 25th of July 2007 at the London College of Fashion. Finally, librarian staff provided assistance in terms of the source searching. 2. 3. 3 Assessment of the literature (Stage 3) In this stage, evaluation of the articles found in the electronic databases was conducted. For the purpose of this process, inclusion and exclusion criteria were developed. The latter was enabled by the initial search which was conducted in the first stages of the research as mentioned before. These pre-determined criteria which were slightly refined during the whole process enabled the avoidance of any bias and possible errors of judgment. According to Morgan (2007), this phase of the structure literature review is divided into two stages: â€Å"high level assessment of the literature† and â€Å"low level assessment of the literature†. High level assessment of the literature Firstly, the high level assessment of the literature review refers to an initial screening of each article’s title and abstract. In this point the inclusion criteria are: Empirical and theoretical studies. No time-frame restrictions. All the related sectors, for example in the broad meaning of apparel sector apart from fashion, basic clothing was taken into consideration as well. No strict geographical restrictions. Respectively, the exclusion criteria were: No relevance to the investigated area. Not written in the English language. The resulting numbers from this brief screening for each database are illustrated in the following table (2. 5): 20 Chapter 2 Methodology Databases ABI (Proquest) EBSCO Emerald Table 2. 5: Rele vant article results per database. Source: Author. No. of possible relevant articles for fashion industry 67 81 37 The above results were referred to the search string (a) and duplications were included. As mentioned before, from the 81 possible relevant articles founded in EBSCO only 49 articles were not included in ABI’s results, and the majority of the articles in Science direct and Emerald were found in the two former databases. As a result, the total relevant articles for the fashion industry which proceeded to low level literature assessment were around 115. Low level assessment of the literature Low level assessment of the literature is regarded as a more detailed and full text screening of the remaining possible relevant articles. In this stage the previous screening of the abstracts enabled the development of more restricted inclusion and exclusion criteria, closely related with the research scope. Inclusion criteria: Fashion industry background. Fashion industry related only to clothing. Supply chain strategies in both sectors and approaches such as Quick Response (QR) and agile. Related logistics operations in each sector including manufacturing, distribution and marketing. Geographical areas: UK, US, Australia; and generally developed countries. Exclusion criteria: Focus on corporate responsibility. 21 Chapter 2 Methodology Focus on related environmental issues. Geographical restrictions. Exclude countries such as India, Sri Lanka and Hong Kong. E-retailing related to internet sales For the fashion industry exclude fabric industry. The estimated final number from academic journals is 51 academic articles. Regarding other information sources the final number is 8 books, 11 case studies, 5 newspapers, 6 trade publications, 2 reference/ reports (including Mintel) and 1 white paper. 2. 3. Material Analysis (Stage 4) The material analysis included the presentation of the chosen articles in a descriptive way. The descriptive analysis referred to the categorisation of the articles in a number of comprehensive ways in order to present the overall analysis of the investigated issue. The descriptive findings are developed in Chapter 3. 2. 3. 5 Synthesis of the material (Stage 5) The approach of the first objective was based on ac ademic articles and books. However, newspapers, trade publications and white papers were used in order to approach the issue in a more robust way. Furthermore, the second objective, the assessing of business models followed in practice, was approached through case study review. Regarding the third objective, based on the literature and case study findings, a conceptual model was developed based on Hayes and Wheelwright (1979) model. The model presented the structure of the fashion industry and the way that the supply chains were organised and managed. This overall process enabled highlighting the learning points from the fashion industry in terms of supply chain strategies and tools. 22 Chapter 3 Descriptive Results CHAPTER 3 DESCRIPTIVE RESULTS . 1 Introduction The purpose of this chapter is to present a description of the finally selected articles. The descriptive analysis is regarded as findings and contributes to more robust overview of the further thematic analysis. The majority of the descriptive analysis is focalised on the academic papers (total 51 articles). However a brief presentation of the rest of the sources such as case studies and books is undertaken. 3. 2 Content descriptive analysis Academic papers A first review of the papers allowed a classification of the selected articles in terms of content. The four categories that the articles could be categorised into were fashion industry, apparel industry, supply chain management and logistics, and marketing. Supply chain management included manufacturing, suppliers, information issues, relationships and strategies. The following figure (3. 1) presents the percentages of each of these four categories in the total number of articles. Analysis of the fashion and apparel industries separately was conducted. Nevertheless, articles in which the title, the abstract and the keywords referred to apparel or clothing or textile, sometimes referred to fashion, as well. For that reason the classification regarding those two categories was based on the title, the abstract, the descriptors and the main points referred to in the article, reflecting in that way the focused area of each author. 23 Chapter 3 Descriptive Results 4% 29% 31% Fashion Apparel SCM/ Logistics Marketing 36% Figure 3. 1: Percentage of each content area. Source: Author Figures 3. 2 and 3. 3 present a further descriptive analysis of the fashion and apparel industry in terms of supply chain/ logistics and marketing. Regarding the two industries, the majority of the articles referred to supply chain and logistics. However, the percentages of the articles that referred to marketing were more in the fashion than in the apparel industry. But was there a reason for that? The market oriented nature of the fashion industry and the need for effective demand management, indicated that supply chain and marketing issues were both important. In so doing, marketing could be considered as an important factor to the success of a fashion firm; thus attracting the interest of researchers. However, the supply chain management seems to have been the area that has attracted the researchers’ interest more than marketing. This could be explained by the challenging nature of the industry in terms of manufacturing and general logistics issues. 24 Chapter 3 Descriptive Results 25% 75% Fashion SCM/ Logistics Fashion Marketing Figure 3. 2: Percentage of SCM/Logistics and marketing in the fashion industry. Source: Author 6% 94% Apparel SCM/ Logistics Apparel Marketing Figure 3. 3: Percentage of SCM/Logistics and marketing in the apparel industry. Source: Author 3. 3 Historical evolution of the ideas Academic papers In this section the characteristics of the selected articles were described based on chronological criteria. Figure 3. 4 presents the distribution of the articles both in number and percentage during the years. The majority of the selected articles were found after 2000, with more focused on 2006. Figure 3. 5 presents a comparison between the fashion and apparel sectors across the years. 25 Chapter 3 Descriptive Results 14 12 No. of Articles 10 8 6 4 2 0 1979 1989 1993 1994 1995 1996 1997 1999 Year No. of Articles Percentage 2000 2001 2002 2003 2004 2005 2006 25% 20% 15% 10% 5% 0% Figure 3. 4: Articles per year. Source: Author 00% 90% Percentage of Articles 80% 70% 60% 50% 40% 30% 20% 10% 0% 1989 1993 1995 1997 1999 2000 2001 2002 2003 2004 2005 2006 Years Apparel Industry Fashion Industry Figure 3. 5: Articles referring to apparel and fashion industry per year. Source: Author The following figure (3. 6) presents the distribution of the â€Å"fashion† articles per year. The evolution of the ideas during the years could be that in the 90s most of the articles were referring to general supply chain/logistics and marketing issues whilst in the beginning of the next decade concepts such as quick response and agility became more aggressive. Over the last years, i. e. towards 2005 and 2006, concepts of fast fashion, customer driven, customisation and demand management were deemed as more popular. 26 Chapter 3 Descriptive Results Fashion Industry 60% Percentage of aticles 50% 40% 30% 20% 10% 0% 1989 1993 1995 1997 1999 2000 2001 2002 2003 2004 2005 2006 Years Fashion Industry Figure 3. 6: The evolution of the fashion sector. Source: Author The following figure (3. 7) presents the apparel industry evolution during the years which could be characterised as more mature. Whilst the majority of the articles referring to fashion were found in 2006, the apparel sector presented a more â€Å"smooth† distribution both in number of publications and content. Quick response was always an area of focus. In the recent years, and a reflection on networks, the integration and explosion of technology use was found. Apparel Industry 30% Percentage of articles 25% 20% 15% 10% 5% 0% 1989 1993 1995 1997 1999 2000 2001 2002 2003 2004 2005 2006 Years Apparel Industry Figure 3. : The evolution of the apparel sector. Source: Author 27 Chapter 3 Descriptive Results 3. 4 Journal classification- Academic papers The following table (3. 1) and figure (3. 8) present the number and the percentage of selected articles in each journal. The ranking in terms of stars was given based on the â€Å"Academic Journal Quality Guide of The Association of Business Schools in 2007†. The majority of the articles, especially for the fashion industry, were derived from the  "Journal of Fashion Marketing and Management†. Journal Title Journal of Fashion Marketing and Management Journal of Enterprise Information Management International Journal of Operations and Production Management Business Strategy Review Supply Chain Management: an International Journal Industrial Management and Data Systems Management Science International Journal of Retail and Distribution Management Supply Chain Europe International Journal of Physical Distribution and Logistics Management International Journal of Agile Management Systems The McKinsey Quarterly International Journal of Clothing Science and Technology European Journal of Marketing California Management Review Competition and Change Harvard Business Review Industrial Relations Integrated Manufacturing Systems International Journal of Logistics: Research and Applications International Journal of Production Economics Journal of Marketing Management Technology in Society International Journal of Logistics Management The International Review of Retail, Distribution a nd Consumer Research Total No. of Articles 10 1 3 1 1 1 1 3 1 3 2 2 2 1 1 1 3 1 1 1 4 1 1 4 1 51 Ranking 1* * 3* 1* 3* 1* 4* 1* N/A 1* 1* N/A N/A 3* 3* 2* 4* 2* 2* 2* 3* 3* N/A 2* 2* Table 3. 1: No. of articles per Journal and star ranking. Source: Author 28 Chapter 3 Descriptive Results 8% 2% 2% 8% 2% 2% 2% 6% 2% 2% 2% 4% 2% 20% 2% 6% 2% 2% 2% 2% 6% 4% 4% 6% 2% Journal of Fashion Marketing and Management Journal of Enterprise Information Management International Journal of Operations and Production Management Business Strategy Review Supply Chain Management: an International Journal Industrial Management and Data Systems Management Science International Journal of Retail and Distribution Management Supply Chain Europe International Journal of Physical Distribution and Logistics Management International Journal of Agile Management Systems The McKinsey Quarterly International Journal of Clothing Science and Technology European Journal of Marketing California Management Review Competition and Change Harvard Business Review Industrial Relations Integrated Manufacturing Systems International Journal of Logistics: Research and Applications International Journal of Production Economics Journal of Marketing Management Technology in Society International Journal of Logistics Management The International Review of Retail, Distribution and Consumer Re search % of Articles per Journal Figure 3. 8: Percentage of articles per Journal. Source: Author The following table (3. 2) presents the journals in combination with the year of publication of each article. In the brackets are the numbers of the articles published each year for each specific journal. At this point it should be noted that there was no exclusion of papers that were a certain number of years old. The reason that most of the papers were published in 2006, especially in the â€Å"Journal of Fashion Marketing and Management† (where the majority of them were found), might be due to the end of the quota system in 2005; which encouraged even more the sourcing in low wage overseas countries such as China (McKee and Ross, 2005). So there might be an interesting investigated area from several authors on the fashion industry. 29 Chapter 3 Descriptive Results Journal Name Journal of Fashion Marketing and Management Journal of Enterprise Information Management International Journal of Operations and Production Management Business Strategy Review Supply Chain Management: an International Journal Industrial Management and Data Systems Management Science International Journal of Retail and Distribution Management Supply Chain Europe International Journal of Physical Distribution and Logistics Management International Journal of Agile Management Systems The McKinsey Quarterly International Journal of Clothing Science and Technology European Journal of Marketing California Management Review Competition and Change Harvard Business Review Industrial Relations Integrated Manufacturing Systems International J

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Journal - Essay Example According to Okonkwo, his father, Unoka, was everything a man should not be. He was passionate about music and a merriment and lived a life devoid of care. Okonkwo, who did not share his father’s passion on music, thought of him as a hopeless idler. His belief was supported by the fact that his father hadn’t managed to take a single title from his clan, which essentially proved him an outcast in a society which positioned a man based on the number of titles he managed to take. Above all, Unoka also lived and died in debt. This gave enough reasons for Okonkwo to dread this kind of existence for the rest of his life. So most part of Okonkwo’s life sees him trying hard to convince himself and others that he was strong, unlike his father–(Achebe 3) Okonkwo’s son Nwoye was a cause of much distress to his father. As a 12-year old lad, he had inherited his grandfather’s gentle nature, passion for music and the love for a peaceful life. In Okonkwo’s perspective, he was turning out to be an incompetent man... But Okonkwo was firm in his belief that he could bring his son to the right path by beating and forcing him towards it. Nwoye himself was striving to please his father. Though he was still a child, he found secret pleasure in feigning masculinity and in the process, pleasing his father. He was forced to rebuke his mother’s gentle ways, thanks to his father’s violent commandments. But deep within, he was unsure of his thoughts and what he actually wanted. And more importantly, he lacked the freedom to think, thanks to his father’s tyrannical ways. He found much needed companionship and a role model in Ikemefuna, who came to stay with the family as a punishment to a crime committed by a member of the village he belonged to. But Nwoye’s joy was short-lived as the elders of the village decide to murder Ikemefuna, a wise, fine lad of 18, based on the command of the oracle. Not only does Okonkwo support the

Law of Obligations(Tort) LLB Essay Example | Topics and Well Written Essays - 1000 words

Law of Obligations(Tort) LLB - Essay Example Frances (and his parents), depending upon the effect of the incident on the child, may also have a claim for psychological damage against the nursery brought about by the latter's negligence. In the recent case of Jones v BBC, 2007 WL 2187023 (QBD), where Jones, a freelance sound recordist for defendant BBC claimed that he suffered personal injury when a windmill rotor fell onto his back causing severe spinal injury rendering him paraplegic. In ruling for the claimant, the court stated that since BBC's safety crew had identified a risk of the falling mast, a discussion before filming should have been made to warn the crew not to go beneath it. But the safety crew did not give the warning. Such failure of BBC, through the safety crew, is considered negligent which caused Jones' accident. Thus, the BBC was liable for Jones' injuries. Also, the cameraman and Jones worked as a team because their equipment was linked. Jones with his equipment was following the cameraman who had decided to pass beneath the mast thereby leading Jones into the hazardous area. The cameraman was then in breached of his duty of care and the BBC was vicariously liable for that negligence. In Wilsons & Clyde Coal Company, Limited v English, [1938] A.C. 57, the House of Lords stated as follows: " primarily the master has a duty to take due care to provide and maintain a reasonably safe system of working in the mine, and a master, who has delegated the duty of taking due care in the provision of a reasonably safe system of working to a competent servant, is responsible for a defect in the system of which he had no knowledge" By the Jones and Wilsons cases, it is clear that the employer is under a duty of care to provide the employee with competent fellow employees including a qualified medical personnel, properly maintained site and facilities, and to provide a safe place and system of work. The question of whether the employer breached that duty of care depends on the standard of care owed by the employer to its employee and whether it has taken reasonable steps considering the circumstances. (Latimer v A.E.C. Ltd.[1953]) In Jones, the breach of the employer's duty consists in B BC's failure (through its safety crew) to discuss with the cameraman and Jones the risk of the falling mast and to warn the cameraman and Jones in unequivocal terms that they must not go beneath it. In Wilsons, the breach by the employer consists of its failure to provide competent fellow employees, properly maintained mine and equipment, and to provide a safe place and system of work. In the case of Ina here, the failure of the employer to provide competent fellow employees and to properly provide and maintain a safe place and system of work which caused the employee's disability to work for three (3) months constitute a breach of the standard of care required of the employer. Jack's negligence in leaving the drill on the floor in a place where thirty (30) toddlers freely roam about constitutes a negligent act for which the employer must be held vicariously responsible. The nursery cannot invoke the defence that Jack is merely a hired self-employed carpenter because as the court st ated in the Jones case the BBC had clearly assumed a responsibility for the health and safety of freelancers when they were working on BBC productions that was equivalent to that of an employer to a direct employee. Jack should have been more careful with his tools because it can reasonably be expected

The environment and its problems Essay Example | Topics and Well Written Essays - 750 words

The environment and its problems - Essay Example All the natural elements that surround us are very well linked one to another, making sure to establish an ecological balance between organisms. Ecosystems are the nature’s proof that we are present on earth with a predetermined biological purpose. Photosynthesis is the mechanism that enables plants to produce enough energy to live and to start the natural food chain, which supports numerous species in the food chain. Human beings are the ones who have a developed sense of knowledge and understanding. As such, they are the ones who control the balance of the food chain. For instance, human beings can make sure that their activities do not disrupt the balance within the ecosystem. On the contrary, we are too busy mining and pricing the crude barrels with a resultant loss of human life and use of guns in the Middle East. In addition, natural tropical rainforests such as the Amazon are continuously being chopped down in a bid to satisfy our ever rising demand for wood. Moreover, the Great Barrier Reef, located in Australia, received on 2010 the longest known grounding scar on it as a result of an oil spill. With regards to these damaging human activities, climate change is inevitable. What natural wonders are the future generations going to be allowed to appreciate? How better is this new world that we are creating where they ought to grow old? Just a taste of this makes us think a little bit about our natural environment and how to preserve it. Global warming evidence has brought together countries around the world, in a desperate effort to try and help in reducing the carbon dioxide and othe2r greenhouse gasses emission from the man-made activities. One of the ways that people and organizations around the world are reducing these emissions is through recycling campaigns. In addition, people are also promoting a healthier lifestyle (one thing that I totally approve) and as a result avoiding processed food while promoting

Calibration and Preventive Maintenance Program

Calibration and Preventive Maintenance Program Regulations of the regulatory authorities like FDA and EU require that all the firms have program for calibration and preventive maintenance for test as well as measurement equipments. Preventive maintenance program is one of the most importance aspects for GMP inspection as it ensures the efficient GMP operations. Any equipments either it is automatic or manually operated will perform its functions properly and are used for manufacturing, processing, packaging, labeling or holding of drug products; it is mandatory that it will be timely calibrated, inspected and checked for errors according to the written program which is specially designed to assure the best performance of the equipments. This paper mainly discusses the importance of the calibration and Preventive Maintenance program for any industry because it is very important for any firm that the equipments produce the products having its predetermined specification. Introduction Definition of Calibration: It is a set of operation that performs under specific conditions to verify the values/data obtained by comparison of two instruments or measuring devices one of which is a standard of known accuracy (Traceable to national standards). It is used to detect, correlate, report or eliminate any of the discrepancy in accuracy of instruments or measuring devices when being compared to the standard. [1] Calibration is one type of comparison but it is not an adjustments. Definition of Preventive Maintenance: It is a care or service provided by personnel to maintain the equipment or facility in satisfactorily working conditions by providing inspections, detection and correction of failures before they occur. Basically they are conducted to keep the instrument in working conditions and to extend the life of the instrument.[2] Background Information Today lots of equipment and measuring systems are used in pharmaceutical industry. During pharmaceutical manufacturing operations, these equipments are used to control and record the GMP process parameters because these parameters are mandatory to fulfill the quality requirements of the particular process as well as product. As I earlier mentioned that calibration is just a comparison and to document the record of differences when calibration is performed between the actual equipment and the standard equipment. But it is mandatory to calibrate the equipments timely to get the best results and minimizations of errors. For PM, its one type of maintenance of measuring system or equipments before any error will occur. Basically PM is divided into two subparts. (1) Planned PM and (2) condition based. The key difference between these two subparts is time required for maintenance. The risks which are involved during performing PM are human errors and product failure. Preventive Maintenance is performed by repairing the equipments or by the replacing the defective part of the equipment before any error or product failure will occur. [1] Main advantages of PM are: improvement in the reliability of system, decrease in replacement cost and time, and inventory management system is also improved. Requirements of Regulatory Authorities Calibration program is required by the regulatory authority (FDA) under section 21 CFR part 211.68 and Preventive maintenance and calibration program is required by FDA under section 21 CFR part 211.67. Calibration requirements for Lab instruments under section 21 CFR part 211.67 are: specific directions, schedule, limit of accuracy and precision remedial action and system to prevent usage of instrument which are failed to calibrate. [2] Requirements for manufacturing area: FDA requires that each manufacturing area of the facility has written calibration and written preventive maintenance procedures. They must have qualified personnel to calibrate and maintain the equipments which are again rechecked by other qualified person. They must have one representative to monitor the calibration and PM program. And finally the whole process of calibration and PM is reviewed and approved in the terms of quality. Requirements for equipment master list: [1] In any manufacturing area or any laboratory, lots of instruments are used thats why FDA requires that there should be a system in facility that can identify the instruments which are related to GMP. For identification purpose it must have serial no. model no. and location but if the instruments are tracked by configuration then this information is not mandatory. And there should be a written procedure that area used to determine whether calibration and PM is required for particular instrumentation or not. Instrument Identification and calibration status[1] Initial step for the calibration PM program is to identify the instrument. Instruments are identified and characterize in the terms of criticality. Some instruments are critical and some are non critical. Some instruments have effects on environment so identified as environmental critical instrument. In the same way some has direct impact on product quality known as GMP critical instruments. Step by step process to identify an instrument and calibration status is: Each instrument is given unique identification number. Details for instrument (model no, serial no, location) are available and documented Every instrument is labeled with its unique identification number. Calibration history (calibration status, date of calibration, date for next calibration, details of person who is performing calibration) Use of calibration logs, calibration sticker and MAXIMO to document calibration status. There should be a system which prevent the use of non-qualified instruments, damaged instruments and non-calibrated and those who expired the calibration period to minimize the errors. Also some instruments do not require calibration or factory calibrated for certain period of time so there should be a system to identify those instruments. Traceability of standards and calibration tolerance Reference equipment or calibration equipment which is used as standard should be traceable to national standard. In the absence of recognized standards, an independent reproducible standard can be used. The tolerance of the reference standard is higher than the other equipment which is going to be calibrated. And there should be a system available to monitor the expiration date of reference standard and other re-certification requirements. Two types of tolerance level in calibration: (1) Alert level: Up to this level the instrument can be adjust to its required range. (2) Action level: Its known as out of tolerance limit. At this level investigation is required for because we cant make any adjustment at this level. If tolerance is between the Alert and Action level than thats fine and investigation is not required. [1.6] 7. Calibration and Maintenance Frequency After consideration of traceability of reference standard and calibration tolerance, the thing we need to know is frequency of calibration and maintenance because some instruments need frequent calibration. Basically the frequency of calibration depends on the type and nature of instruments. Some important criteria which we can take in the consideration during calculation of frequency of calibration and maintenance are listed below. Manufacturers recommendations and process requirements Environmental conditions like temp, pressure, humidity and vibration. History of calibration and history of repair. 8. Calibration and maintenance procedure (SOP) There should be a documented SOP for conducting the calibration and preventive maintenance for each type of instrumentation. Most of the time during calibration, measurement of errors is found exceeded to its limit by one or more designated point as it was shown in figure: 1 as As found and secondly calibration is carried out to verify its predetermined tolerance limit which is shown in the figure: 1 as As left. The SOP for calibration must includes accuracy and precision limits and what are the remedial actions should be taken if this limits do not meet with each other. There should be an authorized department to perform and monitor calibration and maintenance. The SOP must contain the step by step calibration instructions, instrumentation manual, proper calibration procedures, provisions for adjustments, provisions for record and document the actual measurement reading before and after doing adjustment. Record/Documentation for calibration and maintenance Documentation for calibration and PM is very important as from this historical data we are able to minimize errors for future perspective. Actual measurements and the data obtained after adjustment are recorded as shown in the Figure: 1. Documentation must includes the tolerance limit, full details of the reference standard used and complete details of the person who did the calibration. All these documentations are reviewed periodically by authorized person to make the adjustment in the frequency of calibration when recalibration of the instruments will be carried out in future. Today most of the pharmaceutical companies are using computerized calibration management system to plan and record the calibration activities in their firm. Computerized system is more convenient and efficient than the traditional paper work. You can save the data for longer time. At the beginning, the computerized system is not popular much but after the introduction of 21 CFR part 11 electronic records and electronic signature, most of the organizations adopted it. Out of tolerance (OOT) calibration result When we found that the particular instrument is outside of its predetermined calibration limits which is also known as Action limit or OOT. If we found OOT calibration result, first scenario is to take corrective actions as soon as possible. We can take corrective actions like repair, re-calibration, and replacement of defective part or permanent removal of instrument if the errors cannot be corrected by above actions. Firm can issue OOT notification to the vendor and the notification must includes current calibration data, severity of OOT error and full details of last successful calibration. It is mandatory that QA department immediately stop the production for a while till the issue is solved. Here the role of PM is important as it will stop the reoccurrence of the error. As OOT results highly impact on the quality of the product and also responsible for batch failure, it is mandatory to find out the root cause for the occurrence of these errors. At least it will help us to preven t the re-occurrence of particular error. Change control management and CAPA approach Under change control management program, we are able to make changes in calibration tolerance, frequency and procedure. Also we can add another new program to avoid errors or permanent removal of current program to avoid inconvenience. Change in the environment or change in the location is also solution suggested by this program. Each and every step should be documented properly. This program also suggests revalidation, re-execution and revision of IQ, OQ and PQ of the instruments. Timely revision, periodic review and approval by authorized person at every stage are the key points of this program. CAPA stands for corrective actions and Preventive actions. CAPA is an important analytical tool to solve lot of issues. CAPA is a concept of Good Manufacturing practice (GMP). CAPA mainly concentrate on the systematic investigation of the failures and deviations occurred during process to prevent their reoccurrence in the terms of corrective actions and also prevent from reoccurrence in terms of preventive action. [5] CAPA ensures that the corrective actions and Preventive actions that are under taken to prevent failure are highly effective and reliable. CAPA is an important tool of the overall Quality Management System (QMS). If any company wants to have best quality management system in their firm, they should implement CAPA to their firm. CAPA ensures the best quality products with the lower cost and less time. Software used for calibration and PM Lots of softwares are used for calibration and PM at industrial scale. This computerized system has more efficiency and guaranteed the best results. Calibration software Quality Calibration Management system (QCMS) is complete instrument and designed according to the requirements of 21 CFR part 11. This software ensures regulatory compliance and also traceability. It will help to improve the reliability of plant and optimize the administrative costs. It will help to increase in the productivity as well as efficiency. 12.2 Preventive maintenance software RCM turbo is very popular PM software. Traditional approach took years to complete just one PM but by using this RCM turbo, anyone can quickly go for PM. This software directs us through EMEA process. But the thing is it will go through quickly and efficiently. It is 100 % reliable and will allow you do risk assessment Conclusion In conclusion, I would like to say that calibration and preventive maintenance are very important aspects of any instrument. To get the best results with the instruments, it is mandatory to inspect and calibrate the instruments periodically as it is also required by regulatory authorities. Preventive maintenance definitely improves the life of the instruments but timely implementation of PM is very important. Non-calibrated instruments and lack of PM has directly impact on the product quality, so it required that every manufacturing area in the firm has proper program for validation and PM. We cant neglect the importance of PM because it will prevent the re-occurrence of errors. SOP for calibration and PM is also valuable aspect as it will help to record data, minimize the severity of risk and provides step by step procedure to follow. CAPA approach is one of the most important quality management tools as it will help to correct the errors and to prevent the re-occurrence of errors b y preventive actions. Implementation of CAPA tool in calibration will definitely good for instruments. Revision of 21CFR part 11 strongly suggests adopting computerized software system to every firm because of its convenience and efficiency. Softwares used for calibration and PM as I discussed in the paper like QCMS and QMS turbo etc. are 100 % reliable, so I would like to suggest every firm to adopt this computerized software system for their calibration and PM program.

Sparta, not Athens, won the war against Persia Essay -- History

The Greek victory against Persia was largely due to efforts of mainly Athens but also Sparta as well. Athens was responsible for the major turning points of the Persian invasions, while Sparta was responsible for the deciding battle. Miltiades, with his skilful battle strategies, defeated the Persians during their second invasion at Marathon, which gave Athens a confidence boost on their military. During the third invasion, when the Athenians were evacuated to Salamis, Themistocles had devised a plan to trick the Persians which had resulted in Persian army without a supply line. Sparta?s importance had revealed during their sacrifice at Thermopylae and at Plataea, where they provided the most effective part of the army. Athens was an important contributor to the Persian wars. Its tremendous naval power along with their smart and innovative leaders, Miltiades and Themistocles, brought victory in situations which had thought to be impossible. An example of this is the battle at Marathon during the second invasion. The Athenians met the Persian?s large army among the hills, where their cavalry would ineffective, which was their strongest quality. Miltiades, informed by some Ionians that the Persian cavalry was absent, convinced Callimachus to strike. The battle had resulted in a win for Athens, without the help of Sparta and showed the superiority of the Greek hoplites compared to their Persian counterparts. Miltiades, knowing that the Persian?s strongest troops were placed in the middle and absence of cavalry, devised a strategy to encircle their enemy by strengthening their wings. This strategy is what brought victory, and in turn, was a moral victory for the Athens and eradicated the impression that Persians were unbeatable. Th... ...he Persian army, which gave way for the Spartans to shine at Plataea. So without the Athenian naval ships fighting, the war would have been lost as the Greek superior hoplites would have been outweighed by the incredible numbers of the Persians. The war against the Persians was won by both the efforts of Athens and Sparta, but the contribution made by Athens was much more important. The battles at Marathon and Salamis showed that Athens was not second place to Sparta and was capable of holding up their end of the battle. Sparta?s strength and honor as warriors was also an asset as it helped the battle at Plataea run smoothly for the Greeks. However, Athens efforts in the war were much more vital to the victory than Sparta as their victory at Salamis turn the whole war around, which only then gave a chance for Sparta to finally show their ability as fine warriors.

Ocean carrier Essay

The purpose of this report is to evaluate whether Ocean Carriers Inc. should immediately commission a new capesize carrier that would cost $39 million, and would be completed two years hence, in order to finalize a lease of the ship for a three-year period with a potential charterer in very good faith. The contrasting tax regulations between the two countries where the company locates its office, and the different cost-benefit circumstances under different length of time in service are considered in the analysis. Taking all available information into consideration, we highly recommend that the company should purchase the new capesize carrier, have it registered under the Hong Kong office, and put it on a scheme for a 25-year service. Industry Prospects Capesize carriers are mainly used to carry iron ore and coal worldwide. The daily hire rates are therefore determined by the total exports of iron ore and coal, the distance between the exporting countries and the destinations, and the fleet size of capesizes in service. According to the market trends, in the next few years, Australian production in iron ore is expected to be strong and Indian iron ore exports are expected to take off. However, imports of iron ore and coal are expected to be stagnant in next two years. Therefore, total exports of iron ore and coal will be flat in the coming two years, and will rise remarkably in the following few years. Besides, as East Asia countries absorb the largest portion of the iron ore imports, the joining of India to the iron ore exporting won’t significantly increase travel distance because Australia is almost the same distance away by water. Moreover, in 2001 and 2002, 63 and 33 new capesize vessels would be delivered adding up to about 17% of total capesizes currently in service. Consequently, in the first two years, the supply of capesizes would be greater than the demand, the daily hire rates are expected to decrease. But in the mid-to-long run, the daily hire rates are expected to increase continuously. Revenues and Costs – Intuitions Before going into the numbers, we want to discuss some intuitions of this project that support the decision of purchasing the capesize. First, the increasing mid-to-long run daily hire rates will provide basis for promising future cash flows. Secondly, although the daily hire rate for the first two years are expected to be low, the charterer had already offered a rate higher than expected to compensate the company. Thirdly, a great portion of the expenditures come from the preparation for special surveys which should be renewed every five years if the ship needs to stay in the business. The high escalation of costs between the second and third surveys, and the fourth and fifth surveys, indicates that maximum net present value of the project would be achieved when the carrier serves for either 15 years or 25 years. Free Cash Flows In this part, we will discuss the detailed numbers. Some assumptions are made based on the economic outlook and company characteristics when calculating free cash flows. We assume that inflation rate is 3% per annual, and that operation cost would increase 1% above inflation rate per annual. We assume that discount rate is 9%, and will discuss the impact of a rate change later. Provided that the scrape value is estimated to be $5 million at the end of the fifteenth year, we estimate that the value would decrease to $4 million due to more wear in the steel. Please refer to Exhibits 1 to 4 for the calculations of estimated free cash flows and NPVs. We can see that if the company chooses to purchase the capesize, have it registered in Hong Kong instead of USA, and runs it for 25 years, the NPV will be the highest compared to other alternatives. Besides, the Hong Kong option (have the vessel registered in Hong Kong) dominates the USA option (have the vessel registered in USA) because no tax is required in Hong Kong in these operations. Also, the 25-year option dominates the 15-year option because, even if the scrap value is reduced to zero after 25 years, the NPVs for options that keep the capesize for 25 years are still higher than for 15 years. Sensitivity Analysis In the above calculations for the NPVs, we assume discount rate to be 9%. If the discount rate is higher, the NPVs for the projects will be reduced because the benefits from recording depreciation and tax deferring will increase. For example, we found that the USA-25-year option will produce a positive NPV if the discount rate is lowered to 6.67%. However, even if the discount rate is as low as 0.1%, the HK option still dominates the US option, and the 25-year option still dominates the 15-year option. Conclusion To sum up, if Ocean Carriers Inc. purchase a $39 million capesize carrier immediately, register it in Hong Kong, sign the three-year contract with the charterer, and keep the vessel in business for 25 years, based on estimations, it would acquire the largest possible NPV of $3.89 million on the project.