Managing Change free essay sample

An investor should be benefited from the construction project; the benefits include profits, business development, utilization of resources and jobs. The investors will be interested to invest in the project only when there are accurate forecasts that would provide long term benefits. The construction industry is highly uncertain, and there is a possibility of risk. As the risks influence the profits, it is important to anticipate the assumption of risks and be calculated into a feasibility analysis and this would avoid the risks for the benefit of the investor. Firmansyah, 2006). Construction industry has many problematic issues in the United Kingdom and majority of the problems have been the direct consequences of the decisions taken by the professionals of the construction industry, and the financial institutions. Project feasibility study enables optimization to provide the profits. The present study will suggest some changes to be adapted for the feasibility of the construction project. We will write a custom essay sample on Managing Change or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Problem statement Construction industry in the economic downturn has problems from the financial institutions and professionals. This constraint has reduced the profits and the constraints are largely associated with the decisions of the professionals. An effective planning requires the adoption of some changes that make the project feasible in order to get the profits. Zenith is a construction company is losing profits as the projects are not feasible due to the non-adoption of changes in decision making by the professionals and financial institutions. Present study The present study is a project feasibility study that analyses the problems associated with the construction industry and suggest the changes to be adopted by the management of the Zenith construction company for the project to be feasible. Problems and issues of the construction industry in UK House purchase credit facilities Owning a house is becoming increasingly difficult to various sectors in the society due to the lack of funds to invest on commercial development projects. Population size and demographics Population is increasing and also becoming older, and an important aspect is that there is no correlation between the population growth and the households. The growth of the households is disproportionate with the increasing population. Consequently there is also a significant change in the demographics. Density of the population United Kingdom has become one of the densely populated areas of Europe and this creates a lot of pressure that cannot be sustained. This pressure is mostly towards the countryside with limited natural resources. Brownfield development The Government has restricted the construction work on the green fields, and sixty percent of the construction work should be targeted on the brown fields. Environmental impact on buildings There are environmental concerns arising due to the unsustainability emanating from millions of buildings which are existing and the new building that are built every year. The activities of the construction industry such as demolition, maintenance, repair and conversion poses an immediate and long term problems to the environment. However, this has decreased relatively with reference to the construction industry. Brown field development The Government of UK introduced a planning policy that aims at increasing the use of Brown field sites for construction. This policy promotes greening and addresses the public fears on the spreading of the cities to the low density rural lands. There are certain empty lands left by the major manufacturing industries that incurred heavy losses and some areas of the city which require regeneration. The development of these areas may provide some solution at least to some extent to the demand for housing in the commercial market of UK. The target set out by the government to develop new houses was sixty percent by 2008, however, in the policy the term PPS3 means vacant lands and the lands which are in use and have potential for development. The percentage of the new homes built on the brown fields increased from 53 to 56 percent in ten years. If the refurbishments works included in the policy are considered there is an increase of 3 percent and it is not a difficult task to achieve. Some commentators argue that the target for brown field can be raised to 100 percent by taking up the development in north and mid lands. Another viable alternative includes the utilizing the existing lands and buildings, as the construction of new buildings is expensive. The forecast is that there may be a still more shortage of financial resources in future. Population density A high level of density placed a heavy pressure on the country side for its natural resources. Pressure has increased on utilization of the green belt and other open areas for housing to meet the demands in the commercial markets. There is a decrease in the percentage of green and pleasant land, as there is a 5 percent increase in the construction of home in the rural areas. (Department for Environment and Rural Affairs. 2000) The situation can be improved if the existing buildings are used in an efficient way. Feasibility study The feasibility studies for any project are aimed at knowing the strengths, weaknesses, opportunities and threats in the business environment. The study is also carried out for knowing about the required resources, and the possibility of success. Feasibility study assesses the cost of project and the value attained from those costs and a good feasibility study provides a historical background of the product, accounts, operations and management, financial data, legal requirements and tax structures. (Justis,et,al, 1979). Five common factors of feasibility study Technology and system feasibility The aim of carrying out the technological feasibility study is to find out the technological capabilities of the company in terms of hard ware, software, expertise, and personnel to handle the project up to its completion. Economic feasibility The effectiveness of the new system is evaluated with economic analysis, and the expected benefits and savings are compared with the costs. The cost factors include the development costs and the operating costs and the analysis of these factors determines the deliverable benefits from the system. The economic analysis also considers a time based study to know about the time required to get returns from the investment. Legal feasibility The data processing system should comply with the local data protection act. Operational feasibility Operation feasibility determines the capability of the system to solve the problems. Schedule feasibility This measures how well reasonable the project time table is, and determines whether the deadlines are mandatory or desired. Adaptation With the problems and issues associated with the construction of households, it is proposed to alter or adjust the structure in an environment to suit the new conditions that includes alterations, extensions, improvement, and other works. The three main forms of adaptations include conversion, extension and refurbishment. In addition to this, alteration, conservation, modernization and maintenance also comprise adaptation. A lot of benefits are associated with the adaptation of the existing building instead of demolishing it and constructing a new building after clearing the site this is refurbishment. (Douglas,2002). Technical and operational feasibility A lot of factors favor refurbishment that include the †¢ social factors : that conserve energy and resources, and preserve the historic monuments that avoids a social resistance to this change economic factors: shorter construction periods, keeping the business running, condition of the building, constraints in planning, insufficient funds, necessity to upgrade the structure, high land values, uncertainties such as long term value, loss of investment and constraints in development. (Kwayke, 1994) Economic feasibility Cost control was a problem followed by a variation and pricing of tenders, however, control of the dust and noise occupied the top position of the problem issues. (Egbu,1996). For the feasibility study of a refurbishment work it is important to allot sufficient time in the early stages of the project, in such a way that the design, procurement, and construction can be based on the findings of the feasibility studies. Most of the studies suggest that there are more benefits associated with the adaptation. The benefits are increase in the speed of construction, and when the time for the feasibility study for refurbishment is considered, it is 50 percent less than the time required for a fresh new construction. Adaptation projects have fewer chances for delay particularly from weather. When the refurbishment work begins, there will be external envelopes and the roof covering, and with the case of new construction time is required for demolition, removal of the resulting waste, and for the delivery of the new materials. There will be least disruption in the buildings of the neighbors, and cost to refill is reduced. Delay due to the delivery of material would be very less as most of the required materials already exist. With a thorough feasibility study, it is possible to control the costs with an effective forecasting. The duration of the project will be less; consequently the borrowings and the loss of earnings will be less. There will no problem for the savings for the site security, and the other costs associated with the site establishment and running costs. Other important issue to be considered for the feasibility for refurbishment includes least impact on the environment. The movement of vehicles will be less, least amount of materials that go to the landfill, reduction in the use of new materials and the energy as well as costs associated with it. In addition to this there will be preservation of the heritage as some people argue that some of the architectural features are better than the new erections. Change programme of the company Taking the advantages of adaptation into consideration, the company can take adaptation either as refurbishment, conversion, or alteration in order to make the project feasible. Considering the requirements of the client The surveyor should be in a position to advise the client on the viable alternatives to the new construction, and be able to present them. The total costs for a building project will include the cost of the land, cost of acquiring and preparing the site, cost of demolition and physical preparation, cost of building, professional fees for the whole project, cost of disposal, and the cost of financing. (Ferry and Brandon, 1984). Defining the problem After the details of the problem are clarified, the scope of the decision can be defined. The decision maker should focus the attention on the major aspects of the decision. The decision should be based on the financial situation of the client and a considerable amount of time should be allotted to this activity. Setting the objectives After knowing about the requirements of the client, it is important to consider what is hoped to achieve the decision and the aims to work. The client decision making should be directed towards specific objectives to be achieved within the allotted time and cost parameters. Determining the options This is a creative process, and it is the process of generating the alternatives, that would satisfy the requirements of the client. The thoughts should be focused on producing viable and suitable options, and for this the client, and in the present study adaptation is the viable and suitable option. Deployment phase It is the responsibility of the surveyor to develop an appropriate strategy for deployment. Developing a contingency plan is also required. Control phase The control is exercised upon the feedback of the information from the actual performance when compared with the predetermined plan. (Watson,2009) Feed forward phase This phase involves the critical analysis of the entire decision making activity, and this phase actually involves taking the experience obtained from the previous projects. (Cook and Slack,1984). The key issues to be addressed for building adaptation Suitability of the building †¢ structure of the building †¢ condition of the building †¢ aesthetics †¢ Project brief †¢ sustainability †¢ legal issues †¢ change of use Conclusions Adaptation process can solve the problems and issues of household and commercial building of UK and it is also important to consider the environmental issues while taking a decision on the feasi bility of the construction work. When decision on construction is considered it is important to take decisions on costs and environmental issues. The due consideration should also be given to initial costs and future running costs. These factors should be incorporated into the decision making model. In the present study the project would be feasible when it is refurbished given the advantages associated with the adaptation rather than reconstruction. When all of the above facts are taken into consideration the project is feasible in deriving the profits and good will to the company for its sustainability. Decision making model [pic] References 1. Cook, S. and Slack, N. (1984) Making Management Decisions, Prentice-Hall International Inc, London, UK, ISBN 0-13-547837-5. 2. Douglas, J. 2002) Building Adaptation, Butterworth Heineman, Oxford, ISBN 0-7506-5085-0. 3. Department for Environment and Rural Affairs. (2000) Countryside Survey — Accounting for Nature: Assessing Habitats in the UK Countryside [online], Retrieved from : http://www. defra. gov. uk/wildlife-countryside/cs2000/02/01. htm Accessed February 2007. 4. Egbu, C. (1996) Characteristics and Difficulties Associated with Refurbishment. Constructio n Papers No. 66, CIOB, Ascot. 5. Ferry, D. J. and Brandon, P. S. (1984) Cost Planning of Buildings, BSP Professional Books, London, UK, ISBN 0-632-02403-8 . Firmansyah . A,B et. al(2006) Risk analysis in feasibility study of building construction project: case study -Pt. Perusahaan Gas Negara Indonesia. The Tenth East Asia-Pacific Conference on Structural Engineering and Construction August 3-5, 2006, Bangkok, Thailand Retrieved from http://eprints. qut. edu. au/6551/1/Trigunarsyah_EASEC_10_5. pdf 7. Department for Environment and Rural Affairs. (2000) Countryside Survey — Accounting for Nature: Assessing Habitats in the UK Countryside [online], Retrieved from : http://www. efra. gov. uk/wildlife-countryside/cs2000/02/01. htm Accessed February 2007. 8. Justis, R. T. Kreigsmann, B. (1979). The feasibility study as a tool for venture analysis. Business Journal 9. National Statistics Online. (2005) Population — UK Population Grows to 59. 6 million [online], Retrieved fro m : http://www. statistics. gov. uk/cci/nugget. asp? id=760 Accessed February 2007. 10. Paul Watson (2009) The key issues when choosing adaptation of an existing building over new build Journal of Building Appraisal (2009) 4, 215–223

Ten Ways to Avoid Gender Bias

Ten Ways to Avoid Gender Bias Ten Ways to Avoid Gender Bias Ten Ways to Avoid Gender Bias By Mark Nichol How do you write around the outmoded usage of the pronoun he or him when a male is not necessarily the subject of the reference? Here are ten strategies none ideal in every circumstance for achieving gender neutrality. 1. Use He or She Before: â€Å"Ask the student whether he is prepared to give a presentation.† After: â€Å"Ask the student whether he or she is prepared to give a presentation.† This solution is stiffly formal and is awkward in repetition; use sparingly. Using he/she, s/he, or any such alternative (or an invented neutral pronoun like ze) is not advised. 2. Alternate Between He and She Before: â€Å"Ask the student whether he is prepared to give a presentation. If he is ready, tell him that he may begin when he is ready.† After: â€Å"Ask the student whether he is prepared to give a presentation. If she is ready, tell her that she may begin when she is ready.† This solution works only in the case of two or more references to a hypothetical subject of either gender. In the proximity of the references in the examples, this solution is awkward, but when the references are at some distance from each other, it can be effective in moderation. 3. Omit the Pronoun Before: â€Å"Ask the student whether he is prepared to give a presentation.† After: â€Å"Ask whether the student is prepared to give a presentation.† This revision does not clearly indicate whether the student or another person is being asked; writers must recognize and respond to such lack of clarity if it affects comprehension. 4. Repeat the Noun in Place of the Pronoun Before: â€Å"Ask the student whether he is prepared to give a presentation.† After: â€Å"Ask the student whether the student is prepared to give a presentation.† When the noun is repeated in the proximity shown above, the sentence is awkward; in a more complex sentence, the repetition may not seem so obvious. 5. Use a Plural Antecedent for the Pronoun Before: â€Å"Ask the student whether he is prepared to give a presentation.† After: â€Å"Ask the students whether they are prepared to give their presentations.† Employing a plural noun and a plural pronoun may change the meaning somewhat; writers must be alert as to which other nouns, if any, should be made plural as well. 6. Replace the Pronoun with an Article Before: â€Å"Ask the student to prepare his presentation.† After: â€Å"Ask the student to prepare a presentation.† 7. Revise the Sentence to Use the Pronoun One Before: â€Å"A prepared student is more likely to succeed than if he has not done sufficient research.† After: â€Å"A prepared student is more likely to succeed than an unprepared one.† 8. Revise the Sentence to Use the Pronoun Who Before: â€Å"A student is more likely to succeed if he does sufficient research.† After: â€Å"A student who does sufficient research is more likely to succeed.† 9. Revise the Sentence to the Imperative Mood Before: â€Å"A student must be well prepared for his presentation.† After: â€Å"Be well prepared for the presentation.† 10. Use a Plural Pronoun Before: â€Å"Ask the student whether he is prepared to give a presentation.† After: â€Å"Ask the student whether they are prepared to give a presentation.† Many writers reject this solution because traditional grammar rules frown on using a plural pronoun when the antecedent is a singular noun. However, the bewildering absence of a gender-neutral plural pronoun in English calls for a radical solution. This one is widely used in informal writing and in conversation, and it’s commonsensical to welcome it in formal writing. That welcome, however, has not yet been forthcoming, and, regrettably, writers should use the plural pronouns them and they in place of singular pronouns with caution. Some writers reject the notion that one should avoid gender-specific pronouns in universal contexts at all. After all, why change long-standing usage that has only recently been challenged? But these writers, though sensible in the logic of their argument, are culturally insensitive and, ultimately, are on the wrong side of linguistic history. I hope, too, that integration of the singular they and them in any usage will eventually occur. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Style category, check our popular posts, or choose a related post below:4 Types of Gerunds and Gerund PhrasesDisappointed + PrepositionPreposition Mistakes #1: Accused and Excited

What Are the Romance Languages

What Are the Romance Languages The word romance connotes love and wooing, but when it has a capital R, as in Romance languages, it probably refers to a set of languages based on Latin, the language of the ancient Romans. Latin was the language of the Roman Empire, but the classical Latin that was written by the literati like Cicero was not the language of daily life. It was certainly not the language soldiers and traders took with them to the edges of Empire, like Dacia (modern Romania), on the northern and eastern frontier. What Was Vulgar Latin? Romans spoke and wrote graffiti in a less polished language than they used in their literature. Even Cicero wrote plainly in personal correspondence. The simplified Latin language of the common (Roman) people is called Vulgar Latin because Vulgar is an adjectival form of the Latin for the crowd. This makes Vulgar Latin the peoples language. It was this language that the soldiers took with them and that interacted with native languages and the language of later invaders, particularly the Moors and Germanic invasions, to produce the Romance languages throughout the area that had once been the Roman Empire. Fabulare Romanice By the 6th century, to speak in the Latin-derived language was to fabulare romanice, according to Portuguese: a Linguistic Introduction, by Milton Mariano Azevedo (from the Spanish and Portuguese Department at the University of California at Berkeley). Romanice was an adverb suggesting in the Roman manner that was shortened to romance; whence, Romance languages. Simplifications of Latin Some of the general changes to Latin were the loss of terminal consonants, diphthongs tended to be reduced to simple vowels, the distinctions between long and short versions of the same vowels were losing significance, and, together with the decline in terminal consonants that provided case endings, led to a loss of inflection, according to Nicholas Ostler in Ad Infinitum: A Biography of Latin. The Romance languages, therefore, needed another way to show the roles of words in sentences, so the relaxed word order of Latin was replaced with a fairly fixed order. RomanianRoman Province: DaciaOne of the changes to Vulgar Latin made in Romania was that an unstressed o became u, so you may see Rumania (the country) and Rumanian (the language), instead of Romania and Romanian. (Moldova-)Romania is the only country in the Eastern European area that speaks a Romance language. At the time of the Romans, the Dacians may have spoken a Thracian language. The Romans fought the Dacians during the reigns of Trajan who defeated their king, Decebalus. Men from Dacia became Roman soldiers who learned the language of their commanders Latin and brought it home with them when they settled in Dacia upon retirement. Missionaries also brought Latin to Romania. Later influences on Romanian came from Slavic immigrants.Reference: The History of the Romanian Language.ItalianItalian emerged from further simplification of Vulgar Latin in the Italic peninsula. The language is also spoken in San Marino as the official language, and in Switzerland, as one of the official languages. In the 12th to 13th century, the vernacular spoken in Tuscany (formerly the area of the Etruscans) became the standard written language, now known as Italian. A spoken language based on the written version became standard in Italy in the 19th century.References: Italian - Language Information and ResourcesHistory of the Italian Language From a Local Tuscan Dialect to the Language of a New Nation - From Italian at About.comPortugueseRoman Province: LusitaniaOrbilat says that the language of the Romans practically wiped out the earlier language of the Iberian peninsula when the Romans conquered the area in the third century B.C. Latin was a prestige language, so it was in the interest of the population to learn it. Over time the language spoken on the west coast of the peninsula came to be Galician-Portuguese, but when Galicia became part of Spain, the two language groups split.Reference: Portuguese: a Linguistic Introduction, by Milton Mariano AzevedoGallicianRoman Province: Gallicia/Gallaecia.The area of Gallicia was inhabited by Celts when the Romans conquered the area and made it a Roman province, so the native Celtic language mixed with Vulgar Latin from the second century B.C. Germanic invaders also had an impact on the language.Referenc e: Galician Spanish (Castilian)Latin Term: HispaniaThe Vulgar Latin in Spain from the 3rd century B.C. was simplified in various ways, including the reduction of cases to just the subject and object. In 711, Arabic came to Spain via the Moors, and as a result, there are Arabic borrowings in the modern language. Castilian Spanish comes from the 9th century when Basques influenced the speech. Steps towards its standardization took place in the 13th becoming the official language in the 15th century. An archaic form called Ladino was preserved among Jewish populations forced to leave in the 15th century.References:CastilianWhy Is Spanish Sometimes Called Castilian? - About.com Guide to SpanishCatalanRoman Province: Hispania (Citerior).Catalan is spoken in Catalonia, Valencia, Andorra, the Balearic Isles, and other small regions. The area of Catalonia spoke Vulgar Latin but was influenced heavily by the southern Gauls in the 8th century,  becoming a distinct language by the 10th century.Reference: Catalan FrenchRoman Province: Gallia Transalpina.French is spoken in France, Switzerland, and Belgium, in Europe. The Romans in the Gallic Wars, under Julius Caesar, brought Latin to Gaul in the 1st century B.C. At the time they were speaking a Celtic language known as Gaulish. Germanic Franks invaded in the early 5th century. By the time of Charlemagne (d. A.D. 814), the language of the French was already sufficiently removed from Vulgar Latin to be called Old French. Comprehensive List of Romance Languages of Today With Locations Linguists may prefer a list of the Romance languages with more detail and more thorough. Ethnologue, a publication of the Summer Institute of Linguistics, Inc (SIL), contains a comprehensive list of languages of the world, including languages that are dying. Here are the names, geographic divisions and national locations of major divisions of the modern Romance languages given by Ethnologue. Eastern Aromanian (Greece)Romanian (Romania)Romanian, Istro (Croatia)Romanian, Megleno (Greece) Italo-Western Italo-DalmatianIstriot (Croatia)Italian (Italy)Judeo-Italian (Italy)Napoletano-Calabrese (Italy)Sicilian (Italy)WesternGallo-IberianGallo-RomanceGallo-ItalianEmiliano-Romagnolo (Italy)Ligurian (Italy)Lombard (Italy)Piemontese (Italy)Venetian (Italy)Gallo-RhaetianOilFrenchSoutheasternFrance-ProvencalRhaetianFriulian (Italy)Ladin (Italy)Romansch (Switzerland)Ibero-RomanceEast IberianCatalan-Valencian Balear (Spain)OcOccitan (France)Shuadit (France)West IberianAustro-LeoneseAsturian (Spain)Mirandese (Portugal)CastilianExtremaduran (Spain)Ladino (Israel)SpanishPortuguese-GalicianFala (Spain)Galician (Spain)PortuguesePyrenean-MozarabicPyrenean Southern CorsicanCorsican (France)SardinianSardinian, Campidanese (Italy)Sardinian, Gallurese (Italy)Sardinian, Logudorese (Italy)Sardinian, Sassarese (Italy) For more details, see: Lewis, M. Paul (ed.), 2009. Ethnologue: Languages of the World, Sixteenth edition. Dallas, Tex.: SIL International. Online.

Management decisions Essay Example | Topics and Well Written Essays - 250 words

Management decisions - Essay Example First and fore most, visual interface for decision flow creation should be evident within the management system. This however, means that each techie in the line of engineering field should learn new tools and techniques each week or even months. I must however, ensure that flexible management of multiple decision flows are met since the technological environment do changes faster with time. Ability to use data from external data sources as well as other systems is an aspect that I should put in mind and manipulate. In addition, building scorecards and models within the employees is an aspect that I should consider since they trigger the evolution of new technologies and bring about management solution. Other solution to the prevailing management issue like defining flexibility between different participants and their decision making process should be given a forefront action to avail effectiveness in the management decisions which incur positive result in management mechanism. Summarily, it is therefore important while am making decision in my company to make sure that both portfolio and the projects within the company components are

Chapman Brothers and Robert Gober Essay Example | Topics and Well Written Essays - 250 words

Chapman Brothers and Robert Gober - Essay Example To make the sculpture Gober inserted his own created pictures into layouts based on different newspapers. The photograph is of a bride with a story about the Vatican discriminating against homosexuals. The main message of this artwork is the right of homosexuals to get married. The next artist I am going to analyze are the Chapman Brothers. Chapman Brothers consist of two Brothers; Jake Chapman and Dinos Chapman who work in collaboration. Their artwork I shall analyze is â€Å"Death.† This is a controversial piece of work looks like blow-up sex dolls positioned in a very compromising manner. In truth, the sculptures are made of bronze and painted to appear as though they are made of plastic. The Chapman Brothers use the theme of anatomical and pornographic grotesque with a sequence of dummies, joined together, with reproductive organs in place of facial attributes. The Chapman Brothers work is normally interpreted to be extremely offensive, but they normally have a message behind it. The message of how Nazis killed and mutilated each other during the Second World War is the message passed

A Demand Curve Shifts Economics Essay

A Demand Curve Shifts Economics Essay A shift in the demand curve to the left or right represents a change in consumer preferences. A shift to the right indicates that an item has become more commercially desirable and that a larger number will be sold at a given price. A shift to the left is just the opposite, indicating that a marketplace good is less desirable and that fewer items will be sold at a given price. How would supply or demand be affected when the following things occur? Oranges- after a tornado The demand cure will shift to the left meaning that there has been a change in what the consumer is interested in. The oranges will become less desirable because there will be fewer oranges to sell at a given price. There will be a short supply of oranges and the demand for them will lessen in that area hit by the tornado. It will take time to build the funds for any equipment that had been damaged by the tornado. Other areas will still have the same demand for the oranges because they were not affected by the tornado and they may pay a higher price for the oranges. Automobiles after a major recall This will affect the maker of the automobile and the demand for autos from that maker will go down. Other auto companies may have a spike in sales if the consumer is shopping for an automobile that has not been affected by the recall. This spikes the demand for other autos from another company and halts the supply from the auto that has been recalled. Spinach- after the FDA announces that spinach can prevent cancer Here the demand curve will shift to the right. Suppliers will have to adjust to the change to meet the level of demand. The price on the spinach rise because if demand increases so does the price. This may lead to a shortage of the spinach because the demand can exceed the quantity of the spinach supply. Flu Vaccines after technology was discovered to mass produce flu vaccines If there is a mild flu season not everyone will get a flu shot. For example, if there was a press release of a large amount of people contraction the flu, more people would get flu shots and the demand will go up. If there is less press coverage of people contracting the flu, the less there will be a demand. Since the vaccine can be mass produced the supply and demand will stay equal and the price affordable and may not fluctuate much at all. The midterm exam will be worth 150 points or 15% of your grade. It will constitute of 5 short answers worth 30 points each. The midterm exam is open book and there is no time limit on the exam. You have the option of saving your answer and resuming at a later time. When completed, please submit in a ONE word document. *Upload via attachment* The midterm exam questions will contain material discussed in class (discussions, assignments, websites, etc.) and textbook material (Chapters 1-7, 9-11). All short answers must contain information using no external research. Students are required to respond in their own words using applicable examples and knowledge gained from the class. A typical short answer should be between 100-150 words. The following rubric will be used to assess each of your midterm answers: 15 Points- Justification and Accuracy of Answers (opinion, point articulation) 10 Points Integration of example (s) 5 Points- Spelling, Grammar and APA (typos, grammar style, tone, flow) ** Please note that APA must be used when answering each question (introduction, body, and conclusion). ** Each answer should be on a separate sheet of paper ** There should be one title for the midterm exam 3. Describe the flow of resources, products, income, and revenue among the economic decision-makers (households, firms, and markets) in an open economy. How does this affect GDP? (30 Points) 4. Compare and contrast the command economy, the capitalist economy, the traditional economy and the mixed economy. (30 Points) 5. In your own words, please define and describe the following terms: supply curve, demand curve, gross domestic product and gross national product. (30 Points) To better define macroeconomics, consider its distinction from microeconomics. Imagine you are attempting to figure out how the price of a certain good has been determined. Microeconomics would focus on how supply and demand determine prices, while macroeconomics would study the determination of prices at all levels. To test particular policies and ideas, or to find out the causes of good macroeconomic performance, we need to have some measure of overall economic activity. For this reason, macroeconomics uses aggregates (totals) to measure key concepts such as national income, output, unemployment, inflation, and business cycles (periodic expansions and contractions of economic activity). By studying macroeconomics and understanding the critical ideas and tools used to measure economic data, you will have a better perspective on the issues and problems discussed in contemporary economics. Compare and contrast 3 main differences between microeconomics and macroeconomics. Why is it important for you to study macroeconomics? (30 Points) Microeconomics is the study of your economic behavior and the economic behaviors of others. (McEachern, p. 8). Macroeconomics studies the performance of the economy as a whole. (McEachern, p. 9). Economists use economic models when making predictions or assumptions about the economy because they are easy to relay information through. Most people are visual and like things broken down into pieces that all connect. The circular flow model would be beneficial because it traces the flow of resources, products, income, and revenue for making financial decisions. Economists use economic models when making predictions or assumptions about the economy because an economic theory, or economic model, is a simplification of economic reality à ¢Ã¢â€š ¬Ã‚ ¦ (It) captures the important elements of the problem under study (McEachern, p. 9). Trying to examine all of the economic variables and data would be so complex and overwhelming, that the original problem or question could easily become lost or diffused. A theoretical model, on the other hand, facilitates focusing on the key relationships (p. 69). Economist use economic models when making predictions or assumptions about the economy mainly because the models help simplify things. The economy and everything that goes along with it can be a very complex matter so without the simplification it would be easy to get confused or off track. The models also help to create a template for economists to follow when they are making their predictions of what will happen in the future. This allows them to try and plan ahead for things that might come about. You cannot plan for everything but it is better to be over prepared then not at all. These predictions help economists be sure that all the demands can be met. Economists sometimes use the scientific method to study economic problems. It consists of four steps, Step one: Identify the question and define relevant variables, Step two: Specify assumptions, Step three: Formulate a hypothesis, Step four: Test the hypothesis. According to William McEachern, an economic model is a simplification of economic reality, which economists use to make predictions about the real world (McEachern, 2009, p. 9). Economic models assist economists by condensing and illustrating information, allowing them to analysis situations and create a future forecast. There are several different economic models, such as the production possibilities frontier (PPF), the circular flow diagram, supply and demand diagram, as well as other advanced economic models. The PPF takes into consideration all resources, technology, and rules which apply to production, and identifies possible combinations of the two goods that can be produced when all available resources are employed efficiently (McEachern, 2009, p. 27). In general, the PPF model is a curved graph that allows economics to determine what production levels are efficient, inefficient, and unattainable. The circular flow diagram is a flow chart which describes the flow of resources , products, income, and revenue among economic decision makers (McEachern, 2009, p. 6) . This economic model illustrates for economists how a system functions in order to determine if it is operating efficiently or inefficiently and if it can be improved. Finally, the supply and demand diagram identifies the supply and demand of a good or service, while depicting its price, quantity, and equilibrium. This model allows economists to measure and predict how changes in supply or demand effect price and quantity. 2.List and describe in your own words 3 determinant of aggregate demand and 3 determinants of aggregate supply?(30 Points)

Delta Air Lines Essay

The Delta Airlines boasts of an affluent history that tells the story of how it came to be the successful airline company that it is at present. It all started when the Huff Daland Dusters got involved with crop-dusting in Macon, state of Georgia. In 1925, Huff Daland Dusters relocated to Monroe in the state of Louisiana where it was known for being a successful private company, owning eighteen planes. Due to the growing success of Huff Daland Dusters, C. E. Woolman who established Delta Air Lines purchased the private dusting company. The company was then named Delta Air Service. (Delta, 2008a) In 1930, Delta Air Service begins to operate in Atlanta, Georgia where it discontinued services for passengers, and became Delta Air Corporation. When the company was approved to provide mail services again, which was unsuccessful in 1930, it continued to provide services for passengers. In 1942, Delta became involved with the war, with its active involvement in transforming and refurbishing over one thousand aircrafts to be utilized during the war, and in providing instruction for pilots belonging to the army and aircraft technicians. After three years, the company was renamed as Delta Air Lines, Inc. (Delta, 2008a) In 1961, Delta launched the first direct flight from its base to Los Angeles. In 1972, Delta became a much bigger company through the Northeast Airlines merger, the Western Airlines merger in 1987, and the company’s purchase of Pan Am. The Pan Am purchase allowed Delta to become a global carrier. (Delta 2008a) The current CEO of Delta Air Lines is Richard H. Anderson in September last year, although being just a new member five months prior to that. Anderson acquired a wide ranged of airline experiences during his twenty years in the business. Prior to his membership to the Delta Air Line Board of Directors, he served for Continental Airlines, and jumped from one post to another higher position in the Northwest Airlines. Moreover, he worked for UnitedHealth Group where he was a president of the Markets group. After his three-year service with the company, he joined Delta Air Lines. (Delta, 2008b) At present, the Delta Air Lines is based still in Atlanta Georgia where it provides their customers 310 flight destinations for all over 54 countries in the world. In 2007, Delta just announced the addition of 50 routes all over the world. (Delta, 2008c)This just proves how successful they are in what they do that they are able to cater to thousands of people who have the luxury of choosing where to go from numerous destinations locally or abroad. Delta Air Lines became successful because of its innovativeness and openness to mergers that made it one of the largest company airlines in the history of the United States. Moreover, Delta Air Lines is linked to several other airline companies and are allied with other foreign airlines. In the past, Delta was able to do mergers with several airlines and from then on continued to expand by targeting international destinations and partnership. Its success may also be attributed to the wide range of services that they can provide to their customers. Perhaps, the company fosters good relationships with its employees, primarily because of the concern that Delta exhibits to them. In September 2005, Delta was awarded as one of America’s Safest Companies as it implemented strict rules and policies on health and safety for employees in the workplace. (Delta, 2008d) Currently, Delta has expanded its target market to include even the lower classes of society with its launching of Song ®. The air service offers low prices on flights and lessens the time for aircrafts to continue services. This means that Song ® is able to provide as many flights as possible to the people in order to make up for their time. (List, 2003) Moreover, Delta is in partnership with SkyMiles, which enables their customers to earn free tree miles, which is gained by the number of flights one purchases. They also support several foundations and organizations, such as The Breast Cancer Research Foundation, Habitat for Humanity, etc. that helps to build their image and reputation, and gain more followers for the expansion of the airline. These changes have References Delta Air Lines â€Å"Delta Through the Decades.† Delta Air Lines, Inc. 2008a: http://www.delta.com/about_delta/corporate_information/delta_stats_facts/delta_through_decades/index.jsp 15 April 2008. Delta Air Lines â€Å"Richard H. Anderson.† Delta Air Lines, Inc. 2008b: http://www.delta.com/about_delta/corporate_information/corporate_biographies/anderson/ 15 April 15, 2008. Delta Air Lines. â€Å"New Routes Mean More Sources.† Delta Air Lines, Inc. 2008c: http://www.delta.com/planning_reservations/plan_flight/destinations/new_routes/index.jsp April 15, 2008. Delta Air Lines. â€Å"Awards & Recognition.† Delta Air Lines, Inc. 2008d: http://www.delta.com/about_delta/corporate_information/awards_recognition/index.jsp April 15, 2008. List. B. â€Å"Operations researchers say Delta Air Lines’ Song has cut turnaround time of aircraft by 25%.† Innovations Report 2003: http://www.innovations-report.de/html/berichte/verkehr_logistik/bericht-22601.html April 15, 2008.