Globalization And The Human Development Index ( Hdi )

Globalization is something to be said to have either brought the world together or brought us apart. It is a debate that has been going on since it first began and how it is has affected the world has brought controversy as well. Mainly, this paper will be focusing on the economic growth that globalization has influenced. As the world is developing and has been over the past decades, certain countries have had a significant increase in economic growth but it is said that there are risks and effects of globalization. This paper will talk about how globalization effects developed countries and what countries need in order to benefit from it. Globalization is defined as a process that, based on international strategies, aims to expand†¦show more content†¦As mentioned earlier, it is believed that globalization benefits world economies. This is because it can increase their standard of living, creates access to new markets, and even widens the wage gap, but there are some conseq uences as well. In the long term, there are many beneficial outcomes but short term, people may suffer, especially the poor. The poor will ultimately become poorer because there will be a decrease in employment. Globalization has often been thought to be the primary reason for income inequality within a nation. Take for example the United States of America. A growing number of American’s believe that globalization is increasing the gap between the rich and poor, even depleting those who are already poor. Essentially, making the rich even richer, and the poor even poorer. â€Å"A famous result due to Wolfgang Stolper and Paul Samuelson states that some groups will necessarily suffer long-term losses in income from free trade† (Rodrik 2011, 38). The technological advances take the jobs away from the people but make it easier for the country in the long run. A popular criticism of globalization is outsourcing. While outsourcing provides jobs to people in one country, it takes away those jobs from people of another country, leaving many without opportunities. The opposing side would point out that American consumers are able to benefit from lower prices which were made possible because of cheaper labor. Defending either side of thisShow MoreRelatedPositive Impact Of Humans On Environment981 Words   |  4 Pages Positive Impacts of Humans Activity on Environment Student’s Name Institution of Learning Positive Impacts of Humans Activity on Environment Above all, there are a lot of articles and books that discover the negative impacts of humans’ activity on environment. Undoubtedly, healthy food is a very important thing for our future, especially in conditions of great pollution of the natural environment. 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This model of economic growth assessment is based on a weak foundationRead MoreThe Human Development Index Is Vast Improvement on Measures of Development in Terms of Income1058 Words   |  5 PagesThe critical difference between most development models and human development index is that most development models exclusively focus on the expansion of income while the human development index embraces embraces the enlargement of all human choices – economic, political, social and cultural which all affect income. Comparing countries’ GNP (or GDP) per capita is the most common way of assessing their level of development. This model of economic growth was based on a very weak foundation that wasRead MoreDeveloping A Economically Developed Countries1649 Words   |  7 Pageseconomy with advanced technological industries as compared to other countries. The Human Development index, standard of living as well as the Gross national product of these economies is on the upper level of every chart. 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Today, we consider The Human Development Index to be a dimension of a country’s social, politicalRead MoreHow Globalization Affects Developing Countries?1504 Words   |  7 PagesHow Globalization Affects Developed Countries The phenomenon of globalization began in a primitive form when humans first settled into different areas of the world; however, it has shown a rather steady and rapid progress in the recent times and has become an international dynamic which, due to technological advancements, has increased in speed and scale, so that countries in all five continents have been affected and engaged. What Is Globalization? 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Project Management Construction of an Ultra Modern Hospital

| Table of Contents PROJECT CHARTER†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2 1.0 Introduction 3 Project Team Roles and Responsibilities 7 Approvals 9 2.0 SCOPE MANAGEMENT PLAN 9 SCOPE MANAGEMENT APPROACH 9 ROLES AND RESPONSIBILITIES 10 SCOPE DEFINITION 12 WORK BREAK DOWN STRUCTURE 14 WORK BREAKDOWN STRUCTURE DICTIONARY 16 SCOPE VERIFICATION 18 SCOPE CONTROL 19 3.0 PROJECT TIME MANAGEMENT 20 RESOURCE BREAKDOWN STRUCTURE 23 PRECEDENCE DIAGRAM OF SCHEDULED ACTIVITIES 27 4.0 CONTROL SCHEDULE 38 ESTIMATING COST OF THE PROJECT USING WBS 38 5.0 PROJECT COST MANAGEMENT 39 INTRODUCTION 39 COST MANAGEMENT APPROACH 41 MEASURING PROJECT COSTS 42 REPORTING FORMAT 43 COST VARIANCE RESPONSE PROCESS 43 COST CHANGE CONTROL PROCESS 43 PROJECT BUDGET 43†¦show more content†¦It shall also include the installation of services, furnishing and the necessary equipment. The scope of the project does not include entertainment gadgets, and accommodation for doctors. The installation of medical equipment of the scope is uncertain or has not been fully defined. 2.3. Project Approach Standard process utilized in the construction of the modern hospital project: Group 5 consult will collect user requirements and document it as requirement description for user review. Group 5 Consult will write the corresponding use cases to cover requirements. Group 5 Consult will have architectural design for user review. Group 5 Consult will develop detailed design and cost document for major components. During the construction phase unit testing and material integration testing is required. During the construction quality assurance phase, QA testing and user acceptance testing will be required. Final user acceptance testing will be given at the end of the defect liability period prior to the final takeover of the project. 2.3. Major Deliverables The modern hospital to be built will provide various functions for the designated recipient community. 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Case Study On Cost Volume Profit Analysis And Fortescue Metals Group -

Questions: 1. Why is an uderstanding of cost behaviour important (e.g. fixed costs, variable costs, etc.). 2. Explain the meaning of contribution, and break-even analysis and discuss their usefulness. 3. Break-even/CVP analysis seems to be a great tool. Does it have any weaknesses? 4. Analyse FMG 2014 and 2015 Annual Reports and discuss the factors that influence the miners break-even costs. 5. Analyse the iron ore industry market and discuss which iron ore comapanies are at most risk. Answers: 1. Importance of Understanding of Cost Behaviour The relationship between an activity and its cost is known as cost behaviour. It is important to study cost behaviour because it helps the manager in making decisions regarding the preparation of budgets, production, etc. Basically, there are three types of cost behaviour namely, fixed costs, variable costs, and mixed cost.[1] Behaviour of a cost is significant for managers to have a clear understanding of overall cost structure of the company. Economies of scale, a level of profitable price for the products, and break-even point can also be determined with the help of cost behaviour. Additionally, it is also beneficial for managers to forecast budget as well as cash flow for the business, analyze the various fluctuations, (monthly and quarterly) and identify the variances from the forecast done.[2] Cost, which does not change on changing sales volume or the production, is known as fixed cost or period cost. It includes costs related to machinery, buildings, rent, salary, etc.[3] Fixed costs are helpful in reduction of cost for the business, if the level of production is high. It can act as the barrier to entry for new competitors, if a company has high fixed cost in the industry. 2. Meaning Usefulness of Contribution and Break-even analysis Break-even analysis: It is a way to analyze the point at which revenue equals the cost associated with the revenue. It has various uses such as decision making related to buying and manufacturing. If variable cost is less as compared to the prices paid to suppliers then the company should be prepared for manufacturing the products in the company only else via-a-verse.[7] Break-even analysis helps a company in taking decisions regarding production planning that can give maximum contribution in fixed cost as well as profit. In addition to this, it is important for financial structure planning of the firm and significant tool for controlling the cost which cannot be unnoticed. It is also helpful in decision-making to financial management when the condition of uncertainty arises.[8] Moreover, a margin of safety can be determined by break-even analysis. The calculation becomes quick and easy with the use of Break-even analysis that is helpful in making quick estimations. Break-even point can be presented as below figure: 3. Weaknesses of Break-even/ CVP Analysis Break-even point, no-loss point or zero profit point is a point where firms neither earn profit nor face any loss. It helps the owner of business and managers for the covering expenses of the business after which the business will generate profit in a sales needed. The sales volume required to break-even is known as break-even analysis.[9] It is helpful for managers for understanding the business proposition viability but it has also various weaknesses such as difficulty in calculating break-even for that business who is dealing with more than one product[10]. It is unrealistic to have straight line representation of costs and revenue. It is sometimes impossible to have same fixed cost and sales price for the different level of the production. With the use of break even method, a margin of safety is ignored that is offered by convertible for making the payment of the principal amount on maturity.[11] Changes taking place frequently in the product selling price can affect the reliabil ity of break-even analysis. Sometimes, data can be inaccurate or misleading that can lead to incorrect break-even forecasts.[12] It has no scope of keeping stock as it is assumed that total output produced will be sold. Many times, it oversimplifies the situation of a business such as average revenue and variable costs are considered for the calculation but in real life there will be more considerable variations. From the above-stated weakness, it can be said that it is a planning aid and should not be used for decision-making tool.[13] 4. Factors influencing the miners break-even costs The cost of sales was $US 6051 in 2015 and $US 6078 in 2014. From the data collected, it is noted that Fortescue's break-even point fell more than the other miners, by $US48.10 a tonne. There are many factors that influence the break-even costs such as market demand, cash cost, quality, sales volume, price per unit reduction in direct labour cost, variable cost, and fixed cost. Miners break-even cost is influenced by cash cost, quality consideration, and freight. Quality consideration of Fortescue Metals Group (FSUGY) has grades below 58% with 100% fines production. In freight, Fortescue is closer to the end market so only its grades and fines production led to a discount on the benchmark prices.[14] Fortescue was aiming for a $US36 a tonne break-even in the year 2015 but tracking at around $US37. UBS puts Fortescue's break-even at $US39 a tonne.[15] The sustainability is protected by Fortescue by reducing costs that helped to lower its cash costs that dropped to $US14.79 in December quarter 2015 from $US15.80 in March quarter 2015. Key components of miners' break-evens such as mine-site cash costs were controlled by the company that were the fourth largest contributor to the collective reduction in break-even levels, the declining contribution is about $US4.30 a tonne to the collective $US32.10 a tonne.[16] As on 30 June 2015, cash and cash equivalents were US$2,381 million as compared to 30 June 2014, it was US$2,398 million. Operating cash flows for the financial year 2015 were US$2,037 million and in the year 2014, it was US$6,248 million. Companys interest and finance cost paid was US$605 million and US$853 million in 2015 and 2014 respectively showing a reduction in interest an finance cost paid. Dividend payments were of US$343 million in 2015 and US$581 million in 2014 that also includes the payment of a final dividend of 10 Australian cents.[17] From the above, it can be said that cost of break-even point has declined in the year 2015 as compared to previous year that was influenced by cash cost, quality consideration, and freight. As stated by Nev Power, chief executive of the Fortescue, the biggest opportunity for reduction of the break-even cost was finance instead of its mining operations, mainly with the interest repayments reduction.[18] 5. Iron ore industry market analysis and companies at most risk For analysis of iron ore industry, porters five forces are evaluated as below: Threat of new entrants: Barrier to entry is high in iron ore industry because high set up cost is needed with many government rules and regulations for leasing and licensing. Bargaining power of suppliers: Suppliers bargaining power is high as there are very few suppliers who can supply the specialist equipments required by the company. This industry has suppliers in labour, materials, energy, shipping, and energy costs for which negligible substitutes are available. Therefore, the bargaining power of suppliers is strong[19]. Bargaining power of buyers: There is moderate to low bargaining power of buyers as there are many substitutes which are not available in large quantity. Rivalry among industry: There is medium or low threat of rivalry due to less number of competitors. Threat of substitutes: It is medium to low in this industry because there are many substitutes as raw material products available in the market.[20] Grange Resources (54), BC Iron (52), Anglo American (51) and Atlas Iron (46) are the iron ore companies who are among the most risk facing companies because they have high break-even prices. It indicates that companies are unable to manage various costs such as variable, fixed, semi-variable cost, etc.[21]. References A $US40 iron ore price will actually help BHP and Rio. The Australian. Last modified: December 02, 2015, Annual Report 2014, Fortescue Metals Group (FMG), Last modified: 2014, Annual Report 2015, Fortescue Metals Group (FMG), Last modified: 2014, Bebbington, Jan, Jeffrey Unerman, and Brendan O'Dwyer.Sustainability accounting and accountability. UK: Routledge, 2014. Bevis, Herman W.Corporate Financial Accounting in a Competitive Economy (RLE Accounting). UK: Routledge, 2013. Collier, Paul M.Accounting for managers: Interpreting accounting information for decision making. USA: John Wiley Sons, 2015. Droms, William G., and Jay O. Wright.Finance and accounting for nonfinancial managers: All the basics you need to know. UK: Basic Books, 2015. DRURY, C. M.Management and cost accounting. Germany: Springer, 2013. Easton, P. D., Wild, J. J., Halsey, R. F., and McAnally, M. L. Financial accounting for MBAs. UK: Cambridge Business Publishers, 2013. Edwards, J. R.A History of Financial Accounting (RLE Accounting) (Vol. 29). USA: Routledge, 2013.