The document discusses the learning curve phenomenon, which is the mathematical expression that unit labor time decreases at a constant rate when complex labor-intensive procedures are repeated. It was observed during WWII that aircraft assembly times declined regularly as cumulative production increased. The learning curve models this reduction in unit production time as a percentage, typically 80% in aircraft manufacturing. Examples are given to illustrate how learning rates are calculated and applied to estimate labor hours and costs for production runs.
The transportation problem is a special type of linear programming problem where the objective is to minimize the cost of distributing a product from a number of sources or origins to a number of destinations.
Because of its special structure, the usual simplex method is not suitable for solving transportation problems. These problems require a special method of solution.
Supplementary compensation - compensation management - Manu Melwin Joymanumelwin
Now days the organizations use supplementary compensation over and above the base compensation. It helps in satisfying the employees as well as retaining them for long time.
The transportation problem is a special type of linear programming problem where the objective is to minimize the cost of distributing a product from a number of sources or origins to a number of destinations.
Because of its special structure, the usual simplex method is not suitable for solving transportation problems. These problems require a special method of solution.
Supplementary compensation - compensation management - Manu Melwin Joymanumelwin
Now days the organizations use supplementary compensation over and above the base compensation. It helps in satisfying the employees as well as retaining them for long time.
ABC is a costing system where indirect costs are assigned to products and services. The system establishes a relationship between overhead costs and production activities by allocating overhead costs to them with high precision. As a result, overhead costs are allocated more accurately based on their relevant activity levels. The system has eliminated the defects of the traditional/absorption costing system. ABC is used both as a planning tool and as a controlling instrument after the production is finished. ABC provides the basis for pricing decisions, inventory valuation, profitability analysis and overhead allocation. The system can effectively be used for both products and services.
Corporate Social Responsibility (CSR) is about how companies manage their business processes to produce an overall positive impact on society. It covers sustainability, social impact and ethics on business interests and objectives. This presentation also gives a balancing view of the commercial interests of businesses and social & environmental obligations of a business enterprise.
The ISO 26000 standard defines CSR as:
an organization's responsibility for the impacts of its decisions and activities on society and the environment, through transparent and ethical behavior that:
- contributes to Sustainable Development, including health and the welfare of society;
- takes into account the expectations of stakeholders;
- is in compliance with applicable law and consistent with international norms of behavior;
- and is integrated throughout the organization and implemented in its relations.
The 6 core subjects listed by ISO 26000 are:
1. Human rights
2. Labor practices
3. The environment
4. Fair operating practices
5. Consumer issues
6. Community involvement and development
The presentation covers all aspects of CSR and provide adequate guidance on the principles and practices of CSR.
Value Analysis (VA) is a tool (technique or method) that is used for improving the value of a product or a process of understanding its constituent components and their associated costs. It aims at finding improvements to the components by reducing their cost and increasing the value of the functions of a product or a service.
A critical advantage to using a VA is its potential for reducing costs, which is a benefit that permeates all advantages of the system.
A VA breaks-down a product or service into components, it enables you to analyze each component on its own, evaluating its features and functions in detail efficiency and effectiveness.
Microfinancing is a type of banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services. The objective is uplifting the economic activity at the lowest strata of the population. The generation of economic activity would alleviate poverty through the creation of income and employment opportunities.
A VAT audit is the FTA’s assessment of a company about its responsibility as a taxable person. The audit ensures that a company has fully captured the input and output tax on its all vatable transactions. This audit is conducted to ensure that the tax liability is calculated correctly and paid in full within the stipulated timeframe. The FTA also assesses a company whether they are fulfilling all responsibilities that apply to its business as per the VAT law.
The FTA can conduct the audit within 5 years for any business, but in some circumstances, the FTA has the right to extend the time frame for the audit and record-keeping.
VAT Evasion or Fraud: Penalties & Precautions (The UAE Perspective)Ahmad Tariq Bhatti
Tax evasion or fraud refers to a case where a taxable person intentionally defrauds to pay less tax or no tax to the FTA that is lawfully due to him. With tax evasion, the taxpayer intentionally and deliberately misrepresents the tax liability to avoid paying higher taxes to the government. The government loses money as a result of this act. Therefore, the law imposes severe penalties to such taxable persons. The tax fraud necessarily includes an intention to not pay the tax. The FTA has to prove through fraud examination tests or techniques that the person held for tax evasion or fraud has been intentionally involved in this act.fraud
Life-cycle costing is a system that provides an estimate of all the costs and revenues attributable to a cost object (product, service, project or asset) from its development to its discarding or dis-lodging or discontinuing or removing or abandonment from the market.
Life-cycle costing can be applied to products, services, projects, or assets over the entire life-cycle in the market. The objective of life-cycle costing is to maximize returns over the entire life of a product, service, project or asset by minimizing costs and maximizing revenues through the application of planning, management, and controlling techniques.
Budgeting — A Framework for the Budgetary Controls SystemAhmad Tariq Bhatti
A budget is a formal statement of estimated income and expenses based on future plans and objectives. In other words, a budget is a document that management makes to estimate the revenues and expenses for an upcoming period based on their goals for the business.
A budget is basically a financial plan for a given period, normally a year. It greatly enhances the success of business undertaking.
Corporate budgets are essential for operating at cost efficiency. Aside from earmarking resources, a budget can also be helpful in setting goals, measuring outcomes and planning for contingencies.
This is a pictorial depiction of the life in Lahore during the British rule in the subcontinent. This was a time where the camera came into this region. The life and time were captured by many people during this era. We collected some of those pictures and presented them here for you. This presentation will go a long way in understanding the plight of common people especially the people who were living in the city of Lahore and its suburbs.
There is a saying, a picture is worth a thousand words. It is also believed, we are a reflection of the people who lived before us and the people coming after us will be a reflection of ours. It is also said, seeing is believing. These proverbs will come to your mind again and again while seeing this photo album.
The earliest picture starts in 1859 and the last one is around 1950, in this way more than 90 years have been covered. The photos are arranged in chronological order. We have rejected scores of photos only because the references were not available or were doubtful enough to be taken here.
We exercised due care and diligence in reporting the year of the photos, however, any mistake in writing the year of a photo is inadvertently mine, therefore, it should be excused. Any correction suggested by the viewers will be noted for the next editions.
Internal Control Questionnaires for Construction CompaniesAhmad Tariq Bhatti
Risk assessment and plugging them is key to the success of business processes. Construction companies are exposed to many kinds of risks. Correct identification of these risks is necessary for the management of such risks. We have prepared these risk assessment questionnaires from the perspective of construction companies. The coverage of issues is adequate. Hopefully, these questionnaires will be helpful in plugging key risks and drive successful business operations of construction companies. We welcome comments for improvements. Thank you.
Employee Assessment and Evaluation for Continuation of ServiceAhmad Tariq Bhatti
Trust Versus Performance Model explains the employee evaluation on the basis of two factors ie trust and performance. The model helps to retain employees on these two parameters of success.
Internal Controls are defined as a system of well designed procedures by a company’s management and top-level executives, to provide a substantial degree of assurance in achieving business objective, while complying with the policies and laws, safeguarding the assets, maintaining efficiency and effectiveness in regular operations and reliability of financial statements.
Internal Control Questionnaires are preliminary risk assessment procedures for the existence and working of the internal control system. These questionnaires are filled in the presence of the auditor. Ideally, an auditor reads these questions and a relevant area employee replies in yes or no based on his knowledge of the process.
The questionnaire is useful to determine which areas the audit should focus on more as compared to rest ones. When employees answer the questions, the auditor knows whether the company is keeping accurate records overall, and proper system of internal controls. The same area questions may be asked from different employees of the same area in order to keep the risk assessment fool proof.
Dengue or break-bone fever is a mosquito-borne disease that is caused by the biting of Dengue infected mosquito. Symptoms typically begin three to fourteen days after infection. This may include a high fever, headache, vomiting, muscle and joint pains, and a characteristic skin rash.
A customer-centric costing system that bases all cost workings for a product from its market price. The purpose is to reduce cost of a product as low as possible to arrive at a price that would be either equal to or less than that of competitors’ product while delivering the same functionality.
Capital Budgeting is about how one should evaluate the financing options based on the superior financial performance through mathematical techniques. These techniques have been discussed in the presentation in detail.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
2. It was found at Boeing, the aircraft manufacturing company,
during WW-II period, that the time taken to assemble an
individual aircraft declined as the number of aircrafts assembled
increased. It was noted that the rate of improvement (known as
rate of learning) was so regular that it was presented in the form of
a mathematical formula. Thus, the labor hours required for the
assembly of aircrafts could be predicted with reasonable
precision. The name given to this effect of increased efficiency
was Learning Curve (LC) phenomenon. The phenomenon was
tested in a number of manufacturing setups across the industries
and it was found invariably everywhere. However, the learning
rate of laborers differed from one industry to another.
11/23/2012 Learning Curve Phenomenon 2
3. Definition
The mathematical expression of the phenomenon that,
when complex and labor–intensive
procedures are repeated, unit labor time tend
to decrease at a constant rate.
LC models mathematically this reduction in unit production time.
– Cima Official Terminology
The LC is based on the idea that labor hours decrease in a definite
pattern as labor operations are repeated. More specifically, it is derived
from statistical findings that as cumulative production doubles, cumulative
average time required per unit will be reduced by some constant
percentage, say 10% to 20%.
11/23/2012 Learning Curve Phenomenon 3
4. The Concept
It was found that the cumulative average time per unit decreased by a fixed percentage
each time the cumulative production doubled.
In aircraft industry, the percentage by which cumulative average time per unit decreased
was typically 80%. Similarly different learning rates were noted for different industries.
Let us examine an example of production where learning rate is noted at 90%:
Units Avg. time/unit (hrs.) Cumulative production time (hrs.)
1 100.00 100.00
2 90.00 (100x90%) 190.00
4 81.00 (90x90%) 271.00
8 72.90 (81x90%) 343.90
16 65.61 (72.90x90%) 409.51
32 59.05 (65.61x90%) 568.56
11/23/2012 Learning Curve Phenomenon 4
5. An Illustrative Model
Total Time
No. of Units
@LR of 80%
Order #
Per Cumulative Per Unit All Units
order Production (Hours) (Hours)
1 2 3 4 5=3x4
1 1 1 2,000 2,000
2 1 2 1,600 (2,000 x 80%) 3,200
3 2 4 1,280 (1,600 x 80%) 5,120
4 4 8 1,024 (1,280 x 80%) 8,192
5 8 16 819 (1,024 x 80%) 13,104
6 16 32 655 (819 x 80%) 20,960
11/23/2012 Learning Curve Phenomenon 5
6. The Shape of LC
Learning Curve W. 80% LR
2500
2,000
2000
1,600
1500 1,280
1,024
1000 819
655
500
1 2 4 8 16 32
0
1 2 3 4 5 6
Avge. Hrs./Unit of Cumulative Production (Col. 4)
Cumulative Quantity in Units (Col. 3)
(Data used from table given at slide 5)
11/23/2012 Learning Curve Phenomenon 6
7. The Formula
Where,
Y = the cumulative average time required to produce X units
a = the time required to produce the first unit of output
b = the learning /improvement rate/index of learning
X = number of units to be produced
Important Note ,
This formula calculates only direct labor time against given number of units.
The direct labor cost shall be calculated, thereafter, by multiplying the time
calculated by this formula with standard labor rate.
11/23/2012 Learning Curve Phenomenon 7
9. Calculating Incremental Hours
To calculate incremental hours, we need to examine the differences
between total hours for various combinations of cumulative hours. For
instance, in our foregoing illustrative model , the company has completed an
order for 4 units and an enquiry has been received for 6 units later.
The calculation for the time required for the production of additional 6
units shall proceed in the manner given as below:
Total hours if an additional 6 units are produced (10 x 953) = 9530 …..(a)
Total hours for the first four units (4 x 1280) = 5120…..(b)
Hours required for 6 units after completion of 4 units = 4410 ……(a-b)
(Data used from table given at slide 5)
11/23/2012 Learning Curve Phenomenon 9
10. Calculating LR by Using Logs
Illustration 1
Data relating to the production of first 12 batches of Product X are given
as follows:
Time taken to produce the first unit = 15 hours
Cumulative time taken to produce first 12 batches 81 hours.
Requirement: Calculate the learning rate???
Solution
Where:
Y = Average time/batch = 81/12 = 6.75 hours
a= 15 hours
X = 12
b = Rate of learning = Log of learning rate/ Log2 ……(a)
11/23/2012 Learning Curve Phenomenon 10
12. Calculating Total Time - Tabular Method
Illustration 2
XYZ Ltd is calculating the time taken for product Y and found that a 90% LC applies
to the behavior of labor working on its production. The time taken for the first unit
produced is 4 hours.
Requirement: Calculate total time taken for 8 units to be produced of product Y???
Solution
# of units Average Time/ Unit Cumulative Time
Hours Hours
1 4.000 4
2 3.600 (4.00 x 90%) 7.2
4 3.240 (3.60 x 90%) 12.960
8 2.916 (3.24 x 90%) 23.328
11/23/2012 Learning Curve Phenomenon 12
14. Pricing a Contract by Using LC
Illustration 4
ABC Company, finds that product M has 80% learning effect. The company
has just produced 50 units at 100 hours per unit. Detail of cost incurred is
given in the table given below.
The company has just received a contract calling for another 50 units. The
company has decided to have a 50% markup on the cost.
Requirement: Determine price for the contract for the 50 units????
Description Amount in AED.
Materials (50 units @ AED. 20 each) 1,000
Labor & related cost:
-- Direct Labor (100 hours @ AED.8 each) 800
-- Variable Overheads (100 hours @ AED. 2 each) 200
Total cost of 1st 50 units 2,000
11/23/2012 Learning Curve Phenomenon 14
15. Calculation
Solution
Quantity Total Time Average Time /Unit
Units Hours Hours
50 100 2
100 160 (1.6 x 2 x 100) 1.6 (2hrs x 80%)
Calculation of Contract Price: Amount
Description of Cost & Price Components: AED.
Materials (50 units @ AED. 20 each) 1,000
Direct labor (60 hours @ AED. 8 each) 480
Variable Overhead (60 hours @ AED. 2 each) 120
Total cost for additional 50 units 1,600
Add: Markup 50% 800
Contract Price for 50 units 2,400
11/23/2012 Learning Curve Phenomenon 15
16. Important Note
The LC formula is used to estimate direct labor time for a given
number of units and thus is helpful in the calculation of direct labor
cost estimates. Further, the learning effect is applied to those
variables also that are dependent upon direct labor time for their
time and cost estimation.
The concept of LC is not applied to direct material costs or
overhead costs relating to production.
The concept of LC is applicable where operations are complex and
carried out manually by labor. Where operations are so simple that
apply very low level of intelligence, there shall be little scope for
learning effect. Hence, there shall be no LC.
11/23/2012 Learning Curve Phenomenon 16
17. Applications
Pricing Decisions
It requires the ability of the management to use the learning effect to forecast and make the
cost reductions and obtain a considerable lead over the competitors by giving better prices.
Work Scheduling
Useful in the management of delivery orders and related schedules. Scheduling labor work
requirements.
Standard Setting & Budgeting
Plays meaningful role in standard costing and applying budgetary controls. Standard costs
should reflect the point that has been reached on LC.
Pricing Contracts
The LC has been quite useful in determining the likely costs relating to various contracts. It
provides a rational basis for price negotiation and cost control.
Setting Incentive Wage Rates
The LC concept is applied in determining incentive wage rates across the industries.
Inventory Management
The LC concept can be used in the planning, budgeting and purchasing of inventory.
11/23/2012 Learning Curve Phenomenon 17
18. Abbreviations Used
# Abbreviation Description
1 AED Emirati Dirham
2 LC Learning Curve
3 LR Learning Rate
4 WW-II World War Two
11/23/2012 Learning Curve Phenomenon 18
19. References
Management & Cost Accounting by Colin Drury 5/e
Cima Official Terminology
Business Finance by Joel G. Siegel, Jae K. Shim, Stephan W. Hartman
11/23/2012 Learning Curve Phenomenon 19