Challenges Faced by a Country for Economic Development Essay Example for Free

Challenges Faced by a Country for Economic Development Essay An economy is flourishing and is shown to be beneficial and fruitful for the people living in it only when the growth of the economy goes up continuously. It is essential for a country to not only develop politically or socially but it also needs to demonstrate economic development in order to sustain in the international market and in order to come ahead of other countries. But it is not very easy for any economy to economically keep growing because an umpteen number of internal and external factors that affect the growth and the economic development and it is essential and crucial for the countries to address the issues and move ahead. There are some very common challenges that are faced by an economy that are discussed below. The presence of external imbalances in the global economy is one of the most influential causes that impose a challenge on the economic development of any country. There can be reasons such as political disruptions, changes in import-export scenario or foreign currency reserve changes that can lead to imbalance in a country that is external to an economy. But the disruptions taking place in one country can adversely affect the economy and economic growth of other countries as well. The monetary and fiscal policies adopted by the government of an economy also have a huge role to play in the economic development. These policies tend to impact the interest rates, money supply and foreign exchange rates of an economy and if the policies are not in the favor of the growth, they can become major challenges and major issues all over the country. Read more: Essay About Disadvantages of Population The change in trade situations can also affect the economies. Exports of a country help it in generating external revenues while imports can be done for different purposes such as facilitation of a manufacturing process, providing basic necessities to the people etc. And hence if there is an imbalance in the external trade that is taking place in a country, it can lead to severe turbulence and can adversely impact the economic growth. Other economic factors such as poverty, inflation rate, population also are dependent on an economy and also impact the economy. If a nation has higher level of poverty, it is more likely to have economic challenges and similarly high population is not desired and not advisable for high economic growth. And that is the reason why the governments usually try to avoid these unfavorable situations and try to maintain a balance in the countries by different measures. There are many more reasons why the economies face severe challenge of demonstrating growth and hence it is crucial for the countries to adopt different and new policies in order to avoid these challenges and facilitate growth. Reference: http://classof1.com/homework-help/international-economics-homework-help/ View as multi-pages

Social Justice is NOT Achieved by Income Redistribution Essay -- Globa

The term â€Å"social justice† has existed since the 1840s and has continued to transform over the years. â€Å"Global justice† is simply another in a long line of interchangeable prefixes such as â€Å"national justice†, â€Å"economic justice† etc that precede the word justice. A plethora of policies are advocated under the name of â€Å"global justice†. This paper will consider the more popular proposal of income redistribution and consider its intellectual foundation and how it relates to justice, as well as its real world implications. The most apparent and theoretically, the most easily overcome obstacle inherent in this idea is the very definition of the term â€Å"social justice†. As the years go by the term grows to encompass an ever increasing number of issues. It can mean anything from income redistribution to AIDS prevention. For some contemporary examples, the student activist group Global Justice1 has no definition of the term it so prominently uses as its name yet states that its purpose deals with â€Å"AIDS, trade and child survival†. Nowhere does the organization attempt to explain why their particular stand on those particular issues has anything to do with â€Å"global justice†. USC professor Robin D.G. Kelley is the executive editor of the â€Å"Social Justice Wiki†2. The stated objective of the online encyclopedia is to document various activist groups and movements3. Any attempt to discern any further insight of the term 'social justice' from the very encyclopedia dedi cated to its name will result in failure as there is no indication as to why those specific groups fall under the banner of social justice and other groups do not, except for purely subjective and arbitrary guidelines4. The pervasiveness and the emptiness of the term speak volumes ab... ...e on â€Å"society†, but rather we have a clear case of who is being unjust to whom. The incredible irony of this situation would be that this legitimate and justifiable form of 'global justice' (in which case the guilty parties were unjust in their individual conduct and are clearly identified) would usually be invoked in order to counter policies enacted precisely under the justification of â€Å"social justice†. Perhaps â€Å"social justice† activists can redeem themselves of this past error, but only if they begin advocating against the injustice of trade barriers and immigration restrictions; for that is the only valid application of â€Å"justice on a global scale†. Any other justification for income redistribution leads to innocent individuals who justly acquired their material wealth, unjustly forced to pay compensation for the suffering of others they had no part in promoting.

Smart Grid Resolution, London Waste Dump Site and Maladroit’s Cosmetics Essay

One of the benefits of investing in this $100 million project includes rerouting power around bottlenecked lines. This allows Xcel Energy to deliver electricity to areas in Boulder that have a very high demand that the previous conventional electrical grid was unable to service effectively. This smart-grid system also enables Xcel Energy to detect and reduce power outages, identify false alarms more quickly and read customer meters remotely. This in return will lead to a reduction in the number of times the service crews are sent out to those locations, thus making the service crews more productive. Combining the efficiency of the smart-grid electrical system and the reduction of outages will allow Xcel Energy to capture cost-savings more appropriately. Additionally, this electrical smart-grid allows customers to monitor their individual power use reducing household usage by up to 30% in some cases, thereby enhancing customer satisfaction. Although this may lead to a decrease in revenue for Xcel Energy, the smart-grid system enables integration of renewable generation, an increase in overall system efficiency, a more robust electrical system and an ability to recover under-utilized and wasted energy. We can’t say for sure, but this may actually benefit Xcel Energy in the long-run as they will recover lost revenue through their decreased operational costs using the smart-grid electrical system. What conflicts do you suspect might have occurred between all the different stakeholders in this project? In any project there are four main stakeholders. This includes Client, Parent Organization, Project Team and the Public. In the case of Xcel Energy’s smart-grid project, both the client and public would be the population of Boulder, CO. The Parent Organization is Xcel Energy and the project team includes representatives from Accenture consulting for engineering, energy industry consultants, leading technologists, business leaders and IT experts. Accenture provides consulting solutions in many major industrial sectors. According to the text, Accenture consulting for engineering was hired. Additionally, IT experts were also brought onto the team. Accenture provides IT solutions as part of their consulting portfolio so there may be some conflict between the two parties due to their different backgrounds and methods of doing business. Also security and privacy were of utmost importance to protect intellectual property, so it is in the best interests of the project team and the parent organization to control how much information they gave to the public and local media. However, the latter of the two recipients may have wanted more information, specifically, how this affects their electricity costs and demands in the long run causing another source of conflict. Internally, members of the project team will experience conflict caused by belonging to two different teams – their project team and functional team. Often, the head of the teams are two different people with different motives and goals, and the members have the responsibility to report to both and are therefore pulled in two different directions. The members of the project team experience almost total conflict as they compete for project resources and leadership roles. This is caused in part by the different backgrounds, attitudes and biases of each member. This would be especially apparent in the Xcel project where members from many different companies and departments are brought together, each with a unique way of accomplishing the tasks and work packages of the project. Turning London’s Waste Dump into the 2012 Olympics Stadium Which of the â€Å"triple constraints† seems to be the uppermost here? Which constraints was Crockford trading between? The text says Crockford â€Å"quickly† assembled a project team of over 1000 individuals in order to meet the mid-2011 completion date. A constant referral to time is also observed. The start date of construction was noted as May 2008 and although there was a delay due to re-designing the roof, the text ends by stating that the project was still on track to be completed by mid-2011. Therefore, Schedule is the triple constraint uppermost here. The design team for the 2012 Olympics Stadium planned a highly-compact field of play requiring a steel-beamed roof and on discovering that the steel-beamed roof as designed would create turbulence on the compact field, a lighter, more flexible roof was redesigned, which was made in part from recycled materials. This roof required less steel and cost less than the initial steel-beamed roof designed. Thus, Crockford traded between the Scope (Required Deliverables) and the Cost (Budget limit). Was the life cycle for this project S-shaped, J-shaped, or something else? Considering just the purpose of the river dredging as a project itself, what was the shape of its life cycle? The completion of London’s 2012 Olympic Stadium consisted of selecting the project team (consisting of over 1000 members), cleaning up the chosen site, design of the stadium, construction, delays and finally construction until completion. Therefore, the project life-cycle most likely followed a stretched S-shape curve similar to housing construction projects. The S-shaped curve is categorized by a slow start, followed by a quick build-up and a slow finish. This is a result of the changing levels of resources used during the successive stages of the life-cycle. The slow start in this case would be the clearing of the site and design of the stadium. Construction would also begin slowly but would quickly ramp up once all the raw materials are shipped to the location and base infrastructure completed. There is a delay (not uncommon – almost expected) when the team realizes the steel-beamed roof would create turbulence on the compact field. Finally, construction will slow down as specialized parts are ordered for the final touches (luxury spectator rooms, confectionary stands etc). The river dredging project followed a J-shaped curve. This is characterized by a slow start followed by an exponential increase in project completion over time. Moreover, the expenditure of resources has little correlation with overall progress. The team removed 30,000 tons of silt, gravel and garbage from the river. Getting the cranes and other heavy machinery used to remove garbage from the river would take time, but once there, they can quickly and effectively remove the waste from the river. Were there any ancillary goals for this project? What might they have been? The Olympic Delivery Authority’s goal to use recycled materials in the building of the 2012 Olympic Stadium can be considered as an ancillary goal. The use of recycled materials to build a lighter, more flexible roof creates opportunities whereby a stadium can be completely built from recycled materials in the future. An ancillary goal of making 55,000 of the 80,000 seats temporary would create a profitable stadium in the future because the cost of maintaining the area containing the seats is grossly reduced. Furthermore, a successful stadium results in a successful 2012 Olympics and ultimately increases tourism in England. Finally, Ian Crockford has greatly increased his reputation and experience as a project manager (as well as his subordinates and parent company too) which drastically increases his chances of managing future projects on this scale and beyond. Which of the project-defining factors in Section 1. 1 were active here. The project was identified as important by the Olympic Delivery Authority composed of politicians and other high-ranking members of society. The scope was clearly defined from the beginning of the project and was divided into sub-tasks to achieve the project goals. The due date of the project is also clearly defined as Mid-2011. Many interdependencies were at play such as the recycled metal from the police department and dredging of the river. The project was unique in that it had a temporary seating design, a lighter more flexible roof and designed specifically for the 2012 London Olympics. The budget was limited to ? 32 million and not unlike the Xcel Energy case detailed above; conflicts existed between the different stakeholders of the project. Therefore, all 7 of the project defining factors were active in the construction of the 2012 Olympics stadium. Maladroit Cosmetics Company Which of the three choices do you recommend and why? The third choice, that is, the company that manufactures the machines can handle the installation project for a fee close to what the installation would cost Maladroit is recommended for a number of reasons. The first being hat Maladroit becomes the customer in this transaction, and the company installing the machines would be performing the job and would have to do it according Maladroit’s specifications including any unseen delays not identified in the scope. We are also unsure of the qualifications of the members of her staff and if they capable of undertaking such a high risk project worth $4 million. Finally, she cannot handle the project informally out of office because the project is very important and she would not be able to devote as much time to the project as well as her current duties. If the project was one small machine at a total cost of $4,000, would your answer be different? Yes, we would recommend that she assigns the project to a member of her staff that could potentially be suited for a managerial role in the future. This low risk project would be an excellent test to see how well he or she is able to complete the project deliverables in a cost-effective and timely manner. Discuss the relative importance of the capital investment required versus the role of the investment in machinery. Capital investment can be defined as a commitment of the owner’s money to land, buildings or machinery. In this example, it is the commitment of the owner’s money to the installation of 6 machines worth $4million (note: the plant manager does not necessarily own the machines, rather, the shareholders or owners of the actual company do). The role of the investment in machinery is to replace the filling machines that have become obsolete within 6 months so that the company can continue to produce cosmetic products and generate revenue.

Personal Statement Seeking Admission in European Business...

Personal Statement It was Bob Marley who once said, Live the life you love. Love the life you live (Carver, 2012, p.163). Personally, I like engaging in only those activities I derive significant pleasure from. That way, I can be sure of giving my very best in whatever it is that I undertake. Over the last few years, I have developed a keen interest in matters oil and gas and in that regard, I would confidently say that this is the field I would like to spend the rest of my life in. It is for this reason that I seek to further enhance my expertise in the field by seeking admission in your institution for an MSc Oil and Gas Trade Management. To tell you a little bit about myself, I am originally from Russia and I have been living in London since I was 10 years old. Having undertaken my basic education in London, I had to discontinue my BA in Business Management (Honors) for one and a half years so as to serve under my father in the oil industry as his assistant. I must say that this is an experience that helped me have firsthand knowledge of the workings of the oil industry. Further, it is during this time that I developed keen interest in matters oil and gas. In seeking to further enhance my understanding of how the oil industry operates, I have also worked with LUKOIL which is regarded one of the biggest oil company in Russia. Given my strong desire to continue working in the oil industry, I intend to backup the experience I already have with sound academicShow MoreRelatedManagerial Decision Making Is Not Only Influenced By An Individual s Personality3026 Words   |  13 PagesThesis Statement: Managerial decision mak ing is not only influenced by an individual’s personality but also by some social factors. What is decision making? Defining decision making is a hard task just as it would be to define knowledge: it is a process we use on a daily basis, but when it comes to find a way to describe how it works we encounter many obstacles. 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