Statistics for Managers Class Discussion wk1 Essay

Statistics for Managers Class Discussion wk1 - Essay Example Two separate samples were used in the study. The total number of women and girls in the study are 2657 and 1008 respectively (Wiley, 2011). After the analysis, it was established that the association between the occurrence of milk intake of infants aged between 5-12 years and age at the first occurrence of menstruation was weak. There are numerous instances where statistics has been used in business. For instance, Barger King used information gathered from customers to determine their buying trends and preferences. This information was obtained from their credit cards as they are always required to provide their private information. The company successfully managed to gather information from their credit cards. The impact of their statistics is that they managed to improve their sales (Anderson, Sweeney & Williams, 2012). After obtaining relevant information, the company identified areas with many potential customers and their preferences. One of the true values of statistics in business is the operational value. Numerous organizations depend on IT systems to control data, ease payment process and run operations. Unpredicted logjams can take place when IT runs an essential system improvement. It means that the execution will stop and momentarily preventing business from operating efficiently. To solve this problem, organizations use IT systems with statistical procedures to determine the probable cause of the bottlenecks before their operations are interrupted. Other operational advantages of statistics include correct demand estimation and satisfactory inventory

A Comparison of Classical Management Theorists and Contingency Theorist

A Comparison of Classical Management Theorists and Contingency Theorists The management field is characterised by a wide variety of theories, schools and directions. This essay examines the classical and contingency schools of thought -- the approaches to organization that have had the greatest impact on management today. Firstly the essay delineates and criticises the important theories propounded by classical writers. The essay continues with an account of the contingency school, and finally evaluates its impacts on managerial thought. Up until about the late 1950s academic writing about organisational structure was dominated by the classical management school. This held that there was a single organisational structure that was effective in all organisations. (Clegg & Handy, 1999). According to Holt (1999), the classical school is characterised by ?being highly structured, with emphasis on the formal organisation with clearly defined functions and detailed rules, autocratic leadership, a rigid chain of command and control by superiors? (Holt, 1999, p.137). The three greatest proponents of classical theory were Taylor, Fayol, and Weber. Each identifies detailed principles and methods through which this kind of organisation could be achieved. Taylor (1947) developed a systematic approach to called ?Scientific Management?, which focused on efficient production. Through the study of task movements, or ?time and motion studies? as it was known, he recognized matching the correct worker to the task was crucial to increasing work efficiency. Under this so-called Taylorism, emphasis is placed on power confered to those in control. According to Morgan (1997), this approach to work design is found in traditional forms of assembly-line manufacturing and in production processes. Another major sub-field within the classical perspective is ?Administrative Management,? set forth by Fayol (1949). While Scientific Management took a micro approach, Fayol saw the macro concepts, a body of knowledge which emphasised broad administrative principles applicable to large organizations. In Fayol?s account, management is conceptualised as consisting of five elements, namely planning, organizing, command, co-ordination, and control. He also developed 14 principles of management or organisation, the best-known being division of work, unit... ...ure. Academy of Management Journal, 25 (3), 553-566. Luthans, F. (1973). The Contingency Theory of Management: A path out of the jungle. Business Horizons, 6, 67-72 Meyer, M.W. (1972). Size and the structure of organizations: A causal analysis, American Sociological Review, 37, 434-441. Pugh, D., Hickson, D., Hinings, R. & Turner, C. (1969). The context of organization structures. Administrative Science Quarterly 14:91-114. Pugh, D. & Hickson, D. (1996). Writers on organisations. London: Penguin. Robbins, S. & Barnwell, N. (2002). Organisation Theory: Concepts and cases. Victoria, Australia: Pentice Hall. Taylor, F.W. (1947). Scientific Management, Harper & Row. Watz, T. (1996). Technology rules OK? A review of technological determinism and contingency theory. Creativity and Innovation Management, 5(1) 13-21. Weber, M. (1947). The Theory of Social and Economic Organization. A.H. Henderson and Talcott Parsons (eds.). Glencoe, IL: Free Press. Woodward, J. (1980). Industrial Organization: Theory and Practice, second edition. New York: Oxford University Press --------------------------------------------------------------------- [1] Pugh et al.

Mathematical Interpretations of Keynes’s General Theory

IntroductionMany changes had occurred in the last century in every science. Economics was not the exception and a transformation into the theoretical approach took place in the 30s. In 1936 Keynes published â€Å"The General Theory of Employment, Interest and Money†. Its main ideas set the foundations of macroeconomics and had influenced economics since.Unfortunately, Keynes had (and has) a bad reputation as a writer, because of this there has been constant analysis and interpretations of what he meant. Economists affirmed that Keynes’s innovating work, as any new approach, had some â€Å"inconsistencies†. Further, the book had small use of mathematics and, thus, had small proof of what it stated. Therefore, these ideas need interpretation and testing into the â€Å"real world†.Keynes Main IdeasKriesler and Nevile (2000) define the book’s main points as follows:  Ã¢â‚¬Å"†¦in a capitalist economy employment, and hence unemployment, is determin ed by effective demand [†¦] decisions about production and investment are made on the basis of expectations†, and â€Å"monetary variables influence real variables such as output and employment and real variables, in turn, influence monetary ones.†One of the most daunting tasks was to set up a mathematical foundation of the cited Keynes’s works. The most important economists who performed this job were, in a â€Å"crossed fertilization process† as Heller (2000) points it, Roy Harrod, James Meade and mainly John Hicks. In fact, in 1937 Hicks published an influential article, â€Å"Mr. Keynes and the Classics: A suggested interpretation† that rapidly became the standard of Keynesian economics theory.Mathematical FoundationsThe Keynes’s ideas stated in the paragraphs above turned â€Å"into simple mathematical models of the macro-economy; [and] the most long-lived and flexible, the â€Å"IS-LM model†, came from John R. Hicks† (Morgan 2001). Despite that, some authors suggest that Harrod and Meade had inspired the IS-LM model proposed by Hicks (Young, qt. in Heller, 2002)[1]. Others suggest that Champernowne and Reddaway also had some contribution into the model’s formalization (Barens 1998, qt in Heller, 2002)Besides the multiple interpretations of Keynes’s work, Hicks’ one remains as one of the most important.As pointed by Heller (2000), the models proposed as explanations had similar expressions which are systems of simultaneous equations. And the mathematical formulation’s success of Keynes’s General Theory is because of the â€Å"mathematical elegance† and the exact nature of systems of simultaneous equations, which many consider alike; and particularly to Hicks who was the only one in representing the theory through diagrams. (Heller, 2002)As pointed, Harrod was another economist who performed a mathematical foundation for Keynes’s work. According to him, Keynes system corrects the traditional theory; allowing the Income level to be not given, the price level does not depend on the money, and money demand is divided in two. Due to all of this Harrod states that Keynes system is better than the traditional one. Keynes had a very positive view of Harrod’s development of his own work, which Harrods presented in the same conference where Hicks did. Hence, Keynes thought that Harrod works interpreted correctly his own ideas.But these authors’ success in interpreting Keynes’s ideas is not free of detractors. Kriesler and Nevile (2000) made a clear stand of this: economists reject the â€Å"IS-LM framework as being neither a valid simplification of the arguments in the General Theory nor a reliable model for analyzing macroeconomic issues.† Economists think the IS-LM model ignores expectations and it is not useful to analyze a particular economy beside the static equilibrium[2]. They also affirm that Hicks t ook Keynesian macroeconomics to another direction from the one intended by the work’s author.   The same authors assert that Keynes’s own vision on Hicks model â€Å"did have the faults that post Keynesians typically ascribe to IS-LM.†[3]ConclusionKeynes’s work and the posterior mathematical development gave, to governments and to economists, answers that can be easily explained and understood by everyone only using analytical tools as diagrams or simple mathematics. What is more, those ideas were beyond the economic â€Å"common sense† of the time: governments can spend during depressions.  Affirming if these formalizations of the model are what Keynes’s work pointed might be intimidating. Regardless of this and the different views, Hicks simplification and formalization of the model is useful, and catches the spirit of the work. As any first interpretation improvements were (and still are) made but the first task was accomplished.Refer encesHeller, Claudia, The General Theory of Employment, Interest and Money According to Brian Reddaway Economia em Revista, Vol. 10, pp. 15-32, 2002Heller, Claudia, The ‘General Theory' Synthesis According to Roy Harrod in ‘Mr. Keynes and Traditional Theory’, Revista de Economia (Curitiba), Vol. 23, pp. 27-49, 2000Keynes, John Maynard, The General Theory of Employment, Interest, and Money (New York: Prometheus Books, 1997).Morgan, Mary, The formation of â€Å"Modern† Economics: Engineering and Ideology, Department of Economic History, London School of Economics, May 2001, Available at ;http://www.lse.ac.uk/economicHistory/home.aspx;[1] Young proposed that to call it the â€Å"IS-LM Harrod-Meade† model. [2] It is important to make clear that many have pointed rational expectations as one of the inconsistencies in Keynes’s work. [3] Post Keynesian economists main critic to the IS-LM model is its static equilibrium nature, thus has no means to de al economy’s path of adjustment.

Cosmology The Origin Of The Universe - 900 Words

Cosmology is the study of the origin of the universe in the sense of how it comes into being. At the foundation of nearly every culture is a creation myth that explains how Earth in its entity came to be. These myths have an immense influence on people’s framework of reference. They all come from one early source and are different only because time and local cultural circumstances have embellished or altered them. Despite being separated by numerous geographical barriers; many cultures before and after Genesis have developed creation myths that share common aspects that are fundamentally derived from variations of the core theme of a God-given creation. The Bible begins with two separate creation stories, differing significantly from one another, Genesis 1 and Genesis 2. The first story runs from Genesis 1:1 through Genesis 2:3. The second story picks up at Genesis 2:4 and runs to the end of the chapter at Genesis 2:25. In the first story, creation takes six days and man and w oman are created last after all the plants and animals are created. In the second story, creation takes one day, man is created first, then proceeds the creation of all the plants and animals, and in the end woman is created. To further reiterate what some people believe Genesis 1 and 2 are no doubt contradictions based on the descriptions others have the intuition that Genesis 1 is the account of the creation of the universe and life on planet Earth as it happened in chronological order. Genesis 2 isShow MoreRelatedWestern and Eastern Cosmologies1423 Words   |  6 PagesWestern and Eastern Cosmologies According to Drew Dellinger, the word cosmology has two definitions. The first definition of cosmology is: â€Å"the branch of philosophy dealing with the origin and general structure of the universe, with its parts, elements, and laws, and especially with such of its characteristics as space, time, causality, and freedom (Drew).† The second definition of cosmology is: â€Å"the branch of astronomy that deals with the general structure and evolution of the universe (Drew).† ThereforeRead MoreThe Major Divisions Of Philosophy860 Words   |  4 Pagesdefinition given is â€Å"a division of philosophy that is concerned with the fundamental nature of reality and being and that includes ontology, cosmology, and often epistemology.† According to John Phillips, in his book Exploring the Gospel of John, Aristotle used Metaphysics to refer to ultimate reality. Metaphysics can be subdivided into 4 areas: Ontology, Cosmology, Psychology, Theology. Some have referred to Metaphysics as the â€Å"metaphysical†. It literally means after, beyond, or against and opposedRead MoreNotes On Martinus And His Spiritual Science1090 Words   |  5 PagesWhat is Cosmology What Is MARTINUS COSMOLOGY †¢ COSMOLOGY is defined as A Branch of Astrophysics OR as Metaphysical Science which studies the origin, structure, dynamics and evolution of The Universe. What Is Metaphysical? ‘Metaphysical is Something Highly Abstract and/or Overly Theoretical†¦hard or impossible to observe by own senses. †¢ Strictly, both definitions ARE FALSE, because of dealing with ‘Origin of The Universe’. †¢ ‘Cosmos’ in old Greek means ORDERLY BY THE LAWS GOVERNED UNIVERSE – theRead More Revolution in Cosmology Resolves Dispute over Universes Age1430 Words   |  6 PagesRevolution in Cosmology Resolves Dispute over Universes Age Just under seven years ago, astronomers using the Hubble space telescope presented results they hoped would help answer one of the most contentious issues in astronomy of the 20th century – the question of the distance scale of the universe. But there was some unease when the result was announced. According to the report, other galaxies were close enough that, extrapolating backwards from their current rate of recession and making adjustmentsRead MoreStephen Hawking1703 Words   |  7 PagesPhD in cosmology. Hawkings career has focused upon the cosmic entities known as black holes, and has extended to specialized areas such as quantum gravity, particle physics, and supersymmetry. A field of study that Stephen Hawking is known for is cosmology. Cosmology is the metaphysical study of the origin and nature of the universe. A brief synopsis of Hawking indicates that, according to Hawking, there is no place for a creator, that God does not exist. In his quantum cosmology, he indicatesRead MoreHow Astrophysics Is The Branch Of Astronomy1152 Words   |  5 Pagesareas of study for astrophysicists include their attempts to determine: the properties of dark matter, dark energy, and black holes, whether or not time travel is possible, if wormholes can form, or the multiverse exists, and also the origin and ultimate fate of the universe. During the 17th century, natural philosophers such as Galileo, Descartes, and Newton began to maintain that the celestial and terrestrial regions were made of similar kinds of material and were subject to the same natural laws. Read MoreIs The Big Bang Theory?884 Words   |  4 Pagesfaith and belief of God’s creation. Scient ist use data and instruments to document what can be seen, and Christion’s carry faith and believe outside, what can’t be seen. In the Bible there are several references that describe the universe being â€Å"stretched out. (Cosmology) â€Å"Here are a few to describe this reference Isaiah 40:22 teaches that â€Å"God stretched the heavens like a curtain and spreads time out like a tent to dwell in†. â€Å"And the likeness of the firmament upon the heads of the living creatureRead MoreEssay about Edwin Hubble Biography1056 Words   |  5 Pagesknowledge of the universe and established the foundations for all of modern cosmology. At the beginning of the 20th century, most astronomers thought that our Universe was confined to the Milky Way Galaxy alone. However, Edwin Hubbles inspiration and perseverance in astronomical research proved otherwise. He discovered the existence of other galaxies and created a systematical classification for all galaxies. Additionally, he mathematically confirmed that his newly discovered universe was expandingRead MoreStephen Hawking : A Man Of Introspect1325 Words   |  6 PagesStephen Hawking: A Man of Introspect Throughout the years, there have been many influential people in fields from science to literature. Stephen Hawking has made an astounding impact through his studies in physics and cosmology. Not only is he known for his many works, Stephen Hawking is honored even more for his fight against ALS. Stephen Hawking is one of the great minds of this era with his exceptional ability to think and overcome adversity from his early childhood into his current age of seventy-threeRead MoreThe Current Status Of Galaxy Formation1589 Words   |  7 Pagesand sub-disciplines which include astronomy, cosmology, and particle physics, to name a few. As a student in the physics field, it is important to understand how physicists actually write and make arguments in their respective disciplines. By being able to analyze and rhetorically inspect an article, the material becomes more comprehensible and some potential implications of the writing begin to resound with the reader. The more we learn about th e universe, the more we can predict what is to come and