...durable assets and currencies Sharikah al Mufawadah Investment Auctioning Output sharing DP with Management DP without Management Profit sharing Musharakah-based DP Mudharabah-based DP Sharikah al Amwal Sharikah al Abdan Sharikah al Wujuh Profit Sharing Revenue sharing Durable Assets Participation Musaqa Muzara‘a Output (Revenue) Sharing Involuntary: e.g., due to inheritance Voluntary: e.g., jointly purchasing a building for renting Sharikah al milk (Partnership based on joint Ownership) Temporary or Ongoing Musharakah Temporary or Ongoing Mudharabah Sharing Principle Fees deferred Ijara: Rents deferred Financial Murabahah Installment sale Object deferred Sale (ODS) Pre-paid istisna‘ Fees paid in advance Rents paid in advance Pure Salam SHARIKAT: PARTNERSHIPS Qard/Service Charge Heeba (Donations) 'Ariyah (qard of assets) Qard: Interest Free Loans TABARU‘AT: GRANTS Hemish Jedheya-Sale:...
Words: 345 - Pages: 2
...Codification of Accounting Standards, a company should not recognize revenue until 1.“it has performed under the terms of the arrangement” and 2. “unless it will indeed receive and retain payment in a form that has value to the company,” (accountingresearchmanager.com) This means that the company has to perform the duty that they have agreed to in their contract and will receive a form of payment in return. The performance of the arrangement can be the delivery of goods, providing services, or providing information. Once a company performs the terms of the arrangement, the revenue is deemed as earned; however, at least part of the job must be fulfilled. In addition, the company should not recognize revenue even if their clients paid in advance to fulfillment of the agreement. Revenue is realized or realizable when “the seller receives cash or assets from the customer that is convertible into cash,” (accountingresearchmanager.com) This must occur before revenue is recognized. In the case, “Lighthouse”, the issue of how revenue should recognized for the sales of both Ship Finder devices and service arises. In this particular case, the company Lighthouse created a hardware unit which it installs in ships and provides the services for this unit. This device and service are utilized together in providing information to shipping companies on the ship location, speed, and current local weather. Lighthouse requires its customers to sign two separate contracts, one for the device...
Words: 722 - Pages: 3
...Wal-Mart leadership became successful due to the company’s effective leadership style, their organizational structure and its culture. Wal-Mart’s organization culture is recognized to be more of bonded organization between the employer and the employee. Sam Walton, the company’s owner, shared his vision for the company with his associates and made them partners in the success of his company, after Sam died, his legacy remained the same with new management and continued to grow successfully and still remain number one in retail today, because management recognized his vision and carried it out as Sam would have done. New management did not dismantle Sam’s vision but kept the success going unlike Times Picayune, this organization lacked a successful organizational structure and endured more of procedural issues. After Times Picayune owner, Ashton Phelps Jr. retired, his vision was not carried out as he intended. After 175 years, new owner Ricky Matthews, dismantled Phelps vision and emphasized his own vision that became more procedural and steep, which caused the culture of the business to miscommunicate. Workers in this environment are more focus on pleasing the boss, instead of their work performance due to the company’s rules and policies being procedural and controlled without any flexibility. This type of culture causes employee turnovers and a bad reputation for the business. Matthews not only changed the culture of Time Picayune, but he lay off all active employees without...
Words: 461 - Pages: 2
...THE ROLE OF COMMERCIAL BANK FINANCING ON THE GROWTH OF THE MANUFACTURING SECTOR IN NIGERIA A RESEARCH PROJECT SUBMITTED BY ETIM KATHRINE ETOK: 08/BAF-5/140 DEPARTMENT OF BANKING AND FINANCE: FACULTY OF MANAGEMENT SCIENCES UNIVERSITY OF CALABAR: TO DEPARTMENT OF BANKING AND FINANCE FACULTY OF MANAGEMENT SCIENCE UNIVERSITY OF CALABAR IN PARTIAL FULFILMENT OF THE COURSE REQUIREMENT FOR THE AWARD OF A BACHELOR OF SCIENCE DEGREE IN BANKING AND FINANCE JUNE, 2014. ACKNOWLEDGMENT My profound gratitude goes to God Almighty, for his guidance, protection, love and strength etc. that has seen me throughout these five years of study. Special thanks also go to my parents, Elder and Mrs. NyongEtok for allowing themselves to be used by God as a foundational stone to my academic pursuit. I am also grateful to my siblings Master, EkpenyongEtokEtim, Miss, AritEtokEtim, Miss Victoria EtokEtim and little Daddy boy, and my friend EgbeAsikong. Special thanks to my supervisor Hon. BasseyIbor, who took pains to go through my work and provided required guidance and insightful comments. Finally I thank all those whose names are not mentioned here but who contributed in one way or the other in making this work successful. May God bless you all. ABSTRACT This examined the role of commercial bank financing on the growth of the manufacturing sector in Nigeria. Time series data covering the period 1990 – 2012 was used. Four research questions guided the study and...
Words: 8310 - Pages: 34
...When it comes to computer -aided design and manufacturing satisfying the user is extremely important. Effective improvement of CAD/CAM systems offers manufactures a number of benefits such as cutting design costs, reducing cycle time and improving information base. For firms that have already used CAD/CAM systems the rise in their business productivity will coincide with a marked decrease in design and production costs, this will free up valuable time of staff members so they can concentrate on pro-actively managing customer's demands and wants. The main focus is on improving business. Improving business processing system is required. Changing of CAD/CAM process to make it the best for your business is necessary. The success of CAD/CAM depends...
Words: 911 - Pages: 4
...1. The macro-environmental factors that influence Nike’s strategy include culture, demographics, social issues, technological advances, economic situation, and political and regulatory environment. Culture is the shared meanings, beliefs, morals, values and customs of a group of people. In America, Nike has become an industry leader that influences our cultural practices. It is widely accepted as the premier retail brand by all age groups. Nike has done a great job of advertising to various generational cohorts and expanding its brand. Nike’s distinguishable products have become a household name on the global scale. Nike has to specifically consider the “country culture” of not only the countries where it sells product, but the cultures of the countries where the products are manufactured. Country culture attributes include behavior, dress, symbols, physical settings, ceremonies, language, and colors. Identifying and navigating some of the more subtle aspects is difficult but necessary for global firms. Demographics indicate the characteristics of human populations and segments, especially those used to identify consumer markets. Demographics include age, gender, race, and income. Nike uses marketing ads to target different segments of demographics. For example, Nike’s version of the toning shoe is designed to specifically appeal to women. Social issues influence consumer behavior around the world. Recently, there has been a heavy emphasis on thrift, health and wellness...
Words: 811 - Pages: 4
...Competitive Advantages Paper Competitive Advantages Paper * Estimate which competitive strategies Riordan could use to improve innovation and sustainability of business operations both in the United States and in the global market. Riordan Manufacturing Inc. can improve innovation and sustainability for the business operations in both the United States of America and global market through executing strategic capacity planning for products and services. This strategy improves efficiency, enhances development in the direction of the supply chain, as well as implements processes and theories of a lean manufacture. This will also help to increase value over time while sustaining their competitive advantages. Strategic capacity planning begins with a fawner usage of capabilities by minimizing excess supplies and manufacturing products in a timely manner at a lower rate. Riordan Manufacturing Inc. must be certain that the product is at a constant availability and in stock in order for the inventory rate to grow. Riordan Manufacturing Inc. should use perceptive capacity planning because this will help them advance in their competiveness while they are able to cover all their expenditures and finally start to make a profit with their financial statements With that said, the companies operation process in use is able to improve by increasing inventory and decreasing waste, also known as just in time inventory (JIT). These strategies play a big part and take place to make...
Words: 416 - Pages: 2
...Trends in manufacturing to 2020 A foresighting discussion paper Future Manufacturing Industry Innovation Council i Date: 30 September 2011 For more information, or to comment on the paper, please contact: Manager Future Manufacturing Department of Innovation, Industry, Science and Research GPO Box 9839 Canberra ACT 2601 Phone: (02) 6213 6000 Facsimile: (02) 6213 7000 Email: Futuremanufacturing@innovation.gov.au ii Future Manufacturing Council discussion paper: Trends in manufacturing to 2020 Table of Contents Executive summary ....................................................................................................................................1 Background.................................................................................................................................................2 Future Manufacturing Council................................................................................................................2 Defining manufacturing...........................................................................................................................2 Profile of Australian manufacturing........................................................................................................4 Trends to 2020 ... and beyond: Issues and opportunities for Australian manufacturing...................12 Terms of trade driving value and volatility of the Australian dollar and structural changes in the economy – an upside...
Words: 14303 - Pages: 58
...Rassey Proximity to demand and innovative supply ecosystems will trump labor costs as technology transforms operations in the years ahead. The problem Demand for manufactured goods in emerging markets is surging and fragmenting as factor costs shift; technological advances, such as more powerful robotics and the Internet of Things, are creating a range of new opportunities for manufacturers to digitize operations. Why it matters Manufacturing strategies built on labor-cost arbitrage are becoming outmoded; the race is on to get ahead of what comes next. What to do about it Place greater emphasis on proximity to both demand and innovation while: • Making location decisions that balance economies of scale against the growing diversity of tastes within and across global markets Building supplier ecosystems that combine technical expertise with local domain and market knowledge Developing the people and skills needed to make the most of technological advances across the organization • • © Bruno Ehrs/Corbis 2 When offshoring entered the popular lexicon, in the 1990s, it became shorthand for efforts to arbitrage labor costs by using lowerwage workers in developing nations. But savvy manufacturing leaders saw it as more: a decisive change in globalization, made possible by a wave of liberalization in countries such as China and India, a steady improvement in the capabilities of emerging-market suppliers and workers, a growing ability to transfer proven management...
Words: 4145 - Pages: 17
...BARRIERS TO SUCCESSFUL IMPLEMENTATION OF ADVANCED MANUFACTURING TECHNOLOGIES WITHIN SMALL AND MEDIUM INDUSTRIES IN KENYA Jacob Luballo Muyoyo Gangla Department of Computer Studies Kenya Technical Teachers College P.O. Box 44600 Nairobi - (0)20 7120212, 0729994440 E-mail:Luballomuyoyo@yahoo.com ABSTRACT Small and medium scale industries (SMIs) are increasing under pressure to adopt advanced manufacturing technologies (AMTs) to survive or be competitive. Previous studies suggest that AMTs can diffuse in SMIs that adopt new ways of thinking, have a workforce with higher level of skills, a flexible organizational structure and inculcate a new culture in managing, training and planning of the manufacturing technologies. However, in Kenya where SMIs appear slow to adopt AMTs, little work appears to have been done on the ability of SMIs to implement AMTs successfully. An exploratory survey of 60 SMIs suggest the need to rethink implementation of AMTs if they are to obtain strategic benefits of AMTs. In particular, they need to rethink their organic structure and understanding of the technologies, plan their level of skilled workers and engineers, and change their culture. Increasing their competitiveness and organizational flexibility requires a flexible structure, training of the workers to running multiple machines, stopping production when problem occurs, communicating organizational goals, and participating in idea generation and decision making. Further, SMIs...
Words: 5773 - Pages: 24
...Timbuk2: Outsourcing, Offshoring and Mass Customization Introduction: Timbuk2 was founded in 1989 by Rob Honeycutt, a San Francisco bike messenger. Honeycutt wanted to develop a messenger bag that was rugged enough for everyday wear and tear, but chic enough to set a fashion trend. The company founded its success based on its lean manufacturing and mass customization principles. With many of the American companies now outsourcing their manufacturing processes to China, it became hard for Timbuk2 executives to ignore the labor cost benefits that Chinese manufacturing would provide. Dealing with different channels (wholesale/retailers, e-commerce, etc), Timbuk2 also had to find a way to improve their mass customization processes and determine if it was feasible for them to offer their clients more choices (colors, sizes, patterns, etc). In this case, Timbuk2 has two very distinct problems. The first problem is concerned with Mass Customization of their products. Should the company offer its clients more variety of choices when customizing their very own bags? The second problem is concerned with whether or not Timbuk2 outsource its manufacturing production to China due to it’s significantly low labor costs? Analysis: Mass Customization: Timbuk2 sells its products through different channels, such as the traditional domestic wholesaler and retailers, e-commerce, corporate and international channels. The most profitable channel for the company is the e-commerce channel...
Words: 1471 - Pages: 6
...It has some of the benefits of being cost effective and ensuring quality production. However, it faces unpredictability in the supply chain and meeting demand, both setbacks realized in adopting it. The magnitude of the benefits and setbacks can vary depending on the industry. The current study provides details on the advantages and disadvantages of employing the policy in the manufacturing industry with implementation examples specific to the car manufacturing industry. With the policy being pioneered by Toyota, and later used by Ford, the evidence that the two organizations have benefited substantially from the policy are obvious. They have had increased profits, customer satisfaction and the quality of their products. All while reducing costs associated with the storage of excess inventories, defective production, and waste. Strategies maximizing the use of a just in time policy and avoiding some of the disadvantages will also be discussed. Just in Time Just in time production first surfaced just after World War II in Japan’s Toyota Company. Modeled after Henry Ford’s continuous flow manufacturing, it focused on eliminating waste in the postwar Japanese market (Rona, 2013). Today just in time still emphasizes the reduction of waste, but also production and resource efficiency. These efficiencies are gained through reduction of inventory realized through simpler production processes, proper preventive maintenance, resource management, and controlled raw material in/outflows...
Words: 4157 - Pages: 17
...Chapter 18 Production Planning and Control In any manufacturing enterprise production is the driving force to which most other functions react. This is particularly true with inventories; they exist because of the needs of production. In this chapter the relationship of production planning and control to work-in-process inventories is stressed. Objectives of Production Planning Control The ultimate objective of production planning and control, like that of all other manufacturing controls, is to contribute to the profits of the enterprise. As with inventory management and control, this is accomplished by keeping the customers satisfied through the meeting of delivery schedules. Specific objectives of production planning and control are to establish routes and schedules for work that will ensure the optimum utilization of materials, workers, and machines and to provide the means for ensuring the operation of the plant in accordance with these plans. Production Planning and Control Functions All of the four basic phases of control of manufacture are easily identified in production planning and control. The plan for the processing of materials through the plant is established by the functions of process planning, loading, and scheduling. The function of dispatching puts the plan into effect; that is, operations are started in accordance with the plant. Actual performance is then compared to the planned performance, and, when required, corrective action is taken. In some instances...
Words: 2599 - Pages: 11
...topic to study? Cost accounting isn't just for manufacturers anymore. Service organizations, while no tangible products, can control costs and gauge internal performance by using service-specific adaptations of traditional manufacturing cost techniques. These practices provide a consistent framework for analyzing business decisions and examining issues that are more important for service companies. Part I Manufacturing, Merchandising and Service Companies. There are three different types of companies and each type of company will have a slightly different in term of financial statement presentation and cost management also. The main difference is with the cost of goods sold. A manufacturing company uses labor and other inputs to transforms raw materials into finished product and then sells the product, like a merchandising company. But in service company does not produce/sell products, instead it provides service. So service companies usually don’t have a cost of goods sold as they aren’t selling a product, they are selling an idea. As the other two company types; Manufacturing, Merchandising Company are selling a tangible product, they will have a cost of goods sold. 1.1 How are they different in term Cost accounting? Title | Manufacturing company | Merchandising company | Service Company | Inventory | * Raw materials * Work in process * Finish goods | * Merchandise inventory | No inventory | Cost of goods/services | * Cost of goods sold |...
Words: 704 - Pages: 3
...Executive Summary MYO by Thalmic Labs Planning and Controlling the Supply Chain ISCOM/471 Executive Summary MYO by Thalmic Labs Thalmic Labs is a technological start-up company that is about to release the MYO. The MYO is a armband remote control, that can interface with almost anything, with Bluetooth technology. It can control vehicles, models, computers, video games etc. The applications are almost limitless. The supply chain for Thalmic Labs is joined by a few larger investment companies that have given the creators of the MYO armband access to their expertise in manufacturing and research and development (R&D). The main contributor, Intel, will be a crucial partner for Thalmic Labs because they have the experience in scale production and designing next generation products. The four primary types of manufacturing processes and their descriptions are: 1. Job shop – A job shop is a very flexible operation with many different activities with which work can pass, such as a machine shop. It is high in variable cost, labor content, and skill. It tends to have a jumbled flow with many products. It also tends to be a low volume process. 2. Batch Shop – This is similar to job shop, except activities are in more of an assembly line flow. A car manufacturer’s conveyor belt is an example except different from assembly line because it can fill specific customer orders. 3. Assembly – In an assembly work is processed in a fixed sequence, just like a...
Words: 850 - Pages: 4
