Free Essay

Business

In:

Submitted By ruhi86
Words 4184
Pages 17
Why Safety is important
There are many reasons for which managers concern about safety and accident prevention, the utmost important one of this is the staggering number of workplace accidents. On 24 April 2013, an eight-story commercial building, Rana Plaza, collapsed in Savar, in the Greater Dhaka Area, the capital of Bangladesh. The search for the dead ended on 13 May with the death toll of 1,129. Approximately 2,500 injured people were rescued from the building alive. Statistics is actually underestimating the real number of injuries and illness by many times.
However, injuries are just not the problems in dangerous industries like construction. For instance, manufacturers of computers and computer peripherals experiences reportable injuries or illnesses every year. Even commercial kitchens contain hazards like slippery floors and knives. ‘Sick building syndrome” like headaches and sniffles are the results of new computer technology which emit chemical fumes. Last but not the least, office work is at risk to other health problems which includes “repetitive trauma injuries that related to computer use, respiratory illness stemming from indoor air quality and also high levels of stress.
The Hidden Story However the facts and figures do not tell us the complete story. As because this does not encompasses the human suffering incurred by the injured workers and their families or the real economic cost incurred y the employers. The 2012 Dhaka fire broke out on 24 November 2012, in the Tazreen Fashion factory in the Ashulia district on the outskirts of Dhaka, Bangladesh. At least 117 people were confirmed dead in the fire, and at least 200 were injured, making it the deadliest factory fire in the nation's history.
Management role in Safety Prevention of accidents often results in reducing accident causing conditions and accident causing acts. However safety always starts at the top is what as agreed by the safety experts. Telling supervisors to “Watch for spills” and employees to “work safety” is fruitless if everyone thinks management’s not serious about safety.
For example, DuPont’s accident rate has been much lower than that of the chemical industry as a whole historically. Organizational commitment to safety is partly contributes to this good safety record.
What Top Management can do? Safety policies generates from the top management. Ideally, “Safety is an integral part of the system, woven into management proficiency and a part of everyone’s day to day responsibilities. The employer should institutionalize top management’s obligation with a safety plan and publicize it. Safety matters should be given high priority in the meeting.
One cannot consider Safety is just a case of legal conformity or humanitarianism; in fact it is beyond that. Particular Study based on two organization shows that payment for safety activities by themselves work out as direct savings of workers’ compensation expenses over 4 years.
The Supervisor’s role in Safety While inspecting was done on a site where workers installing pipes in a 4 foot trench, an OSHA inspector cited employer for violating the rule requi4ring employers to have a “stairway, ramp, ladder or other safe means of egress” in deep trench excavations. Workers needed a quick way out in the event when the trench caved in.
In most cases, the employer bears the first and foremost in charge for safety and the local supervisor is made responsible for day to day inspections. However, in this case supervisor did not properly do his daily inspection. The trench collapsed and as a result several employees were severely injured.
So, the moral is that safety inspection should always be part of the supervisor’s daily routine. For instance, “a daily walk-through of supervisors’ workplace – whether you are working in outdoors constructions, indoor manufacturing, or any place that poses safety challenges-is an essential part of his/their work.”
However, what to look depends on the situation. For example, dry cleaners and construction sites have unique hazards. Because of all those factors and reasons, all managers and supervisors need to be familiar with occupational safety law.
Occupational Safety Law in Bangladesh
Safety
Fire: Present law with regards to fire: Section 62 deals with the provisions for measures to be taken by a factory to avoid dangers and damage due to fire. 1. Marking in red letter in proper size, in the language understood by the majority of the workers, on such doors, windows or any alternative exit affording means of escape in case of fire. 2. Where more than ten workers are employed other than in the ground floor, there shall be a training for all the workers about the means of escape in case of fire. 3. The section provides for the following: At least one alternative exit with staircases connecting all the floors of the factory building as described in the rules for each and every factory. 4. The doors affording exit must be open outwards, unless it is sliding in nature, if the door is between two rooms it must open in the direction of the nearest exit. 5. There shall be at least one fire-extinction parade and escape-drill at least once a year in a factory where more than fifty workers are employed. 6. There shall be a free passage-way giving access to each means to escape.
Floors, stairs and means of access: Provisions of the new labor law:
Under Section 72 of the new labor law deals with the floors, stairs and means of access. The section states as follows:
All floors, staircases, and passages shall be of sound construction and properly maintained, and if it is necessary to ensure safety, hand-railings shall be provided with them.
Reasonable safe passageway or access shall be maintained in a place where employees work.
All the floors, passageways, and staircases shall be maintained in a neat and clean manner, wide enough, and free from any blockade.
Excessive Weights: Provisions of the new labor law:
Section 74 of the new labor code states that, no person shall be employed in any factory to lift, carry or move any load so heavy as to be likely to cause him injury.
Safety of building and machineries: Provisions of the new labor law: Section 61 of the labor law 2006 provides for the measures to be taken as regards the safety measures related to building and machines.
The section goes as follows: If it appears to an Inspector that any building or part thereof or any passageway or machine of the factory is in such a condition which is injurious for the life and health of the workers working therein, the Inspector may issue an order to the owner of the factory to take necessary steps immediately within the specified time therein.
If the Inspector is of the opinion that the building or any machine is seriously dangerous for the life of the worker, he shall issue an order to repair or alter that immediately failing which, to not run the factory unless and until the building is so repaired or replaced.
Fencing of machinery (Section 63 of Labor Law, 2006)
Provisions of the new labor law: Fencing must also be done on any other parts (in motion) that contains screw, bolt and key on any revolving shaft, spindle wheel or pinion and all spur, toothed friction gearing, etc.
The Government may exempt fencing of the aforesaid objects, if and only if certain other measures are adopted that will ensure safety of the workers.
Factories are required to secure the following parts of machinery in order to ensure safety of the workers: * Every part of an electric generator, transmission machinery and other dangerous part of any machinery. * Every moving part of a prime mover and every fly wheel connected to a prime mover
Work on or near machinery on motion (Section 64 of Labor Law, 2006)
Provisions of the new labor law: In case of examining, adjusting and lubricating part of machinery in motion, it is required to employ a well-trained adult male worker.
Women and adolescent are not allowed to do the above-mentioned tasks and they are not also entitled to work in places between fixed and moving parts of any machinery in motion.
The worker must wear tight-fitted clothing while conducting such jobs and no other person will be allowed to work on behalf of him during his absence.
Explosive or inflammable dust or gas (Section 78 of Labor Law, 2006)
Provisions of the new labor law: Enclosed parts of the plant that contain potentially explosive materials shall only be opened if certain required precautionary measures are met: a) Stop valves should be used to stop flow of gaseous objects in pipelines before working on any joint of that pipeline. b) Practicable measures should be taken to reduce pressure inside the pipeline before working on joints of that pipeline c) Entrance of inflammable gases or vapors, into the pipeline through the joints that are to be worked on, must be carefully prevented.
The following practicable measures must be taken in factories to avoid explosions caused by inflammable dust, gas or vapor produced during the manufacturing process: a) Effective enclosure of the plant or machinery used in the process b) Removal or prevention of the accumulation of inflammable objects c) Proper enclosure of all possible sources of ignition.
In case of the impossibility of placing a strong enclosure for the above-mentioned sources of inflammable objects, provisions of chokes, baffles, vent or other effective appliances have to be kept.
Operation that requires actions of heat, such as welding, brazing, soldering or cutting, shall not be conducted in a factory that contains or previously contained inflammable objects without taking appropriate safety measures.
Precautions against dangerous fumes (Section 77 of Labor Law, 2006)
Provisions of the new labor law: No person shall be allowed to enter potentially hazardous chambers, containing dangerous fumes, such as tank, vat, pit, pipe, flue or confined spaces if there is not any manhole of adequate size.
No person shall be allowed to enter the places mentioned above for the purpose of working or making any examination before sufficiently cooling the places down by ventilation.
Suitable breathing apparatus, reviving apparatus and belts and ropes shall be kept ready beside the confined space for instant use.
No person shall be allowed to enter the places mentioned above until the following measures are taken: A certificate in writing has to be given by a competent person stating that the space is free from dangerous fumes and is fit for persons to enter.
Personal protective equipment
Provisions of the new labor law: Effective screens or suitable goggles shall be provided for the protection of person’s eye where there is a risk: - Of injury to eyes from particles or fragments thrown off in the course of the processing - To the eyes, by reason of exposure to excessive light or heat. Section 75 deals with the protection of eyes. There are several sections in the new law where the personal protection of the worker has been discussed.
Risk assessment and prevention
Provisions of the new labor law: There are several sections in the new labor code regarding the assessment of risk and prevention thereof. Section 40 and 79 of the new labor law made provisions for the government to asses certain occupation.
The sections state as follows: The government shall, by notification in the official gazette, provide a list of the dangerous machines and risky operations for the adolescent workers The workers employed in such machines and/or operations shall be sufficiently trained and supervised The Government shall identify and provide a list of dangerous operations
Powers of inspectors on certain matters:
Power to require any measures as to the safety of building and machinery: The inspector may serve an order specifying the measures which should be adopted or an order prohibiting its use until it has been properly repaired.

The Chief Inspector may permit the continued use of machine on such conditions for ensuring safety as he may think fit to impose.

The Chief Inspector may permit the continued use of a hoist or lift installed in a factory upon such conditions for ensuring safety as he may think fit to impose.

Notice to be given to the Inspectors: When any accident occurs in an establishment causing loss of life or bodily injury, the employer of the establishment shall give notice of the occurrence to the Inspector within two working days. (s.62)

where in an establishment any dangerous occurrence occurs whether causing any bodily injury or not the employer of the establishment shall send a notice to the Inspector within three working days.

Where any worker contacts any disease, the employer or the worker concerned or any person authorized by him shall send notice to the Inspector.

Power of Inspectors in case of certain dangers; If, it appears to the Inspectors that any establishment or any part thereof or with the control, management or direction thereof, is dangerous to human life or safety or defective, so as to threaten to the bodily injury of any person, he may give notice in writing to the employer in respect of which he considers the establishment or the thing or practice, to be dangerous or defective and require the same to be remedies within such time and in such manner as he may specify in the notice.

The Inspector may, by order in writing direct the employer prohibiting the extraction or reduction of pillars in any part of such establishments.

The employer if is aggrieved by the order may, within ten days of the receipt of the order, appeal against the same to the Chief Inspector who may confirm , modify or cancel the order.

The Chief Inspector shall report to the Government any order, except the order of cancellation passed by him and shall also inform the employer concerned that such report has been so made. Health and Hygiene
Cleanliness
Provisions of the new labor law:
Under Section 51 of the new labor law deals with the provisions of cleanliness. The law provides for the following:
Every factory shall be kept clean and free from effluvia arising out of any drain, privy, or any other nuisance in the following manner.
A register shall be maintained in every factory for all the required activities

Drinking water
Provisions of the new labor law: Section 58(1) of the new labor law provides for an effective arrangement of sufficient supply of wholesome drinking water conveniently located at suitable point for all workers.

Changes in the present law:
A number of changes are there in the new legislation in this regard: The Factories Act 1965 made a provision that the drinking water cannot be located in any place within 20 feet of distance of latrines, urinals, or washing-places, but the new law has directed for a place convenient to all.

Overcrowding
Provisions of the new labor law:
Section 56(1) of the labor law 2006 makes provisions for required spaces for a single worker employed in a factory.

Lighting
Provisions of the new labor law:
Section 57(1) of the new labor law provides for the arrangement of sufficient and suitable lighting of natural or artificial or both.

Latrines and urinals
Provisions of the new labor law:
Section 59 of the new labor law makes the provisions of the latrines and urinals for the workers employed in a particular factory. The section provides for the following:
a) Sufficient number of latrines and urinals located at convenient places and accessible to all the workers
b) Separate arrangements for male and female workers
c) Properly illuminated and ventilated and sufficient supplied with water at all times
d) Clean and sanitary condition be maintained by detergents or disinfectants or with both

Dust bins and spittoons
Provisions of the new labor law:
Under Section 60, the present law deals with the provisions of dustbins and spittoons. Every factory shall provide sufficient number of dustbins and spittoons at convenient places in clean and hygienic conditions a notice shall be posted at every conspicuous place for the workers to the effect that
“Spitting or littering in contravention of clause 2 is a punishable offence”. The earlier laws made the provision of a Taka 2 fine for the violation of the spitting rules which is eliminated in the new law and only a notice has been provided for to that effect.

Occupational Safety Law in the United States of America
OSHA standards and record keeping in carrying out its duties, OSHA is responsible for promulgating legally enforceable standards. OSHA standards may require conditions, or the adoption or use of one or more practices, means, methods or processes reasonably necessary and appropriate to protect workers on the job. It is the responsibility of employers to become familiar with standards applicable to their establishments and to ensure that employees have and use personal protective equipment when required for safety. Exempt employers, like nonexempt employers, must comply with OSHA standards, display the OSHA poster, and report to OSHA within 8 hours any accident that results in one or more fatalities or the hospitalization of three or more employees.

If an on-the-job accident occurs that results in the death of an employee or in the hospitalization of three or more employees, all employers, regardless of the number of employees, must report the accident, in detail, to the nearest OSHA office within 8 hours.
What the employers must report
Employers are responsible for keeping employees informed about OSHA and about the various safety and health matters with which they are involved. These include:
• Job Safety and Health Protection workplace poster (OSHA 2203 or state equivalent) informing employees of their rights and responsibilities under the Act. Besides displaying the workplace poster, the employer must make available to employees, upon request, copies of the Act and copies of relevant OSHA rules and regulations.
• Copies of all OSHA citations for violations of standards. Every establishment covered by the Act is subject to inspection by OSHA compliance safety and health officers, who are chosen for their knowledge and experience in the occupational safety and health field. Compliance officers are vigorously trained in OSHA standards and in recognition of safety and health hazards. Similarly, states with their own occupational safety and health programs conduct inspections using qualified compliance safety and health officers.
Under the Act, "upon presenting appropriate credentials to the owner, operator or agent in charge," an OSHA compliance officer is authorized to:
• "Enter without delay and at reasonable times any factory, plant, establishment, construction site or other areas, workplace, or environment where work is performed by an employee of an employer; and to
• "Inspect and investigate during regular working hours, and at other reasonable times, and within reasonable limits and in a reasonable manner, any such place of employment and all pertinent conditions, structures, machines, apparatus, devices, equipment and materials therein, and to question privately any such employer, owner, operator, agent or employee." and/or
• Situations in which the OSHA area director determines that advance notice would produce a more thorough or effective inspection.

Citation and Penalties
These are the types of violations that may be cited and the penalties that may be proposed:
• Other Than Serious Violation - A violation that has a direct relationship to job safety and health, but probably would not cause death or serious physical harm.
• Repeated Violation - A violation of any standard, regulation, rule, or order where, upon re-inspection, a substantially similar violation can bring a fine of up to $70,000 for each such violation.
• Failure to Abate Prior Violation - Failure to abate a prior violation may bring a civil penalty of up to $7,000 for each day the violation continues beyond the prescribed abatement date.
• De Minimis Violation - De minimis violations are violations of standards which have no direct or immediate relationship to safety or health. Employer responsibilities and rights in states with their own occupational safety and health programs are generally the same as in federal OSHA states.

Responsibilities and Rights of an Employer

As an employer, he/she must:
• Meet your general duty responsibility to provide a workplace free from recognized hazards that are causing or are likely to cause death or serious physical harm to employees, and comply with standards, rules and regulations issued under the Act.
• Be familiar with mandatory OSHA standards and make copies available to employees for review upon request.
• Inform all employees about OSHA.
• Provide training required by OSHA standards (e.g., hazard communication, lead, etc).
• Report to the nearest OSHA office within 8 hours any fatal accident or one that results in the hospitalization of three or more employees.
• Keep OSHA-required records of work-related injuries and illnesses, and post a copy of the totals from the last page of OSHA No. (This applies to employers with 11 or more employees.)
• Post, at a prominent location within the workplace, the OSHA poster (OSHA 2203) informing employees of their rights and responsibilities. (In states operating OSHA-approved job safety and health programs, the state's equivalent poster and/or OSHA 2203 may be required.)
• Provide employees, former employees and their representatives’ access to the Log and Summary of Occupational Injuries and Illnesses (OSHA 200) at a reasonable time and in a reasonable manner.
• Cooperate with the OSHA compliance officer by furnishing names of authorized employee representatives who may be asked to accompany the compliance officer during an inspection. (If none, the compliance officer will consult with a reasonable number of employees concerning safety and health in the workplace.)
• Not discriminate against employees who properly exercise their rights under the Act.
Rights

As an employer, he/she have the right to:
• Seek advice and off-site consultation as needed by writing, calling or visiting the nearest OSHA office. (OSHA will not inspect merely because an employer requests assistance.)
• Be active in your industry association's involvement in job safety and health.
• Request and receive proper identification of the OSHA compliance officer prior to inspection.
• File a Notice of Contest with the OSHA area director within 15 working days of receipt of a notice of citation and proposed penalty.
• Apply to OSHA for a temporary variance from a standard if unable to comply because of the unavailability of materials, equipment or personnel needed to make necessary changes within the required time.
• Apply to OSHA for a permanent variance from a standard if you can furnish proof that your facilities or method of operation provide employee protection at least as effective as that required by the standard.
• Take an active role in developing safety and health standards through participation in OSHA Standard Advisory Committees, through nationally recognized standards-setting organizations and through evidence and views presented in writing or at hearings.
• Be assured of the confidentiality of any trade secrets observed by an OSHA compliance officer during an inspection.

Employees Responsibilities and Rights
Although OSHA does not cite employees for violations of their responsibilities, each employee "shall comply with all occupational safety and health standards and all rules, regulations, and orders Issued under the Act" that are applicable.
• Comply with all applicable OSHA standards.
• Cooperate with the OSHA compliance officer conducting an inspection if he or she inquires about safety and health conditions in your workplace.
What Causes Accidents?
Three basic causes of workplace accidents are Chance occurrences which are beyond the management control, unsafe conditions and Unsafe acts on the part of the employees.
Unsafe conditions

Identifying and eliminating the unsafe condition is the absolute solution. That is why; the major endeavor of the OSHA standards is to deal with these mechanical and physical accidents causing conditions. It is the responsibility of the employer’s safety department, human resource managers and top managers to identify the unsafe conditions.
Though accident can happen anywhere, but there are some high danger zones. According to Bangladesh Labor Act, 2006:
Dangerous operations : Where the Government is satisfied that any operation carried on in an establishment exposes any person employed in it to a serious risk of bodily injury, poisoning, or disease, it may make rules applicable to such establishment or class of establishments in which such operation is carried on-
(a) specifying the operation and declaring it to be hazardous
(b) Prohibiting or restricting the employment of women, adolescents or children in the operation;
(c) Providing for the periodical medical examination of persons employed in the operation and prohibiting the employment of persons not certified as fit for such employment;
(d) Providing for the protection of all persons employed in the operation or in the vicinity of the places where it is carried on and the use of any specified materials or processes in
Connection with the operation; and
(e) Notice specifying use and precautions regarding use of any corrosive chemicals.

What causes Unsafe Acts (A second basic cases of accidents) Unsafe acts can have huge impact even the better efforts to reduce unsafe conditions exists. For instance, people who are impulsive, sensation seeking, extremely extroverted and less conscientious are more likely to face accidents. Moreover, risky driving personality traits are naturally competitive and prone to anger as a result Accidents caused with unsafe acts e.g. throwing materials might happens.

Similar Documents

Premium Essay

Business to Business

...Social Networks and Media Conquer B2B Social Networks are a flourishing phenomenon in today’s generation. It has already entered and affected the B2C network. In B2C network the social networks have become a concerning factor and plays a major role in marketing and communications. As we are all familiar with the B2B network and what does it actually implies, the question arises whether the social networks can play an important role in B2B network and for B2B companies. Social networks are not another passing phenomenon; they have matured and have registered themselves highly in the minds of the customers. B2B network also gets conquered by the social networks the business houses that trade with each other are actually the customers of each other and they also engage themselves in social networking. Some useful statistics from the social networking world states that the total time spent on social media has increased from 6% in 2007 to 20% in 2011. The registered users will almost reach 2 billion people by 2014. These figures show relentless growth and usage of social media. Already 91% of the B2B companies are active on Facebook, 53% on Twitter and 47% on LinkedIn. These statistics reveal that social media has conquered B2B network and has entered in that chain as means of effective communication and presentation. B2B companies deal with people and not robots. So the influence of emotions before purchasing a product is applicable to them also as they are not immune to these...

Words: 798 - Pages: 4

Premium Essay

Business

...Unit Title: The Business Environment Guided Learning Hours: 160 Level: Level 5 Number of Credits: 18 Learning Outcome 1 The learner will: Understand the significance of the environment on business activity. Assessment Criteria The learner can: 1.1 Explain the features of business activity. Indicative Content 1.1.1 Explain the business organisation as a transformation process. 1.1.2 Describe the different ways in which a business may structure its activities. 1.2 Discuss the complex interactions that operate between a business and its environment. 1.2.1 Discuss the complexity, volatility and uniqueness of an organisation's environment. 1.2.2 Explain the influence of shareholders on the internal environment of an organisation. 1.2.3 Outline the nature of the external environment (PEST). 1.3 Explain the need for change and its management within an individual business. 1.3.1 Discuss the need to monitor changes in the external environment. 1.3.2 Discuss the implications of environmental change for a business, its stakeholders and society. 1.3.3 Explain reasons for resistance to change by firms, managers and employees. 1.3.4 Describe ways in which resistance to change may be overcome. Learning Outcome 2 The learner will: Understand the structure and organisation of business. Assessment Criteria The learner can: 2.1 Discuss the impact of industrial and legal structure and size on organisational behaviour. Indicative Content 2.1.1 Classify businesses...

Words: 1138 - Pages: 5

Premium Essay

Business

...The Business Enterprise 1.) Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. Case, Kouzes and Drucker each have good theories and philosophies on entrepreneurship and leadership. Each had different ways of stating what they thought made a good entrepreneur but for the most part focus on some of the same things and agreed that with the right balance of these characteristics then succeeding, as an entrepreneur would be possible. One of the common elements that each focused on was people. Interaction with people is important when it comes to entrepreneurship and leadership skills according to Case, Kouzes, and Drucker. Each inferred that if a person does not have people skills, then the person would not succeed as an entrepreneur or a leader. People skills would be the ability to motivate others and interact. A leader cannot lead without being able to interact with people. Starting a business requires interaction with people on some level. Another common element that they all thought were important was not being afraid to take risk. Taking a risk in order to monopolize an industry to succeed is important. The definition of entrepreneurial leadership is one of an enterprising, transformational leader who operates in a dynamic...

Words: 1383 - Pages: 6

Premium Essay

Business

...Business communication can take many forms, written and verbal. It can be between managers and employees within a company, or between a company and its customers, partners or suppliers. The purpose of business communication also varies, but it should always benefit your business. When carried out effectively, business communication can build your company's reputation, resolve and prevent conflicts, and contribute to strong relationships between your company, its customers and the business community. Build Customer Relationships Few businesses would grow or even survive without the benefits gained through marketing communications. You can take advantage of the wide variety of media available to let the public know about your products or services. Use business communications to establish your company as an authority or thought leader in your industry. Offer a white paper or online articles that discuss common problems business owners face and present your company's solution. A weekly or monthly newsletter to your prospects or established customers will help build trust by providing helpful tips and information. Occasionally sending out a direct mail or email survey will help you get to know your customers and better fill their needs. Freely sharing your expertise and gathering feedback from your customers will help you build a strong relationship with your customer base, and establish your company as a trusted expert in your industry. Motivate Team Good communication...

Words: 763 - Pages: 4

Premium Essay

Business

...ecutive Summary The New Australian Company is a new red wine brand that will be introduced in Singapore. The brand is a unique and high quality red wine brand that meets the growing preference of consumers. It will be distributed to several hotels, restaurants, supermarkets, and wine boutiques/shops that are located in the commercial business districts of the city-state. The brand is managed and owned by a group of wine-lover businessmen who have tremendous experienced in business administration, marketing and sales management and customer service. The owners are now looking for additional investments in order to capitalize the project well. The company has already made several negotiations with successful business distributors in Singapore. The company is confident to compete with many large distributors because it is closely working with top-notch suppliers and manufacturers who are known as wine experts or cellar masters. The target market is the Generation Y or the millennial because it is 77 percent of the population. This group also consumes wines at a faster and higher rate. The sales forecasts for the New Australian Company begin with $700,000 for the first year, and this will increase to 50 percent ($1, 050,000) in the second year, and 60 percent ($1,680,000) in the third year of operation. The company will be expecting a profit margin of 30-40 percent, and at least 25 percent return of investment in the first operational year. The company wants to change...

Words: 1216 - Pages: 5

Premium Essay

Business

...Module-16 The role of business in The economy: M arkets and coMMerce TEACHER’S GUIDE P. 487 P. 491 P. 492 P. 492 P. 493 P. 496 P. 497 P. 501 Defined Content standards Materials Procedure Lesson outline Closure Assessment Overheads VISUAlS N Visuals for overhead projector. Copy to transparent paper for overhead. P. 502 NVisual-1: Market defined P. 503 NVisual-2: Business defined lESSonS 2 Copy and handout to students. P. 506 P. 513 P. 518 P. 522 2Lesson-I: I, Pencil 2Lesson-II: Specializing in production 2Lesson-III: Wal-Mart 2Lesson assessment the role of business in the econoMy Markets and coMMerce Module-16 Teacher DEFInED A market is a social arrangement that allows buyers and sellers to discover information and complete voluntary exchanges of goods and services. commerce consists of trading something of economic value such as a good, service, information, or money between two entities. business is the management and coordination of people and resources to accomplish particular production goals, usually for the purpose of making profit. business, commerce, and markets create many benefits for consumers, and as a result of business, commerce, and markets in the economy, consumers experience an increased standard of living. businesses obtain resources such as labor and equipment, and businesses specialize in the production of particular goods and services. As a result of business in the economy, the variety...

Words: 9175 - Pages: 37

Premium Essay

Business

...cover cover next page > Cover Business, Management and Finance Small Business; Entrepreneurship title author publisher isbn10 | asin print isbn13 ebook isbn13 language subject publication date lcc ddc subject : : : : : : : Entrepreneurship and Small Business Burns, Paul. 0333914732 9780333914731 9781403917102 : : : : cover next page > file:///Z|/_==%CF%CE%C8%D1%CA==/Entrepreneurship%.../0333914732__gigle.ws/0333914732/files/cover.html [06.10.2009 1:01:58] page_i < previous page page_i next page > page_i next page > Page i Entrepreneurship and Small Business < previous page file:///Z|/_==%CF%CE%C8%D1%CA==/Entrepreneurship%...0333914732__gigle.ws/0333914732/files/page_i.html [06.10.2009 1:02:00] page_ii < previous page page_ii next page > page_ii next page > Page ii < previous page file:///Z|/_==%CF%CE%C8%D1%CA==/Entrepreneurship%2...0333914732__gigle.ws/0333914732/files/page_ii.html [06.10.2009 1:02:00] page_iii < previous page page_iii next page > page_iii next page > Page iii Entrepreneurship and Small Business Paul Burns < previous page file:///Z|/_==%CF%CE%C8%D1%CA==/Entrepreneurship%2...333914732__gigle.ws/0333914732/files/page_iii.html [06.10.2009 1:02:00] page_iv < previous page page_iv next page > Page iv © Paul Burns 2001 All rights reserved. No reproduction, copy or transmission of this publication may be...

Words: 182024 - Pages: 729

Premium Essay

Business

...CHANGING CLOTHES. CHANGING CONVENTIONAL WISDOM. CHANGING THE WORLD. Fast Retailing has the conviction and vision to face the challenge of creating a better world. PARIS Valerie Dassier, Head of E-Commerce and Customer Care, Comptoire des Cottonniers and Princess Tam Tam To become a leader, it’s not enough to do it a little bit better. Great leaders see a different reality. LONDON Kate Pierre, Store Manager, Uniqlo UK We are going to be the number one casual clothes company in the world. And we will look to our managers in the company to take on bigger roles in their local countries and abroad. MOSCOW Aleksandr Kurchatov, Store Manager, Uniqlo Your attitude and your smile go a long way. My philosophy is to give people the chance to smile and they will open up. NEW YORK Jennifer Parker, VP Store Management, Theory, NY More than any other retailer, FR empowers people to be the CEOs of their own four walls. They put the onus on the store manager to change themselves and make it the most important role. SAN FRANCISCO Daisuke Tsukakoshi, Director West Coast, Uniqlo USA In the U.S., the home of casual clothing, competition is fierce. We’ll need people who are willing to play major roles in opening up this effort. SHANGHAI Joanne Lam, Merchandising Director, Uniqlo, Hong Kong and Mainland China I always admired Coco Channel as a kid. She turned around the whole fashion industry of her time. I want to work in a big company that is prepared to make that...

Words: 6333 - Pages: 26

Premium Essay

Business

...- BTEC FIRST DIPLOMA BUSINESS - Unit 16: Business Enterprise Assignment [pic] [pic] • The due date for the whole assignment is Friday 25th May 2012 • You will have time allocated to complete the MERIT and DISTINCTION criteria only when the PASS criteria is completed • You will be able to gather evidence for Level 2 Key Skills in Communication, Application of Number and Information Technology from completing the assignment You will also be able to gather evidence for Key Skills Level 2 Improving Own Learning and Performance (LP2.1, Lp2.2 and LP2.3) as you plan, review and complete the assignment ASSIGNMENT TASKS The scenario You and some friends have always been interested in working for yourself rather than being an employee. You now feel it is the right time to start up a new business and so you begin to consider the idea and investigate the possibilities further with your friends. There are many ideas you have but before you can start the business you have decided to investigate what things you need to know about starting up a business. You and your friends are considering asking your bank manager to provide you with the finance for starting up the business and so it is important that you know exactly what is involved. You and your friends will have to present your business idea to the bank manager so it is important that you know what you have to do…! ______________________________________________________________ ...

Words: 905 - Pages: 4

Free Essay

Business

...to this issue. The latest issue can be found on the Edexcel website: www.edexcel.com References to third-party material made in this specification are made in good faith. Edexcel does not endorse, approve or accept responsibility for the content of materials, which may be subject to change, or any opinions expressed therein. (Material may include textbooks, journals, magazines and other publications and websites.) Authorised by Roger Beard Prepared by Susan Hoxley Publications Code BH029073 All the material in this publication is copyright © Edexcel Limited 2011 Edexcel BTEC Level 4 HNC Diploma in Business Edexcel BTEC Level 5 HND Diploma in Business Edexcel BTEC Level 5 HND Diploma in Business (Accounting) Edexcel BTEC Level 5 HND Diploma in Business (Management) Edexcel BTEC Level 5 HND Diploma in Business (Marketing) Edexcel BTEC Level 5 HND Diploma in Business (Human...

Words: 15079 - Pages: 61

Premium Essay

Business

...A business undertaking is an organisation which is engaged in some industrial or commercial activity. It represents an institutional arrangement for carrying on any kind of business activity. It may be owned and controlled by a single individual or by a group of individuals who have entered into a formal or informal agreement to jointly conduct the business. Every business undertaking is a separate and distinct business unit. It has its own identity and separate ownership. It can be distinguished from other undertakings on the basis of its ownership, management and control. According to Wheeler, a business undertaking is a concern, company or enterprise which buys and sells, is owned by one person or a group of persons and is managed under a specific set of operating policies". Thus, a business undertaking may be defined as an organisation operating under separate ownership, management and control and carrying on any business activity with independent risk- bearing. All business undertakings are directly or indirectly engaged in the transfer or exchange of goods and services for value. They deal in goods and services on a regular basis. Their main motive is to earn profits and they are exposed to various types of risks. Characteristics of a Business Undertaking The basic features of a business undertaking are as follows: 1. Separate identity: Every business undertaking has a separate identity. It has a distinct name and separate existence. Its assets and liabilities are...

Words: 1147 - Pages: 5

Premium Essay

Business

...Gerri Bednarcyk Ch 1 Assign - Business Now: Change is the Only Constant Respond to these questions in a Word document. You do not have to include the question, but make sure to number the response.  You need to use complete sentences and correct grammar.  Once you have answered all the questions, save it as Chapter 1 – [your name] and upload it as an attachment. Watch the lecture video:  Make sure you have read Chapter 1 and have posted in the discussion forum. 1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? The factors that contribute to the rapid pace of change in business are Human Resources, Capital, Natural Resources, Entrepreneurship, and Technology. The factors are more than likely to increase because all factors listed are increasing at a fast pace. I feel that factors are increasing because they are definitely in high demand at this time in our economy. 2. Explain the term "business".  A business is any organization or activity that provides goods and services in an effort to earn a profit. Businesses are leading in capitalist economies, where most of them are privately owned and ran to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned 3. Explain the role of business in the economy. The economies of the country depends upon the employment provided by big and small businesses and produces the goods and provide...

Words: 908 - Pages: 4

Premium Essay

Business

...Recording Transactions Keeping business records accurate and up to date is important for the smooth running of a business. The business owner must record all of the money coming into the business from successful sales of the product and all of the money going out, such as expenses including money owed for storage, wages that are paid and money to purchase the stock. If a business fails to do this it may find itself not chasing payments, forgetting to pay bills or, even in trouble with HM Revenue and Customs. If the business does not record its transactions correctly, it cannot report its financial performance accurately and therefore tax payments may be wrong. By recording the sales made, the business owner is given a clear indication of what’s popular and so it becomes clear what products should have increased stock or altered price. In your case, it is very important that you monitor your sales as a new business will most likely not make any profit straight away, so it’s vital to record your transactions so you are able to at least breakeven until more customers become aware of your business and you can start to make a profit. Furthermore, since you have negotiated a one month credit with a supplier, it is important to record your transactions so you know that you can repay the supplier after the month has passed and avoid any consequences. It would be beneficial to you if you could keep your credit supply as then you will have money coming in from your customers to then...

Words: 274 - Pages: 2

Free Essay

Business

...The United States exists in a capitalistic economy meaning that private enterprise is based on fair competition, economic freedom, and private ownership therefore; business is the heartbeat of our economy. Everything from manufacturing, health care, sales, and agriculture involves business in some way. Businesses provide jobs and produce goods and services that we depend on every day (What Role Does Business Play in Our Economy..?). They pay state and federal taxes to the government on their services provided. The taxes paid by businesses and the people employed by them allow the government to function. Looking at businesses in this way you can clearly see that business is a pivotal part of the economy. Within our economy two types of business organizations exist: for-profit and nonprofit. A for-profit organization will produce goods or services in the hopes of making revenue off its products. Most organizations you think of today are probably a for-profit establishment. Organizations that are classified as not-for-profit or nonprofit often operate under the guise of the emotional appeal of compassion but can also become major economic engines. They are business like establishments but unlike a for-profit business, their primary goals do not include making monetary profits. For profit businesses operate to generate revenue under the idea to have more profit than loss at the end of the day. Unlike for- profit businesses, nonprofits are organizations that are classified...

Words: 1532 - Pages: 7

Premium Essay

Business

...offer the bases in preparing, presenting and displaying even in interpreting general-purpose financial statements. There are some important accounting concepts that support the readiness and preparation of any accounting arrangement or financial statements such as Going Concern Concept, Consistency Concept, Prudence Concept, and Accruals Concepts. For example, Going Concern Concept is a company or organizations will not be going to bankrupt unless there have a confirmation and evidence to the contrary and this is supported by accountants. Purpose of Accounting Conventions An accounting convention refer to regular and common practices which are all around followed in recording and exhibiting accounting data and information of the business entity. They are taken after like traditions, convention, and so forth in a general public. Accounting conventions are evolved through the normal and consistent practice throughout the years to encourage uniform recording in the books of accounts. Accounting conventions help in contrasting accounting information of various specialty units or of the same unit for various...

Words: 645 - Pages: 3