Pawnshop Operation

In: Business and Management

Submitted By vic2x
Words 15306
Pages 62
CHAPTER 1
THE PROBLEM AND ITS BACKGROUND
Introduction
Pawnshops have been around in one form or another for the past 3,000 years. They offer services similar to those of modern banking institutions including loans, consignments, and storage. A good pawn broker buys items for a reasonable price and sells them at a discount. The pawn industry is about making money, and that means repeat business and reasonable dealings.
A good pawnshop will carry a variety of items including jewelry, tools, antiques, furniture, knives, guns, crossbows, camping gear, and everything and anything you could imagine being of value and sellable. Some pawn shops even buy and sell cars, motorcycles, and aircraft.
In the Philippines Pawnshop Operation is guided/ covered by Presidential Decree No. 114 Sec. 1-2 as:
This decree may be cited as the Pawnshop Regulation Act, which stipulated according to that: “ It is hereby declared the policy of the State to regulate the establishment of pawnshops and to place their operation on a sound and stable basis to derive the optimum advantages from them as an additional source of credit; to prevent and mitigate, as far as practicable, practices prejudicial to public interest; and to lay down the minimum requirements and standards under which they may be established and do business...”


The word "pawn" comes from the Latin word "pignus," which means to pledge. When someone has an item of worth on which they would like to receive a monetary loan, they take that item to a broker who receives it as a pledge (aka collateral or pawn) in exchange for money. A pawn shop serves as that kind of broker.
Pawn shops have existed since ancient times, and are arguably humankind's oldest financial institution. In China, the history of pawn-broking can be traced back some 3000 years, where it was regulated by Imperial authorities. In India the practice…...

Similar Documents

Operation

...Zhenni Lou Option 7:Research Assignment for Operation Management Understanding Apple Company’s value chain This main purpose for this article is to analyze Apple Company’s value chain. From this article, some professional knowledge about value chain in operation management can be learned. And the analyze will be deeply discussed in operation structure. In the textbook, operation structure is defined as the configurations of resources in the value chain including elements of suppliers, factories, distributors, sales offices, design and so on. (Collier and Evans, OM) The following articles will analyze specifically how these elements are operated in Apple Company from the view of Value chain style and value chain model. We can not deny that Apple Company is familiar with everybody in the modern society. In 1976, Apple Company was set up by selling computers. They expanded their business to other industries especially in music player and phone during the development of the company in last 11 years. (Apple company) Nowadays, Apple is the dominant marketing leaders in each field they joined in. The most significant factor of these excellent performances is the attitude to the value chain management. The obvious proof for this conclusion is the last sentence of the article as follow: Apple plans to double spending on its supply chain, to $7.1 billion...

Words: 1369 - Pages: 6

Operation Strategy

...Operation Strategy For an organization to perform well across all levels, layers, horizontally as well as vertically, it requires cooperating as a harmonious single system combining interdependent areas of expertise by coordinating between different roles or units to achieve integration and thus collectively creating value (Child, 2005). According to Child (2005), due to globalization through expansion, and thus the creation of more divisions that cannot manage themselves sufficiently, and fierce competition the necessity to intensify coordination and demand to integrate is greater than ever. Areas in which achieving integration is of upmost importance, especially to a MNC such as Samsung due to what was a domestic domain has been contained into the international, are Marketing, R&D and Quality Assurance. Their continued success requires turning awayfrom what made them successful. The tightly integrated business systems that have worked in their home markets are unlikely to secure their future in global markets. To move to the next level, they, too, must reinvent themselves in ways that may seem contradictory. And when they reach new plateaus, they will need to do so again. (Khanna et al, 2011) Samsung has become a World leader in R&D, Marketing and Design (Khanna et al, 2011), although prior to 1996 the company was nowhere as close to where it is today as it hadn’t achieved integration due to a lack of investment into these areas (Kim, 1997). During the early 90s...

Words: 576 - Pages: 3

Pawnshop Operation

...CHAPTER 1 THE PROBLEM AND ITS BACKGROUND Introduction Pawnshops have been around in one form or another for the past 3,000 years. They offer services similar to those of modern banking institutions including loans, consignments, and storage. A good pawn broker buys items for a reasonable price and sells them at a discount. The pawn industry is about making money, and that means repeat business and reasonable dealings. A good pawnshop will carry a variety of items including jewelry, tools, antiques, furniture, knives, guns, crossbows, camping gear, and everything and anything you could imagine being of value and sellable. Some pawn shops even buy and sell cars, motorcycles, and aircraft. In the Philippines Pawnshop Operation is guided/ covered by Presidential Decree No. 114 Sec. 1-2 as: This decree may be cited as the Pawnshop Regulation Act, which stipulated according to that: “ It is hereby declared the policy of the State to regulate the establishment of pawnshops and to place their operation on a sound and stable basis to derive the optimum advantages from them as an additional source of credit; to prevent and mitigate, as far as practicable, practices prejudicial to public interest; and to lay down the minimum requirements and standards under which they may be established and do business...” The word "pawn" comes from the Latin word "pignus," which means to pledge. When someone has an item of worth on which they would like to receive a monetary loan, they take...

Words: 15306 - Pages: 62

Operation Management

... will be sent back to supplier to claim for the certain money. This distance for those materials to be returned back to the station that receive materials takes for 1 meter long. The remaining material will be moving into storage which take 10 minutes time. Meanwhile, our operation department will start the operation. First, the machines will assembly the spectacle and its structure according to the design for 20 minutes longer. Next, they will start to build a frame in 10 minutes time. Once the frame had built, it will send to the next operation which the machine will insert the lens and the camera automatically which takes 5 minutes respectively. Next, it will start insert the chip for voice recognition, nano SD memory card and battery in 10 minutes for each part. When the frame and the temple tips have done, the next step will be combining the temple tips and frame together which takes 10 minutes to complete this step. It will be sent to the next machines which will inspect the whole function of the product to ensure the product can be used. The process also takes 10 minutes time. The qualified product will be sent to next machines which cover the whole spectacle with rubber which takes 10 minutes time. After that, the completed product will move to quality control station which take 1 meter long distance. Next, the employees will finalize the product for 20 minutes to ensure the quality reach satisfactory level.Lastly in the process planning for our product, the Snap...

Words: 4046 - Pages: 17

Operation

...Operating Instructions of the Flood Light Warning: In order to install the light correctly, please read and keep the operation instructions carefully after unpacking. 1. Main Structure and Application Scope of the Flood Light The housing of the flood light is made from high-intensity die-casting aluminum with spray painting surface, which has a good effect of heat dissipation. It is mainly used for outdoor lightings, such as cottages, courtyards and hotels,etc. 2. Main Structural Parameters Product Size: Rated Working Voltage: Rated Power: Frequency: Viewing Angle: Color Rendering Index: Life Span: Luminous Flux: Anti-electric Shock Rate: Lamps Temperature: Enclosure Protection Class: LED Lamp Beads QTY: 3. Installation Requirements and Maintenance (1) Arranging various parts and accessories that the light needs. (2) Cutting off the power before installation. (3) The wires of the light should be installed with the corresponding power lines. (4) Making sure the light is installed on the fastening surface and then lighting up the light. 4. Notices (1) The light must be installed by the professionals. (2) If the light meets some damages due to the unpredictability, it will be considered as a substandard product and will not be used. Instrucciones de operación del reflector. Advertencia: para la instalación correcta del reflector, por favor, leer y guardar cuidadosamente las instrucciones de operación después de desempacar. 1. Estructura......

Words: 312 - Pages: 2

Pawnshop Industry

...Introduction It is said that Pawnbroking is the oldest source of credit. (Caskey, 1994) Pawnshop loans are small, short-term, collateralized loans typically used by low-income consumers. Despite their small principal, however, pawnshop loans are an important tool that many customers use to manage their monthly finances during financial shortfalls. (Carter and Skiba, 2012) In the Philippines, Pawnshop is one of the financial service providers (FSP) that are helping to increase the access to financial services of underserved and unserved. For many Filipinos, pawning is the most convenient way to raise money, easier than securing a bank loan. In the Bangko Sentral ng Pilipinas Report on the State of the Financial Inclusion in the Philippines in 2011, the Banking sector is accounted for more than 80 percent of the total resources of the financial system. This means that the 20 percent are shared by other service providers such as pawnshops, money changers, remittance agents and FX dealers. Some municipalities in the Philippines have no banking presence but have access to pawnshops. While pawnbroking is the main business activity of pawnshops, nowadays many pawnshops are engaging into other auxiliary businesses such as money changing, remittance facilitation, foreign exchange dealership, and bills payment facilitation. Moreover, few pawnshops are offering cash in-cash out centers and offer mobile banking services. Financial economists have produced a large number of...

Words: 489 - Pages: 2

Operation Management

... production process does not stop and finished goods to ensure that the supply is not affected. However, they have also started focusing on lean production in order to cut the cost associated with inventory. In such a scenario, they also want to have the kind of inventory management service organisations have (Michalski, 2008). Locating push-pull boundary strategically is yet another important consideration in inventory management. With the evolution of new technologies in different fields have enabled the organisations to adopt pull demand. Both service and manufacturing organisations are stressing on the need of pull demand, which again is meant to reduce the inventory level and reduce the cost drastically. Cost control has become significant objective of both service and manufacturing organisations as they operate in an intensified competition. While push strategy increases the cost of inventory management, pull strategy keeps it under control. Service organisations have started a lot on pull strategy by utilising latest technologies. For instance, Ola Cabs, a 24/7 cab service in India, is strengthening its Web operation, especially their booking system due to cost associated with it. A booking done through telecommunication or customer care involves 10 times more costs than booking done through online portals. However, the bookings done through customer care is about 30% compared to 10% online. Therefore, there is a great scope to reduce operation cost by promoting......

Words: 1007 - Pages: 5

Operation, Management

...Operations performance objectives This first point made in this section is that operations objectives are very broad. Operations management has an impact on the five broad categories of stakeholders in any organisation. Stakeholders is a broad term but is generally used to mean anybody who could have an interest in, or is affected by, the operation. The five groups are: * Customers - These are the most obvious people who will be affected by any business. What the chapter goes on to call the five operations performance objectives apply primarily to this group of people. * Suppliers - Operations can have a major impact on suppliers, both on how they prosper themselves, and on how effective they are at supplying the operation. * Shareholders - Clearly, the better an operation is at producing goods and services, the more likely the whole business is to prosper and shareholders will be one of the major beneficiaries of this. * Employees - Similarly, employees will be generally better off if the company is prosperous; if only because they are more likely to be employed in the future. However operations responsibilities to employees go far beyond this. It includes the general working conditions which are determined by the way the operation has been designed. * Society - Although often having no direct economic connection with the company, individuals and groups in society at large can be impacted by the way its operations managers behave. The most obvious...

Words: 1318 - Pages: 6

Pawnshop

... SOURCE: 0000000232.RTF THESIS ABSTRACT Title : THE PAWNSHOP INDUSTRY IN METRO LEGAZPI Author : SURATOS, EMMA A. Degree : ? Year : 2000 Location : AQ This study looked into the pawnshop industry in Metro Legazpi in order to recommend measures to improve its operations. Specifically, it answered the following questions: 1. What is the profile of pawnshop industry in Metro Legazpi? 2. What is the current state of operation of the pawnshop industry in Metro Legazpi? 3. What are the problems encountered by the owners/operators and the consequent solutions offered to address them? Scope and Coverage The study is concentrated on the operations of all the 26 pawnshops fully operating in Metro Legazpi. By counting the head office and branches as one, the 26 offices were consolidated into 12. Three new pawnshops that have complied with the requirements but are still waiting for their registration certificates brought the total respondents to fifteen. Registered pawnshops in province of Albay but located outside Metro Legazpi were not included in the list of respondents. Financial condition, management practices, and the clients' perspective were likewise not considered in the study. Sources of Data The primary source of data was the information generated through the survey questionnaires distributed to the owners and staff of the different pawnshops in Metro Legazpi. The secondary source of data came from the files...

Words: 1856 - Pages: 8

Pawnshop

...What is a pawnshop? The pawnshop, consist of many intriguing parts of the entrepreneurial spirit, finance, sales, and money. The main reason a pawn shop is in existence is for helping the people who could not otherwise find or secure a loan for their needs at the time. Banks will loan money, but people with collateral that is not substantial or credit that is poor stand little chance of getting a bank loan, or securing a small cash loan for their needs at the time, this is where a pawn shop comes into play, the shop will loan based on the item being used for collateral and the sum of money needed, generally the loan period will vary based on the state that regulates the pawn shop. The customer has the choice of either selling the item or securing the loan for a period with interest being paid for the amount of time used, if the customer decides not to pick up the loan, the shop will then sell the item for an amount based on a used marketable price. The pawn shops deal in a win-win of high finance, the loans being given are high risk at times therefore the usury rate on the loans are generally at high interest amounts. Once the collateral has been fore-fitted by the customer it becomes the property of the pawnshop to sell to recoup their loan back plus a profit on top of the lost interest and this creates the revenue stream from sales....

Words: 255 - Pages: 2

Operation Management

... produced an average of 80 carts per hour. Workers receive $10 per hour, and machine cost was $40 per hour. With the new equipment, it was possible to transfer one of the workers to another department, and equipment cost increased by $10 per hour while output increased by four carts per hour. p. 66a. |   | a. Compute labor productivity under each system. Use carts per worker per hour as the measure of labor productivity. | b. |   | Compute the multifactor productivity under each system. Use carts per dollar cost (labor plus equipment) as the measure. | c. |   | Comment on the changes in productivity according to the two measures, and on which one you believe is the more pertinent for this situation. | | 5. |   | An operation has a 10 percent scrap rate. As a result, 72 pieces per hour are produced. What is the potential increase in labor productivity that could be achieved by eliminating the scrap? | 6. |   | A manager checked production records and found that a worker produced 160 units while working 40 hours. In the previous week, the same worker produced 138 units while working 36 hours. Did the worker's productivity increase, decrease, or remain the same? Explain. | 7. |   | The following table shows data on the average number of customers processed by several bank service units each day. The hourly wage rate is $25, the overhead rate is 1.0 times labor cost, and material cost is $5 per customer. a. |   | Compute the labor productivity and the multifactor...

Words: 725 - Pages: 3

Co-Operation

... 1. WHAT IS CO-OPERATION? Co-operation is the reason why the team exist, to work together to the same end and towards the same objectives. This is the involvement of several entities who work helping each other to achieve a common goal. The co-operation goes through effective communication to be able to clearly describe what needs to be done. Indeed, communication is the key to collaboration, create a connexion with the team and interact equally with all the members. 2. HOW IT APPLIES IN LEADERSHIP? “Quality leadership … is directly related and dependent on the effective communication of clear and concise values.” Simply the Best –Workplace in Australia. Hull & Read 2003 This reference shows that there is no more importance than having effective and strong values. In co-operation, the leader has to delegate his ideas to all his team in order to work all together. If a leader can’t relate his values to his team, the risk his not working towards the same goal. That is the reason why communication is important for the collaboration of everyone. The role of the leader is also to delegate a positive energy within the group, encourage the team, create a good and friendly work environment, all that help to keep productivity in the co-production. Indeed, the morale is linked to positivity and a positive behaviour from the leader will lead his team to do so. Moreover, being able to inspire a team is great for focusing on the goals. “These values also influenced the...

Words: 620 - Pages: 3

Operation Management

...1. The 4 V’s Overview All operations processes have one thing in common, they all take their ‘inputs’ like, raw materials, knowledge, capital, equipment and time and transform them into outputs (goods and services).  They do this is different ways and the main four are known as the Four V’s, Volume, Variety, Variation and Visibility. 2. The Volume Dimension A great example of this is McDonalds, they are a well known example of high volume low cost hamburger and fast food production.   The volume of their operation is key to how their business is organised.  Essential to their operation is the repeatability of the tasks their employees are doing as well as the systemisation of the work, where standards and procedures drive the way in which each part of the job is carried out. This combination provides a low cost base. In contrast a local café has a much lower  volume of output, less labour, less systemisation, and each staff member completes a wider variety of tasks which results in higher unit costs. 3. The Variety Dimension A common example used to describe the variety dimension is the contrast between a taxi and a bus service.  Both offer hired transportation services but a taxi service has a much higher variety dimension as they will basically pick you up and drop you off wherever it is you need to go.  A bus offers a defined route and schedule.  Whilst they offer a similar service, variety and flexibility is high for the taxi company and low for the bus company. It...

Words: 489 - Pages: 2

Operation Management

...ABSTRACT This study assessment is about the operation management of the Adsign Imej Sdn. Bhd. All the information got had been referred to the Operation Manager of the Company. It is all about recognizing the problem occurred in the organization’s operation and the problem measurement through the observation. After identify the problem of the company, next step is determine different options that might improve the operation. In this case also suggest the control plan that should be implemented by the Company for the best decision or solution in order to overcome the problem occurred. Lastly, are the effects to the Company from the implementation of control plan. 1 INTRODUCTION 1.1 Background of organization Adsigns Imej Sdn Bhd was formally known as Stadthouse Adsigns Sdn Bhd. The company was incorporated in 23 June 1997. The principle activity of the company is providing the advertising services which is includes of billboard advertising, unipoles, gantry and many other forms of outdoor advertising. Outdoor advertising is far more effective than other advertising media especially in areas of high footfall as the potential audience is very high compared to indoor advertising mediums Adsigns is based in Jalan Tun Razak, Kuala Lumpur. They currently operates many sites around Klang Valley, with which they cover their clients' media display requirements from ad copy production to placement and maintenance. They offer attractive & attention grabbing...

Words: 1897 - Pages: 8

Operation Management

...1.0 Introduction The company chosen for this assignment is XYTech Sdn. Bhd. which is based in Prai Industrial Park, Penang, Malaysia. XYTech started its operation in 1988 with a goal of continuous innovation and commitment to provide worldwide automation solution to its customer. XYTech designs, develops, and manufactures industrial automation equipment for customers from various industries including Automotive, Medical, Electronic,Air-conditioning and Semiconductor. Expertise includes High vacuum applications, Leak detection technologies, Assembly automation and Test systems. XYTech also builds Precision material handling and Secondary processing equipment used in the Semiconductor industry. XYTech provides its customers complete integrated engineering solutions from conceptual design to operational equipment; as well as after sales support. The company mission is to produce highly dependable and reliable machineries with effective cost and superior support and services to their customers. In the automation industry, competition is aggressive and dynamic where competitor will compete to gain the orders. Slack, Chambers and Johnston (2010) states that, there are five elements which are quality, speed, cost, flexibility and dependability are essential in operation objectives. XYTech has to fulfill all the elements in their operation objectives in which their customer expects besides meeting their machineries specification and requirements. As automation competitor competes...

Words: 3012 - Pages: 13