...exporting and importing their products and services. However, there has to be a balance between the nations to prevent protectionism, isolationism and high tariffs on imports, which can lead to trade wars. The debate over free trade and tariffs is a very complicated process as evident with the creation of the World Trade Organization (WTO). “The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The goal is to help producers of goods and services, exporters, and importers conduct their business” (WTO, 2010, p.1) Free trade has its advantages and disadvantages. The advantages and disadvantages depends on the frame of thought regarding trade. Within the simulation for international trade, one such advantage was the ability of a country to have a comparative advantage over another . When speaking in terms of a comparative advantage, its referring to a nations ability to produce a product or service at a lower price than another nation. Producing a product or service at a lower cost is the foundation of international trade. All countries who trade have the comparative advantage at something. The advantage could be in the form of skilled labor, technology, agriculture , or natural resources such as oil. When all countries within a free trade agreement can exercise their competitive advantage all countries gain. If importing the product or service, the nation is receiving it at low cost, which...
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...is designed to be easy to use and is compatible with all the recent Microsoft Windows operating systems. This operations guide helps you start the simulation and also provides more detailed descriptions of each of the reports and decision screens. The StratSim simulation contains all the marketing, competitive, and financial reports for your industry. After reviewing these reports, you will make decisions that are automatically saved on the Interpretive website. Once your decisions (and those of your competitors) are completed, Interpretive will advance the simulation, update the results, and you will be able to view the outcomes. Getting Started StratSim is compatible with all the recent Microsoft Windows operating systems and requires a hard drive and Internet connection. The minimum requirements are: • Windows Vista or XP • Internet access (Broadband recommended, dial-up acceptable) and a web-browser • 4 MB of hard disk space (or zip drive / memory stick) Accessing the Simulation To use StratSim, first login at the student login page at www.interpretive.com. You will receive your login information either from your instructor or directly from Interpretive. After logging in and placing your order, click on Simulation at the top, and Access Simulation in the left hand column to see the following page. Click here to see simulation related information Help and FAQs Support materials for your event Information about your order Comparative Results From this screen, click...
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...Monte Carlo Simulation Using RiskSim 9 9.1 RISKSIM OVERVIEW RiskSim is a Monte Carlo Simulation add-in for Microsoft Excel (Excel 97 and later versions) for Windows and Macintosh. RiskSim provides random number generator functions as inputs for your model, automates Monte Carlo simulation, and creates charts. Your spreadsheet model may include various uncontrollable uncertainties as input assumptions (e.g., demand for a new product, uncertain variable cost of production, competitor reaction), and you can use simulation to determine the uncertainty associated with the model's output (e.g., annual profit). RiskSim automates the simulation by trying hundreds of what-ifs consistent with your assessment of the uncertainties. To use RiskSim, you (1) create a spreadsheet model (2) optionally use SensIt to identify critical inputs (3) enter one of RiskSim's twelve random number generator functions in each input cell of your model (4) choose Tools | Risk Simulation from Excel's menu (5) specify the model output cell and the number of what-if trials (6) interpret RiskSim's histogram and cumulative distribution charts. RiskSim facilitates Monte Carlo simulation by providing: Twelve random number generator functions Ability to set the seed for random number generation Automatic repeated sampling for simulation Frequency distribution of simulation results Histogram and cumulative distribution charts All of RiskSim’s functionality,...
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...Little Field 2 Report Team Bombshell Samantha Chan Robert Der Nicholas Sanchilli Chelsea Smith Richard Wei Summary of decisions: Our first course of action at the start of the game was to increase our inventory and buy more machines. We first increased our inventory reorder point to 10,800 units and changed the order quantity amount to 1800 units. In order to process this increase in units, we bought 2 machines for station 1, 3 machines for station 2, and 2 machine for station 3. Seeing that the machines could process a lot more inventory faster than we expected, we decided to change our reorder points and order quantities, to 6000 units and 24,000 units, respectively. After letting our system adjust to the changes, we moved to contract 2 when the lead time was decreased to about 1 day. From there we let the simulation run for another six days before lead times went down to less than 1, at which time we switched to contract 3. We made no further changes after switching to contract 3. Part 1: Reasoning for Decisions Our decisions were somewhat limited to our EOQ model’s completion and our risk adversity. In the last simulation we relied much more heavily on our EOQ model and planned out purchases of machinery with the raise in demand. However, it was because we did not create a safety margin for production which came from our over estimating our carrying costs. We knew that the initial status quo was limited by the inventory quantity. But we did not know...
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...|Lesson Synopsis: | This unit develops an understanding of electrostatics by the use of demonstrations, simulations, and modeling. The general theme is that the current model of matter consisting of electrically neutral atoms composed of charged particles is integral to the understanding of electrical forces. The lesson begins with traditional activities of charging objects by friction and comparing electrostatic forces to magnetostatic forces. The traditional experiments are explained in terms of the model of an atom, and the “attract and repel force rules” are explored and expanded. Devices to create, store, and measure charge are utilized in experiments. The formal theory of Coulomb’s law is introduced, and problems are assigned utilizing that theory. Elements of the historical development of electrostatics and planetary model of the atom are researched, and students have an assignment describing contributions of historically important scientists. Additional concepts of electric fields, potential difference, and properties of conductors and insulators are developed through experiment, demonstration, and discussion. TEKS: |P.5 |The student knows the nature of forces in the physical world. The student is expected to: | |P.5A |Research and describe the historical development of...
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...INVENTORY MANAGEMENT 1. Introduction 2. Objectives 3. The Concepts of Inventory and Inventory Management 4. Need for Inventory 5. Importance of Inventory Management 6. Scope of Inventory Management 7. Inventory Costs 8. Summary 9. References LECTURE 2: INVENTORY CONTROL SYSTEMS 2.1 Introduction 2.2 objectives 2.3 Fixed Quantity System 2.31 Advantages 2.32 Disadvantages 2.4 Fixed Time System 2.41 Advantages 2.42 Disadvantages 2.5 Hybrid Systems 2.6 Summary LECTURE 3: DEMAND FORECASTING I 3.1 Introduction 3.2 objectives 3.3 meaning of demand forecasting 3.4 Qualitative Judgmental Techniques 3.31 Delphi Method 3.32 Market Survey 3.33 Historical Analogy 3.5 Quantitative methods 3.51 Causal Methods 3.5.1.1 High-Low Method Advantages Disadvantages 3.5.1.2 Visual Fit Method Advantages Disadvantages 3.5.1.3 Simple Regression Analysis Derivation of the Normal Equations Derivation of the Ordinary Least Squares Equation 3.52 Time Series Analysis 3.5.2.1 Components of a time Series 5.32 Naïve method 5.321 Advantages 5.322 Disadvantages 5.33 General Moving Averages 5.331 Advantages 5.332 Disadvantages 5.34 Exponential Smoothing 5.341 Advantages 5.342 Disadvantages Summary LECTURE 4: DEMAND FORECASTING II...
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...Strategy Module 2: Competitive Rivalries Module 3: Managing Strategic Change Module 4: Academic Research on Strategy Module 1: Basics of Corporate Strategy extends the frameworks and cases taught in BUAD 497 on “Corporate Strategy”, meaning issues that companies with multiple strategic business units face. We focus on the following issues in this module: 1. 2. 3. 4. The basic tenets of corporate strategy; Diversification and the notion of core competences; Vertical integration, Transaction Cost Economics (TCE) & the “make or buy decision”; and Corporate governance and “managing” the managers We examine these issues through both Harvard Business Review readings and Harvard and Stanford Business School cases. Module 2: Competitive Rivalries examines in more detail how firms compete with each-other in fast-moving markets. We read several chapters from the Hitt, Ireland & Hoskisson (2005) book Strategic Management: Competitiveness and Globalization (Concepts and Cases). By this stage of the course, we will also be immersed in the corporate simulation (see below for more information), and we will use the materials in Hitt, et al. book to help formulate corporate strategy for the simulation....
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...Making Through High-fidelity Interdisciplinary Simulation Training By: Pamela M. Maxson, PhD, RN; Eric J. Dozois, MD; Stefan D. Holubar, MD; Diane M. Wrobleski, PhD, RN, and etc. According to McConaughey and Marshall and Manus, the Joint Commission identified communication problems as the root cause of 65% of sentinel events with 74% resulting in deaths. The communication between nurses and physicians is a very vital thing to make sure things run smoothly in a hospital. Effective collaboration between nurses and physicians has been shown to reduce morbidity and mortality rates, cost of care, and medical errors and to improve job satisfaction and retention of nursing staff (Mayo Clinic, 2011). Collaboration between nurses and physicians is a big deal for retention purposes. Patients are at risk of serious effects when exchanged information is misunderstood or misinterpreted. The need for improvement in the ability of nurses and physicians to exchange information is well known. Team-training exercises for health care professionals are considered to be highly effective tool to improve communication and team performance, especially in crisis situations (Mayo Clinic, 2011). One way to do this is high fidelity simulation training which offers a realistic and experiential environment in which learners practice response to clinical scenarios, debrief, and evaluate team performance in the absence of patient risk (Mayo Clinic, 2011). Simulation exercises offer a site for dialogue on and...
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...International Trade Simulation and Report Taruh Cravens, Melody Jones, Geneva George-Williams, Ruby Morgan, Nicole Southerland ECO/212 Blake Bennett International Trade Simulation and Report This paper is a team correlation on the knowledge gained from our course of study and how the concepts are applied, how international trade affects the U.S, economy, and addresses the four key factors from our weekly reading assignments that are shown in the stimulation. The simulation identified Rodamia’s bordering countries provide an opportunity for international trade and investments that could greatly benefit Rodamia. International trade with other countries would give consumers more choices in price and quality of goods. The domestic producers would increase production to meet market demands in other countries, producing more capital for investing in new avenues. The interaction of trade between the countries will make the countries more vibrant and wealthier. Limitations of international trade are placed in the form of tariffs, quotas, and regulations. These limitations offer protection in certain circumstances but can have negative if used to retaliate for reasons such as political differences (Colander, 2004). The simulation emphasized four key points from the team’s weekly reading assignments, including comparative advantage, the principle of increasing marginal opportunity, the protection possibility curve, and limitations on international trade...
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...Principles of Marketing Simulation NewShoes Willbann T. Terpening, Gonzaga University James G. Helgeson, Gonzaga University Michael L. Ursic, Gonzaga University Charlottesville, Virginia, USA COPYRIGHT NOTICE This manual and the simulation described in it are copyrighted with all rights reserved by Interpretive Software, Inc. Under the copyright laws, neither this manual nor the simulation may be copied, in whole or in part, without written consent of the authors, except in the normal use of the simulation for educational purposes, and then only by those with a valid license for use. The same proprietary and copyright notices must be affixed to any permitted copies as were affixed to the original. This exception does not allow copies to be made for others, whether or not sold. Under the law, copying includes translating into another language or format. Purchasing the simulation experience gives the owner the right to participate in a unique learning event. Each student or participant must purchase the simulation to take part in the event or the institution sponsoring the event must purchase for the entire group participating in the event. Limited Warranty on Media and Manuals In no event, will Interpretive Software, Inc. be liable for direct, indirect, special, incidental, or consequential damages resulting from any defect in the software or its documentation, even if advised of the possibility of such damages. In particular, the authors shall have no liability for...
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...OF LCD COMPUTER MONITOR TRAINER LUIS D. DULNUAN JR. TECHNOLOGICAL UNIVERSITY OF THE PHILIPPINES CAVITE CAMPUS 1 INTRODUCTION The idea behind the development of an LCD Computer Monitor Trainer is to have an instructional material in teaching troubleshooting skills and repair of LCD monitors. Compared to a conventional LCD monitors, the trainer provides easy access to the different parts of the monitor particularly the printed circuits boards (PCB). To prevent accidental short-circuits and for safety purposes, test points were provided where voltages can be measured using a voltmeter or oscilloscope, without going to the printed circuit boards. In addition, simulation switches were also included in the design to simulate the common faults that may occur in a Liquid Crystal Display monitor. Simulation of faults is essential when doing laboratory experiments on the trainer, which conventional LCD monitors cannot provide. The trainer is also accompanied by a service manual and laboratory manual that will guide the instructor and students in the proper use of the instructional device. This study is relevant and timely owing to the popularity of LCD computer monitors nowadays and the absence of instructional/training devices in teaching skills in troubleshooting LCD monitors. This project is primarily developed to be used by the following: the instructors in computer teaching LCD monitor servicing; the instructors in electronics dealing with troubleshooting and repair of...
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...Student Handbook The Alfred H. Heineken Chaired Professor of Marketing INSEAD Jean-Claude Larréché The Claude Janssen Chaired Professor of Business Administration and Professor of Marketing INSEAD Hubert Gatignon Partner, Director of R&D STRATX International Rémi Triolet To search this document click CTRL+F i Publisher: STRATX International Production: Minute Man Press, Cambridge, Massachusetts Cover Design: Synergy Network, Waltham, Massachusetts Marketing Manager: Lucy Jacobus Development Team: Rémi Triolet, Christophe Pottier, Aurélien Dauvergne Copyright ©2003 by Jean-Claude Larréché, Hubert Gatignon MARKSTRAT is a registered trademark of STRATX International ALL RIGHTS RESERVED Software © 2003 by STRATX International No part of this book may be reproduced in any form, electronic or mechanical, without the prior permission of the publisher. ISBN# 0-9743063-0-4 Version – 2.0 ii Contents Introduction __________________________________________________________ vi Questions and Technical Support_____________________________________ vii About STRATX________________________________________________________ viii 1. Registration and Software Setup_____________________ 1 1.1 1.2 1.3 The Registration Process _______________________________________ 1 Downloading and Installing the Team Software __________________ 3 The PRACTICE Industry _________________________________________ 4 2. The Interface Menu ________________________________ 5 ...
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...Improving Organizational Performance Simulation Summary University of Phoenix PSY/428 Improving Organizational Performance Simulation Summary The “Improving Organizational Performance” Simulation was based on a stunt company called Airdevils Incorporated in Salt Lake City, Utah. Airdevils Incorporated was a fictitious organization founded by Celsey Evans in 1995. Celsey was the best female airborne aerobatic performer, who provided daring, innovative stunt performances to film producers and marketing firms. Celsey, with four of her colleagues, built Airdevils into a small prosperous organization with 115 employees. Their dramatic and daring stunts won the company numerous awards and many dedicated customers. The founding team of has since retired ad acts as the company’s management team. Over the years the quality of work declined as well as the awards and accolades decreased. Regular customers have expressed their dissatisfaction with the stunts and key employees have left the organization. The job satisfaction levels are low and employees are concerned about their salaries. They feel they could make more money if they freelanced versus working for Airdevils Incorporated. Celsey has become very concerned with the decrease in quality work and the lack of drive to entice customers to use Airdevils services. Celsey decided to take action. Her first step was to identify the cause of low job satisfaction among the stunt performers by initiating...
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...Management Sciences (JETEMS) 2(2):131-141(ISSN:2141-7024) Information Distortion in Supply Chain: A Simulation Approach to Quantifying the Bullwhip Effect 1 1 Oyatoye, E.O and 2Fabson, T.V.O Department of Business Administration University of Lagos, Akoka-Yaba, Lagos, Nigeria 2 Telsy Value Consult, Onike Road, Iwaya, Lagos, Nigeria Corresponding Author: Oyatoye, E.O ____________________________________________________________ ______________________________ Abstract Supply chain exists due to the fact that it is difficult for any company to provide all that is required from raw materials to final products and at the same time get the products to the end users. Successful supply chain management requires a change from managing individual functions to integrating activities into key supply chain process; hence, accurate information is of essence. One of the key factors that can adversely affect effective and efficient supply chain process is information distortion. Demand forecasting and ordering policies have been recognized as two key causes of bullwhip effect in supply chain management. This study explored the simulation approach in quantifying the effect of bullwhip in supply chain, using various forecasting methods. ____________________________________________________________ ______________________________ Keywords: information distortion, supply chain, simulation, quantifying bullwhip effect, forecasting methods ____________________________________________________________ ...
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...head: SUPPLY AND DEMAND SIMULATION Supply and Demand Simulation Name University Supply and Demand Simulation Supply and demand is crucial concept in both macroeconomic and microeconomic settings. The week two simulation showed how a fictional apartment management company in the city of Atlantis is impacted by various economic factors. The microeconomic concepts can be categorized as changes in supply and demand and equilibrium, because these topics only affected the small apartment market in which the company operates. Macroeconomic concepts can be categorized as price elasticity and price ceilings because they have a broad impact on the overall region beyond the local apartment market. The simulation showed that a shift in the supply curve or the demand curve could cause significant changes to the economic environment. For example, if the demand curve shifted to the left, it would show a decrease in demand from consumers and cause fewer apartments to be filled. This situation occurred in the simulation due to a widespread desire for property ownership and forced the management company to lower prices to compensate. The equilibrium price became lower because demand decreased, while supply and quantity remained consistent. Similarly, if the supply curve were to shift to the right, it would indicate an increase in available apartments to rent. This situation could occur if the management company expanded the building to accommodate more units. Assuming there was no...
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