Travelogue Assignment Example | Topics and Well Written Essays - 250 words

Travelog - Assignment Example ty of Tokyo was set up and remained the capital until 1943, when it was built up as a region and converged with the metropolitan prefecture of Tokyo. The length of my excursion would comprise multi week. To get to Tokyo, it will cost around $1000-$1500, contingent upon the season. Due to Travelocity.com site, it very well may be discovered that there are a few flights per day that will start my course to arrive. Since I am on financial plan, the Japan National Tourism Organization site suggests remaining in a little motel or inn, on the grounds that Ryokan, a private structure where dinners are given, can be very costly. I picked the Hilton in Tokyo since it is found near the air terminal and keeping in mind that it was not the least expensive other option, it was one of the most reduced value inns. There are numerous roads of open transportation that are moderately reasonable, so I will have the option to effectively get around the city. Spots I might want visit during my stay in Tokyo are Disneyland Tokyo, the National exhibition hall of Emerging Science and Innovation and Sanrio Puroland. I might likewise want to walk downtown, as it is popular for having bunches of various shops. I don't think I have an arrangement for eating; I might want to walk the city and taste a portion of the nearby food. I would likewise ask lodging faculty what they suggest. I think one about the most ideal approaches to discover where the incredible food hotspots are is to ask the neighborhood populace. Before the finish of my excursion, I would plan to have taken in a lot about the way of life and the traditions of the city. I am certain that before the finish of the excursion, I will have taken in a portion of the social standards and behaviors that make the city one of a kind too. So as to attempt my outing, I am going to set aside a ton of cash with the goal that I am ready to discover and to manage the cost of the inn I might want to remain at. I would likewise require a lot of cash to have the option to go to the entirety of the spots that I might want to see; as indicated by the official Japanese Travel site, food and housing can be very

Disadvantages Of Being Rich Essay Example For Students

Inconveniences Of Being Rich Essay Inconveniences of being rich There are numerous impediments of being rich. Without a doubt, the rich can purchase all the material things they need, yet is that everything to life? The rich never appear to have the option to completely confide in their companions. They have issues keeping up durable connections. Family undertakings for the rich are stressed, in view of cash being the shopping center concern. The affluent are trapped In a battle of attempting to fulfill loved ones. The rich never know whom they can trust. Trust is a significant component throughout everyday life, which nobody can live without. Without it the rich feel alone, and have no companions that they feel are valid. How would they know whether somebody enjoys them for the individual they are or their cash? They never do, so they will in general stay away among them and carry on a bogus kinship, despite the fact that in the rear of their brains they accept that their companion is utilizing them. The rich need to be known for the individual they are, not by their cash. Continuing Intimate connections raises a similar issue. The rich are frequently In various connections, which end on terrible footing. They keep down emotions, since they dont know If their accomplice feels a similar way; the rich are terrified of duty. The inquiry will consistently stay with the well off about whether the individual truly adores them for them or their cash. Likewise the rich frequently consent to pre-matrimonial arrangements Just as a result of their neurosis of wedding somebody who Just needs their cash. No marriage last when the primary concern is cash. Family solidarity is stressed by being rich. Cash can destroy family connections immediately. For instance, if the leader of a family passes on and he didnt compose a will, everyone pursues the cash. Siblings and sisters will deceive each other Just so they might have the option to get more than the other. Family members will hold feelings of spite against one another If they believe they got the terrible part of the arrangement, Its likewise the equivalent In family worked organizations, no one is by all accounts fulfilled. The rich must be cautious when managing these issues in such a case that theyre misused they can destroy a family. Another burden of being rich is being requested cash. Continually being pestered at for cash can bother an individual. For instance if the rich turn down their companions it will make things distinctive among them. Companions wouldnt be the main individuals requesting cash. Each school, club, town, school they have ever been to or lived in will need a piece of the fortune. Sure they could give some cash to them yet where do they take a stand. On the off chance that the rich offer cash to one association, everyone will anticipate gifts. Steal never going to fulfill everyone, and that is Just another additional worry to life. There are numerous detriments and downsides to being rich, Like not having anyone you can completely trust, family issues, and attempting to satisfy everyone. The rich inquiry everyone in their lives on are they here for the cash or the individual. Family social occasions are progressively similar to conferences, in which no one is by all accounts cheerful. Cash cannot accepting everything; and that incorporates a straightforward life. There is constantly a drawback to everything.

Why Hospitals In The United States Fail To Admit Errors - 550 Words

Why Hospitals In The United States Fail To Admit Errors To Patients (Essay Sample) Content: Hospital ErrorNameInstitution AffiliationHospital ErrorThe general standard of the United States law is well established to favor everybody under different sectors. Under the civil commitment law, a patient is required to attend a hospital under his or her will. Furthermore, every patient is expected to adhere to every point that is stated under the law. The laws that concern health are not strictly fixed, and they are such that they give room for interpretation and explanation. It, therefore, allows the hospital workers to do everything that is relevant to the patient without any fear. This paper will seek to states some argument that the main reason why hospitals in the US do not admit medical errors to their patients is not fear of the lawsuits.Lawsuits cannot be the primary cause since the doctor alleged to have made a mistake can submit an apology letter that outlines the consequences and indicates who will be responsible for the mess. This apology will not be re lating in any way with the lawsuits terms. In this case, therefore, lawsuits will be a weak excuse for the failure of the hospital to admit that they have made an error since there is another way to which they can avoid it (Dawkins, 2016). The hospital can give other alternative reasons why they cannot accept that they have made an error. These alternative ideas are for example when the hospital wants to maintain trust among the patient and reduce the blame hat might have been accused of.A lawsuit does not give any benefits to the hospital than maintaining the relationship with the hospital's environment. A hospital will prefer stating the sake of keeping the relationship with the outside environment as the primary reason for not accepting the occurrence of the error. It is because the hospital will be more beneficial than when they accuse the lawsuits (Southern, 2016). In this case, the expectation of the patient will maintain that the doctors are qualified and will provide expert services. It will also help to retain the essential elements of tort in the hospital. When the hospital refuses to accept that they have made an error, they are trying to hide the negligence of most of the doctors and therefore will retain the internal relationship among the workers of the hospital. It is therefore clear that lawsuits will not be the main reason for the rejection.According to Austrian (2016) the lawsuits cannot be the main reason why the hospital can reject an accusation that they have made an error since other main reason such as the tedious process of identifying who exact have done the error cannot be easily made (Austrian, 2016). The hospital will reject the accusation to avoid this ted...

The Semi-Nomadic Chickasaw Indians - 599 Words

The Chickasaw Indians were a small group of Indians, consisting of a estimated amount of 5,000 people in the 1600s. They were people who were very coordinated and established their homes at close proximity. They held life at a high esteem, and had several towns and villages that incorporated present-day elements. The Chickasaw were religious and relied most on faith for healing. This Indian group worshiped the deity Ababinili. This god represents the things above such as the sun, clouds, and sky. In addition, worship of other deities was included into the religion. Each god or deity has a different purpose. For example, some deities protect against wicked spirits and evil forces. Chickasaw Indians were semi nomadic, people who moved according to season in search for food, water, shelter, and land. Families lived in villages made up of small houses with more than one house per family. Throughout the family, tasks were established separately; one category for the women and one for the men. Women were introduced at an early age how maintain their own land and raise their own crops. They accommodated in looking after their children, cooking, and cleaning. They also tended to the slaves which were often given through war with other tribes. Young girls had the option to stay close to their mother and assist their mothers with the labor or spending their day as they chose. Men were also taught at a young age to hunt and become warriors for the tribe. They often traveledShow MoreRelatedNative Americans And The New Discovered Land By The Indigenous People And Slaves1886 Words   |  8 PagesNative American land kept decreasing significantly. They only had territory of a small portion of the Appalachian Mountains because of the rising population of colonists. Thomas Jefferson also wanted them gone, however as an ultimatum he wanted the Indians to accept and integrate the English lifestyle or be terminated. ii. The Natives had different responses to the European style of treatment and English style of treatment. First the frontiers of inclusion had the Natives easily join the European

Financial Analysis of Selected Pharmaceutical Companies in...

European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) www.iiste.org Financial Analysis of Selected Pharmaceutical Companies in Bangladesh Md. Tofael Hossain Majumder (Corresponding Author) Lecturer, Department of Accounting and Information Systems Comilla University, Comilla, Bangladesh. Phone: +8801816436176, Email: tofael_cou@yahoo.com Mohammed Mizanur Rahman Lecturer, School of Business and Economics Atish Dipankar University of Science and Technology, Dhaka, Bangladesh. Phone: +8801814319485, Email: mizancu@yahoo.com Abstract With the rapid growth of trade, commerce and industries, the numbers of publicly traded companies are considerably increasing in Bangladesh. Pharmaceutical is an†¦show more content†¦With the rapid growth of trade, commerce and industries, the numbers of publicly traded companies are considerably increasing in Bangladesh. Pharmaceutical is an important adjunct of industrialization in the country. There are 20 listed Pharmaceutical Companies in Dhaka Stock Exchange and 16 listed in Chittagong Stock Exchange. Analyzing the Industrial Life Cycle, it has been found that all of the listed companies have just reached the middle stage. No company could reach the maturity stage. In a word, the Pharmaceutical industry of the country is just improving. It is well known that the Pharmaceuticals industry is one of the key to earning foreign currency. On the other hand, most of the internal demand for drugs is fulfilled by the domestic Pharmaceutical industry of the country. But this industry of Bangladesh depends on foreign country for raw-material and technology. Now the time to make the Pharmaceutical firms self sufficient for the betterment of the country. At this time, performance of manufacturing enterprise, like Pharmaceutical, needs to be measured and analyzed. But evaluation of performance is not a regular practice in the country. Against this backdrop this study is an attempt to evaluate performance of some selected Pharmaceuticals for the period under study. 2. Objectives of the study The study is designed to achieve the following objectives: (i) To assess the financialShow MoreRelatedManagemant Practice Spl5103 Words   |  21 Pages[pic] Executive Summary Pharmaceutical industry is one of the largest industries in our country. Every year a huge amount foreign currency comes from this sector. Square Pharmaceuticals Ltd., the flagship company, is holding the strong leadership position in the pharmaceutical industry of Bangladesh since 1985 and is now on its way to becoming a high performance global player. It was established in 1958 and converted into a public limited company in 1991. The sales turnover of SPL wasRead MoreCapital Budgeting Practice in Bd2333 Words   |  10 PagesReckitt Benckiser Bangladesh Ltd is a leading player in the FMCG market of Bangladesh with a focus on Health, Hygiene amp; Home. Making differencing from conventional playing company in Bangladesh Reckitt Benckiser has strong intention for modern developed capital budgeting technique in evaluating their potential projects especially in large Ramp;D projects. The company mainly uses IRR. It uses sophisticated methods to project future cash flows. The company also uses scenario analysis to incorporateRead MoreCost of Capital5329 Words   |  22 Pagesan empirical analysis of cost of capital on pharmaceutical industry of Bangladesh by using the concept cost of capital Statistical model. In Bangladesh the pharmaceutical sector is one of the most developed hi-tech sectors is contributing in the country s economy . There will be an extensive analysis on the pharmaceutical firm’s capital structure, their dividend payment pattern, their ROE in comparison with cost of equity and determining the factor that influencing the pharmaceutical company’s costRead MoreCompetitive Profile Matrix3314 Words   |  14 Pagesreport is made focused on the Employee - Employer relationship of Square Pharmaceutical Limited Bangladesh. 1.1 Methodology This report is created on basis of face to face personal interview with HR Manager of Square pharmaceutical and gathered information from questionnaire. The interview was an open ended discussion. Some of the data and information was found on the official website of Square Pharmaceutical Ltd. Bangladesh. 1.2 Scope of the report Industrial relations are the relationshipsRead MorePfizer Operation in Bangladesh4186 Words   |  17 PagesIntroduction: We have selected pharmaceuticals industry to invest as a foreign company. Bangladeshi industry in this sector is quite developed. For the last ten years, Bangladesh is exporting medicine to various countries. The reason is that still now, the tax and restrictions of laws are not those much strict in this sector. Though these weaker restrictions are causing some problems, government is trying to help to develop this sector providing various supports. We have selected this industry becauseRead MoreRatio Analysis of 5 Pharmacuticals Companies in Bangladesh3775 Words   |  16 PagesAssignment On Ratio Analysis Submitted to: Mr. Saud Ahmed The Course Instructor Security Analysis amp; Portfolio Management Submitted by: S.N. | Member Name | ID | 01 | Anwar Murshed | MBA 048 13912 | 02 | Mahfuj Reza | MBA 047 13761 | 03 | Tania Islam | MBA 048 13917 | 04 | Abdullah Al Mamun Khan | MBA 048 14013 | 05 | Swarna Akter | MBA 049 14397 | Date of Submission: Tuesday, November 27, 2012 Stamford University Bangladesh 44 (744 old), Satmosjid Road, Dhanmondi, Dhaka IndexRead MoreFinancial Performance Analysis of Bexmico Phamaceuticals Bangladesh Limited6844 Words   |  28 Pageson the Financial performance analysis of BEXIMCO Pharmaceuticals Limited 1.1 Introduction It is important to evaluate the financial performance of a company. The purpose of financial performance analysis is to determine weather a company is performing well (information essential for investors) and if it is not then it is required to identify areas that require improvement (information required by managers). By evaluating a company s performance, it is possible to keep the company on trackRead MoreIndustry Analysis of Pharmaceutical Industry in Bangladesh11591 Words   |  47 PagesIndustry Analysis of Pharmaceutical Industry in Bangladesh In Bangladesh the pharmaceutical sector is one of the most developed hi-tech sectors which is contributing in the country s economy. After the promulgation of Drug Control Ordinance - 1982, the development of this sector was accelerated. The professional knowledge, thoughts and innovative ideas of the pharmaceutical professionals working in this sector are the key factors for these developments. Due to recent development of this sectorRead MoreFinance3312 Words   |  14 Pagesmanagement on the profitability of Square Pharmaceuticals Ltd. 1. Introduction: Inventory is one of the factors that can control to improve business profitability. The way source and manage inventory can impact the different profit levels of income statement. Ignorance of how to use inventory advantage prevents you from maximizing operational efficiency. 2.1. Overview of the Company: SQUARE today is a name not only known in the Pharmaceutical world, it is today a synonym of quality-Read MoreThe Importance Of Dividend Policy819 Words   |  4 Pagesits importance to the organisation and shareholders, these scholars argued that shareholders return is maximized when company pays out dividend and investors are likely to make some capital gains when the share prices appreciate. Some existing literatures have been carried out in both large and small firms in frontier and advanced markets such as the UK, USA, Germany, Bangladesh, , Malawi, Malaysia and most recently, Zimbabwe and Jordanian using either an evaluative or empirical surveys. Sali, ALAA

A case analysis of the Reasons

Question: 1.What's at stake for the key parties, including those with whom susan disagrees? 2.What are the main Arguments Susan is trying to counter ? 3.What levers can susan use to influece thokse with she disagrees? 4.What is susan's most powerful and persuasive response to the reasons and rationalizations he need to address? Answer : 1. Susan is the product manager of PediaBoost that is on its growth stage, unlike other product lines. The product is a nutritious supplement for infants. However, market research shows that adults use it for detoxification. The marketing group for the product wants to capture this new market as the company could use some growth. For Susan, it will increase her chances of promotion. However, venturing into the new market will draw the attention of government regulation authorities (Gentile, 2010). 2. Susan is countering two particular arguments. First, is venturing into the new market to increase PediaBoost sales and for the company's growth. Besides, it will improve her opportunities for a promotion. On the contrary, marketing the product as detoxification suitable for adults will result in increased government intervention. Susan wants to fulfil her personal purpose in the organisation. A dilemma of "truth vs. loyalty" where the marketing team is advocating for capturing the new market yet that is not the goal of the product (Kidder, 2009). Susan is rationalising the argument based on standard practice and loyalty to the organisation. Additionally, it is her responsibility to make the right decision that considers the customer. Otherwise, the regulatory bodies will intervene. 3. Susan can persuade those against her idea of pulling the plug on the new marketing strategy. It is obvious that majority of the team is against her thus she lies in the minority. However, she can present various levers to support her argument and persuade those opposing her. First, Susan should argue based on the long-term effects. Pursuing the new market will lead to government intervention. The regulatory bodies intervene where a product advertising is misleading. Since the initial purpose of the product was to avail nutritious supplements to infants, selling it for detoxification requires licensing (Carroll, Shabana, 2010). Therefore, adequate research must be present by the company itself to support this detoxification purpose. In the long run, the original market may diminish. Secondly, Susan should introduce marketing alternatives rather than pulling the plug entirely. It will eliminate chances of government interventions and increase the growth in PediaBoost sales. Lastly, sh e should recognize the cost to each party and find ways to mitigate it. 4. Susan has a robust and convincing response to the arguments she needs to address. The product is used for detoxification even without such kind of advertising. However, endorsing this marketing strategy will attract regulations. The product is also likely to be viewed as a detoxification product rather than a nutritious supplement for infants. In the long run, the product will lose its original market, thus affecting the competitive advantage of the company. Besides, the company will encounter increased competition from firms offering detoxification products. Therefore, though endorsing the product as detoxifier will increase its sales volume, it may cost the company in the long run. Additionally, increased regulation may affect the public image of the enterprise due to raising questions regarding ethics (Kidder, 2005). References Carroll, A. B., Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International journal of management reviews, 12(1), 85-105. Gentile, M. C. (2010). Giving Voice to Values: How to Speak Your Mind When You Know Whats Right? Yale University Press. Kidder, R. M. (2009). How good people make tough choices. Revised Edition. New York: Morrow. Kidder, R. M. (2005) Moral Courage: Taking Action When Your Values Are Put To the Test. William Morrow, HarperCollins Publishers. New York. Pg 89.

Resilient Supply Chain Essay Example

Resilient Supply Chain Essay In the recent years many disasters and catastrophic events such as hurricane Mitch, tsunamis, SARS, terrorist attacks and earthquakes have shown that we live in world with increasing uncertainty. These events can cause major disruptions in the supply chain. Although similar events have occurred, since the terrorist attacks of September 11 of 2001 the firms began to reassess the benefits of commonly accepted strategies for sourcing, transportation, demand, planning and managements in a stable environment (Martha and Subbakrisha 2003).In a competitive environment many firms have developed global supply chains which are complex to manage and vulnerable to disruptions. The literature has documented many cases of what can possible go wrong in this supply chains due to unexpected events and what can we learn. For example, Ericsson lost 400 millions euros and the dominant position in the mobile phone market because the managers misestimated the consequences of a fire suffer by their semicon ductor supplier’s plant in Albuquerque (Chopra Sodhi (2004, Rice and Caniato (2003).Norman and Jansson (2004) follow up this case and show how Ericsson implemented proactive supply risk management. Supply chain disruptions can potential compromise facilities, equipment and human resources and the value of stock market shares. Consequently, some studies have quantified the repercussions both in the short and the long run of disruptions in the supply chain. For example, Rice and Caniato (2003) present the results from a company survey that estimates a $50 million to $100 million cost impact for each day its supply network was disrupted.Hendricks and Singhal (2005) analyze the stock market reaction when firms publicly announce they are experiencing disruption during 1989–2000. On a sample of 827 the authors find that one year before through two years after the disruption announcement date, the mean abnormal return of their sample firms was from 33 40%. The author point out that their results suggest that the firms need to invest and develop capabilities and infrastructure that allow them improve reliability and responsiveness in their supply chainThe associated operation and financial risk of supply chain disruptions has been an increasing interesting topic for doing research for academic and practitioners (Craighead et al (2007). The dynamic and evolving nature of supply chain risk does not allow being free of vulnerability (Peck 2005) so it is important to design supply chain that can overcome disruptions and adapt a changing environment. This supply chain is called â€Å"resilient† and there is an increasingly number of papers that discuss the main strategies to build resilient supply chain.The main propose of this paper is to survey the literature in resilient supply chain and try to identify possible research opportunities. Managers Perceptions Catastrophic events and disruption had occurred form a long time and managers are aware of t heir economic and operational consequences. For example, Knight and Pretty (1996) found that the impact of a disruption on shareholder was a sharp decrease of almost 8% and a recovery time (if recovery is possible) of 50 trading days.Despite manager’s recognition of the importance of risk assessment, little investment of resources and time for mitigating supply chain risks have been done. Research has found that is difficult to perform cost/benefit analysis or return on investment analysis to justify certain risk reduction programs or contingency plans (Closs and McGarrell (2004), Rice and Caniato (2003)). Consequently, passive acceptance is often the default strategy even when it is not appropriate (Tomlin 2006).Furthermore as Repenning and Sterman (2001) point out firms rarely invest in improvement programs in a proactive manner because ‘‘nobody gets credit for fixing problems that never happened. ’’ In a recent survey (Poirier and Quinn 2004) foun d that only 33% of firms responded that they paid â€Å"sufficient attention to supply chain vulnerability and risk mitigation actions. Moreover, Mitroff and Alpaslan (2003) present research on preparing for terrorism and state that only between 5% and 25% percent of Fortune 500 companies are prepared to handle crises or disruptions.The answer of how to improve security without jeopardizing supply chain effectiveness can be found in the quality movement (Lee and Wolfe ( 2003)) . Disruptions Drivers, Vulnerabilities and Security Initiatives In this section we briefly show the frameworks, security initiatives and analytical models for assessing risk and mitigating disruptions that have been developed in the literature. †¢ Iniciatives Many authors (Tang (2006a), Lee and Wolfe (2003) and Rice and Caniato(2003)) have explained security initiatives to improve the supply chain security developed and launched by US government after the terrorist attacks.Two important initiatives are: Container Security Initiative launched by US Customs in 2002, allow firms to target conducted at foreign ports before loading and examine high risk-overseas before arrive US ports and Customs –Trade Partnership Against Terrorism (C-TPAT) certificated programmed was established by Customs in 2002. Certificated firms will have the benefit of reduce cargo exams. These initiatives have raised some concerns. For example, Rice and Caniato (2003) pint out that security requires a continuous commitment and effort of many parties. †¢ FrameworkDatta and Allen (2005) develop a multi-dimensional framework of supply chain resilience based on concepts from diverse fields of research. The framework captures two main aspects of a resilient supply chain: the capacity to maintain the production system when a disruption the agility to respond to changes in the environment and customer requirements. Then the authors model the supply chain as a complex system and used multiple adaptive agent s that were able to coordinate and adapted to different business scenarios. Chopra and Sodhi (2004) show 8 categories of supply chain risk and their drivers.Disruptions, one of the categories, have these drivers: Labor dispute, supplier bankruptcy, war and terrorism, dependency on a single source of supply as well as the capacity and responsiveness of alternative suppliers. The author used scenarios methodology (what if) to understand the impacts in each risk categories and then show suitable effective mitigation strategies. Peck (2005) using in-depth exploratory case studies and depth interviews find that there is a little understanding of the scope and dynamics of the vulnerability.She proposed an integrated framework that has four levels of analysis: value stream/product or process; asset and infrastructure dependencies; organizations and inter-organizational networks; and social and natural environment. She states that, the resilience of the network should be asses focusing on c ritical operational assets at stage two. Sheffi and Rice (2005) determines the profile of a disruption where the show the different stages of a disruption form preparation to long term-impact.They also develop a vulnerability assessment where a firm can map the different disruptions into four quadrants that are form by the interaction of the potential consequences and the disruption probability. Kleindorfer and Saad (2005) the author develops a conceptual framework (SAM) for managing supply chain risk which considers the three tasks: Specifying sources of risk management, Assessment and Mitigation. The authors introduce 10 principles to implement SAM. Based on empirical results from U.S Chemical industry, the author point out that reducing the frequency and severity of risks faced and increase the capacity supply chain participant is important dimension in disruption risk management in supply chains. Craighead et al (2007) develop six prepositions that show that the severity of the impact of a disruption is moderated by three supply chain design characteristics density, complexity, and node criticality and two supply chain mitigation capabilities of recovery and warning. †¢ ModelsTomlin (2006) shows different financial tactics and operation mitigation and contingency tactics that a firm can use to manage disruptions. Mitigation tactics refers to an action that firm performs before the disruption occurs and contingency tactics when the disaster occurs. He develops a supply chain model that considers a single product firm which can source from two suppliers, one reliable and another unreliable. He finds that the percentage uptime and the frequency and length of the disruptions are key determinants of the optimal policy.Wu et al (2007) present a model called Disruption Analysis Network (DA_NET) that used a Petri net approach to model a supply chain system and its disruptions. The authors state the use of DA_NET can be used to understand the propagation of di sruptions and how do they affect the operational performance of the supply chain such as: cost or leadtime. Defining Resilience in Supply Chains Resilient is a well known concept in disciplines such as: ecology, psychology and mechanical engineering. Coutu (2002) introduces the concept of organizational resilience, which can be defined as â€Å"the ability to bend and bounce back from hardship†.Some definitions of resilience related with supply chain are: Christopher and Peck (2003) define resilience as â€Å"the ability of a system to return to its original state or move to a new, more desirable state after being disturbed’. Implicit in this definition is the notion of flexibility, and given that the desired state may be different from the original, ‘adaptability’ One of the most powerful ways of achieving resilience is to create networks, which are capable of more rapid response to changed conditions. This is the idea of agility.Christopher (2004). Mitr off and Alpasan (2003) state that resilient organizations are ‘crisis prepared (or proactive)’ encounter fewer disasters and recover better from hardship. Sheffi defines resilience as â€Å"the ability of a company to bounce back from disruptions†. From the definitions we can notice that resilience have two main characteristics: The capacity to overcome a disruption minimizing the impact and respond to changes in the environment to gain control of the opportunities (Datta and Allen (2005)). Building ResilienceMost of the research recreates short cases were the introduce strategies implemented and developed by many firms. For example, postporment strategy (Lee (1996)) has appeared in many papers (Lee and Wolfe (2003), Tang (2006a)) and illustrated the cases of Benetton and HP deskjet printers. The first papers do not explicitly introduce the term resilience but recommend strategies that are used to secure the supply chain, some of these strategies were also are in corporated in latter papers of resilient supply chain.Following we will briefly summarize the papers that have shown strategies to build resilience in supply chains. Yossi Sheffi (2001) determines the challenges that the firms face in this new environment. The author establishes that redundancies is one possible operate alternative to deal with the terrorist attacks. The paper identifies and discusses some important trade-offs: †¢ Redundancy vs. efficiency. †¢ Centralization vs. dispersion. †¢ The lowest bidder vs. the known supplier. †¢ Government cooperation vs. irect shareholder value. †¢ Managing risk vs. delivering value. Juntter et al. (2003) find that for mangers handling tradeoff is very relevant. Therefore, they claim further research in the ones propose by Sheffi (2001) and develop decision making tools in supply chain. Martha, J. and Subbakrishna, S. (2002) discuss the following strategies to mitigate risk: cultivate sourcing alternative, insure t he risk if you can ,line up alternative transportation, manage inventory right level ,build in quick respond to shifts in demand.Lee and Wolfe (2003) discuss fix mitigating strategies for the effects of a security breach when it occurs. These strategies are: †¢ Comprehensive Tracking and Monitoring †¢ Total Supply Network Visibility. †¢ Flexible Sourcing Strategies: Create a local supply source, develop multiple source component sources for the same component or input material and use supplier with more the one manufacture site to supply materials. †¢ Balance inventory management. †¢ Product and Process Redesign: Standardization and Postponement †¢ Demand Based ManagementChristopher and Peck (2004) describe 4 four principles to create resilience supply chain and in each they determine some key elements: †¢ Supply chain (re) engineering: Supply chain understanding, supply chain design principles and supply base strategy †¢ Supply chain Collabor ation: Collaboration planning and supply chain intelligence †¢ Agility: visibility and velocity and acceleration. †¢ Create a supply chain management culture: continue teams, board- level responsibility andf leadership and factor risk consideration into decision makingRice, J. B. and Caniato (2003) states that resilience can be build be flexibility and redundancy. Redundancy is achieved by maintaining capacity such as: inventory, additional production lines, qualifying and maintaining multiple suppliers, maintaining a dedicated transportation fleet in order to respond to a disruption. The authors state that flexibility is achieved by creating capabilities in the firm’s organization to respond by using existing capacity that can be redirected or reallocated .They also show advantages and disadvantages of different strategies to build resilience for each of the possible disruptions (supply, transportation, production facilities, communication and human resources) that a firm can face in the supply chain. Sheffi (2005) points out that resilience can be achieved by increasing redundancy, building flexibility and changing corporate strategy. He shows actions in each of these strategies. †¢ Redundancy: †¢ Flexibility: Postponement, Standardized process, Concurrency process. Culture Change: Continuous communication, empowerment, passion for work, conditioning for disruptions Peck (2005) states that for a firm to remain truly resilient need slack in the system in the form of inventory, capacity, and capability and even time, plus constant awareness and vigilance. This confirms the importance of redundancy. Lee (2004) study more than 60 successful supply chains around the world and found out that they shared main three characteristics: agility, adaptability and aligned. He introduced a new concept â€Å"The Triple-A Supply Chain†.We can observe that authors have explicitly discussed the first two characteristics as principles to build a resilient supply chains. Some elements of alignment have been explicitly mention resilient supply chain literature. Robust strategies for mitigating disruptions Tang (2006b) introduces the concept of robust strategies have two main proprieties: efficiency and resilience. This means that robust strategists are a subset of the resilient strategies and do not consider redundancies. Tang (2006a) discuss eight robust strategies that have been used by ifferent firms : Postponement, strategic stock, flexible supply base, make and buy, economic supply incentives, flexible transportation, revenue management, dynamic assortment planning and silent product rollover. Table 1 summary of Strategies for building resilient supply Chains |Papers |Methodology |Resilience Strategies | |Christopher and Peck (2003) |Case studies and interviews |Four principles | |Rice, J.B. and Caniato (2003) |Case studies and interviews |Flexibility and redundancy | | | |Strategies depending in the disruption | |Shef fi (2001, 2005) |Case studies and interviews |Redundancy flexibility and culture change. | | | |It is important to consider Trade offs | |Martha, J. nd Subbakrishna, S. |Case studies |Idea of Just in Case, strategies that creates redundancy. | |(2002 | | | |Lee and Wolfe (2003) |Case studies |Introduce how to implement security in supply chain following the path| | | |of the quality movement. | | |fix mitigating strategies for the effects of a security breach | |Tang (2006 a) and (2006b) |Survey papers |Robust strategies =resilient and cost effective. | | | |Eight robust strategies | Conclusions Two big project that provided important knowledge in resilient supply chain are: the first was developed during three years by Sheffi, Rice, Cianiato nd other researchers at MIT center of transportation of MIT and the second sponsored by UK government and developed by Christopher, Peck and other researchers at Cranfiled University. The primarily methodology for studying resilient supply chai n is based on cases and interviews and many studies have discussed the same strategies. As Blackhurst et al (2005) states the literature related to supply-chain disruptions is informative. Consequently, they are some research opportunities in this topic that has an increasingly interest for academia and practitioners.For example INFORMS 2006 annual meeting one of the sessions was dedicated to this topic â€Å"the resilient enterprise- Challenges in supply change security and resilience† Future research There are many opportunities for future research. Some interest topics can be: †¢ How to evaluate the disruptions (low-probability/high-impact) †¢ How can we create resilience we the introduction of new technologies for example, (RFID) †¢ Empirically determine why some companies adopt resilient practice and other do not (Importance supply chain in the firm) †¢ Develop measures or metrics for resilient (do resilient enterprise performs better).It would be dif ficult to actually have a metric for resilience or vulnerability in the supply chain that can capture all the potential risks that a firm faces under such disruptions. †¢ Alliances among suppliers and supply chains. †¢ Humanitarian logistics , what can resilient enterprise learn. †¢ Which elements in common have the companies that are consider resilient. (which strategy is more applied) †¢ How to create resilience in services operations. Resilient Supply Chain Essay Example Resilient Supply Chain Essay In the recent years many disasters and catastrophic events such as hurricane Mitch, tsunamis, SARS, terrorist attacks and earthquakes have shown that we live in world with increasing uncertainty. These events can cause major disruptions in the supply chain. Although similar events have occurred, since the terrorist attacks of September 11 of 2001 the firms began to reassess the benefits of commonly accepted strategies for sourcing, transportation, demand, planning and managements in a stable environment (Martha and Subbakrisha 2003).In a competitive environment many firms have developed global supply chains which are complex to manage and vulnerable to disruptions. The literature has documented many cases of what can possible go wrong in this supply chains due to unexpected events and what can we learn. For example, Ericsson lost 400 millions euros and the dominant position in the mobile phone market because the managers misestimated the consequences of a fire suffer by their semicon ductor supplier’s plant in Albuquerque (Chopra Sodhi (2004, Rice and Caniato (2003).Norman and Jansson (2004) follow up this case and show how Ericsson implemented proactive supply risk management. Supply chain disruptions can potential compromise facilities, equipment and human resources and the value of stock market shares. Consequently, some studies have quantified the repercussions both in the short and the long run of disruptions in the supply chain. For example, Rice and Caniato (2003) present the results from a company survey that estimates a $50 million to $100 million cost impact for each day its supply network was disrupted.Hendricks and Singhal (2005) analyze the stock market reaction when firms publicly announce they are experiencing disruption during 1989–2000. On a sample of 827 the authors find that one year before through two years after the disruption announcement date, the mean abnormal return of their sample firms was from 33 40%. The author point out that their results suggest that the firms need to invest and develop capabilities and infrastructure that allow them improve reliability and responsiveness in their supply chainThe associated operation and financial risk of supply chain disruptions has been an increasing interesting topic for doing research for academic and practitioners (Craighead et al (2007). The dynamic and evolving nature of supply chain risk does not allow being free of vulnerability (Peck 2005) so it is important to design supply chain that can overcome disruptions and adapt a changing environment. This supply chain is called â€Å"resilient† and there is an increasingly number of papers that discuss the main strategies to build resilient supply chain.The main propose of this paper is to survey the literature in resilient supply chain and try to identify possible research opportunities. Managers Perceptions Catastrophic events and disruption had occurred form a long time and managers are aware of t heir economic and operational consequences. For example, Knight and Pretty (1996) found that the impact of a disruption on shareholder was a sharp decrease of almost 8% and a recovery time (if recovery is possible) of 50 trading days.Despite manager’s recognition of the importance of risk assessment, little investment of resources and time for mitigating supply chain risks have been done. Research has found that is difficult to perform cost/benefit analysis or return on investment analysis to justify certain risk reduction programs or contingency plans (Closs and McGarrell (2004), Rice and Caniato (2003)). Consequently, passive acceptance is often the default strategy even when it is not appropriate (Tomlin 2006).Furthermore as Repenning and Sterman (2001) point out firms rarely invest in improvement programs in a proactive manner because ‘‘nobody gets credit for fixing problems that never happened. ’’ In a recent survey (Poirier and Quinn 2004) foun d that only 33% of firms responded that they paid â€Å"sufficient attention to supply chain vulnerability and risk mitigation actions. Moreover, Mitroff and Alpaslan (2003) present research on preparing for terrorism and state that only between 5% and 25% percent of Fortune 500 companies are prepared to handle crises or disruptions.The answer of how to improve security without jeopardizing supply chain effectiveness can be found in the quality movement (Lee and Wolfe ( 2003)) . Disruptions Drivers, Vulnerabilities and Security Initiatives In this section we briefly show the frameworks, security initiatives and analytical models for assessing risk and mitigating disruptions that have been developed in the literature. †¢ Iniciatives Many authors (Tang (2006a), Lee and Wolfe (2003) and Rice and Caniato(2003)) have explained security initiatives to improve the supply chain security developed and launched by US government after the terrorist attacks.Two important initiatives are: Container Security Initiative launched by US Customs in 2002, allow firms to target conducted at foreign ports before loading and examine high risk-overseas before arrive US ports and Customs –Trade Partnership Against Terrorism (C-TPAT) certificated programmed was established by Customs in 2002. Certificated firms will have the benefit of reduce cargo exams. These initiatives have raised some concerns. For example, Rice and Caniato (2003) pint out that security requires a continuous commitment and effort of many parties. †¢ FrameworkDatta and Allen (2005) develop a multi-dimensional framework of supply chain resilience based on concepts from diverse fields of research. The framework captures two main aspects of a resilient supply chain: the capacity to maintain the production system when a disruption the agility to respond to changes in the environment and customer requirements. Then the authors model the supply chain as a complex system and used multiple adaptive agent s that were able to coordinate and adapted to different business scenarios. Chopra and Sodhi (2004) show 8 categories of supply chain risk and their drivers.Disruptions, one of the categories, have these drivers: Labor dispute, supplier bankruptcy, war and terrorism, dependency on a single source of supply as well as the capacity and responsiveness of alternative suppliers. The author used scenarios methodology (what if) to understand the impacts in each risk categories and then show suitable effective mitigation strategies. Peck (2005) using in-depth exploratory case studies and depth interviews find that there is a little understanding of the scope and dynamics of the vulnerability.She proposed an integrated framework that has four levels of analysis: value stream/product or process; asset and infrastructure dependencies; organizations and inter-organizational networks; and social and natural environment. She states that, the resilience of the network should be asses focusing on c ritical operational assets at stage two. Sheffi and Rice (2005) determines the profile of a disruption where the show the different stages of a disruption form preparation to long term-impact.They also develop a vulnerability assessment where a firm can map the different disruptions into four quadrants that are form by the interaction of the potential consequences and the disruption probability. Kleindorfer and Saad (2005) the author develops a conceptual framework (SAM) for managing supply chain risk which considers the three tasks: Specifying sources of risk management, Assessment and Mitigation. The authors introduce 10 principles to implement SAM. Based on empirical results from U.S Chemical industry, the author point out that reducing the frequency and severity of risks faced and increase the capacity supply chain participant is important dimension in disruption risk management in supply chains. Craighead et al (2007) develop six prepositions that show that the severity of the impact of a disruption is moderated by three supply chain design characteristics density, complexity, and node criticality and two supply chain mitigation capabilities of recovery and warning. †¢ ModelsTomlin (2006) shows different financial tactics and operation mitigation and contingency tactics that a firm can use to manage disruptions. Mitigation tactics refers to an action that firm performs before the disruption occurs and contingency tactics when the disaster occurs. He develops a supply chain model that considers a single product firm which can source from two suppliers, one reliable and another unreliable. He finds that the percentage uptime and the frequency and length of the disruptions are key determinants of the optimal policy.Wu et al (2007) present a model called Disruption Analysis Network (DA_NET) that used a Petri net approach to model a supply chain system and its disruptions. The authors state the use of DA_NET can be used to understand the propagation of di sruptions and how do they affect the operational performance of the supply chain such as: cost or leadtime. Defining Resilience in Supply Chains Resilient is a well known concept in disciplines such as: ecology, psychology and mechanical engineering. Coutu (2002) introduces the concept of organizational resilience, which can be defined as â€Å"the ability to bend and bounce back from hardship†.Some definitions of resilience related with supply chain are: Christopher and Peck (2003) define resilience as â€Å"the ability of a system to return to its original state or move to a new, more desirable state after being disturbed’. Implicit in this definition is the notion of flexibility, and given that the desired state may be different from the original, ‘adaptability’ One of the most powerful ways of achieving resilience is to create networks, which are capable of more rapid response to changed conditions. This is the idea of agility.Christopher (2004). Mitr off and Alpasan (2003) state that resilient organizations are ‘crisis prepared (or proactive)’ encounter fewer disasters and recover better from hardship. Sheffi defines resilience as â€Å"the ability of a company to bounce back from disruptions†. From the definitions we can notice that resilience have two main characteristics: The capacity to overcome a disruption minimizing the impact and respond to changes in the environment to gain control of the opportunities (Datta and Allen (2005)). Building ResilienceMost of the research recreates short cases were the introduce strategies implemented and developed by many firms. For example, postporment strategy (Lee (1996)) has appeared in many papers (Lee and Wolfe (2003), Tang (2006a)) and illustrated the cases of Benetton and HP deskjet printers. The first papers do not explicitly introduce the term resilience but recommend strategies that are used to secure the supply chain, some of these strategies were also are in corporated in latter papers of resilient supply chain.Following we will briefly summarize the papers that have shown strategies to build resilience in supply chains. Yossi Sheffi (2001) determines the challenges that the firms face in this new environment. The author establishes that redundancies is one possible operate alternative to deal with the terrorist attacks. The paper identifies and discusses some important trade-offs: †¢ Redundancy vs. efficiency. †¢ Centralization vs. dispersion. †¢ The lowest bidder vs. the known supplier. †¢ Government cooperation vs. irect shareholder value. †¢ Managing risk vs. delivering value. Juntter et al. (2003) find that for mangers handling tradeoff is very relevant. Therefore, they claim further research in the ones propose by Sheffi (2001) and develop decision making tools in supply chain. Martha, J. and Subbakrishna, S. (2002) discuss the following strategies to mitigate risk: cultivate sourcing alternative, insure t he risk if you can ,line up alternative transportation, manage inventory right level ,build in quick respond to shifts in demand.Lee and Wolfe (2003) discuss fix mitigating strategies for the effects of a security breach when it occurs. These strategies are: †¢ Comprehensive Tracking and Monitoring †¢ Total Supply Network Visibility. †¢ Flexible Sourcing Strategies: Create a local supply source, develop multiple source component sources for the same component or input material and use supplier with more the one manufacture site to supply materials. †¢ Balance inventory management. †¢ Product and Process Redesign: Standardization and Postponement †¢ Demand Based ManagementChristopher and Peck (2004) describe 4 four principles to create resilience supply chain and in each they determine some key elements: †¢ Supply chain (re) engineering: Supply chain understanding, supply chain design principles and supply base strategy †¢ Supply chain Collabor ation: Collaboration planning and supply chain intelligence †¢ Agility: visibility and velocity and acceleration. †¢ Create a supply chain management culture: continue teams, board- level responsibility andf leadership and factor risk consideration into decision makingRice, J. B. and Caniato (2003) states that resilience can be build be flexibility and redundancy. Redundancy is achieved by maintaining capacity such as: inventory, additional production lines, qualifying and maintaining multiple suppliers, maintaining a dedicated transportation fleet in order to respond to a disruption. The authors state that flexibility is achieved by creating capabilities in the firm’s organization to respond by using existing capacity that can be redirected or reallocated .They also show advantages and disadvantages of different strategies to build resilience for each of the possible disruptions (supply, transportation, production facilities, communication and human resources) that a firm can face in the supply chain. Sheffi (2005) points out that resilience can be achieved by increasing redundancy, building flexibility and changing corporate strategy. He shows actions in each of these strategies. †¢ Redundancy: †¢ Flexibility: Postponement, Standardized process, Concurrency process. Culture Change: Continuous communication, empowerment, passion for work, conditioning for disruptions Peck (2005) states that for a firm to remain truly resilient need slack in the system in the form of inventory, capacity, and capability and even time, plus constant awareness and vigilance. This confirms the importance of redundancy. Lee (2004) study more than 60 successful supply chains around the world and found out that they shared main three characteristics: agility, adaptability and aligned. He introduced a new concept â€Å"The Triple-A Supply Chain†.We can observe that authors have explicitly discussed the first two characteristics as principles to build a resilient supply chains. Some elements of alignment have been explicitly mention resilient supply chain literature. Robust strategies for mitigating disruptions Tang (2006b) introduces the concept of robust strategies have two main proprieties: efficiency and resilience. This means that robust strategists are a subset of the resilient strategies and do not consider redundancies. Tang (2006a) discuss eight robust strategies that have been used by ifferent firms : Postponement, strategic stock, flexible supply base, make and buy, economic supply incentives, flexible transportation, revenue management, dynamic assortment planning and silent product rollover. Table 1 summary of Strategies for building resilient supply Chains |Papers |Methodology |Resilience Strategies | |Christopher and Peck (2003) |Case studies and interviews |Four principles | |Rice, J.B. and Caniato (2003) |Case studies and interviews |Flexibility and redundancy | | | |Strategies depending in the disruption | |Shef fi (2001, 2005) |Case studies and interviews |Redundancy flexibility and culture change. | | | |It is important to consider Trade offs | |Martha, J. nd Subbakrishna, S. |Case studies |Idea of Just in Case, strategies that creates redundancy. | |(2002 | | | |Lee and Wolfe (2003) |Case studies |Introduce how to implement security in supply chain following the path| | | |of the quality movement. | | |fix mitigating strategies for the effects of a security breach | |Tang (2006 a) and (2006b) |Survey papers |Robust strategies =resilient and cost effective. | | | |Eight robust strategies | Conclusions Two big project that provided important knowledge in resilient supply chain are: the first was developed during three years by Sheffi, Rice, Cianiato nd other researchers at MIT center of transportation of MIT and the second sponsored by UK government and developed by Christopher, Peck and other researchers at Cranfiled University. The primarily methodology for studying resilient supply chai n is based on cases and interviews and many studies have discussed the same strategies. As Blackhurst et al (2005) states the literature related to supply-chain disruptions is informative. Consequently, they are some research opportunities in this topic that has an increasingly interest for academia and practitioners.For example INFORMS 2006 annual meeting one of the sessions was dedicated to this topic â€Å"the resilient enterprise- Challenges in supply change security and resilience† Future research There are many opportunities for future research. Some interest topics can be: †¢ How to evaluate the disruptions (low-probability/high-impact) †¢ How can we create resilience we the introduction of new technologies for example, (RFID) †¢ Empirically determine why some companies adopt resilient practice and other do not (Importance supply chain in the firm) †¢ Develop measures or metrics for resilient (do resilient enterprise performs better).It would be dif ficult to actually have a metric for resilience or vulnerability in the supply chain that can capture all the potential risks that a firm faces under such disruptions. †¢ Alliances among suppliers and supply chains. †¢ Humanitarian logistics , what can resilient enterprise learn. †¢ Which elements in common have the companies that are consider resilient. (which strategy is more applied) †¢ How to create resilience in services operations.