Business planning Essay Example | Topics and Well Written Essays - 1000 words

Business planning - Essay Example For formation of a successful business plan all the internal key players of the organization should be involved. Their suggestions and ideas should be valued by the top level management and the business head’ as they are more involved in the on field tasks and can give an insight of on field operations. Also all the core components of the business i.e. all the departments of the business should be actively involved in the business process of planning as they specialize in their respective departments. They know what their strengths and weaknesses are and through this the business can extract its strengths and weaknesses as a whole. By consulting and getting a vote of majority on which goals and objectives to pursue the business functions as a whole and the departments will make efforts for achievement of these goals and objectives later on in the execution stage as they were involved in the planning process and their opinions and suggestions were valued. As most of the busines s plans in the industry which have been successful had the inclusion of the internal stakeholders of the business in the planning process this indicates that the claim made by Stutley was quite true in the sense that if in the start all the internal key players of business from the start are involved in the business activities , this makes a sense of ownership and loyalty prevail amongst the members of the organization and each player feels as an important member of the business hence working for the good of business is taken up as a responsibility by the members of the organization which is quite necessary for business to expand and succeed. A business plan in simple words can be stated as those set of activities or the line of action which is needed to be followed or taken by an organization or a corporation to identify its goals and objectives. It can be termed as the backbone of firm’s business i.e. it guides the company or the organization to the right path so as to adhe re to its vision and stay put on its mission along with catering to the organization’s need for arrangement of resources and have certain contingency measures available at all times in case of problems and troublesome situations. For many people there is a certain misconception that a business plan is formed only while starting the business as it indentifies the short and long term objectives the business wants to achieve over a period of time. That is a structured presentation of business goals and objectives, along with the inclusion of financial statements through which business can approach investors for investments and loans. But in reality a business plan is a framework for running the business and according to certain situations or scenarios faced , the plan can be changed and new additions or modifications can be made in the original plan later on in to business. Not everything can be included in the business plan from the start as you cannot perfectly predict how muc h investment and resources will be required and how will the market trends change or shift from time to

Contrast the three general approaches to setting prices Essay

Contrast the three general approaches to setting prices - Essay Example The demand for the product would be lesser when the price is kept high, but the revenues could be more because of the high selling price. (Bovay, 2008) There are many instances of new products following the market skimming strategy including Mercedes Benz, Sony High-definition television, Nokia N series cell phones and so on. All these products have one thing in common: they are all high quality products. Setting a high price for a new product could be disastrous for products that do not offer premium quality. As price gives a perception of quality to the consumers, setting a price too low for a high quality product just to make it more affordable, is also not a good strategy. It says to the consumers that the product is not of the premium quality they expected, and deteriorates the brand image of the company. Therefore, market skimming strategy is ideal for cases in which the product is innovative or does not have competition. Also, if the new product is of a strong brand, the company can use premium pricing because the consumers are less likely to switch to another product because of their loyalty with the brand. Apple Computers is an ideal example of such a case. Even though the company has several close competitors that offer the same products with the same specifications, it’s the perception of the brand that lets the company demand a higher price for its products. In contrast to the market skimming pricing, this strategy focuses on attracting a large number of buyers through setting a low price for the product. This pricing strategy is usually adopted when there are a number of sellers in the market and the company wants to penetrate into the market quickly. When the consumers see the low priced product that offers them the same product that other companies are offering, they are attracted towards the low priced one. In this way, the company is able to attract a large

Case Study Workplace Learning Analysis Education Essay

Case Study Workplace Learning Analysis Education Essay In recent years workplace learning has gone from being largely unnoticed to attracting unprecedented interest among employers, researchers and policy makers. This interest can be attributed to globalisation, technological and social changes, economic shifts and organisational developments. The ideas of learning linked to work roles and learning occurring at work are not new yet concepts such as lifelong learning, the learning society and the knowledge economy have contributed to the development of workplace learning as a distinctive field of enquiry (Lee et al., 2004:2). The recognition of workplace learning as a source of sustainable competitive advantage for individuals and organizations alike have also attracted a great deal of interest to ensure that workplace learning is effective. David Boud (1999:5) goes on to assert that in this context: Workplace learning is concerned not only with immediate work competencies, but about future competencies. It is about investment in the general capabilities of employees as well as the specific and technical. And it is about the utilisation of their knowledge and capabilities wherever they might be needed in place and time. Many scholars agree that the workplace provides a rich environment for learning (Hager, 2004; Billet, 2001, Boud, 1999). In the changing context of work and new competence demands there is widespread consensus about the importance of workplaces as significant sites for learning new skills and knowledge. Indeed, the workplace is now even named by some as the Learning Organisation which is defined by Pedler et al (1998) as an organisation which facilitates the learning of all its members and continually transforms itself (Thompson, 2006:2). Workplace learning includes a variety of models like formal, non-formal, informal and incidental. On the contrary to the wide availability of different types of learning, relatively little is known about its effects at individual and/or organisational level (Felstead et al, 2009). The lack of such information may involve a low degree of intentional influence at individual and organisational level to optimise take up and effectiveness of workplace le arning (Felstead et al, 2009). Literature substantiates the claim that workplaces differ in terms of the opportunities they provide for employees to engage in learning activities and personal development (Billett, 2001). Workplaces also differ in terms of their complexity, their culture, their power and the nature of their boundaries with contexts of learning and knowledge production (Clarke, 2005). Research shows that workplace learning is a socially situated process where the context, in terms of its structures, activities and relationships shape the learning environment and learning opportunities in the workplace (Lee et al, 2004). As Marsick and Watkins comment, the creation of a learning environment goes far beyond the design of learning itself. It involves the design of work, work environments, technology, reward systems, structures and policies (1990:44). Awareness and understanding of these factors is a pre-condition to foster an effective workplace learning at organisational level as well as at policy lev el. In fact, Felstead (2009:193) has suggested that there is some evidence in the larger field of human resource development that a focus on the learning of individuals is less significant than a focus on the organisation as a context for learning Increasingly, the importance of developing an appropriate learning environment in order to foster workplace learning is dominating organisational agendas (Clarke, 2005). Such realisation are in evidence in the UK, where the British government through the HM Treasury report Prosperity for all in the global economy -world class skills (2006), has set workplace learning in the wider context of government policy and emphasised the importance of developing effective workplace environments to support workplace learning in particular (HM Treasury 2006, The Leitch Review of skills). Despite ongoing government support for learning in the workplace, findings showed that there remains a significant gap between policy and practice (National guidance research forum). Employers complain that despite the available government funding the costs of involvement outweigh the benefits. Further many UK workplaces are still considered as being low-skill and offering poor opportunities for learning and there are worries that significant shortages of skilled workers will start to appear, unless workplace learning is enhanced (CIPD, survey report 2008). Addressing the issue, findings from The Teacher and Learning Research Programme (TLRP) revealed that for workplace learning to be effective in the UK, various aspects of workplace context need to be considered than merely providing learning opportunities at work. Since learning is influenced by the workplace context, exploring the contextual factors that may influence employees learning is critical to advancing our understanding of how different aspects of the workplace environment are likely to be important in fostering an effective learning climate (Clarke, 2005). It has been acknowledged that workplace provides an environment for learning that either facilitates or inhibits learning, yet few research studies have examined the extent to which the environment serves to enhance learning. A few commentators, notably Billett (2001), Fuller and Unwin (2003), and Ashton (2004), have sought to extend this view and have pointed to workplace structure and context as significant factors within the processes of learning at work (Lee et al, 2004). In particular, Skule (2004) has acknowledged that research on assessing and measuring the contextual factors that promote or impede learning at work is underdeveloped (Skule, 2004). Therefore this study sought to investigate and discuss the influence of contextual factors that have been posited in the literature as influencing workplace learning specifically. This paper shows that by locating workplace learning in context, clearer understandings of the factors influencing the learning environment and processes can be gained. It also shows how the workplace context can provide both barriers to and opportunities for learning. Firstly, different forms of workplace learning are identified. Two opposite paradigms or approaches to understanding the phenomenon of learning at work are discussed. However, the focus of the paper is not on formal programs but on informal/incidental learning which occurs in the workplace. Then the report aims to discuss appropriate context conditions for learning at the workplace. Workplace learning Workplace learning is attracting attention for a number of different reasons. It is often characterised and conceptualised as advantageous to all those involved: there are benefits to employers in raising productivity and profitability, there are benefits to employees in raising employability and earnings and there are benefits to the economy in raising competitiveness and growth. Apparently, workplace learning is a term applied to various contexts and surrounded by different points of view. Thereby generating a myriad of different lenses through which workplace learning is viewed and understood. David Boud (1999:11) argues that, workplace learning is a site of intersecting interests, contested ideas, multiple forms of writing and rapidly evolving practice. There is no consistent and generally accepted definition of workplace learning (Lee et al., 2004). One definition of workplace learning was provided by Marsick and Watkins during the 1990s. Their definition focused on the way individuals learn and respond to changes in the organisational environment that in turn influences the way in which people construct meaning in their personal and shared organisational lives. Fuller and Unwin described workplace learning as learning in, for, and through the workplace (2006:23), suggesting that learning can be embedded in social relations. Beckett (1999), in relation to workplace learning, tends to focus on key HR policy choices and agues that organisations should provide mentoring and coaching and dedicated time to engage in policies for individual strategies such as appraisal, career planning, incentives to learn etc and link workplace learning strategy to evidence of learning (cited in workplace learning: main themes and perspectives). Not only workplace learning is represented by a variety of meanings, the literature is also informed by different views. The literature on workplace learning is rather confusing as it has been viewed from the perspective of a variety of disciplines such as sociology, cognitive psychology, policy studies, management theory, learning theory etc, each reflecting different assumptions and perspectives (Hager, 2004). However, in the field of management theory (HRM), approaches to classifying types of workplace learning demonstrate two main dimensions or approaches to discussions. The dominant perspective has been the traditional perspective of learning. Many researchers work within what Beckett and Hager (2002) have called the standard paradigm of learning which assets that the best learning consists of abstract ideas that are context independent and transparent. Here learning is a process of individual acquisition of knowledge. Hence he goes on to argue that in this paradigm non-transparent learning is a second-rate kind of learning (Hager 2004:244). This is important for studies of workplace learning because it takes us beyond the simplistic and restricted traditions of cognitive and behaviourist psychology and embraces the role of tacit knowledge. This learning opposes the emerging paradigm of learning which emphasise the importance of how people make sense of their experiences at work. Hager (2004:246) argues that rather then being simply a change in the properties of the learnerà ¢Ã¢â€š ¬Ã‚ ¦the main outcome of learning is the creation of a new set of r elations in an environment. This is why learning is inherently contextual, since what it does is to continually alter the context in which it occurs. Similarly, Sfard (1998) has used the notion of metaphors of learning. The first metaphor -learning as acquisition is based on the premise that knowledge exists independently of the knower but can be acquired and acted upon. The second metaphor -learning as participation emphasises learning happening in relation to others before it is internalised by the individual. Sfard (1998) emphasized that neither metaphor was adequate on its own (Sfard, 1998:44). A different perspective to workplace learning emerged in academic writings in the early nineties, greatly influenced by the work of Lave and Wenger (1991). Situated learning theories draw on concepts such as communities of practice to explore workplace learning. This new perspective emphasises the construction of knowledge within the social and cultural circumstances in which learning occur, namely the social context. Lave and Wenger (1991) who in stressing that learning is at its most meaningful when it is situated showed how researchers should focus on the community of practice rather than on the individual as the unit of analysis. It is argued that workplace learning depends on the extent to which organisations afford employees opportunities to participate and interact with colleagues (Billet, 2001). Even though Lave and Wengers concepts of communities of practice have enjoyed widespread popularity within workplace learning theory, it has been criticised for failing to take accoun t of the role of formal education and not discussing that employees in a workplace may or may not have opportunities to be part of a community of practice (Fuller and Unwin, 2003). The second main dimension of learning relates to the distinctions between formal and informal learning. Formal workplace learning is typically associated with training and education. It is also conceptualised as a standard paradigm of learning or learning by acquisition. According to Marsick and Watkins (1990), formal learning occurs as part of an organised workplace-accredited programme and is embedded within the organisations structure. They argue that formal learning has a finite end point that results in a qualification to undertake specific work activity. In contrast, informal workplace learning can be thought of as a process of learning that takes place in everyday work experience (Marsick and Watkins, 1990). Informal learning involves action and reflection and includes self-directed learning, mentoring, coaching and social interaction. Informal learning is seen to be integrated into daily routines (i.e. experience-based learning), not highly conscious (i.e. implicit learning), influenced by chance and linked to learning of others (learning by communicating) (Lee et al., 2004; Marsick and Watkins, 1990). Indeed research shows that learning by doing is the most effective method of learning. The term informal learning sometimes is used interchangeably with incidental learning. Marsick and Watkins drew distinction between informal and incidental learning. They described informal learning as focusing on experiential forms of learning and incidental learning as focusing on unintentional or unplanned learning (cited in affordances and constraints on informal learning in the workplace). In this context, learning is assumed to be an action arising from experience that may enable the learner to develop and acquire new skills. Incidental learning can be described as a social process and can be conceptualised using Lave and Wenger (1991) notion of a community of practice. Research indicates that about two-thirds of workplace learning may be informal or incidental (Marsick and Watkins, 1990; Skule, 2004). There is also apparent consensus that informal learning is becoming increasingly the preferred option for developing employees. One of the most important issues here is the realisation that much of the knowledge that individuals need and use in organisations is based upon their experience and often cant easily be found in any written form. For example, Billett (2001) conducted several studies of coal miners and workers in industries, concluding that in the informal learning setting of the workplace, effective learning resulted from learners engagement in authentic activities, guided by experts and by interacting with other co-workers. Although learning was unique to each co-worker, it was also shaped by the workplace culture. His study revealed that the quality of learning depended on the kind of activities engaged in, access to support, guidance, and how co-workers constructed their knowledge of different situations. According to Billett (2001:21) ..these factors influence the process of learning and what is learnt. In doing so, they reflect the interdependence between work and learning, providing a basis to consider not only the contributions of the workplace as a learning environment, but also how the workplace might be organised to improve learning Informal learning suggests that the social and cultural environment has the potential to influence how learning occurs. Furthermore few studies have investigated how the sociocultural context has facilitated and constrained informal learning at work. This is a critical area of investigation because of the growing reliance on informal learning as a means of developing the knowledge and skills required in the workplace (Felstead, et al, 2009). Although informal workplace learning is the most prevalent form of learning in organisation, it is also the least well supported (Eraut, 2004). A central argument of this paper is that the workplace can be understood to foster or hinder particular types of learning environment. Drawing on Lave and Wengers (1991) situated learning theory, Fuller and Unwin (2003) developed an expansive-restrictive framework that provides a conceptual and analytical tool for evaluating the quality of learning environments and for analysing an organisations approach to workforce development (Lee et al, 2004). Expansive learning environments include opportunities to engage with multiple communities of practice, gain broad experience across the organisation, learn off and on-the-job and extend job roles. Restrictive environments on the other end are characterised by workplaces with limited opportunities to acquire formal qualifications and much narrower approach to work design (Fuller and Unwin 2003; 2004a). In their study, they identified three participatory dimensions. Firstly opportunities for engaging in multiple communities of practice at and beyond the workplace. Secondly, access to a multidimensional approach to the acquisition of expertise through the organisation of work and job design and finally the opportunity to pursue knowledge-based courses related to work (Clarke, 2005). The findings further revealed that organisations with expansive approach foster a wide range of formal, non-formal and informal approaches to and opportunities for learning whereas a restrictive approach impose many limitations on learning. Within organisations adopting an expansive approach, learning is likely to take place horizontally as well as vertically, and the culture is likely to be less hierarchical. Individual employees are also likely to vary as to whether their approach to learning is expansive or restrictive, and their attitudes may be in harmony with or in opposition to the culture of the organisation in which they work. Fuller and Unwin (2003) and Billett (2001) stress the importance of persons dispositions towards workplace l earning. Those personal dispositions influence what and how an individual learn at work. Fuller and Unwin research was contested by some authors, notably Young (2001) who pointed out that not all workplace learning will take place across teams or in social circumstances. Young further argues that the emphasis that expansive learning places upon transformation could potentially lead to the creation a new learning binary mirroring that of formal/informal learning (Lee et al, 2004, cited in workplace learning main themes and perspectives). This brief introduction has highlighted that learning in the workplace can be formal, informal and incidental and that workplace can foster or hinder particular types of learning environment. The various definitions of workplace learning explain that the all encompassing nature of the term makes it difficult to establish how far there has been a shift in human resource management towards making more effective use of the workplace as a source of learning (Stern Sommerland 1999 cited in workplace learning main themes and perspectives). Arguably the differing dimensions of workplace learning within these literatures examine the influence of the workplace context at different levels of analysis and more importantly influence learning differently (Clarke, 2005). Organisations can play a major role in facilitating their employees learning by providing an environment that is conducive to a positive attitude to learning. Conditions for effective Workplace Learning The effectiveness of learning activities at the workplace is dependant on a variety of factors. Scholars such as Fuller and Unwin (2003), Billett (2001), and Skule (2004) have identified various factors that affect workplace learning, either directly or indirectly in a large number of contexts. Research shows that organisational structure, workplace context and social-cultural conditions at work shape the learning environment and learning opportunities in the workplace (Ashton, 2004). Besides, there are also individual factors such as individual dispositions, psychological learning potential, employment status and educational background which affects individuals learning at work. This section focuses on analysing briefly the workplace context and social-cultural conditions influencing workplace learning. Based upon a review of the literature, a range of factors were identified that were considered aspects of workplace environment for facilitating or constraining workplace learning ou tcomes: (Clarke, 2005:8). Environmental factors The rapid changes in the economic and social conditions means organisations have to constantly adapt in order to survive. This adaption involves the acquisition of new skills and competences at the workplace and job level, thus inevitably influencing the degree and quality of learning in the work context (Skule, 2004). This relationship is empirically confirmed by Skule (2004) who identify a positive correlation between exposure to competition of the organisation and learning-intensity of jobs. Moreover diversification of technologies and advanced information are becoming increasingly pivotal to the success of organisations and professional practices, irrespective of their size or industry sector. This is because information technology not only automates, it also informates à ¢Ã¢â€š ¬Ã‚ ¦ information technology can create an environment for thinking and problem solving (Schuck 1996:1999). Thus the successful integration of technology into the organisations functioning can have drama tic impact on the learning opportunities. Organisation structure and culture How motivated individuals are to learn and how encouraged they feel in learning all depend in large part on the organisation, its culture and how it is managed. In short, when it comes to learning, an organisation can facilitate or hinder workplace learning. Ashton (2004) through his empirical studies identifies the following workplace practices that have major influence on workplace learning: (1) Tasks variation in the job. Placing employees into different functions or departments so that they gain skills and knowledge in different contexts and able to shadow other employees. Secondments and job rotation constitutes an appropriate instrument in this respect. (2) Autonomy vs Standardisation of tasks and work processes. Task with a high degree of autonomy facilitates developmental learning, whereas a task with a high degree of standardization facilitates reproductive learning. (3) Cross-functional teams. Many organisations are starting to see the potential of cross-functional teams as an effective means of supporting workplace learning. One benefit of employee working in cross functional team is that knowledge and skills from other team members is transferred directly and formally. (4) Organisational decisions about learning and its impor tance. This underpinned the support available for learner from all levels (Lee at al, 2004). Whilst Ashton empirical study reveals that workplace practices can and do influence learning and access to learning, it also draws attention to the significance of learning culture. It follows that a very effective way of improving workplace learning is to improve the learning culture. This entails making changes to existing working conditions and day-to-day practice of management (Skule, 2004). Skule (2004) identifies, in a quantitative study that managerial beliefs, attitudes and behaviours together with leadership issues (like feedback, support and reward) were the most conducive factors to learning at work. While approaches to management development normally emphasise motivation, productivity and appraisal, relatively little attention is given to creating a climate which promotes learning (Thompson, 2006). More specifically managing should be comparable to coaching, education and skills of managers have to be adapted towards pedagogy and teaching methods to support and structure learning processed in workplaces. To appoint managers and develop them for this new role of facilitating learning would be a highly significant move. According to Schuck (1996:207) The beliefs, attitudes, and behaviours of the manager are at the heart of the environment of inquiry. Within pedagogy for meaning, a manager creates opportunities for learning and becomes an active participant in it. The manager of inquiry encourages people to ask questions and creates an environment in which intellectual play and socially mediated learning are necessary and legitimate components of work. Research shows that the most effective learning cultures are best when a learning culture is expansive (Fuller and Unwin, 2003). Fuller and Unwin study on apprenticeships revealed that quality of learning varied significantly between expansive and restricted firms despite the fact that all were part of the same government scheme. Furthermore, they state that expansive learning environments, which encourage access to diverse forms of participation, were more likely to facilitate integration of personal and organizational development. Billett (2001) shares Fuller and Unwin (2003) view on co-participation but adds that learning is more likely to be effective if there is synergy between the factors and forces that contribute to the learning -e.g workplace affordances (race, gender, personal relations etc), supportive management and learn part of the culture (Clarke, 2005) Socio-cultural context While the organisational context of learning is clearly important, we should also note the significance of the socio-cultural context of learning. Socio-cultural perspective on learning can be traced back to the work of Vygotsky (1978) who suggested that learning cannot be understood without considering the social and cultural context in which learning takes place. Echoing Vygotsky, Lave and Wenger (1991) have conceptualised learning in the workplace as participation in social practice. From this perspective, workplace learning is seen as arising as a result of a complex interaction between knowledge acquisition based within the work and social activities or practices of groups within organisations (Lave Wenger, 1991). Workplace leaning is not isolated from social practice. This is clearly an important consideration in understanding the consequences of learning in workplaces (Billett, 2001). This can be seen to apply in a number of ways: The social circumstances in the learning situation can play a significant part in how learning experiences proceed for example a disable learner may be held back in his or her learning because of disadvantages within the organisations concerned. Moreover, factors such as race, gender can have a significant influence on learning. For example gender stereotyping can shape peoples attitudes and approach to learning (Felstead et al, 2009). Billett (2001) highlighted that workplace learning is social and cultural in nature. In his research on skill formation in coal mines, Billett argued that workplace activities are structured by historical, cultural and situational factors that influence the kind of learning that occurs through work (Clarke, 2005). From the sociocultural perspective, learning is recognised as a social practice where it is highly dependent upon the social situation and cultural context in which it takes place. In order for workplace learning to be effective then, such insights recognise learning not as an isolated individual activity but deeply rooted with networks of social relationships (Clarke, 2005). The point was made earlier that workplace conditions can either foster or hinder workplace learning, but it is not just these factors that can play such pivotal role. There are other barriers within the workplace that hinder workplace learning, these will be discussed next. Workplace learning is not only dependent on workplace conditions but also on personal factors. Smith (2000) has criticised the literature on workplace learning for assuming that all learners in the workplace are generally self-directed and motivated (Clarke, 2005:15). However many employees do no have these skills. Learning readiness should be apparent in individual. Willingness to learn can also be limited if the specific needs and potential benefits are not apparent such as time made available during working hours. Moreover an understanding of the different types of learning strategies used by individuals within organisations is crucial to foster an effective workplace learning. It is often claimed that employee learning is essential to the success of a firm, but the evidence in UK says otherwise. It is important to note that not all employees are provided with the same opportunities for learning in the workplace. Survey from CIPD shows that unskilled workers are the least to receive opportunities for learning, mostly female part time employee. Further findings revealed that three-quarters of organisations reported that their manual staff had no formally appointed mentor and half admitted that they had no structured on the job training. The lack of awareness of learning needs for organisations and the reluctance by managers to guide and provide support to learners may inhibit the outcome of workplace learning. Managers may be reluctant about sharing knowledge for fear of loss of status and power (Lave Wenger 1991). For example in Japanese corporations, where workplace learning is widely accepted, managers roles include training subordinates. Yet these manag ers are secure because promotion is based on seniority, therefore, they will not be displaced. In Australia however industrial affiliation results in particular jobs being undertaken by particular groups of workers (Owen 1995, cited in current issues and agendas in workplace learning). Lack of awareness of learning needs is also connected to uncertainty regarding the incentives to employees. In many UK organisations pay and status are rarely linked to the attainment of qualification and thus provide little incentive to see further training (Owen 1995, cited in current issues and agendas in workplace learning). Conclusion This paper explores and discusses the influence of workplace context on workplace learning specifically. Attempts to characterise workplace learning have generated a myriad of terms and hence, seen as a complex and multifarious concept within the literature (Lee et al, 2004). One of the reasons for the apparent ambiguity is because the term is applied to many different contexts and activities. This paper has also provided an overview of the two dominant perspectives of learning with the emphasis on the participation as an important learning process. To summarise the two perspectives: the standard paradigm of learning and learning as acquisition perspectives are rooted in traditional understandings of learning inspired by cognitive psychology and behaviourism. These perspectives tend to focus primarily on how individuals acquire knowledge within and across different psychological processes and levels. In contrast, the emerging paradigm and learning as participation perspectives understand the process of learning to be collectively generated. These perspectives are rooted in social understandings of learning where this is seen to occur through the social relations and participatory practices of individuals within communities of practice (Lave and Wenger, 2001). The second main dimension in discussion is the distinctions between formal and informal learning. Formal learning i s planned and provided by the organisation in an effort to increase employees effectiveness. Workplace learning can also be informal learning that is unintentional and result from interaction with other employees. Workplace learning is embedded within, takes its shape from and can be impeded or facilitated by the workplace context (Fuller et al, 2003:47). As mentioned in the paper workplace learning is a socially situated process where the context, in terms of its structures, activities and relationships shape the learning environment and learning opportunities in the workplace (Fuller and Unwin, 2003). All learning in the workplace is influenced by a range of factors and is shaped by external as well as internal imperatives. Factors namely environmental factor, organisational structure, workplace culture and social context were discussed. This paper e

Evolution vs.Creationism Essay -- essays research papers

Evolution Vs Creationism People have always wondered how life originated and how so many different kinds of plants and animals arose. Stories of a supernatural creation of life developed among many peoples. The Bible, for example, tells of God's creation of humans and other higher animals over several days. Many people also believed that insects, worms, and other lower creatures spontaneously generated from mud and decay. Long after these stories became rooted in tradition, scientists began to question them. Albert Einstein said, "The scientist's religious feeling takes the form of a rapturous amazement at the harmony of natural law, which reveals an intelligence of such superiority that, compared with it, all the systematic thinking and acting of human beings is an utterly insignificant reflection." (Creation 9). The first serious attack on the idea of spontaneous generation of life was made in 1668 by Francesco Redi, an Italian physician, who proved that maggots did not arise spontaneously in decaying matter, as commonly believed, but from eggs deposited there by flies. Proof that microorganisms are not generated spontaneously came in the 1860s, when Louis Pasteur, a French scientist, showed that they, too, develop from preexisting life. Evolution can be defined in many ways. One of the most respected evolutionary biologists has defined biological evolution as follows: "In the broadest sense, evolution is merely change, and so is all-pervasive; galaxies, languages, and political systems all evolve. Biological evolution ... is change in the properties of populations of organisms that transcend the lifetime of a single individual. The ontogeny of an individual is not considered evolution; individual organisms do not evolve. The changes in populations that are considered evolutionary are those that are inheritable via the genetic material from one generation to the next. Biological evolution may be slight or substantial; it embraces everything from slight changes in the proportion of different alleles within a population (such as those determining blood types) to the successive alterations that led from the earliest protoorganism to snails, bees, giraffes, and dandelions." (Futuyma, 11) Exactly how evolution occurs is still debated but it is a scientific fact that it does occur. Most biologists believe that... ...nism vs. Evolution rages in the American popular culture. The tension between how people interpret the Bible and what people believe that they have learned through science has been with us for a long time. The fact is science and the Bible is both needed to find the truth. This complex topic presents many issues such as faith, scientific reasoning, and personal beliefs. This generation would probably be more inclined to believe in evolution rather than creationism, merely because today's educational system does not teach creationism as much as evolution. We are taught that science answers everything. Personally after researching the theory of evolution it is more real and not so fictional and fairy-tale like as creationism. Work Cited (Britannica) McHenry, Robert ed. The New Encyclopedia Britannica. Delusion-Frenssen. 15th ed. Chicago: University of Chicago, 1992. (Creation 9.) No Answers In Genesis. http://www.onthenet.com.au/~stear/. Darwin, Charles The Origin Of Species (Darwin) McHenry, Robert ed. The New Encyclopedia Britannica. Ceara-Deluc. 15th Edition. Chicago: University of Chicago, 1992. (Douglas J. Futuyma.) The World As I See It. New York: Watts & Co, 1975

Harrison Bergeron Essay

Kurt Vonnegut’s short story â€Å"Harrison Bergeron† is about a futuristic society where beauty is destroyed to create equality. It centers around the highest official, appropriately named, the General Handicapper. His only role to to seek out and find to people who are skilled, pretty, or good at sports and forced them to hide away these talents through masks and waits. It is through basic literary elements that Vonnegut creates and develops the theme that general conformity leads to the deformation of humanity. The short story begins in the future, â€Å"The year was 2081† and Vonnegut immediately puts out the benefits of this futuristic society, stating â€Å"everybody was finally equal† and not just equal â€Å"before God† but in â€Å"every way† possible (Vonnegut, 1968, p. 7). Vonnegut’s description foreshadows what is to come in the novel and certainly this forced equality can only lead to a dangerous and potentially deadly ending. Conformity and the effects of uniformity is a common theme in the bulk of science fiction literature and Vonnegut’s short stories are no different. However, in â€Å"Harrison Bergergon† not just the theme of uniformity is explore but also the stripping away of humanity. This short story, the government forces everyone to be equal –â€Å"nobody was smarter than anybody else. Nobody was better looking than anybody else. Nobody was stronger or quicker than anybody else. † (Vonnegut, 1968, p. 7). Government agents force people who are beautiful to wear ugly masks and people who are thin are forced to carry around weights. The goal of all this control is to make sure that everyone has the same handicaps, the same features, and the same feelings. Even odder is that smart people were forced to wear radios which interfered with there brain functional creating a human society where everyone was equally stupid. By eliminating the the issues, which modern society still deals with, of racism, sexism, and discrimination based on looks, Vonnegut’s future society should be healthy and happy because everyone is the same. However, in the pursuit of equality the loss of humanity took place. Humanity is based on the idea of independence and individualism. The featured protagonist of this short story and namesake is Harrison Bergeron. He is a bright and friendly boy who has the most hated qualities in his society. He is intelligent, handsome, tall, and strong. Due to Harrision’s features he is required to do several things to compensate for all his good quality. He is subject to radio noises which stops his concentration and focus. He has to carry hundreds of pounds of extra weight. He also have to wear sun glasses which gives him a head and he has to undergo surgery fort o make him ugly. While awaiting his surgery he escapes and takes over a news station. On air he takes off his handicaps and is revealed to society. When enters the station he is looks â€Å"like a walking junk yard,† required to wear â€Å"a red rubber ball for a nose, keep his eyebrows shaved off, and cover his even white teeth with black caps at snaggle-tooth random† ( Vonnegut, 1968, p. 21). He also meets up with a ballerina and she too casts off her imposed disabilities. When the couple dances they shrug off the law of gravity and the laws of motion as well,† leaping to kiss the thirty-foot ceiling until finally â€Å"they remained suspended in air inches below the ceiling, and they kissed each other for a long, long time. † It is then that Glampers enters with her shotgun† (Vonnegut, 1968, p.  22). Unfortunately both are killed by the General Handicapper. As a sub plot his parents are watching the news station but once everything is said and done they can not remember what has happened due their forced handicaps. Irony is another literary device that Vonnegut uses in this short story. Vonnegut comments on the look-ism which is apparent in American society. Vonnegut even appears cynical about what passes as average in America. â€Å"Hazel had a perfectly average intelligence, which meant she couldn’t think about anything except in short bursts† (Vonnegut, 1968, p. 20). The observation on the ballerinas continues the undercutting humor: â€Å"They weren’t really very good–no better than anybody else would have been, anyway† (Vonnegut, 1968, p. 20). Heavy irony emerges in the plodding Hazel’s missing the point, as when she sympathizes with the stuttering announcer for trying â€Å"real hard† to do his best or suggests George might remove some of his weights in the evenings. Compounding the irony she says, â€Å"‘I think I’d make a good Handicapper General. ‘ ‘Good as anybody else,’ said George. † The range of sounds and the comic brutality of their effect provides another source of comedy. One of George’s winces prompts Hazel to ask the cause. â€Å"Sounded like somebody hitting a milk bottle with a hammer,† he replies. Another sounds like a twenty-one gun salute that leaves George â€Å"white and trembling† and leaves two of the ballerinas on the floor clutching their temples. The final one is a riveting gun. â€Å"Gee–I could tell that one was a doozy,† said Hazel. â€Å"You can say that again,† said George. â€Å"Gee–† said Hazel–â€Å"I could tell that one was a doozy. † (Vonnegut, 1968, p. 41) Hazel’s stupid behavior and mindset symbolizes the dumbing down of America. In addition the television is equally symbolic. When this book was written, the television was now found in every home throughout the country. It became the way that people communicated and received news. Reading, literature, and human interaction decreased and was replaced by the mindless chatter of television shows and governmentally run news broadcasts. Hazel’s aversion to the old days when she could be made to feel like â€Å"something the cat dragged in† (Vonnegut, 1968, p. 22) obviously is not very persuasive The narration in â€Å"Harrison Bergeron† is also interesting. This is because the narration is third person, as if person is looking back on the events that just happened. Third person omnipresent is an interesting choice for narration because it allows the reader into the minds of all characters. For example Vonnegut reminds the readers, in third person narration Nobody can be in any way superior to anybody else, as guaranteed by â€Å"the 211th, 212th, and 213th Amendments to the Constitution, and to the unceasing vigilance of the agents of the United States Handicapper General† (Vonnegut, 1968, p. 20). In particular, the motivations of each character which inspire their actions and words. â€Å"Harrison Bergeron† is a very unique short story because Vonnegut manipulates basic literary elements and creates a satire of American ideals and societal norms. Vonnegut is able too, in a tongue and cheek manner, show how the government can create a society which lacks humanity. A government that is left uncontrolled can exert such great power that it can destroy what makes human unique creatures on this planet. In doing so, people become mindless and vulnerable to the governmental propaganda that tells the citizens of a society that these rules are for their own good.

Role of Business Economic Development

Chapter – 1 Introduction Page 1. 1 Background03 1. 2 Financial economic sector04 1. 3 Microfinance04 1. 4 Economy of Bangladesh05 1. 5 Objectives of the term paper06 Chapter- 2 Conceptual issues 2. 1 The Garment Industry of Bangladesh 06 2. 2 Agriculture07 2. 3 Textile Sector08 2. 4 Manufacturing and Industry09 2. 5 Banking and Finance10 2. 6 Statistical Position of Economy in Bangladesh 10 Chapter-3 Database 3. 1 Economic Transformation11 3. 2 Economic performance12 Chapter 4 Finding of The Study Page 4. 1 Garments & Textiles 12 4. 2 Spinning 16 4. 3 Frozen Foods 18 . 4 Leather 19 4. 5 Electronics 20 4. 6 Agriculture 21 4. 7 Information Technology 24 4. 8 Pharmaceuticals 25 Chapter-5 Conclusion 5. 1 Summary of Major Findings 27 5. 2 Economic Performance 28 5. 3 Policy Recommendation 28 Chapter – 1 Introduction There is no denying the fact that the economical business sector plays a significant role in the economic development of a country. The importance of an efficien t economic sector lies in the fact that, it ensures domestic resources mobilization, generation of savings, and investments in productive sectors.In fact, it is the system by which a country’s most profitable and efficient projects are systematically and continuously directed to the most productive sources of future growth. The financial system not only transfers funds from savers to investors: it must be able to select projects which will yield the highest returns, accumulate sufficient quantities of capital to fund the range of investment projects across economic activities, account for price risks across assets, monitor performance, and enforce contracts.The larger the business sector in the context of the overall economy, the greater the share of lending by depository rather than central banks, and the greater the share of credit to private sector rather than public sector, the greater is the rate of economic growth. The country's economy is based on agriculture. Rice, ju te, tea, sugarcane, tobacco, and wheat are the major crops. Bangladesh is the world's largest producer of jute. Fishing is also an important economic activity, and beef, dairy products, and poultry are also produced. . 1-Background Bangladesh, since its independence in 1971, had to experience several military rules besides democratically elected government associated with major political assassinations. Regardless of all the aroused disputes, the country constantly pushed to achieve economic, social and developmental success through introduction and implementation of different policies during the ruling period of different elected governments as well as at the time when the country was declared to be under the emergency rule.Bangladesh, named in the list of the developing nations, is blessed with several natural advantages over developed countries. Examples of such are huge reserves of oil, natural gas, coal, timber and the only natural port of the world that connects SAARC and ASEA N business hub together. The utilization of such natural assets are closed to zero. Foreign donors are granting financial aids for reformation and infrastructure development of the country. Loans are being taken on heavy interest, by GOB, from World Bank and Asian Development Bank for developmental purposes. 1. -Financial economic sector The financial sector consists of the central bank, Bangladesh Bank, 4 state owned commercial banks, 5 government-owned specialized (development) banks, 30 domestic private commercial banks, 9 foreign-owned commercial banks, and 29 NBFIs. In terms of both industry assets and deposits, private commercial banks command the greatest market share. Additionally, 298 micro credit organizations are licensed by the Micro credit Regulatory Authority (MRA). Insurance companies, stock exchanges, and cooperative banks comprise a smaller part of the financial system.As of August 2008 the net domestic assets of the country’s banking system were valued at BD T 1. 9 trillion ($28 billion). 1. 3- Microfinance The average annual growth rate in the microfinance sector in Bangladesh over the five years 2003–2008 was 23 percent. It is expected to reach 25 percent annually over the next three years (2009–2012) as a result of growing demand for larger loan sizes. Despite its significant outreach—estimated at 60 percent of all Bangladeshi households—microfinance assets remain less than 2 percent of GDP, having increased only marginally relative to GDP since 2001.The total loan portfolio of the microfinance sector is estimated to exceed BDT 135 billion and total borrowers, to exceed 30 million. Although it is difficult to estimate the unique number of microfinance borrowers, taking into account their cross-indebtedness to different microfinance providers, they likely number 18 million. It is estimated that just over 60 percent of them have income below the poverty line. The Micro credit Regulatory Authority Act of 2006 limits two important potential MFI funding sources: equity investments and deposits.Foreign currency financing is also effectively prohibited. MFIs in general have access funding for most MFIs. These sources seem adequate to cover current funding needs. 1. 4- Economy of Bangladesh Bangladesh is an agriculture driven economy. Total of 54% of the population of the nation is directly and indirectly involved in farming and lives in rural areas (World Bank, 2011). Due to soil fertility and ample supply of water, having the blessing of thousands of rivers and its branches zigzagging nationwide.Bangladesh can harvest three crops every year. Apart from the fact that cyclones and floods damage crops every year, the production of crops meets substantial local consumption demand but are not grown sufficiently enough for export purposes. Where both men and women are engaged in generating foreign revenue and contributing to the GDP. The third sector which contributes greatly to the economy of t he nation is the export of manpower which brings remittances by Bangladeshi workers working abroad, such as in Middle-East Singapore, Malaysia, etc.Due to cultural and religious norms, women previously stayed within the compound of their houses and were liable to take care of the house-hold activities, whereas men were regarded as the only earner and head of the family. CIA World Fact-Book, published in 2010, economy structure of Bangladesh is as follows:- GDP(PPP) $259. 30 Billion GDP Growth 6. 00% GDP(Per Capita) $1,700 Public Debt / National Budget 39. 30% / $11. 43 Billion Inflation Rate 8. 10% Exports $16. 24 Billion Imports $21. 34 Billion External Debts $24. 6 Billion Table-1 Economics Of Bangladesh (Source: CIA World Factbook,2010) Released beat-up report of World Bank, in 2007, estimated Bangladesh of becoming a Middle income country. It has been suggested, to reach the goal, Bangladesh should emphasize to deepen its industrial base, integrate more into global markets and p rioritize urban economic development. The country has large reserves of natural gas, petroleum deposits and low-grade coal. All these minerals are rare and demanding in the global market, specially for industrial and Energy-generation purposes.Cheap labor-force advantages make the local manufactured Products highly competitive in global markets through FDI, introduced and encouraged Firstly by the government formed in 1991. The major source of foreign earnings is being Transacted from garments and textiles export and remittances sent home by Bangladeshi workers living abroad. 1. 5-Objectives of the term paper The broad objective of the study is to examine the reforms that took place in Bangladesh and to explore the financial implications of the reforms.Followings are the specific objectives of the study:  · To review the economic sector reform programs;  · To compare the financial performance of the economic system in Bangladesh before and after implementation of the economic se ctor reforms;  · To identify different problem areas of the economic sector of Bangladesh, which still needed careful restructuring for better performance; and  · To suggest some policy measures for strengthening the restructuring mechanism. Chapter- 2 Conceptual issues 2. 1 The garment industry of BangladeshThe garment industry has played a pioneering role in the development of industrial sector of Bangladesh. Though it took a rather late start i. e. , in 1976 but it soon established its reputation in the world market within a short span of time. Resultantly garment is now one of the main export items of the country. Besides, enriching the country's economy it has played a very important role in alleviating unemployment. At present there are more than two thousand one hundred garment factories in the country employing more than 12 lack labors. 85 percent of the labor force is women. . 2 Agriculture Most Bangladeshis earn their living from agriculture. Although rice and jute are the primary crops, maize and vegetables are assuming greater importance. Tea is grown in the northeast. Because of Bangladesh's fertile soil and normally ample water supply, rice can be grown and harvested three times a year in many areas. Population pressure continues to place a severe burden on productive capacity, creating a food deficit, especially of wheat. Foreign assistance and commercial imports fill the gap, but seasonal hunger remains a problem.Underemployment remains a serious problem, and a growing concern for Bangladesh's agricultural sector will be its ability to absorb additional manpower. Finding alternative sources of employment will continue to be a daunting problem Most Bangladeshis earn their living from agriculture. Although rice and jute are the primary crops, maize and vegetables are assuming greater importance. Tea is grown in the northeast. Because of Bangladesh's fertile soil and normally ample water supply, rice can be grown and harvested three times a ye ar in many areas.Due to a number of factors, These include better flood control and irrigation, a generally more efficient use of fertilizers, and the establishment of better distribution and rural credit networks. Population pressure continues to place a severe burden on productive capacity, creating a food deficit, especially of wheat. Foreign assistance and commercial imports fill the gap, but seasonal hunger remains a problem. Underemployment remains a serious problem, and a growing concern for Bangladesh's agricultural sector will be its ability to absorb additional manpower. [pic] Map showing the growing areas of major agricultural products.Main article: Agriculture of Bangladesh 2. 3 Textile sector Bangladesh's textile industry, which includes knitwear and ready-made garments along with specialized textile products, is the nation's number onexport earner, accounting for 80% of Bangladesh's exports of $15. 56 billion in 2009. Bangladesh is 2nd in world textile exports, and Chi na which exported $120. 1 billion worth of textiles in 2009. The industry employs nearly 3. 5 million workers. Current exports have doubled since 2004. Wages in Bangladesh's textile industry were the lowest in the world as of 2010. [pic]The country was considered the most formidable rival to China where wages were rapidly rising and currency was appreciating. As of 2011 wages remained low for the 3 million people employed in the industry, but labor unrest was increasing despite vigorous government action to enforce labor peace. Owners of textile firms and their political allies were a powerful political influence in Bangladesh. 2. 4 Manufacturing and industry Many new jobs – mostly for women – have been created by the country's dynamic private ready-made garment industry. Eastern Bengal was known for its fine muslin and silk fabric before the British period.The dyes, yarn, and cloth were the envy of much of the pre-modern world. Bengali muslin, silk, and brocade were w orn by the aristocracy of Asia and Europe. The introduction of machine-made textiles from England in the late eighteenth century spelled doom for the costly and time-consuming hand loom process. Cotton growing died out in East Bengal, and the textile industry became dependent on imported yarn. Those who had earned their living in the textile industry were forced to rely more completely on farming. Only the smallest vestiges of a once-thriving cottage industry survived. 2. 5 Banking & Finance The banking system dominates the financial sector accounting for about 97% of the market in terms of assets. * Government has undertaken major reform initiatives to improve the regulatory and legal environments for banks. * Several specialist development financial institutions have been providing long-term debt, equity financing and leasing. [pic] 2. 6- Statistical Position of Economy in Bangladesh |The Economy in 2009-2010 | |Currency | Taka (Tk. | |GDP at current price | Tk. 6,149,432 millio n | |Annual per Capita GDP | Tk. 42,638 | |GDP growth rate at constant price | 5. 88 percent | |Industrial growth rate at constant price | 8. 05 percent | |Inflation rate | 5. 4 percent | |Investment rate | 25. 6 percent of GDP | |National savings rate | 30 percent of GDP | |Exports (US$) | US$ 12,816. 11 million | |Foreign Reserve | US$ 6,562. 0 million (up to May 2008-2009 financial year) | | | |Import and Export | |Principal Industries |Jute, tea, textiles, garments, paper, newsprint, fertilizer, leather and | | |leather gods, sugar, cement, fish processing, pharmaceuticals, chemical | | |industries, etc. |Traditional Export Items |Raw jute, jute manufactures (hessian sacking, carpet backing, carpets), jute | | |products, tea, leather, leather products etc. | |Non-traditional Export Items |Garments, frozen shrimps, other fish products, newsprint, paper, naphtha, | | |furnace oil, urea, ceramic products, light engineering items etc. |Principal Imports |Wheat, oil, seeds, crude pe troleum, raw cotton, edible oil, petroleum products,| | |fertilizer, cement, staple fibers, Raw Cotton, iron & steel, capital goods, | | |pharmaceuticals raw materials etc. | Chapter-3 Database 3. 1- Economic Transformation The Bangladeshi economy has shown great resilience in the face of the recent global economic crisis and recession and has continued to grow at a healthy rate. Since 1996, the economy has grown 5% – 6% per year.Political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms have not slowed down growth. Economists agree that the country has the potential to achieve a higher growth rate if these roadblocks are adequately addressed. More than half of GDP is generated through the service sector, but nearly two-thirds of Bangladeshis are employed in the agriculture sector. The share of agriculture in the labor force is 45%, in industry 30% and in services 25%. The share of the service sector in GDP is 52. 6% while industry’s share is 28. % and agriculture’s 18. 7%. In 2009, garment exports, totaling $12. 3 billion and remittances from overseas Bangladeshis totaling $9. 7 billion accounted for almost 25% of GDP. The country was not completely immune from the global economic downturn; the principal adverse effect of the recession was a reduction in export revenue in 2009. It came on the back of a very high growth of 23% in 2008. However, overall exports declined by only 2. 0%. Despite recent high growth rates, socioeconomic development is still not favorable for the majority of the population. 3. -Economic performance Bangladeshis have access to a water point. However, due to the discovery of arsenic in the ground water, only 76% of these can now be considered safe. In 2006, the Joint Monitoring Program by WHO and UNICEF reported that 51% of urban areas had improved sanitation facilities and only 7% of urban areas had sewerage connection. In addition, only 32% of the rural population was using improved sanitation in 2006. Female economic activity accounts for 52. 7% of the economy, but females earn less than half the income of their male counterparts.The number of poor women is higher than their male counterparts and the extremely poor is largely women, while there is a higher proportion of a female-headed household than male-headed ones among the ultra-poor. However, the country has made significant progress in achieving gender parity in primary and secondary education. Rural areas still lack basic health care facilities and educational institutions. The number of health care facilities in rural areas has not grown as quickly as the number of education institutions, thanks to the NGOs working in the education sector.Child underweight rates have hovered at about 46% since 2000. The total number of undernourished people in Bangladesh is approximately 41 million. Overall, according to the 2010 data, the HDI for Bangladesh was 0. 469 with a ran k of 129 out of 168 countries. The 2005 data shows that the Gini index is 31. 0. |Economic indicators | 2007 | 2008 | 2009 |2010 | | | GDP | $ mm | 68415. 4 | 79554. 4 | 89359. 8 |100357. 0 | | | GDP growth | % | 6. | 6. 2 | 5. 7 |6. 1 | | | Inflation (CPI) | % | 9. 1 | 8. 9 | 5. 4 |8. 1 | | | Unemployment | % | – | – | – |- | | | Foreign direct | % of GDP | 1. 0 | 1. 3 | 0. 8 |1. 0 | | |investment | | | | | | | | Export growth | % | 13. | 7. 0 | 0. 0 |0. 9 | | | Import growth | % | 16. 0 | -2. 1 | -2. 6 |0. 7 | | | Current account | $ mm | 856. 9 | 926. 2 | 3556. 1 |2502. 4 | | |bance | | | | | | | Chapter 4 Finding of The Study 4. 1 GARMENT AND TEXTILES :The garments and textiles industry sector is the biggest export earner sector of Bangladesh with value of over US$12. 347 billion of exports in 2008-2009. Our factories design and produce for the world’s leading brands and retailers, like: Reebok, GAP, Wal-Mart, Hudson Bay, Puma, etc. This rapidly growi ng sector of the Bangladeshi economy offers a unique competitive edge that supports profitable expansion into new strategic markets. |Year |No. of garment |Employment (in |Export of RMG |Total export of |% of RMG to total | | |factories million workers) |(in million US$)|Bangladesh (in million|export | | | | | |US$) | | |2005-06 |4,220 |2. 2 |7,900. 80 |10,526. 16 |75. 08 | |2006-07 |4,490 |2. 4 |9,211. 23 |12,177. 86 |75. 64 | |2007-08 |4,743 |2. 8 |10,699. 80 |14,110. 80 |75. 83 | |2008-09 |4,825 |3. 1 |12,347. 7 |15,565. 19 |79. 33 | Source:  Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Industry Background and Status The phenomenal growth in RMG was experienced in the last decade. In 1984-85, no of Garment factories was 800 RMG jointly with knitwear accounted for more than 70% of total investments in the manufacturing sector during the first half of the 1990’s. At present with about 4,000 factories and a workforce of two million, 80% of which are wo men, employing over 50% of the industrial workforce and having 75% of the total exports earning of the country.Exhibit 6. 1 shows the growth of RMG exports from Bangladesh since 1981-82. Main apparel items exported from Bangladesh (in million US$) |Year |Shirt |Trouser |Jacket |T-shirt |Sweater | |2005-06 |1,056. 69 |2,165. 25 |389. 52 |1,781. 51 |1,044. 01 | |2006-07 |943. 44 |2,201. 32 |1,005. 06 |2,208. 90 |1,248. 09 | |2007-08 |915. 6 |2,512. 74 |1,181. 52 |2,765. 56 |1,474. 09 | |2008-09 |1000. 16 |3,007. 29 |1,299. 74 |3,065. 86 |1,858. 2 | Source:  Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Industry Outlook Multi-Fiber Agreement (MFA) and Generalized System of Preferences (GSP) of the EU are the main factors behind acquainting Bangladesh RMG products to global market ensuring assured market access. Bangladesh is now a significant RMG supplier to North America and Europe. Due to phasing out of MFA, many are doubtful about Bangladesh’s ability t o maintain the fast growth of the recent years in this sector but Bangladesh has taken a better position in the U. S. A market through competition.However, on a more positive note, Bangladesh is expected to maintain its tariff-free access to EU under the European GSP, since the GSP is not covered by the Uruguay Round Agreement. Recently, Canada has also provided tariff-free access of all the items from Bangladesh. Marketing network has been spread over the economies of the continents. End users could well recognize and differentiate the products confidently. Bangladesh RMG industry largely depends on the imported yarns and fabrics. Bangladesh produces only 10% of export-quality cloth used by the garments industry.The need for establishment of backward-linkage industry has become an immediate concern to the government and the exporters. There are enormous opportunities in setting up composite textiles industry combining textile, yarn and garments. Investment Opportunities and governm ent support RMG and textile sectors have enormous investment opportunities. The government of Bangladesh has created a highly favorable policy framework for investment in these sectors offering investors the following choices: 1)    Establishment of new textile / RMG mill in the private sector. 2)  Ã‚   Joint ventures with the existing textile / RMG mill. )  Ã‚   Acquisition of public sector textile mills that are being privatized. 4)  Ã‚   Indirect investment through financial services and / or leasing. To meet up the local demands, backward linkage is a significant trading opportunity and is supported by a government backed incentive: 15% cash subsidy of the fabric cost to exporters sourcing fabrics locally. * SPINNING : Value Addition to the Fibrous Substances Spinning is the first step in textile value chain that adds value to the fibrous substances by converting them into yarn or thread through the processes of drawing, twisting and winding (Exhibit 1).Characteristics o f the yarn vary based on the materials used, fiber length and alignment, quantity of fiber used and degree of twist. The earliest spinning probably involved simply twisting the fibers in the hand. Later, the use of a stick to help twist the fiber was introduced. Drop spinning involves the use of a stick with a whorl or weight to stabilize the spinning of the stick (called a spindle). The spindle is spun, and hangs supported by the yarn as more fiber is introduced. This introduced fiber picks up the twist and becomes yarn. However, the development of spinning wheel allowed a continuous and faster yarn production.Spinning wheels are either foot or hand powered. Modern powered spinning, originally done by water or steam power but now done by electricity, is vastly faster than hand spinning. Materials that can be used to create yarn fall into three broad classes: plant, animal, and synthetic. 1)    Plant materials: cotton, flax (to produce linen), hemp, raffia, yucca, coconut husk, 2)    Animal materials: wool, goat (angora or Cashmere goat), rabbit (angora), llama, alpaca, dog, camel, silk, 3)    Synthetic materials: polyester, nylon, rayon, acetate, Mylar†¦ 4)  Ã‚   Apart from the above, mineral materials like asbestos are also used, but not very often. Spinning Industry in Bangladesh Development of spinning industry in Bangladesh is closely associated with the development of Textile and Clothing (T&C) sector as a whole. Power-driven modern textiles in Bengal were traced back to early twentieth century. Before 1947, modern textiles were only the composite textile mills having spinning and weaving facilities. Later, activities like specialized textile weaving, knitting and hosiery and dyeing-printing-finishing were added.During 1947, there were about 11 composite textile mills in Bangladesh (then East Pakistan) with 1. 1 million spindles and 2. 7 thousand looms. Spindles grew to 3. 2 million in 1956 but declined to 0. 8 million in 1972 as worn-out ob solete spindles went out of operation. In 1972, large-scale manufacturing units including textile mills were nationalized. After 1982, state-owned spinning mills were gradually denationalized. By 1999, spindles installed were 2. 8 million (2. 4 million in the private sector and 0. 4 million in the public sector) with an annual production capacity of 200 million kg.BOI sector Survey found that in 2004, about 3. 44 million spindles are producing 382 million kg of yarn for the textile industry (Exhibit 2). [pic] Challenges of and Supports to the Spinners The success of a robust textile sector largely depends upon an improved and reliable spinning sub-sector. If spinning sub-sector produces substandard / inferior yarn, its adverse effect persists right across the entire value chain. Availability of raw materials, transportation, port facilities and tariff rationalization are the key challenges to the spinners.The Government has been supporting the spinners providing lower tariff for mac hinery spares and raw materials, cash incentives, reduced tax rate, and low-cost funding etc. Investment Outlook Textile & Clothing is the largest manufacturing sector of Bangladesh providing over 4 million jobs, accounting for 5% of GDP, 40% of manufacturing value addition and 75% of total foreign exchange earnings. The growing demands for yarn in the local market, comparatively low cost of doing business, lucrative incentive package, favorable investment policy regime etc are the main reasons for investment in this sustainable sector.Spinning could be chosen. 4. 3 FROZEN FOODS The frozen foods export is the second largest export sector of the country. After some initial difficulties in terms of quality achievement, exporters have earned credibility and trustworthiness in the global market. Assurance of reliable and continued product quality is a major challenge in this sector. Technology orientation, marketing perceptions, and quality improvement aspects invite foreign investment in this sector. The current challenges of international trading are largely dictated by price, quality, time and service.Industry Situation Exporters have earned credibility and trustworthiness in the global market and are committed to maintaining a competitive advantage in product quality. Continuing investment in technology, marketing and quality remain at the forefront of the industries' strategy to meet the challenges of international trade in price, quality, time and service. Industry Outlook Frozen food sub-sector has credible opportunities in Middle East, EU and North American countries and Far Eastern countries. In 2004-05, total fish production was 2. 216 million metric tons of which 8. 2 metric . tons were shrimp. At present, there are 868 fish hatcheries and farm of which 218,000 hectors of shrimp farm. This export-oriented industry includes the following sub-sectors, which need proper attention for augmentation of production, attain international standard quality and exp ort earnings. 1)  Ã‚   Hatcheries,   Sustainable aqua-culture technology. 2)  Ã‚   Feed-meals plants, Processing unit for value-added products. 3)  Ã‚   Investment in frozen food sector with new technology and equipment has a vast potential for growth. * LEATHER Industry SituationBangladesh leather industry is dominated substantially by the domestic investment which is mostly export-oriented. The leather includes some ready-made garments, although that aspect is continued mainly to a small export-trade in â€Å"Italian-make† garments for the US market. Footwear is more important in terms of value addition. This is the fast growing sector for leather products. Presently Bangladesh produces between 2 and 3 percent of the world’s leather market. Most of the livestock base for this production is domestic which is estimated as comprising 1. 8 percent of the world’s cattle stock and 3. percent of the goat stock. The hides andskins (average annual output is 150 million sq. ft. ) have a good international reputation. Foreign direct investment in this sector along with the production of tanning chemicals appears to be highly rewarding. Having the basic raw materials for leather goods as well as for the production of leather shoe, a large pool of low cost but trainable labor force together with tariff concession facility to major importing countries under GSP coverage, Bangladesh can be a potential off shore location for leather and leather products manufacturing with low cost but high quality.In 2004-05 total export of leather goods was 220. 93 million US$ on the other hand it is 257. 27 million US$ during 2005-06 FY. Industry Outlook Provision of newly announced infrastructural facilities through establishment of an integrated Leather Park and simultaneously, growth in the global demand, opportunities for investing in and setting up export-oriented leather industry in Bangladesh is definitely attractive. Foreign investors are welcome to ca pitalize on this opportunity. 4. 5 ELECTRONICS Industry Background The electronics industry in Bangladesh mostly produces consumer items.Home appliances like television, radio, VCD and CD players, refrigerator, air conditioners, oven, electronic fan, blenders etc. are being assembled to a large extent. To ensure the performance reliability, the key challenges in this sector are technical assistance and proper technology orientation of the industry. Developing the significant capacity and skill in assembly and manufacture of a wide range of electronic components and parts is curacies. As yet, Bangladesh does not have any telecommunication equipment industry in the private sector.However, an urgent need for diversification and modernization is felt among the existing entrepreneurs, government and professionals. Government is keen to provide and ensure enabling assistance to the development of this sector. Industry Outlook and Opportunities Skilled, easily trainable and low-cost human resources are the main cost advantage of setting up electronic industry in Bangladesh. Growing domestic demand and international market access are some key attractive issues to the investors. In the economies like Malaysia, Singapore, Korea and Thailand, electronics contribute a major portion in the GDP.They are encouraging electronic industry to shift from low-end assembly operations with high import content of inputs to upstream higher- value-added activities. In this context, relocation, outward investment and joint venture with Bangladeshi companies could be gainful strategies. To capitalize on the comparative advantages, substantial foreign investment from those countries is highly encouraged. * AGRICULTURE Sector Highlights Bangladesh has a tropical climate, a lot of fresh water, indeed a land interspersed with numerous rivers, fertile soil and possibility to cultivate crops round the year.So it is unique to supply raw materials for the agro-based industry. The abundance of na tural resources available in Bangladesh supports a range of highly profitable investment opportunities in agribusiness. Over 90 varieties of vegetable are grown in Bangladesh, yet in this fertile land there is underutilization of the country’s agricultural capacity. This presents many opportunities for investors seeking to export agricultural products, or to meet the rapidly growing local demand. Thriving in this sector are  canned juices,  fruits, vegetables,  dairy and poultry.The country offers: 1)  Ã‚   Huge supply of raw materials exists for the agribusiness industry. 2)  Ã‚   A tropical climate for all year growing, a lot of fresh water, indeed a land interspersed with numerous rivers, available land with fertile soil. 3)  Ã‚   Government and NGOs have been conducting regular training programs to develop skilled manpower for agro-based industry. 4)  Ã‚   Wide range of biodiversity exists for different crops. 5)  Ã‚   Agricultural commodities have a compa ratively higher value added than non-agricultural commodities.Investment opportunities There is a wide variety of investment opportunities including: *  Ã‚  Ã‚  Ã‚   Cold storage facilities serving the supply chain, especially fresh produce for export. *  Ã‚  Ã‚  Ã‚   Fresh produce production for local and export markets. *  Ã‚  Ã‚  Ã‚   Production of fertilizers and cultivation of seeds. *  Ã‚  Ã‚  Ã‚   Eco-friendly jute production, supported by jute technology development institutes. *  Ã‚  Ã‚  Ã‚   Shrimp farming, Halal  foods, Milk and dairy products. *  Ã‚  Ã‚  Ã‚   High value-added foods for export, including herbs, spices, nuts and pulses.Industry Incentives The government encourages development of the agricultural sector through measures to increase crop sector productivity and production of non-crop agriculture. To achieve this, the government provides increased credit, and facilitates greater access to inputs and modern technology. Sector Background Being an agrarian economy, agriculture has dominated in the economy for years. It has fulfilled the preconditions of access to input and raw materials in setting up successful agro-based industries.Alluvial soil, a year-round frost-free environment, adequate water supply and abundance of cheap labor are available in Bangladesh. Increased cultivation of vegetables, spices and tropical fruits now grown in Bangladesh could supply raw materials to local agro-processing industries for both domestic and export markets. In 2005-06, Export of agricultural products accounted for about 1% of total export amounting US$ 76. 24 million. Industry Outlook To avail the competitive and comparative advantages, Bangladesh invites progressive agricultural-practices, improved marketing technique and modern processing facilities.The government emphasizes development of the agricultural sector through appropriate measures to increase crop sector productivity and production of non-crop agriculture by providing incr eased credit, and facilitating greater access to inputs and modern technology. Investment interests in setting up agro-based industries in Bangladesh are highly encouraged. To promote agro-based industries and attract investment in this sector, Board of Investment organized Agri-Invest 2003 Bangladesh in December 2003.This first ever exposition created huge interest among the foreign and local investors. 4. 7 INFORMATION TECHNOLOGY Sector Highlights 1) To investigate the IT industry robustly, deregulation of the telephone has been decided and executed by mid-2003. 2) The extensive growth of mobile telephony resulted in significant opportunities. 3) The industry is at its introductory stage and has opportunity of capitalizing the potential. 4) Bangladesh has a well-educated, skilled, dedicated and growing IT workforce. 5) There is a fast growing domestic market and export demand. ) Strong research assistance from the universities and research institutions are available. Industry Back ground Compared to the neighboring India, Pakistan and other South and South East Asian nations, Bangladesh is lagging behind in IT Sector. But it is true that the sector has vast potentiality to develop. Availability of substantial number of qualified and experienced young people in various branches of engineering, science and technologies have opened up the scope of profitable investment in these sectors.Existing investment in IT sector is mainly small-scale and domestic in nature. Collaboration in the IT sector is mainly based on licensing agreements and representation. A growing number of computer training schools and institutes are being opened. Management of most of the IT firms is professionally strengthened with the Bangladeshis who have studied and worked in both North America and Europe, and returned home. The annual market size for IT including computer hardware, peripherals and software was estimated to be worth approximately US$ 20 million.The market is fast growing at an annual rate of about 25%. The country has over 400,000 PCs Submarine Cable Bangladesh has joined the consortium of SEA-ME-WE-4 submarine cable, which starts its commercial activities from 21st may, 2006. This will especially help prosperous data entry and software sectors. The landing station of this cable is situated at Jhelong in Cox’s bazaar. There are 14 countries of this consortium the countries are Singapore, Thailand, UAE, Bangladesh, India, Pakistan, Sri Lanka, KSA, Egypt, Tunisia, Italy, Algeria and France.It has connected 16 telecommunication organizations of 14 countries. With the direct help from submarine cable Bangladesh can earn more foreign currency by increasing international voice circuit (e. g. submarine cable will give support to establish 100,000 voice circuits. Voice and data communication will be faster. Consortium has created capacity pool, which we can sell also can manage IRV. Broad band service, data transmission, call centre, software export wil l be cheaper. Unemployed youths can easily engage themselves in those services by taking short term training.Bangladesh has right to land 15 landing station without charge. It will help smoother operation of E-commerce, E-governance, E-education, Telemedicine etc. So, there are huge chances of development of ICT sector and finally government will be financially benefited. 4. 8 PHERMACEUTICALS 1)   Pharmaceutical products have huge demand both in local and overseas market. 2)   There are huge demand-supply gap in pharmaceutical products. 3) Bangladesh offers a good number of qualified, skilled pharmacists, bio-chemists, micro-biologists, and chemists for pharmaceutical industries. )   Government offers support for importing raw materials for production. 5) Present Government has taken initiatives to modernize, expand and attract foreign investment in pharmaceutical industries, and for this adopted national medicine policy (revised) 2005, which will help to adapt with the changi ng world under WTO/TRIPS. [pic] Outlook Considering the overall demand, pharmaceuticals is one of the emerging sectors in Bangladesh. Government offers different incentives for importing raw materials pharmaceutical industries. This particular sector has huge potential of growth in the future.For sustainable return, pharmaceutical sector could be a rational choice. Chapter-5 Conclusion 5. 1 Summary of Major Findings The economic sector has tremendous impact on socio-economic structure of the country. It also brings economic prosperity for the any country. We believe that there must be a saturation point for any industry. But for our economic sector, still we are away from it. The economy is likely to grow at a similar pace as experienced over the last ten years — of around 6. 2 percent — in fiscal 2009-10, despite the continued global economic slowdown, Bangladesh Bank said . Most indicators in the first quarter of fiscal 2009-10 point to a more moderate level of econo mic expansion,† the BB said in its latest quarterly review. The BB projection means that the growth is likely to fall short of the government's original target of 7. 2 percent GDP growth for the current fiscal year. â€Å"Bangladesh Bank will produce forecasts for economic growth on a regular basis, in line with the common practice in other central banks across the world â€Å"The significant remittance growth is likely to have positive consequences for both domestic consumption and investment .The third development centres around the healthy growth in private sector credit, which during the first quarter this year grew by 19. 9 percent against a target of 18. 4 percent. This suggests that the credit envelope will â€Å"not be a constraint towards achieving the overall economic growth targets†. Gross domestic agricultural production is expected to be 2. 2 percent higher than that of the previous year, of 65. 6 million tones, on the back of government incentives and hi gher agricultural credit disbursement. The industrial sector is projected to grow between 7. percent and 7. 75 percent in fiscal 2009-10, down from the 9. 47 percent seen last fiscal year, but in line with the average industry sector growth rate over the last ten years Economic growth was also steady in the outgoing year despite some clouds over export earning. The GDP (gross domestic product) growth was 6. 32 percent in FY 2009-10, which was marginally lower than the 6. 71 percent of the previous FY 2008-09, but higher than many other neighboring countries. The GDP for the current FY 2010-11 has been targeted at 7. 2 percent. 5. 2 Economic Performance A steady average annual GDP growth of 5% over the last decade. * Inflation has been kept in single-digit. * Exports have been gradually shifted from traditional goods to more value added items. * Emphasis has been put on manufacturing of backward linkage of Readymade Garments, Pharmaceuticals Industries and IT sector. * The private se ctor is playing an increasingly active role in the economic life of the country, while the public sector concentrates more on the physical, social infrastructure and policy making. 5. 3 Policy RecommendationThe restructuring measures taken so far are definitely not sufficient considering the gravity of the situation. Based on the above discussion the following steps may need to be taken as reform or restructuring measures to speed up the progress  · The problem of excess liquid asset of the banks should be handled with due attention. In order to utilize the excess liquidity  · A number of measures were taken to strengthen the legal framework. However, in order to attain the benefit of improved legal framework, enforcement of legislations should be ensured.Legal procedures should be uncomplicated and disposal of case should be speedier.  · Government interference, political involvement, pressure from the trade unions has to be reduced for the smooth function.  · For developin g the asset utilization ratio, portfolio of asset structure should be rearranged by removing the non-earning assets or transforming the non-earning assets into earning one.  · Technological up-gradation of the banking system is needed equipped with state-of-the-art infrastructure and logistics. Lastly, the problem of Bangladesh financial system is widespread and not related to banking system only. Therefore the scope of the reform measures should also be applied to the non-bank financial institutions. Reference list * Released beat-up report of World Bank, in 2007, estimated Bangladesh. * Bangladesh Garment Manufacturers and Exporters Association (BGMEA) * Bangladesh Export statistics 2009-10, Dhaka, Bangladesh. * A report of Garments published in the magazine, April 2008. * Economic Review – 2010 * Review of Bangladesh Development – 2009 * A report of economics published in the magazine, April 2011