Economic Country Survey about Chile

Economic Country Survey about Chile I. Brief description of a startup a luxury resort in Patagonia, Chile. a brief description of the structure of the report and statement of assigned
responsibilities.

II. Country socioeconomic profile (size, population, demography, income per capita, etc.)
III. Short-term economic performance and prospects.
a. key macroeconomic indicators
b. business cycle positioning
IV. Macroeconomic Policies.
a. Financial indicators, Monetary policy, Financial institutions, and markets
b. Fiscal indicators, Fiscal policy, Public finances
V. External Sector.
a. Trade and Balance of Payments indicators
b. Exchange rate performance, competitiveness
VI. Institutional framework
a. Progress and institutions
b. Law and enforcement
c. Labor market
d. Competition policy
e. Tax policy
f. Trade Policy
g. Political stability
VII. Assessment of Strengths and weaknesses and country overall evaluation (grade the country 1 to 10).
VIII. Annex: Sources and references.

Learning on National Standards and Theory Application

Learning on National Standards and Theory Application Order Instructions: Note: This course includes this assignment as a critical assessment documenting your learning on the national standards listed below. Image result for Learning on National Standards and Theory Application

You will write a scholarly paper based on best instructional practices. Frame your paper focused on a specific context (8th-grade mathematics) so you can generate ideas for application as you write your paper.

Within this paper you will address the following areas (please remember to stay focused on your chosen context of 8th-grade mathematics):
• Describe your context (8th grade/mathematics, description of the student population, etc.)
• How learning occurs
o Include a concise description that addresses the relevance of the learning theorists discussed in the course to your beliefs about effective learning for your context. Identify those theorists that best align with your beliefs about learning and focus on those. The theorists that we studies are: Piaget, Vygotsky, Erikson, Lawrence Kohlberg’s or Carol Gilligan
• Best practices for achieving the learning process you describe.
o Address:
? * Teaching and learning strategies
? * Cognitive science
? * Include other ideas as relevant
• Individual needs of students and families.
o Identify three examples from your practice where student and family backgrounds have enhanced or challenged your beliefs about how learning occurs

Throughout your paper, please use examples from your teaching context as well as citations from your course readings and research. You must include at least three scholarly sources cited in-text and included as part of a reference list according to APA formatting guidelines (use direct quotes sparingly).

(National Standards)InTASC Standards
Standard #1: Learner Development: The teacher understands how learners grow and develop, recognizing that patterns of learning and development vary individually within and across the cognitive, linguistic, social, emotional, and physical areas, and designs and implements developmentally appropriate and challenging learning experiences.
• 1d: The teacher understands how learning occurs—how learners construct knowledge, acquire skills, and develop disciplined thinking processes—and knows how to use instructional strategies that promote student learning.
• 1e: The teacher understands that each learner’s cognitive, linguistic, social, emotional, and physical development influences learning and knows how to make instructional decisions that build on learners’ strengths and needs.
Standard #2: Learning Differences: The teacher uses an understanding of individual differences and diverse cultures and communities to ensure the inclusive learning environments that enable each learner to meet high standards.
• 2j: The teacher understands that learners bring assets for learning based on their individual experiences, abilities, talents, prior learning, and peer and social group interactions, as well as language, culture, family, and community values.
Standard #3: Learning Environments: The teacher works with others to create environments that support individual and collaborative learning, and that encourage positive social interaction, active engagement in learning, and self-motivation.
• 3n: The teacher is committed to working with learners, colleagues, families, and communities to establish positive and supportive learning environments.
Standard #8: Instructional Strategies: The teacher understands and uses a variety of instructional strategies to encourage learners to develop a deep understanding of content areas and their connections, and to build skills to apply knowledge in meaningful ways.
8j: The teacher understands the cognitive processes associated with various kinds of learning (e.g., critical and creative thinking, problem framing and problem-solving, invention, memorization and recall) and how these processes can be stimulated.

Learning on National Standards and Theory Application Sample Answer

LEARNING THEORY APPLICATION

The efficient and effective acquisition of education knowledge in the contemporary world critically dependent on the best learning instructional practices by instructors or educators keeping into considerations the national standards set. Under the context of eighth-grade mathematics, three levels of mathematics prevail, and the underlying disparity between the three tiers is the intensity, duration, pacing as well as the approach (Graf, 2015). Each and every learner is allowed to do a course based on what the seventh-grade instructor recommended. It’s, however, free to change levels either up or down depending on the students’ needs and performances.

In the first level (Math 411), the population of the students falling under this category is the majority students who finalized Math 7-1 course. Under this level, students pursue some integrated topics in algebra as well as geometry (Graf, 2015). However, they will acquire skills done in math classes that were previously done. Under the second level (math 412), the majority population of students at these level are those who successfully finalized with math 7-2, however, at this level, topics taught are more complex. It is a course that is recommended for students who demonstrate firm ability in mathematics.

Learning on National Standards and Theory Application Final Essay

The final level (math8-3), is a course meant for students who exhibit excellent abilities in math it, however, it introduces learners to more abstract ideas and proceeds at the faster pace. Educators teach topics of greater depth and students are expected to evaluate and analyses more complex problem (Graf, 2015). Learning occurs when teachers of mathematics utilize the standards of scientific practices, for example, using the expertise of mathematical proficiency, conceptual understanding of mathematical concepts, and operations among others. For learning to occur, educators critically use the learning practices as suggested by various learning theorists (Khalil, 2016). I believe that effective learning takes place in stages as viewed in grade eight mathematics. It critically aligns with Jean Piaget’s theory of cognitive development which states that infants can progress through four stages simply because it takes children a series of steps during learning from one level to another. Learning can also occur when parents contribute to developing real personalities among their children hence resulting in active learning since students with good personalities like disciplines progress well in learning (Khalil, 2016). Erikson’s psychological theory of development goes hand in hand with this concept apparently because the theory suggests that the child develops trust, confidence, and optimism if well taken cared during infancy stage meaning that good care contributes to the acquisition of valuable qualities that facilitate learning to occur.

Learning can also occur when a student portrays good morals for instance honesty, fairness, and respect that are vital for learning. It aligns with Gilligan’s theory of moral development, which states that moral development involves pro-social behaviors among individuals. Gilligan also suggested about caring about the personal relationship. Such a concept for instance if the relationship between the educator and the student is adequately maintained, then learning will be achieved (Khalil, 2016). Learning occurs when there is the collaboration between the teacher and the student to ensure meaning construction in students. The student, however, transmits information in the form of knowledge and skills to the student through active interaction and discussions or explanation of mathematical problems

. The idea aligns directly with Vygotsky’s theory of social development which suggests that internationalization of tools like writing and speech results in higher learning capabilities among children hence facilitating active learning of grade eight mathematics (Khalil, 2016) several best practices result in attainment of active learning in eighth-grade math and involve teaching and learning strategies, cognitive science among other. Effective teaching strategies and learning in eighth-grade mathematics constitutes various best practices that result in efficient and effective learning. The application of group problem-solving technique apparently stimulates learner to put their skills on mathematical skill into practices effectively (Blinne, 2013). Teamwork approach enables students of varied mathematical skills to interact with one another hence resulting in both support and challenge to one another strategic thinking skills. Instructors do promote and enhance strategic competence specifically via essential problem-solving techniques.

Another learning strategy is the method of giving the most challenging and exciting questions to students. To facilitate this, the instructor poses scientific issues that result in high stimulation of learner’s innate curiosity to steer the student to do the investigation on the problem further. The practice will lead to creativity and ease of solving mathematical problems. The strategy of using multiple representations for the presentation of mathematical ideas is also vital in the enhancement of learning in eighth-grade mathematics. It involves scientific communication of ideas via drawings, writing and other instruments (Blinne, 2013).

The utilization of manipulation is another learning strategy, which includes the use of accurate models that will facilitate the learner a perfect way of bridging the concrete understanding of mathematics and the conceptual understanding of algebra in the eighth-grade math course. The educators, therefore, teach students on how to utilize manipulation that results in effective, meaningful and efficient problem solving regarding the objectives of the lesson. Instructors can also give out assignments, asking questions, integration of literary activities and the use of continuous assessment tests as learning strategies (Blinne, 2013).

Cognitive science plays a significant role as an educational practice since teachers have to study the minds of the students to determine whether the instructional method used is working. Teachers always consider each and every student’s mind to determine the learning needs have required efficiently. Different students exhibit varied reasoning capacities resulting in varied approaches towards solving the mathematical problem.

In the context of eighth-grade mathematics, different learners from different families display diverse needs; therefore, prompting educators to develop learning strategies that seek to meet such needs. Different students involve learners from ethnically, racially, and linguistically varied families as well as communities viewed to be of lower social status. Teachers should, therefore, portray positive attitudes as well as skills to facilitate effective learning of grade eight mathematics by believing that all students can effectively succeed (Blinne, 2013). They should, however, treat all students equally; for instance, no student should be discriminated during the assessment at eighth-grade mathematics.

Students and family background have enhanced on how learning occurs from my practical education through the following examples. Firstly is that it is critically revealed that students from highly educated parents exhibit better language skills as compared to students from less educated parents. Learners from highly educated parents’ present complex speech and good vocabulary that is vital in learning at eighth-grade mathematics. Such students are well motivated to excel similarly to their parents, and hence motivated students can easily embark on learning to occur (Blinne, 2013). Finally, students who encounter aggressive behaviors will result in the relationship with high levels of conflict and less support. Such relationships create challenges in facilitating the learning of eighth-grade mathematics to occur.

To sum up, the facilitation of learning in eighth-grade mathematics involves applications of good learning strategies developed. Such plans are mostly acquired from knowledge and various learning theorists suggest information.

Learning on National Standards and Theory Application References

Blinne, K. C. (2013). Start With the Syllabus: HELPing Learners Learn Through Class Content Collaboration. College Teaching, 61(2), 41-43. doi:10.1080/87567555.2012.708679

Graf, E. A., & Arieli-Attali, M. (2015). Designing and Developing Assessments of Complex Thinking in Mathematics for the Middle Grades. Theory Into Practice, 54(3), 195-202. doi:10.1080/00405841.2015.1044365

Khalil, M. K., & Elkhider, I. A. (2016). Applying learning theories and instructional design models for effective instruction. Advances In Physiology Education, 40(2), 147-156.

Macroeconomics Short Answer Questions

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MACRO1 (ECON1010) Assignment 2

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Macroeconomics Short Answer Questions

The Reserve Bank of Australia (RBA) has the following three options to influence the money supply in the Australian financial market. Give a brief description of how each operates.

Open market operations (2 marks)

Open market operations refers to a policy by the national reserve bank involving buying an selling of government securities such as treasury bonds, mortgage-backed securities and treasury bills from its member banks in the open capital market as a strategy to expand or contract the amount of money circulating within the economy. Applying this policy to control money supply in the economy would involve the Reserve Bank of Australia (RBA) purchasing Australian government securities to decrease the money supply or selling these securities to increase the amount of cash circulating in the economy. The RBA would purchase government securities being held by financial institutions to mop up and withdraw excess money supply in the economy, or sell these securities to inject cash into the money market.

Purchasing government securities in the open market by the RBA would add credit reserves to commercial banks, similar to a direct deposit by the government, and would expand money supply through the multiplier effect by increasing cash available for lending to other banks and to customers.

Reserve ratio (2 marks)

Commercial banks in pursuit of their profit-making objective try to lend as much as possible to increase revenues from interest payments. If un-regulated, they would lend out all their deposits, which would increase risk of insolvency and create instability in the banking sector. The reserve ratio is the fraction or percentage of customer deposits that commercial banks are required to hold as reserves. As a way of regulating the activities of banks, the RBA requires commercial banks to maintain a small proportion of their deposits, which is about 10 percent, in reserve when they close after each business day. Reserves are customer deposits that banks have received but have not loaned out. In a fractional-reserve banking system adopted in many countries of the world, commercial banks are required by banking regulation to hold a fraction of the money deposited by customers as reserves. This amount is usually enough to cover the daily withdrawals by customers after lending out the rest.

Cash rate (2 marks)

The official cash rate is the interest rate percentage that commercial banks and other financial institutions can earn from lending their currency reserves on an overnight basis in the short-term money market. The cash rate is the overnight inter-bank lending rate of interest. The cash rate is used by the RBA as an instrument for influencing the amount of money supply in the economy. Increasing the cash rate raises the level of interest rates in the retail credit market, while decreasing the cash rate lowers interest rates in the economy.

The official cash rate affects general economic activity as changes flow through to interest rates charged by commercial banks to borrowers.

Now demonstrate what happens to value of money, the price level and the real interest rate using the money supply (MS) and money demand (MD) diagram shown below.

The Reserve Bank of Australia (RBA) increases the reserve ratio in the fractional banking system.(2 marks)

An increase in the reserve ratio increases the mandatory reserve required by the RBA for commercial banks to maintain in their vaults, which decreases the amount of money available for banks to lend to the public. This decreases the money supply in accordance with the multiplier effect since it decreases the amount of credit money available in the economy. With demand for money and other factors remaining constant, increasing the reserve ratio withdraws cash from the economy and thus decreased supply of money, which in turn increases the value of money since there is a smaller amount of money in circulation available to purchase the same goods and services being produced in the economy. This is shown on the diagram as a shift to the left of the money supply curve from MS1 to MS2 while demand MD remains constant. The quantity of money supply in the economy falls from Q1 to Q2 while the value of money rises from V1 to V2.

RBA purchases government securities through the open market operations. (2 marks)

Purchasing government securities in the open market increases the money supply in the economy by injecting cash into the money market and by extension the economy. Holding demand for money constant, this results in an increase in the supply of money in circulation and available for purchasing the same goods and services, which decreases the value of money. In the diagram, this is shown by a shift of the money supply curve to the right from MS1 to MS2, which increases the quantity of money supply from Q1 to Q2 and decreases the value of money from V1 to V2

Consider an economy that is initially in long run equilibrium in the Aggregate Demand and Aggregate Supply (AD-AS) diagram that we covered in lectures. Suppose many Australian firms mistakenly expect that there will be an increase in the relative price of their own products as compared to others (including relative to the input costs and wages they pay). Start with the equilibrium point shown in the Figure below and use it to demonstrate the following changes.

How does this change the aggregate price level, real income and unemployment in the short run? Explain and illustrate in the AD-AS diagram (3 marks)

In the short-run, an increase in the overall price level tends to raise the quantity of output supplied by producers in an economy. Expectations of increased relative prices of products relative to production costs and wages would create increased business confidence and increased investment, which would result in increased production and increased amount of goods and services output by producers within the economy. The move by firms to increase production activity would lead to the increased utilization of capital and labour production factors. This would further result in increased investment and decreased unemployment in the short-run.

Increased production output would result in increased supply of goods and services which would cause a surplus in the economy in the short run, which would cause a decrease in the price level. In the AD-AS model, this would be shown as a shift downwards and to the right of the aggregate supply curve from SRAS⁰ to SRAS¹, with a new short-run equilibrium corresponding to a lower price level P¹ since there is the same volume of money to purchase the increased amount of output in the economy.

Explain the adjustment process to long run equilibrium (assuming that real potential output remains unchanged, so no change in LRAS), and what happens to the price level. No need to demonstrate it in Figure but it may be helpful. (3 marks)

A change in the price level in the long-run does not affect the quantity of output and supply in the long-run. This is because the potential output level, also known as the natural level of output or full-employment output, in the economy is determined by capital endowment, labour supply and technology that are not affected by changes in the price level over the long-run. The increase in output and supply of goods and services would therefore result in a surplus output, which would lead to a decrease in the price level in the economy. According to the AD-AS model, the economy has a tendency to revert to some form of long-run equilibrium, which is referred to as the steady-state equilibrium. This self-correcting mechanism works through the supply side in that an increase in output and aggregate supply in the short-run causes aggregate demand to fall following a period of inflation, which makes the equilibrium level to self-corrects to a new price level over the long-run.

This is demonstrated by the equilibrium level remaining constant along the LRAS curve since a shift of the AD curve upwards and to the right indicating an increase in aggregate demand over the long-run is countered by a shift of the AS curve downwards and to the left indicating an increase in aggregate supply.

Some economists hold the views that Australia is heading to a recession (for such a view, read here http://www.abc.net.au/news/2016-07-29/australia-headed-for-recession-next-year,-professor-keen-says/7674154

One such scenario may come from a crash in the Australian housing market. Keeping in mind of the Aggregate Demand and Supply (AD-AS) framework, elaborate how such a shock may affect the Australian economy. Also, discuss what policy instruments the government have in response, and how they work in practice?

A recession results from adverse shifts in aggregate supply, which causes decreased levels of real GDP output and other measures of income, consumption spending and production factors while unemployment and price levels rise. According to the AD-AS model, the level of output and prices in an economy adjust to create an equilibrium or balance between aggregate demand and aggregate supply. Policy response options for the government would be to take no action assuming that the economy would always self-correct to its initial full-employment equilibrium over the long-run. Heated debate amongst economists has resulted in a division between Neo-classical and Keynesian economists. Neo-classical economic theories argue that the economy would self-correct to its long-run equilibrium after a recession while Keynesian economic theory argues that taking no action would unnecessarily prolong the recession since the economy would not by itself revert to previous steady-state equilibrium. Keynesian economic theory of monetary policy has proven effective in the past during the Great Depression in restoring the US economy back to full-employment. The theory recommends taking action to either raise aggregate demand or aggregate supply or both, which implies a decision on which of either curves in the AD-AS model to influence and through what policies.

To correct the fall in short-run aggregate supply, the government could either adopt policies to expand aggregate demand keeping output at its natural long-run level, which would cause the price level to rise further and worsen the recession before the policies begin to take effect. To forestall the impending economic shock that would result from a burst market bubble in the real estate sector, the government through the RBA could pursue contractionary monetary policies. This would take the form of strategies such as selling government securities to member banks in the open market and increasing the interest rate to slow down inflation and economic growth by lowering lending rates and decrease over-investment in the economy and in specific sectors. In the event of a recession, expansionary monetary policies can be adopted to lower unemployment and stimulate economic growth. Such policies would seek to expand money supply and lower interest rates so as to boost production and consumption economic activity, and to lower unemployment.

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Oil and Gas Economic Influence Literature Review

Oil and Gas Economic Influence Literature Review Order Instructions: The introduction had been written and corrected by my project supervisor.

Oil and Gas Economic Influence Literature Review Sample Answer

CHAPTER TWO: LITERATURE REVIEW

Introduction

The global oil and gas sector has a significant and imperative influence in the world’s economy today. This is attributed to the fact that, oil and gas directly influences every other commodity produced in the international market (Krane, 2015). Therefore, it is essential to critically evaluate the impacts of declining oil and gas prices on workforce needs and the subsequent performance and productivity of employees because they are also directly linked to the production of these commodities, so that a global economic need and balance can be maintained (Breunig & Tse-Chern, 2015; Marais, 2016). The global energy business is undoubtedly the largest economic sector in the world (Milmo, 2016). IRENA (2016) reported that the hydrocarbons industry contributes about 8.2% of global economy GDP which is equivalent to $5 trillion annually, and the largest share of this proportion, $4.4 trillion is directly derived from oil, natural gas, and coal.

Due to the dependence of other economic sectors on the il industry, this has been attributed to the reason why there is always an increase or decrease in the costs of other commodities with an increase or decrease in the global prices of oil and gas respectively (Killian & Vigfusson, 2011; Kulkarni, 2015). Consequently, this makes the regulation of oil and gas prices a very important undertaking because it consequently ensures that the costs of other commodities and services are kept optimal or reduced (Nusair, 2016). As a result, it is inevitable for any modern society to run smoothly in absence of oil and gas since alternative sources of energy have not yet been fully embraced making oil and gas industry a fundamental driver of today’s economy (Bowler, 2015; Milmo, 2016).

Essentially, the oil and gas demand globally surpasses the rate of production. This is provides an explanation of the reason why among the richest countries in the world are mostly those with huge deposits of crude oil and natural gas (Killian & Lewis, 2011). Since the reliance of a modern society’s functionality is hugely anchored on crude oil and natural gas because of their high demand in industries as well as for domestic and commercial purposes; it is important to ensure that the prices of these products remain relatively constant without frequent fluctuations in order to guaranteed the stability of the industry, which subsequently lead to taping and nurturing of skilled manpower or personnel (Jaffe & Elass, 2015).

In 2014, the UK’s oil and gas sector produced 1.42 barrels per day, of which 59 per cent was oil or hydrocarbon liquids (Oil & Gas UK, 2015). Alternatively, in 2013 the United Kingdom consumed 2.735tcf of natural gas as well as 1.508 million barrels of oil per day, which made the country an importer of hydrocarbons, especially oil and natural gas despite the fact that the in 1the 980s and 1990s the country was a significant exporter (Oil & Gas UK, 2015; Energy Information Administration, 2016). However, the strengths of UK in financial services have ensured that the country has continued to play a leading and an imperative role in oil and gas trading particularly through markets (Energy Information Administration, 2016).

For instance, according to Macalister (2012), the prices of Brent Crude which is produced in the UK remains a leading benchmarking measure for the global oil trade, and for most the gas traded across European countries, the major benchmark remains the National Balancing Point market. However, despite the potential, the UK is still a high-cost producer of oil and gas because of the difficult offshore conditions; for example, in 2014 the industry spent £14.8 billion on capital investment, £1.1 billion on exploration, as well as £9.6 billion on operating costs (Oil & Gas UK, 2015). In addition, additional corporation taxation on profits is the method used to tax oil and gas fields developed since 1993 in the UK; and in 2014, £2.8 billion were generated from the industry through direct taxes (Oil & Gas UK, 2015).

Oil and gas industry is a major employer and a significant economic contributor (Oil & Gas UK, 2016a). In particular, over the last 50 years, the UK’s oil and gas sector has significantly expanded and evolved. As a result, to date the industry is among the leading tax payers compared to most other industrial sectors and it has created numerous skilled jobs, led to formation of a vibrant supply chain at home and abroad to service oil and gas activity as well as making a key contribution to security of the UK’s energy supply (Oil & Gas UK, 2016a). The industry has significantly invested in the UK; for instance, in 2005, the capital investment was £11.6 billion in the country’s oil and gas sector and also £8.2 billion were spent by the industry in operating its assets (Oil & Gas UK, 2016a). However, in the face of declining oil and gas prices, the industry has decreased unit operating costs by almost 45% from about $30 in 2014 to about $16 by the end of 2016. In addition, the oil and gas industry has been working with Oil and Gas Authority and the government for the maximisation of UK’s economic recovery of its substantial oil and gas reserves that are remaining (Oil & Gas UK, 2009; Oil & Gas UK, 2015; Oil & Gas UK, 2016a).

Moreover, since 1970 the oil and gas industry has paid production taxes to a tune of more than £300 billion. In 2014/15, £2.2 billion were paid by the industry in production tax in addition to several billion more in payroll and corporate taxes through the supply chain (Oil & Gas UK, 2015; Oil & Gas UK, 2016a; Oil & Gas UK, 2016b). Furthermore, the 40% tax rate charged on oil and gas production doubles that charged on other industrial sectors in the UK (Oil & Gas UK, 2016a). The industry is also a major employer providing hundreds of thousands of jobs directly and indirectly (Oil & Gas UK, 2009; Oil & Gas UK, 2016a; Oil & Gas UK, 2016c). For instance, in 2016, the oil and gas industry in the UK ensured that over 330,000 jobs were directly delivered or indirectly supported. It is estimated that around 200,000 employees are recruited in the supply chain in projects within the UK oil and gas sector as well as in the exportation of oilfield goods and services (Oil & Gas UK, 2016c). Furthermore, the supply chain across the UK generates about £30 billion in revenues annually from domestic sales as well as exportation of goods and services derived from oilfields overseas. Throughout the UK, the supply chain of oil and gas industry goods and services is active through contracts offered to entrepreneurs across the UK (Oil & Gas UK, 2016c).

According to Bowler (2015), global oil and gas prices have declined sharply over the past few months, and this has led to significant revenue shortfalls across all the oil and gas exporting countries, while in many importing nations the consumers are likely to pay less to drive their cars or heat their homes. Global oil and gas prices had remained fairly stable from 2010 until mid-2014, with a barrel selling at $110 but since June 2014 the prices have continued to persistently decline and have more than halved (PwC Report, 2015). In particular, for the first time since May 2009 t,he price of Brent crude oil which is produced from the British North Sea has now dipped below $50 per barrel (Bowler, 2015; PwC Report, 2015). The reasons attributable to this decline in oil and gas prices are two fold: weak demand for oil and gas in many countries mainly because of insipid growth of economies, coupled with surging production of oil and gas by the United States (Bowler, 2015).

According to the PwC Report (2015), the UK economic outlook showed that there are significant impacts caused by the declining prices of oil and gas industry products on the economy in UK. The report emphasises that, the significant decline in oil and gas prices across the globe since mid-2014 should be coupled with an overall increase in the UK’s economic activity due to the decreased costs of production for businesses, especially the ones greatly rely on or are heavily dependent on oil and gas inputs to run (Bowler, 2015). This will play an imperative role in boosting both capital investment and the creation of employment. Although, there is an envisaged negative effect on the oil extraction sector by the dropping prices of oil and natural gas, other sectors such as transportation, agriculture, manufacturing sectors that are oil-intensive as well as sectors of refined petroleum manufacturing will benefit from this decline in the prices of their key inputs (PwC Report, 2015). However, the positive impact of this decline in oil and gas prices on water transport as well as other service-based sectors will be small. Moreover, oil and gas intensive sectors are probable towards benefiting from capital and resources re-allocation at the expense of other sectors that are less oil-intensive (PwC Report, 2015).

The PwC Report (2015) used a UK economy’s model for the quantification of these effects envisaged to arise from the decline in the prices of oil and gas in three alternative scenarios. For instance, in a case where there is a permanent reduction in the oil and gas prices, the price of around $50 per barrel was settled at and the UK economy in terms of GDP increased by approximately 1% on average relative to between 2015 and 2020 baseline (PwC Report, 2015). The same report indicated that by 2020 employment levels would increase by around 90,000, while a peak boost to levels of employment would be realised in 2016 by around 120,000. In contrast, smaller impacts are observed where there is a temporary decline in the prices of oil and gas: depending on how fast and far oil and gas prices rebound, there could be variations in the boost to GDP from 0.25 to 0.5 per cent and the increase in job creation levels by 2020 could also vary between 3,000 and 37,000 (PwC Report, 2015).

Furthermore, as oil and gas prices decline, an increase in real household incomes will be realised, which in turn leads to increased consumer spending. This is attributed to two factors such as the increase in real wages due to rise in labour demand within the aforementioned sectors that are fast-expanding as well as an overall decrease in prices of consumer goods because the cost-savings are passed over to the households across the country (PwC Report, 2015). As a result, the growing economic activity subsequently results to rising government tax revenues because of the increased taxes taken from personal and corporate income revenues, which can increase at a rate that eventually offset decreasing revenues from the declining prices in the UK’s oil and gas sector. Moreover, the decline in oil and gas prices is envisaged to have a small impact in the UK trade deficit’s narrowing (PwC Report, 2015).

2.1 HRM and Manpower Needs in the UK Oil and Gas Industry

HRM is an abbreviation that stands for human resource management. HRM is undoubtedly considered to be one of the most imperative functions (Rotich, 2015). In particular, this applies because the productivity and performance of other departments in an organisation depend on the HRM decisions. Therefore, contemporary managers are usually required to make strategic decisions with regards to the manner in which effective utilisation of labour can is realised (Yuan-Cheng et al. 2011). Nonetheless, most managers refer from various schools of thoughts in their attempt to develop optimal labour utilisation choices (Yoon et al., 2004). For example, they can use the motivation school of thought in order to seek to understand the particular needs of their workforce (Cascio, 2015). Consequently, managers tend to embark on the creation of working systems corresponding with those demands and needs, especially through innovative benefit packages, an offering of competitive salaries, as well as interactive work processes and conditions (Cascio, 2015).

According to Webb, Jeffrey and Schulz (2011), employees are undoubtedly the most imperative resource for an organisation and need proper remuneration and compensation in order to ensure the goals of an organisation are attained. Thus, in the HRM approach development, it is vital to ensure that it is based on approaches aimed at utilising employees and treating them as resources in order for the realisation of an organisation’s objectives to be achieved (Webb, Jeffrey & Schulz, 2011; Lin, 2011). As a result, this clearly reiterates the functional role played by HRM within these organisations through strategic efforts to initiate high performance work systems, especially by linking the organisation’s workforce across different departments (Fedor & Rensvold, 2012). Thus, oil and gas companies incorporate effective utilisation of HRM systems with an intention of increasing their market competitiveness by investing in career and professional development of their employees.

2.2 Oil and Gas Price Decline and Employees’ Performance Factors

As a result, the dramatic drop in the prices oil and gas, Das et al. (2013) noted that there are five internal HRM practices with a potential of affecting the employees’ performance. These practices include organisations efforts towards establishing attractive recruitment packages, providing training and development programs, formulating personal appraisals, ensuring fair layoff of staff members as well as competitive compensation levels with the aim of stabilizing the functions of these organisations. Consequently, Hu and Kaplan (2015) noted that organisations are forced towards restructuring their functions and systems during such periods in order to maintain their market competitiveness. Several oil and gas companies have tipped to recession because of the sharply declining prices of oil and natural gas, which has subsequently slumped investment levels within the oil and gas industry. As a result, some employees have been laid off because of this slump, and this has affected functions of HRM within their respective organisations (Hu & Kaplan 2015).

The decline in prices of oil and natural gas has led to oil and gas industry employees in the UK to experience various external issues that have a direct impact on their performance. Jaffe and Elass (2015) reiterated that the drop in oil and gas prices has resulted to the cancellation of numerous projects within the industry, which has subsequently led to significant job cuts. In essence, oil and gas companies in the UK have embarked on steps to downsize their workforce as well as cancelling of various projects as an approach to cushion the workforce on the impacts of declining oil and gas prices. Hu and Kaplan (2015) pointed out that some organisations in the UK demurred on the renewal of their contracts with other companies worldwide, which indicates that they support these views.

Additionally, the decline in the prices of oil and natural gas has also caused suffering of oilfield service companies as well as their sub-contractors from huge drops in their organisational activities, which subsequently impact employees’ performance. There are numerous instances of reductions in organisations’ expenditure on staffs on pertinent activities such as motivation, empowerment training, and development, as a result of the declining income levels (Salehi et al., 2015). The drop in oil and gas prices has also seen several employees in companies within the oil and gas industry encounter increased financial pressures resulting from swelling prices of products and services within the UK economy, something which has immensely affected these employees. As a result, the scope of staff cuts has led to many UK citizens who work in these companies to be rendered jobless (Kilian, & Lewis, 2011). Once there is a drop in the prices of oil and natural gas, there is a corresponding decrease in prices of other commodities to levels that make them available for consumers subsequently cutting down on the production levels (Kilian & Vigfusson, 2011). A drop in production levels and this makes prices to be fixed on the concept of affordability, which consequently cuts back on a variety of aspects including housing, food, and cars among the people employed in the sector of oil and gas in the UK.

Human capital resources or employees are undoubtedly the most fundamental resource in a company. Hence, proper and effective utilisation of employees in an organisation could significantly improve its bottom line (Richard et al. 2012). Employee performance is of significant imperativeness given that, an organisation’s success is directly related to employees’ job performance (Richard et al. 2012). Human resource managers in oil and gas companies in the UK region need to first hire people who possess the right or appropriate qualifications and skills for the job. Upon completion of the hiring or recruitment process, HRM professionals are required to ensure that there is an alignment of employees’ work closely with the company’s objectives and goals. In order to achieve improved employee performance, HR managers should embark on carrying out employee performance evaluations, executing training and development programs, and choosing when to reassign and/or promote employees (Hsin-His, 2012).

Employees’ job performance within an organisation is affected either in a negative or positive way by a variety of factors. Examples of these factors as pertains to oil and gas industry include organizational culture, training and development, style of leadership used, the personality trait of employees, workplace environment, motivation, job satisfaction, job stress, as well as organization structure among others. Therefore, managers in oil and gas companies need to be conversant with diverse factors that affect employees’ performance and strive to ensure required improvements are achieved (Dutton & Kleiner, 2015). According to Ewenstein, Hancock and Komm (2016), it is critical for HRM managers to carry out the working environment for their employees because their performance can be affected by both external and internal factors.

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Capital Purchase Justification Paper

Capital Purchase Justification

Order Instructions:

Write a justification for capital purchase (800-1000 words) to your vice president as to why the purchase would be a good investment for the hospital. Include a one-page executive summary for your proposal. The paper should include the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment.

Prepare this assignment according to the guidelines found in the GCU Style Guide, located in the Student Success Center.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

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Unsatisfactory 0.00%
Less than Satisfactory 65.00%
Satisfactory 75.00%
Good 85.00%
Excellent 100.00% 80.0 %Content

55.0 % Justification For Capital Purchase

Does not provide justification for capital purchase. No explanation as to why the purchase would be a good investment for the hospital. Does not address the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment. Subject knowledge is not demonstrated.

Provides only minimal justification for capital purchase with little explanation as to why the purchase would be a good investment for the hospital. Only a few of the following are addressed with minimal detail; the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment. Subject knowledge is unclear, inconsistent.

Provides basic justification for capital purchase with little explanation as to why the purchase would be a good investment for the hospital. Several of the following are addresses with basic detail; the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment. Some subject knowledge is evident.

Provides thorough justification for capital purchase with thoughtful explanation as to why the purchase would be a good investment for the hospital. Several of the following are addressed in detail; the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment. Subject knowledge is evident.

Provides thorough knowledge justification for capital purchase with elaborate explanation as to why the purchase would be a good investment for the hospital. Clearly addresses the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment. Introduces appropriate examples.

25.0 % Integrates Information From Outside Resources Into the Body of Paper

Does not use appropriate references as required by the assignment, examples, or explanations.

Provides some supporting examples, but minimal explanations and no appropriate published references as required by the assignment.

Supports main points with examples and explanations, but fails to include published references, as required by the assignment, to support claims and ideas.

Supports main points with references, explanations, and examples. Application and description is direct, competent, and appropriate of the criteria. Includes appropriate references as required by the assignment.

Supports main points with references as required by the assignment, examples, and full explanations of how they apply.

17.0 %Organization and Effectiveness

6.0 % Thesis Development and Purpose

Paper lacks any discernible overall purpose or organizing claim.

Thesis and/or main claim are insufficiently developed and/or vague; purpose is not clear.

Thesis and/or main claim are apparent and appropriate to purpose.

Thesis and/or main claim are clear and forecast the development of the paper. It is descriptive and reflective of the arguments and appropriate to the purpose.

Thesis and/or main claim are comprehensive; contained within the thesis is the essence of the paper. Thesis statement makes the purpose of the paper clear.

6.0 % Paragraph Development and Transitions

Paragraphs and transitions consistently lack unity and coherence. No apparent connections between paragraphs are established. Transitions are inappropriate to purpose and scope. Organization is disjointed.

Some paragraphs and transitions may lack logical progression of ideas, unity, coherence, and/or cohesiveness. Some degree of organization is evident.

Paragraphs are generally competent, but ideas may show some inconsistency in organization and/or in their relationships to each other.

A logical progression of ideas between paragraphs is apparent. Paragraphs exhibit a unity, coherence, and cohesiveness. Topic sentences and concluding remarks are appropriate to purpose.

There is a sophisticated construction of paragraphs and transitions. Ideas progress and relate to each other. Paragraph and transition construction guide the reader. Paragraph structure is seamless.

5.0 % Mechanics of Writing (Includes spelling, punctuation, grammar, language use.)

Surface errors are pervasive enough that they impede communication of meaning. Inappropriate word choice and/or sentence construction are used.

Frequent and repetitive mechanical errors distract the reader. Inconsistencies in language choice (register), sentence structure, and/or word choice are present.

Some mechanical errors or typos are present, but are not overly distracting to the reader. Correct sentence structure and audience-appropriate language are used.

Prose is largely free of mechanical errors, although a few may be present. A variety of sentence structures and effective figures of speech are used.

Writer is clearly in command of standard, written, academic English.

3.0 %Format

1.0 % Paper Format (1- inch margins; 12-point-font; double-spaced; Times New Roman, Arial, or Courier)

GCU template is not used appropriately or documentation format is rarely followed correctly.

GCU template is used, but some elements are missing or mistaken; lack of control with formatting is apparent.

GCU template is used, and formatting is correct, although some minor errors may be present.

GCU template is fully used; There are virtually no errors in formatting style.

All format elements are correct.

2.0 % Research Citations (In-text citations for paraphrasing and direct quotes, and reference page listing and formatting, as appropriate to assignment.)

No reference page is included. No citations are used.

Reference page is present. Citations are inconsistently used.

Reference page is included and lists sources used in the paper. Sources are appropriately documented, although some errors may be present.

Reference page is present and fully inclusive of all cited sources. Documentation is appropriate and GCU style is usually correct.

In-text citations and a reference page are complete. The documentation of cited sources is free of error.

100 % Total Weightage

SAMPLE ANSWER

Capital Purchase Justification

Executive summary

Reducing profit margins in health care makes it complex to choose a good investment for a hospital. While buying medical equipment is an investment majority of physicians may take into account, sales executives can make it sound enticing. Nonetheless, physicians should purchase medical equipment that is beneficial to the hospital. Mr. Vice President, I understand that the facility is attempting to improve its services by investing in a quality tool for the radiology unit. I would suggest that the hospital buys a General Electric Healthcare’s Magnetic Resonance Imaging (MRI) scanner. Moreover, I fully understand that making this investment calls for careful consideration of several factors including cost of the equipment and expected profit or benefit to the hospital. The hospital, particularly the radiology unit will greatly benefit from the purchase of MRI scanners. For example, the scanners will increase the physicians’ capacity to choose the effective treatment for each patient. This piece of equipment will also permit physicians to collect relevant information regarding a patient’s internal organs. Again, physicians would be able to complete many exams in a short period because of the homogenous magnet and Optima MR450w, which will be essential in saving time. Nonetheless, the price of the General Electric Healthcare installed with Optima MR450w 1.5T and Geometry Embracing Method (GEM) Suite, is roughly $49,181.00. Much as the hospital may choose to lease the MRI scanners, it not a suitable investment because of the huge cost in the long run. Basically, this piece of equipment is a good investment for the hospital as well as the patients.

Introduction

Buying medical equipment can be an intricate investment. Therefore, the hospital should ensure that factors like cost and benefits are taken into consideration. While these scanners require substantial investment, they have a great potential on the return on investment (ROI). This essay presents a justification as to why MRI offered by General Electric Healthcare is a good investment for the hospital. Mr. Vice President, MRI scanners are critical equipment for the hospital when it comes to quality improvement and a good investment for the institution.

Future Benefits to the Organization

MRI scanners are simple diagnostic practices, which enable physicians to see detailed images of internal organs of the patient without the use of x-rays (Ohsfeldt, Li, & Schneider, 2015). Additionally, this equipment is instrumental since it undoubtedly demonstrates the difference between healthy and abnormal tissues. Besides, it would help physicians to collect relevant data on the patient’s brain, spine and other internal organs. Preliminary treatment and identifying the illness and with no negative effects, therefore, the MRI scanners would increase physicians’ capacity to choose the effective treatment for each patient. The hospital will be able complete more examinations in less time. This is because of the homogenous magnet and the design of the Optima MR450w, which will enable physicians to save time during examinations and patients’ setup (Ohsfeldt, Li & Schneider, 2015). Mr. Vice President, the General Electric Healthcare‘s Optima and MR450w is a good investment for this hospital. It has more than two decades of proven record in providing further capabilities to patients as technology advances without necessarily replacing the magnet. MRI scanners expand considerably compared to radiology, since it validates the use of radiation therapy. Again, it enhances uptime with skilled and service forces across the world allowing the department of radiation to forecast and tackle service requirements with no unplanned interruption (Ohsfeldt, Li, & Schneider, 2015).

Facility Consideration

MRI scanners are not only future-based but also patient-centered as it presents extraordinary outcomes besides a wide-ranging assortment of products to meet the imaging requirements of this institution’s radiology unit. Subsequently, without compromising the quality or ability, General Electric Healthcare installed with Optima MR450w 1.5T as well as GEM Suite would be ideal for patients visiting the hospital (General Electric Company, 2014). Additionally, the Optima MR450w is appropriate for all patients irrespective of their size while decreasing audio sound for spine and brain examinations. This equipment also presents extraordinary reliability that controls the gradient to generate outstanding presentation in demanding uses including cardiac, fMRI, and transmission to improve signal-to-noise ratio (SNR). On the other hand, GEM suite and Optima MR450w would allow the institution to adhere to the requirements of patients, quality signal, efficiency, lesser stations, faster examinations and fewer failures. Due to the wider diameter of the MRI scanners, acoustic applications, comfort and aesthetic elements of the GEM suite is important when it comes to addressing common causes of anxiety among patients and nonconformity during assessments (General Electric Company, 2014).

Operating Costs

Being able to understand the cost of this investment in terms of operational outlays remains vital. The cost of this piece of equipment is about USD 49,181, as such, if the institution would get financial support that span 60 months at an interest rate of 7%, then the hospital would be making a monthly payment of USD 862.54. The monthly charges would be inclusive of operational costs such as maintenance expenses, which will be completed within the specified time-frame. However, the radiology unit can lease MRI scanners. But this alternative is not a good investment for the hospital since it will be too costly in the long run. Moreover, there will be less or no return on investment (Wu et al., 2014). Mr. Vice president based on all benefits of General Electric Healthcare’s MRI that comes with GEM suite and the Optima MR450w 1.5T will be beneficial not only for the institution’s radiology unit but also patients.

Conclusion

Healthcare organisations can only guarantee the quality of care when physicians have access to the best equipment. This is why the installation of General Electric Healthcare with Optima MR450w 1.5T and GEM Suite is strategic in terms meeting enhanced quality care and also when it comes to ROI. Ultimately, it is critical to ensure that factors to do with facility consideration, operating costs and future benefits of the MRI equipment are determined before undertaking on such an expensive venture.

References

General Electric Company. Retrieved October 19, 2016, from http://www3.gehealthcare.com/

Ohsfeldt, R., Li, P., & Schneider, J. (2015). Patterns of Onsite Magnetic Resonance Imaging Equipment among Orthopedic Practices. International Journal of Technology Assessment in Health Care, 31(5), 339-346. doi:http://dx.doi.org/10.1017/S0266462315000550

Wu, S., Sylwestrzak, G., Shah, C., & DeVries, A. (2014). Price transparency for MRIs increased use of less costly providers and triggered provider competition. Health Affairs, 33(8), 1391-8. Retrieved from http://search.proquest.com/docview/1553396971?accountid=45049

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Health Care Financial Reform Proposal Assignment

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Due Date: Oct 30, 2016 23:59:59 Max Points: 105
Details:
Write a paper (1,000-2,000 words) on what you think should be included in a future reform of the health care system, focusing on financial operating changes that would improve efficiency and provide for improved transparency to the public. Include three to five research/references to support your position.

Prepare this assignment according to the guidelines found in the GCU Style Guide, located in the Student Success Center.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to Turnitin. Please refer to the directions in the Student Success Center.

1
Unsatisfactory
0.00%

2
Less Than Satisfactory
65.00%

3
Satisfactory
75.00%

4
Good
85.00%

5
Excellent
100.00%

80.0 %Content

60.0 % Essay on Future Health Care Reform Issue Focusing on Financial Operating Changes That Would Improve Efficiency and Provide for Transparency (Include reference material to support your position.)

Does not demonstrate an understanding of the business concepts involved in the issue, including the implications. Does not address a health care reform issue as specified in the assignment. Does not demonstrate critical thinking and analysis of the situation, and does not develop effective answers to the questions, with rationale.

Demonstrates only minimal understanding of the business concepts involved in the issue. Only minimally addresses a health care reform issue as specified in the assignment. Demonstrates only minimal abilities for critical thinking and analysis of the case study, and develops weak answers to the questions, with minimal rationale.

Demonstrates knowledge of the business concepts involved in the issue, but has some slight misunderstanding of the implications. Satisfactorily addresses a health care reform issue from a financial focus as specified in the assignment. Provides a basic idea of critical thinking and analysis for the questions, answers, and rationale. Does not include examples or descriptions.

Demonstrates acceptable knowledge of the business concepts involved in the issue. Satisfactorily develops a health care reform issue from a financial focus as specified in the assignment. Develops an acceptable response and rationale for it. Utilizes some examples.

Demonstrates thorough knowledge of the business concepts involved in the issue, and their implications. Thoroughly develops a health care reform issue from a financial focus as specified in the assignment. Clearly answers the questions and develops a very strong rationale. Introduces appropriate examples.

20.0 % Integrates Information From Outside Resources into the Body of Paper

Does not use references, examples, or explanations.

Provides some supporting examples, but minimal explanations and no published references.

Supports main points with examples and explanations.

Supports main points with explanations and examples. Application and description is direct, competent, and appropriate of the criteria.

Supports main points with references, examples, and full explanations of how they apply.