Project Management Maturity Model By Kent Crawford

The maturity framework I chose to research is the Project Management Maturity Model by Kent Crawford. This model is a structured framework similar to the one in our book. The framework is made of up 5 levels but also has 6 components in which these levels are listed. This model also references the 9th edition of the PMBOK and shows how the five levels interact with the nine knowledge areas. The five levels are: Level 1: Initial Process – No established practices or processes although there is an understanding that there are processes available to be modeled from and project managers are not expected to follow any established processes. There are no established formats for documentation. Funding is not dependent on any specified improvements to the company’s mission or strategic goals Level 2: Structured Process and Standards – Project portfolio standards exist in the company but projects are not held to any structured standard. Although management is open to the idea of project portfolio management standards, nothing is done to make sure projects or portfolios adhere to any specific standards. Documentation of basic processes is kept but there is no overall consistent understanding or involvement in project portfolio management. Level 3: Organizational Standards and Institutional Process – All project portfolio management standards have been accepted by ma nagement and established as organizational standards. Most projects and programs are expected to adhereShow MoreRelatedProgram Management Maturity Model of Honeywell Federal Manufacturing and Technologies972 Words   |  4 Pagesand implement a Program Management Maturity Model, published by Project Management Professionals (PMPs) Laura Hartwig and Matt Smith, the companys motivation to make the transition to a maturity model was based on an internal assessment which identified a number of correctable program management deficiencies (2008). Before beginning any analysis of Honeywell FMTs organizational structure, including the processes and procedures that precipitated its Level 1 program management rating, it is essentialRead MoreProject Management Strategy2211 Words   |  9 PagesIntroduction Project Management is all about managing your tasks and goals with the best use of available resources within a fixed frame of time. To achieve the fixed time, the project manager would need the proper coordination of all possible inputs required to carry out the task successfully. One of such inputs is the project management maturity model which allows for improvement of project management processes and systems (Crawford, 2006). Project management maturity is the progressive developmentRead MoreProject Mgmt296381 Words   |  1186 PagesCross Reference of Project Management Body of Knowledge (PMBOK) Concepts to Text Topics Chapter 1 Modern Project Management Chapter 8 Scheduling resources and cost 1.2 Project defined 1.3 Project management defined 1.4 Projects and programs (.2) 2.1 The project life cycle (.2.3) App. G.1 The project manager App. G.7 Political and social environments F.1 Integration of project management processes [3.1] 6.5.2 Setting a schedule baseline [8.1.4] 6.5.3.1 Setting a resource schedule 6.5.2.4 ResourceRead MoreStrategic Marketing Management337596 Words   |  1351 PagesStrategic Marketing Management Dedication This book is dedicated to the authors’ wives – Gillian and Rosie – and to Ben Gilligan for their support while it was being written. Acknowledgements Our thanks go to Janice Nunn for all the effort that she put in to the preparation of the manuscript. Strategic Marketing Management Planning, implementation and control Third edition Richard M.S. Wilson Emeritus Professor of Business Administration The Business School Loughborough University Read MoreHemp Cultivation in China42289 Words   |  170 PagesGermplasm Preservation Project was again successful and a preliminary report is presented in this issue. The IHA still owes the Vavilov Research Institute (VIR) of Russia US$ 5,000 for its work with the 1995 Cannabis seed reproductions. The 1996 project will require about US$ 20,000 and we must have funding organized by early Spring. We are extremely concerned about our ability to finance the VIR project in its fourth and final year. A grant support application for the VIR project has been made, but

Strategies of uk prescription spectacle market - Free Essay Example

Sample details Pages: 12 Words: 3474 Downloads: 2 Date added: 2017/06/26 Category Uncategorized Essay Type Analytical essay Did you like this example? The introduction of the Opticians Acts in 1958 by the parliament led to the creation of the general optical council (GOC) to regulate the optical professions and put an end to the disputes and debates caused by the public complains about the lack of competence of the non medical practitioners in testing eyesight. In order to protect the public, the main purpose of the GOC has since then been to promote high standards of education, formation of students and introduce a disciplined framework amongst opticians. After the 1958 Optician Act only optometrists registered with the General Optical Council were allowed by law to conduct eye-tests and only optometrists or dispensing opticians were allowed to sell spectacles. Don’t waste time! Our writers will create an original "Strategies of uk prescription spectacle market" essay for you Create order The same act of Parliament prevented opticians from advertising their services therefore large firms with many branches or franchises did not dominate the business and competition between colleagues were seen as distasteful. The most obvious change in the market since the 1980s deregulation was to allow advertising and marketing of goods and services. It was a great temptation to come back into optics. We were the first to advertise, have showrooms and let people know what our prices were. Buying glasses then was quite expensive so people were not visiting opticians. There is a health aspect as well, so we wanted to get people to visit opticians on a regular basis and provide more choice at affordable prices for everyone. said Dame Mary Perkins, founder of Specsavers the biggest optical retailer in the UK. The current Opticians Act 1989 which replaced the act of 1959 has been amended in 2005. According to the Act and the powers given to the GOC by the Parliament, any optician h as to be registered and recognised by the council to practice; moreover even the selling of spectacles has to be done under the supervision of a registered optician. Actions that would be considered as criminal offences could be: SECTION 24: dispensing sight testing without being registered SECTION 25: fitting of contact lenses without being registered SECTION 27: sale of optical appliances which do not meet legal requirements SECTION 28: use any of the titles dispensing optician while not being appropriately registered. The principal modification of optician law the optician act from 1989. This involved making it a legal requirement that the ophthalmic optician give the customer a paper prescription, so that they could take that and buy their glasses anywhere (which was under the general supervision of a dispensing optician), not just at the place where their eyes were tested. Regulator the General Optical Council came up with the specifications of exactly what a prescription had to contain and this was made into law by a government regulation. That was an opening opportunity to the online trade. In 2005 for the first time Prescription glasses were sold online the chance was given to people to bypass traditional high street opticians, buy glasses directly from the manufacturer, and pay far less (that was us, by the way). 2. The Electronic Commerce Regulations (EC Directive) In 2002 were introduced the Electronic Commerce Regulations to promote e-business and protect consumers and their privacy. The regulations apply to businesses that sell goods and services and advertise on the internet or by email or text messages. The regulations require online sellers to: Provide their customer with a printable receipt (with company name, place of registration, registered number, details of any professional body with which you are registered, VAT registration number) once an order has been placed. The possibility to print out the Website terms and conditions. Provide details such as the technical stages to conclude a contract. Allow the customer on the website to go back in order to correct any mistakes made in the order before is placed. 3. Distance Selling Regulations 2000 The Distance Selling Regulations 2000 were introduced to protect consumers who are not physically present with the seller at the time of purchase. That covers the selling goods or services to consumers by internet, digital television, mail order, including catalogue shopping, phone or fax giving to the consumer the right to: be given clear information about the goods or services before buying. receive the goods within thirty days unless agreed otherwise. a cooling off period of 7 working days where they can cancel the contract for any reason and receive a full refund within 30 days for the cancelled contract. As for the rule applying to high street purchasing goods in distance selling must be of satisfactory quality and fit for purpose. 4. Competition Law Any business should be aware of the competition law so as to meet the requirements first and know its rights and protect its position in the marketplace. In the UK sets of competition rules apply in parallel. Anti-competitive behaviour which may affect trade within the UK is specifically prohibited by Chapters I and II of the Competition Act 1998, the Enterprise Act 2002 and also by Articles 101 and 102 of the Treaty on the Functioning of the European Union (TFEU). UK and EU competition law prohibit two main types of anti-competitive activity: anti-competitive agreements (under the Chapter I and Article 101 prohibitions); and abuse of dominant market position (under the Chapter II / Article 102 prohibitions). Both UK and EU competition law prohibit: agreements, arrangements, concerted business practices which appreciably prevent, restrict or distort competition and businesses with significant market shares unfairly exploiting their strong market positions. Some co nsequences of breach: fines of up to 10% of group global turnover expose to actions for damages from customers and competitors who can show they have been harmed by the anti-competitive behaviour being disqualified from being a company director and lead to criminal sanctions. Main Threats and Legal Issues 1. Main Threats The deregulations of the Optician Act 1958 has opened up the prescription spectacles market and encouraged competitions among the retailers. The introduction of the internet has brought an unpredictable competitor at time of the deregulation, the online opticians. Ever since, the market demand of prescription spectacles at High Street Opticians have plummeted while the demand on the new online entrants have continue to shore. Below is the illustration of the market demand of prescription spectacles of both markets after the amendment on the original Optician Act; After Before Deregulations Lower prices glasses offered by online retailers contribute to the growing trend of shopping online. More and more consumers are now opting to buy glasses from the online opticians because of the lower prices offered compared to the High Street. The new online entrants are offering items at significantly lower prices because unlike their rivals on the high street, they do not have to spend high cost on the physical stores, the designs, properties rental, staff and maintenance costs, etc. They are saving up all cost spend on these aspects and therefore, they could still make good profit even they are selling items that are half the price of those offered at High Street. In comparison, High Street Opticians cannot avoid spending these costs and these are the attributions to the higher priced prescription glasses. Decline in demand for prescription glasses High Street prescription glasses. The immediate threat brought by the growing trend of purchasing glasses online has lead to the decline in demand for prescription glasses in the High Street retails. The market elasticity towards low price prescription glasses is great. The decrease in price offered by the online retailer has clearly increased the demand. In contrary, the increase demand of online prescription glasses has resulted in the decrease of demand for prescription glasses at High Street retails. With lesser demands, the high street profits plummet. Amendment of The Optician Act 1958 and competition law The amendment of the Optician Act 1958 had posted a great threat to the High Street Opticians. Together with the Competition Law, the original act was amended in order to increase more competition within the industry, thus lower the prices of prescription glasses. However, the introduction of the internet which later leads to e-commerce was an unpredictable obstacle to the business. Internal competition with franchisers Dominant market players such as Specsavers, Vision Express and Boots Opticians have also introduced their own online websites to the public. Albeit many high street opticians are part of large franchises their profits are being eroded by the online services offered by their mother companies. As part of the franchises, high street consumers can opt to purchase cheaper prescription glasses on the main company websites after having their eye tested at the high street retails. In this case, high street opticians are losing their customers to their mother companies while competing with other competitors in the market. Introduction of new technology used by online entrants It is debatable that the advantages of getting personal attention and after-sale care at the High Street Opticians have not yet been threatened however some online opticians are already advancing to take over in these aspects. For example, Specsavers is already giving out eye health and eye care information as well as introducing the try on frame online service, which allows customers to upload their picture and try on the desired frames, on the websites. 2. Legal issues to High Street Opticians and Online Opticians Trades in both High Street and Online optical retails are governed by the Optician Act 1989, the Sale of Goods Act 1979, the Trade Descriptions Act 1968 and a number of other regulations. However, the main acts that differentiate these two business operations are the Consumer Protection (Distance Selling) Regulations (DSRs) and the E-Commerce Regulations (ECRs) 2002. Businesses that are selling goods or services without any face-to- face contact such as through the internet, phone calls and mail order must comply with these two regulations. Trading Information provided Both high street and online optical retails are obliged to the Trade Descriptions Act 1968 and the Consumer Protection (Distance Selling) Regulations (DSRs) to provide consumers with clear information so that they can make an informed decision to purchase a good or service. This information must include details of the selling organisation, detailed descriptions and the prices of goods or services offered. However the Consumer Protection (Distance Selling) Regulations further details in the payment methods, the delivery arrangements and the information of the consumers right to cancel an item purchased. Reaching agreements and accepting offers (forming of contract) According to the Law of Contract, at High Street retails a legally binding contract can be formed when the customer agreeing to accept the terms proposed by the vendor. Neither the offer nor the acceptance needs to be made in writing, or even in words. They may be orally made or implied from conduct. The E-Commerce Regulations states contracts conducted online will only become legally binding when the person who made the offer is able to access to the acceptance. The consumer should be able to print and store a copy of the terms and conditions of the contract. Therefore online opticians will have to receive the acceptance from the consumers where in most cases, by means of clicking the I agree button and they must issues receipts or confirmation emails to the consumers after the contracts are formed to indicate a legal binding contract has been concluded. Refund and exchange policy Subject to the Sale of Goods Act 1979, High Street customers are entitled for a refund or exchange an item if the items are incorrectly described, unfit for the purpose, faulty or not of satisfactory quality given the proof of purchase, in most cases receipts. However, according to the act, proof of purchase could also be a credit card transaction or a bank statement. Customers are entitled for the refund as long as they do so quickly and are not informed of the default of the items before the purchase. The Consumer Protection (Distance Selling) Regulations governs the trading of Online Optician and gives consumers more rights as they are disadvantaged in unable to inspect goods before the purchase. The regulations apply the cooling off period of 7 days policy, during which the consumers have the right to cancel their purchase. Written notice of cancelation must be forwarded to the supplier no later than 7 days from the day the item is received. However, section 13 of the regula tions applied here that unless the consumers are informed beforehand, they do not have the right to cancel the order for the prescription spectacles which are made to the consumers own specification. In conclusion, the legal issues that apply to both High Street and Online Opticians are similar in many ways; the main differences are the governing acts and regulations and also the return and refund policy where online consumers enjoy more privileges. While both High Street and Online Opticians might have their own cancellation and return or refund policy, they do have to make them clear to the consumers before they have agreed to purchase the items. On the High Street these policies or conditions can be made orally or in written forms. With Online Opticians terms and conditions must be presented in a clear written form. Legally binding contracts concluded in High Street shops could be verbal, implied by conduct or in written forms whereas legally binding contracts concluded betwee n online opticians and their consumers must be in written forms and their consumers should have access to the agreements and be able to store a copy of the contracts. Strategy SWOT and PEST analysis. Strategy Research As detailed history of the situation, changes in law and the threat faced by High Street opticians, where discussed on the previous pages, let us have a look at the below analysis. The presented, SWOT and PEST analysis help us to identify the right strategy that will prevent your customers for prescription spectacles defecting to the on-line retailers. Considering the factors, determinants of both analysis, it is strongly suggested to High Street opticians to concentrate on one of the strengths customer service, which physically, cannot be supplied by on-line opticians. (Please refer to the diagrams below, page 11 12.) The research on previous strategies, applied by different companies round the world, proves that it is time to return to basic principles. Customer and value creation are one of them. Karl Albrecht mentions in his essay, in Business: The Ultimate Resource that strategic customer focus can serve as powerful organising principle for reinventing business in the age of the Third Wave The Second Coming of Service.. It is known to everyone how important the way of providing customer service is, and that is the way to compete on-line spectacles retailers. Consumers will always prefer the product, which offers more qualities in form of design, service, convenience and price by purchasing it. A marketing strategy could be, rather than focus on the price, to engage in a non-price competition. There is a need for High Street opticians to ensure that once the customer enters the shop, to make an eye test, he/she will buy what he/she wants and needs. That there is a group of experts to exceed customer expectation, to assist him/her and be with him/her until he/she is fully satisfied and purchase the spectacles. It is important to create a joy of purchasing the product and a joy of having it it will let customers believe that they have simply bought the best spectacles in the world. Strategies Advanced training for assistants A customer, who is suffering from low vision, need to feel that he is helped by an experienced and trained person, similar to a trained clinical assistant, and not just sold a new product in the form of spectacles. An eye-test is good to check if you need new glasses or a new prescription, but it also works well for an eye health check. An advanced eye test can spot many health problems and early signs of eye problems. People who may be more at risk from eye disease than others, are above sixty years old, the ones diagnosed with diabetes or glaucoma, and might be from a family with a history of eye disease. Optician assistants should provide a service which is unique and necessary to attract the attention of customers and make the customer feel at home and caring about his/her eyes. Quality Eye-test Opticians could make more detailed and tailored measurement of eyes, which would allow the customer to find the right lenses. People with multi-focal lenses have to be measured to ensure their eyes look through the right part of the lens. Nobody can sell those over the Internet. The Right glasses for the Right Person Highly trained staff is required, who has an up to date awareness of the recent fashion trends related to glass wear and who can provide an advice on the right eye glass type. For example, the staff should be capable of giving an advice on which type of eye glasses fits a certain dress code (e.g., classic, casual, sport-chic,etc), and on which type of glasses can go well with any dress code (i.e., a generic eye glasses). The staff should also have an understanding of how frame colours should be matching skin colours and customer personalities. This concludes a style oriented product choice. Same day replacement service Customers, who break or lose their spectacles will be provided with a à   la minute service, which means they will receive the same lens or a temporary glasses they can wear until a new one is being prepared. Such type of after-sales service cannot be replicated by online spectacles suppliers. While deciding on the extent to which high street options provide this service, we need, however, to take its cost into consideration. Eye tests at home A patients home can be easily transformed into a consulting room, allowing the visiting optician to provide a full and extensive eye test. The mobile optician can carry up-to-date mobile equipment with a variety of spectacle frames, with a different range depending on each budget. It can be an advantage for people who are home bound such as, older people, mothers, disabled people, etc Free prescription Free prescription should be provided for those customers who will also purchase the eye glasses in store. Customers that will only request a prescription will be charged a significant amount. This could lead that customers will prefer to buy the glasses from the high street opticians. The strategic triangle By observing international business it can be easily spotted and admitted that Japan is one of the leaders in worldwide market. And they are the ones, who are strongly convinced that the customer is a key to success. The most important to them is customer-centricity. Kenichi Ohmae presents the strategic triangle in his book: The Mind of the Strategist: The Art of Japanese Business, and these are the key factors, which will let High Street opticians achieve outstanding performance. The Strategic three Cs Kenichi Ohmae (1982), The Mind of the Strategist: The Art of Japanese Business, New York: McGraw-Hill, Inc., pp. 92. Mission statement for High Street opticians I view todays economy as the value economy. Adding value has become more than just a second business principle; it is both the common denominator and the competitive edge. Arthur Levitt Jr, Business: The Ultimate Resource. Key objectives for 2010/11 Focus on customer Invest in employees Ameliorate effectiveness Grow the business Focus on the customer guarantee outstanding customer service maximise unexceptional medical equipment for example: fundus cameras (detailed image of the- back of the eye can be recorded and stored) provide and maximise the sale of the widest range of spectacles, in different designs; provide and maximise the sale of specialised lenses (varifocal, bifocal) improve customer communication by opening call centres, which are open 24/7 and happy to assist the client, when needed. Invest in customer satisfaction random internal checks by mystery clients Invest in employees provide different, regular training for all of the staff including senior one (training centres, training tools, in-store training, distance training, workshops, etc.) reward and motivate the staff by providing competitive salary package improve work conditions make the place to be desired to work in senior management to attract the rest of the staff by working hard and deliver with passion (and vice-versa) Ameliorate effectiveness be able to manage cost risk and sell the spectacles for lower price (provide different promotions, seasonal offers, two-for-one, etc.) Grow the business expend opening hours; provide home visits or mobile appointments invest in advertising (media, as well as, for example: animations on cash machines, etc) if necessary join the companies buying smaller optician companies by giants may let kidnap the higher number of customers, including on-line customers it could allow in the future to globalise the business. In conclusion, it is important for the High Street Opticians to be flexible and fluid, companies need to become amoeba-like able to move one way while always responding to local stimuli and changing direction in response to new information from the environment. Strategy in Turbulent Times by Costas Markides, Business: The Ultimate Resource.

Australia s Current Economic Growth - 1390 Words

Introduction Economic growth is defined as a quantitative sustained increase in a nation’s output, referring to the volume of goods and services produced, over a period of time, generally per annum. It is indicated by an increase in the real GDP, which implies a rise in a nation’s economic capacity. As such, Australia’s current economic growth rate is 3% (May 2016). Inflation refers to a sustained increase in the general level of prices over a period of time, usually one year. It is measured by the percentage change in the consumer price index (CPI), which encompasses the price of a normal, weighted basket of goods and services purchased by households in the nation. Another economic issue is that of unemployment, which consists of†¦show more content†¦Contrastingly, the negative implications include: increased pollution; growth in urban centers; and the financial benefits of this growth may not be equally distributed amongst the population, thereby worsening the prev alence of inequality in the distribution of income and wealth. Moreover, economic growth is measured by the following equation: Economic growth is caused by an increase in aggregate supply, and a rise in aggregate demand. This was evident during the peak of the mining and commodities boom during 2011-2012, during which Australia’s economic growth was relatively high at approximately 4.5% in comparison to that of other advanced economies post the downturn of the 2008 GFC. Effects of Economic Growth Economic growth is the most important objective for economic management. Economic growth makes it possible to achieve goals and also causes problems. The following are its effects: Living standards: Fast economic growth allows an increase in real GDP per capita. Real wages can rise and households can enjoy a higher disposable income, which positively means there will be higher material living standards. Employment: Economic growth positively produces more jobs and a strong level of economic growth can help individuals who are willing to find employment. CountriesShow MoreRelatedEconomics Is All About The Allocation, Unemployment, Economic Growth And The Value Of The Dollar1487 Words   |  6 Pageshave a thriving world. Economics is all about the allocation resources and choices individuals, businesses and governments make. Economics decides how much goods and services are bought and sold for, how many people have jobs, how much a currency is worth and much much more. 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Obesity The Condition Of Being Grossly Fat Or Overweight...

Obesity. The condition of being grossly fat or overweight. Sadly in America this is common due to our poor life choices. According to the most recent data, adult obesity rates now exceed 35 percent in four states, 30 percent in 25 states and are above 20 percent in all states. Louisiana has the highest adult obesity rate at 36.2 percent and Colorado has the lowest at 20.2 percent. U.S. adult obesity rates decreased in four states (Minnesota, Montana, New York and Ohio), increased in two (Kansas and Kentucky) and remained stable in the rest, between 2014 and 2015.(2004-2016 Trust for America s Health and Robert Wood Johnson Foundation) The cause of obesity seems simple. If you eat more calories than you burn through in physical activity, then you ll gain weight. But like many things, the simple explanation of it, is more complicated than it sounds. Therefore the most common causes of obesity are overeating and physical inactivity. 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This condition is very common and usually self treatable rather you choose to diet or exercises which are great strategies for losing weight. Obesity increases your risk of developing related

Nifty Fifties to the Twenty-first Century Essay - 686 Words

Nifty Fifties to the Twenty-First Century Most of our grandparents remember the times of the fifties. A time of youthfulness, rebellion and rock and roll is what the fifties were all about. As the teenagers of the twenty first century start to grow up, and have families of their own, they will also remember what their youth was like, as did their grandparents. The teenagers of the fifties and the twenty-first century could be compared to day and night. The 1950s have come and gone, but it is not an era that will be forgotten, the teenagers of the twenty-first era will soon remember what it was like just as their grandparents are these days. Rock and roll was a form of rebellion among teens in the fifties. Most parents saw†¦show more content†¦Divorce papers are handed out now days like candy to babies. If you are unhappy and married then why not get divorced until you find happiness. Most teens of the twenty-first century have many friends whose parents are also divorced unlike the teens of the fifties. In the fifties it was very common for teenagers to get married straight out of high school. The teenagers of the twenty-first century are sometimes not committing to marriage until their late twenties, or even late thirties. Unlike the teenage women of the fifties, most girls now go onto college in hopes of earning a higher standard of learning, which in turn gives them a chance to earn a higher standard of living. Most of the teen women in the fifties depended upon their husbands to provide for them, to be the bread winner and wear the pants. Teen women of the twenty-first century are now much more independent, and in the worst case scenario plan to make needs to provide for themselves in certain situations. Poodle skirts and jumpers are definitely a thing of the past. Teens now are into jeans, shirts, and mini skirts. Destroyed jeans are a major hit with the twenty-first century teens, if a fiftys teen had worn jeans with tons of holes in it, they were thought to be very poor. The bikini is a popular choice of teen girls in the twenty-first century, in the fifties, the skimpiest bathing suit stillShow MoreRelatedMicrosoft Excel Workbook100984 Words   |  404 Pageswriting style that is easy to understand and read. This CustomGuide is a set of lessons that teach you everything you need to know about Microsoft Excel 2002. It’s designed for new users who are just starting to learn how to use Microsoft Excel for the first time and for more experienced users who want to learn more advanced features. Here’s how your CustomGuide is organized: Chapters This book is divided into several chapters. Each chapter covers a set of topics that are related in some way to eachRead MoreFundamentals of Corporate Finance 9e82683 Words   |  331 Pageswith their personal benefits from employment, the prestige of their position, and the perks to which they feel entitled. There are numerous examples, some of which are excessive compensation packages, large corporate offices, excessive staffing, and first-class travel and conference locations, to name a few. Feedback: Refer to section 1.4 AACSB: Ethics Difficulty: Intermediate Learning Objective: 1-4 Section: 1.4 Topic: Agency conflict 70. How do the actual effects of the Sarbanes-Oxley Act of

Positivism - Presupposition and Current Controversies

Question: Discuss about the Positivism, Presupposition and Current Controversies. Answer: Introduction: The analysis of the 2011 census data for Gold Coast reveals the area has 494, 501 people residing in the city with a median age of 37 years. To improve understanding related to the data provided by the census, the functionalism paradigm is selected to understand the interrelation between different social systems at Gold Coast. Gold Coast has 65.2% people from Australia along with people from New Zealand, England, South Africa and Japan (Censusdata.abs.gov.au. 2017). According to the functionalism approach, the main questions is to determine what keeps the society running and how certain social issue may lead to intended and unintended events. The functionalist perspective is that interconnected systems in the society work together to maintain a state of balance and equilibrium (Alexander 2014). The census data may give idea about population, culture, economic distribution at Gold Coast and functionalism approach may help to identify factors that may lead to social issues at the place . The census data reveals that Gold Coast has the pressure of population growth and only 56.1% people in the city are employed fulltime (Censusdata.abs.gov.au. 2017). Hence, the link between population growth and lack of full time employment is that it is creating other social problems in Golf Coast. Lack of adequate social service and homelessness are some of the significant social problem making the people vulnerable to anti-social behavior and violence. Another major problem is the lack of social facilities and services which increases younger people vulnerability to crime and violence (Couriermail.com.au. 2017). With this affect on the society through population growth, the qualitative research project creates better understanding of the census data by analyzing social system through the functionalist lens. This approach has been effectively used to determine the different effects of social elements on society. Reference Alexander, J.C., 2014.Positivism, Presupposition and Current Controversies (Theoretical Logic in Sociology). Routledge. Censusdata.abs.gov.au. 2017., 2011 Census QuickStats: Gold Coast (C). [online] Available at: https://www.censusdata.abs.gov.au/census_services/getproduct/census/2011/quickstat/LGA33430?opendocumentnavpos=220 [Accessed 15 Mar. 2017]. Couriermail.com.au., 2017.Ugly side to Paradise. [online] Available at: https://www.couriermail.com.au/news/queensland/gold-coasts-rising-tide-of-social-issues-hit-the-young/news-story/a138bfc20ff7ee23e700ae097f9bfdf5?sv=6ea78d10769c2c35f7ac693e4ab82414 [Accessed 15 Mar. 2017].

Statement on Monetary Policy

Questions: Question 1a.) Which monetary policy is more effective in moderating the business cycle, tight or easy? Give reasons for your answers.b.) What is the current monetary policy stance of the RBA? What factors do the RBA take into consideration, before a decision is made as to whether to implement a tight or easy monetary policy?c.) Using AD-AS model, explain how interest rates affect the key macroeconomic variables. Question 2a.) Comment on the recent factors that are affecting the value of the Australian dollar. Use diagrams to illustrate your answer.b.) Who gains and who loses when the Australian dollar depreciates? Justify your answer.c.) In your opinion, is a depreciating $A good or bad for the Australian economy? Justify your answer. Answer: 1. a) In order to moderate the business cycle, a tight monetary policy would be more effective in moderating the business cycles since it would prevent an overheating of the economy which could give rise to consistent high inflation and thus could ultimately pave way to recessionary conditions. Expansionary monetary policy even though helps in rapid growth of the economy and businesses cause money supply to increase which fuels inflation and erodes purchasing power in the long term. Tight monetary policy prevents this and hence leads to lower fluctuations in the business cycle albeit at the cost of the moderation of economic growth (Mankiw, 2012).b) RBA currently is maintaining an easy monetary policy which is apparent from the cut of 25 basis points in the cash rate in February 2015 despite very low interest rates. The primary factors that RBA takes into consideration which deciding on the monetary policy are the GDP growth, related macroeconomic indicators, inflation, employment tr ends, global investment and growth prospects especially China (because the Australian economy is significantly dependent on mining) and US, housing prices, commodity prices particularly coal, oil , iron ore, aluminium and other minerals and also try to predict the likely movements in the above variables going forward in the near to medium term (RBA, 2015).c) Interest rates have significant impact on the inflation level and real output level. If the interest rates decline, there is an increase in the aggregate demand which leads to inflation in the short term and thus increase in price level. Further due to easy availability of credit, investment cycle is enhanced which leads to an enhancement in the real output as well in the medium to long term. However an increase in the interest rates leads to decrease in aggregate demand which leads to deflation in the short term and adversely impacts the investment cycle and leads to decline in real output in the medium to long term (Dombusch, Fischer Startz, 2012).2. a) One of the major factors which have caused the depreciation of the Australian Dollar in the recent times is the decline in the price of commodities such as iron ore, coal, copper and uranium primarily due to a slowdown in demand in China which is the worlds largest consumer of many commodities and accounts for sizable exports from Australia. This has led to a current account deficit and thus increased demand of USD for covering the deficit. Additionally recovery of the US economy in the last year has additionally fuelled the depreciation of the AUD versus the USD. However the depreciation of AUD versus EUR and YEN has been lesser since the economies of Eurozone nations and Japan are underperforming (RBA, 2015). This depreciation of AUD is captured in the graph shown below. b) When the Australian Dollar depreciates, it augers well for the exporters belonging to the mining and dairy industry as it increases the profitability and competitiveness of these businesses. However the various import based businesses would be hurt since imports would tend to get more expensive and thus the consumers may be hurt. Additionally inflow of foreign capital may be stalled but outflow of capital may increase since usually depreciation is associated with an underperforming economy (Mankiw, 2012). c) I believe that a depreciating dollar is good for the Australian economy since it augers well for the various exporters particularly those belonging to the mining sector, dairy which forms a significant chunk of the Australian economy and exports and thus provide a boost to the economy which would also lead to a trade surplus and thus enhance the availability of financial resources for the government to deploy for fostering national growth (Dombusch, Fischer Startz, 2012). References Dombusch, R, Fischer, S Startz, R 2012.Macroeconomics, 10th edn, McGraw Hill Publications, New YorkMankiw, G 2012. Principles of Macroeconomics, 6th edn, Worth Publishers, London RBA 2015. Statement on Monetary Policy, Reserve Bank of Australia, Available from: https://www.rba.gov.au/publications/smp/2015/feb/pdf/0215.pdf (Accessed on February 11, 2015)