Corn and Ethanol Prices Assignment Example | Topics and Well Written Essays - 500 words

Corn and Ethanol Prices - Assignment Example Drought conditions in Lowa resulted in reduced corn output levels, posing significant threats to related activities that use corn in one way or another. The article outlines that due to declined corn harvests as a result of drought, corn prices went up. This scenario pushed up commodity prices of related products, especially processed corn products or complements to corn products (Dvorchak, 2012). Corn producers and corn product manufacturers were faced with critical decisions to make in relation to the appropriate course of action to be taken. While these scenarios were taking place in Lowa, their impacts were bound to be experienced across the entire economy. The first category in this line is the farmers. While their output was low, market prices were going up. The implication of this was that supplies that they demanded became relatively expensive, especially those that were manufactured using corn; like livestock feed. Consequently, the farmers needed to reduce their livestock herds. To do so, they sold their livestock for slaughter. This increases livestock supply for slaughter purposes, triggering a fall in animal protein products in the meat markets. However, prices of processed corn products were going up, responding to low corn supply in the market. Amid the events that had occurred in Lowa, insurance claims were bound to increase. This is more so with the farmers, where their produce is insured against loss. The primary role of insurance companies is to reduce risks by designing measures and policies to mitigate risks at a premium that is charged to clients (intext). Insurance and reinsurance activities heightened, with beneficiaries filing claims accordingly relative to the underlying uncertainties in Lowa and in the national economy at large. Production of ethanol utilizes a significant percentage of national total corn output. The drought conditions in Lowa implied that the supply of corn would be inconsistent as demand rises. This

TQM (total quality management) Essay Example | Topics and Well Written Essays - 2250 words

TQM (total quality management) - Essay Example These concerns, alongside various others, gave rise to the breed of management called Total Quality Management.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Total Quality Management (TQM) is a management system that aims to achieve the ultimate customer experience, whether meeting the expectation of the customers or going beyond what they anticipated (Dale, 1999). Dale (1999) expresses that in order achieve the goal of TQM, strong cooperation and involvement from the entirety of the company is needed. Thus, TQM requires active participation and synergy of all employees and focusing that synergy towards meeting the customers expectations and improving overall business processes. To attain improvement in the company, various researchers said that the key to improvement is constant upgrading and development (Goetsch & Davis, 1994). Management should not stop upgrading because all processes can still be improve and be better. Once they stop improving, they could be left behind by their competitors. Based on this discussion, TQM seems to be a management concept only. However, TQM also has a quantitative and more defin ed facet (Priporas and Psychogios, 2007). Priporas and Psychogios (2007) identified some of the quantitative aspect or measure of TQM, which includes Statistical Process Control, ISO 9000 standards, Pareto Analysis, Histograms, among others. On the other hand, the qualitative ideas that constitute TQM are overall workers’ participation; uninterrupted upgrading; incessant coaching; cooperative relation among employees; self-motivated employees; full dedication and support from high-tiered officers; independent and autonomous administration approach; consumer happiness; and business surrounding alterations (Priporas and Psychogios, 2007).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The main purpose of TQM is already well-known to everyone—customer satisfaction. However, to achieve this employee satisfaction should be fulfilled. Once the employee is satisfied and happy, it will be his innate response and goal to